Page 31 - Goods And Services Tax

Robust kickoff to FY22 marred by anxieties over Covid resurgence

The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass

GST to be levied on underlying goods/services in gift vouchers, rules AAAR

The Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.

GST dilemma: Contradictory AAR rulings leave industry perplexed

States like Punjab and Delhi have reported delays in disposing of AAR applications.

Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March

Tax collections exceed Revised Estimates; Centre's fiscal deficit expected lower than 9.5% of GDP in FY21

March GST collections at nearly Rs 1.24 trillion, an all-time high

The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic

Limited e-invoicing window a worry for small and medium companies

The e-invoicing system was first made mandatory for entities with a turnover of Rs 500 crore and above and later extended to businesses with Rs 100 crore or more on January 1

Let states come and discuss tax on fuel in GST Council meeting: FM

I would be glad to be having this on the agenda and discuss it. I have no issues. Let the states come and discuss it, she said in the Lok Sabha.

Ready to discuss bringing petrol, diesel under GST at next Council meet: FM

State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel

Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct

The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of ...

Merchandise export receivables can't be set off against service import dues

You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill

GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study

A dollar increase in crude oil prices will push up petrol price by 50 paise and diesel by 150 paise per litre

Don't cut fuel taxes

Roll-back will increase fiscal risks

From GST collection to car sales, macro data signals steady recovery

GST mop-up rises 7% to Rs 1.13 trn in Feb; Manufacturing PMI eases slightly to 57.5

GST collections surpass Rs 1.1 trn-mark for 3rd straight month in Feb

The revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year

Govt extends due date for filing FY20 GST annual returns till March 31

The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28. In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India, the Finance Ministry said in a statement. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. On the extension, AMRG & Associates Senior Partner Rajat Mohan said, Even though it is a relatively small ...

Traders body to launch agitation from Mar 5 against GST, e-commerce issues

Traders' body CAIT on Sunday said it would launch a nation-wide agitation against issues related to the goods and services tax and alleged malpractices of foreign e-commerce firms.

Bringing petroleum products under GST will be a good move, says CEA

He, however, said the decision will have to be taken by the GST council

GST registration: Foreigners exempted from Aadhaar authentication

However, Indian citizens will have to follow the Aadhaar authentication or personal verification route for GST registration

GST rate rationalisation: The larger objective

Besides merging the rate slabs of 12 per cent and 18 per cent, the GST Council could consider phasing out exemptions to those commodities that were subject to VAT duty by the States

12 including a CA arrested in a single day for fake GST invoice frauds

12 including a CA arrested in a single day for fake GST invoice frauds