Page 31 - Goods And Services Tax

At record Rs 1.19 trn, GST collections give FM confidence ahead of Budget

Since the collections were till 6 pm on January 31, some more money is expected to come into the government coffers for the month

Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection

People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)

Gujarat HC serves notice on Centre over interest on delayed payments

Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit

Hold back basic customs duty on solar equipment in Budget: Developers

Solar power developers in the country have demanded that the government should hold back the imposition of basic customs duty (BCD) on solar equipment for the time being in the forthcoming budget.

Budget 2021: Govt stares at revenue shortfall of Rs 7 trn this fiscal year

Revenue from disinvestment has been Rs 17,958 crore this financial year, against a target of Rs 2.10 trillion

Cleaning up taxes

Govt must seize opportunity to reform holes in tax system

DGGI issues show-cause notice to Amazon India over Rs 175 cr tax demand

Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit

Budget 2021 will address woes of affected sectors, says Finance Secretary

AJAY BHUSHAN PANDEY says litigants in more than 96,000 appeals - involving disputed amounts of Rs 83,000 crore - have opted for the Vivad Se Vishwas scheme, which has been extended by a month

Commerce ministry should amend SEZ rules for sourcing from EOUs: Expert

EOUs were de-licensed as bonded warehouses with effect from August 13, 2016

Restrictions by way of software changes counter-productive

What happens when the government uses the software to impose restrictions that are not sanctioned by legal provisions is that the Courts strike down such restrictions as invalid

Best of BS Opinion: GST's high point, clarity on bitcoin, and more

Here's a selection of Business Standard opinion pieces for the day

GST's high point

More than recovery, better compliance has improved collection

FinMin releases Rs 6K crore to states to meet GST compensation shortfall

The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 trillion in revenue arising on account of implementation of GST

Fake GST invoice racket worth Rs 510 cr busted in Cuttack, kingpin held

Odisha Goods and Services Tax (GST) Commissionerate busted tax invoice fraud to the tune of Rs 510 crore and arrested its mastermind, Sandeep Mohanty in Cuttack, an official said on Friday

GST mop up rose to highest ever level at over Rs 1.15 trillion in December

Mop up was 10.57% higher month-on-month, and 11.65% higher year-on-year despite an elevated base on both yardsticks

Cheque payment to FASTag, rule changes that will affect your money in 2021

Cheque payments will be safer; the limit for contactless card transactions to increase

Banking on Budget: Some key indirect tax measures govt should focus on

Having multiple GST rates not only leads to complexities in compliance and tax structure, but also does not optically make India tax-friendly and competitive globally

Govt must focus on alignment of provisions with GSTN processes

There is a conscious attempt from the top echelons of the government to promote digitalisation and substantially reduce physical interface between the administrators and the trade

Arrest provisions under CGST Act challenged in Bombay High Court

While the government claims that companies are booked under GST laws for fraudulently claiming the input tax credit, experts find loopholes in the provisions, particularly those related to arrests

GSTN launches 'communication between taxpayer' facility on portal

The GST Network on Monday said it has launched the "communication between taxpayer" feature on its portal