Page 39 - Goods And Services Tax

FinMin unlikely to take Covid-hit FY21 as a base for FY22 Budget

FY20 is being considered for a 'more realistic comparison'

Economy picks up slightly but may still shrink from last year's level

Two key indicators--the rising number of e-way bills generated under GST, and a stronger SBI Composite Index point to a resurgence in economic activity

Govt notifies e-invoicing for companies with Rs 500-crore turnover

The move comes as the government is looking at ways to plug evasion amid dismal GST collections with the pandemic driving economy towards recession

Borrowing by states for GST compensation to be cost inefficient: Punjab FM

Attorney General K K Venugopal has suggested that the Council can recommend to the Centre to allow states to borrow on the strength of future receipts from the compensation fund

Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold

Centre not obliged to pay for shortfall in GST compensation fund, says A-G

Says Centre not obliged to pay GST compensation shortfall; experts dislike idea of burdening states with additional debt

States can borrow to fund GST compensation, Centre not obliged to pay: AG

K K Venugopal does not recommend borrowings by GST council; experts dislike the idea of burdening states with more debt

Centre not obliged to pay for shortfall in GST compensation fund: AG

The Attorney General in his view said there is no obligation on the central government to pay the GST compensation shortfall

IGST crackdown: Exporters cry foul; govt refutes allegations of harassment

Say they are being harassed by the authorities even as 1,500 who claimed bogus GST refunds are untraceable

Explained: How OCEN is trying to keep credit disbursement challenges at bay

Network to connect lenders, loan marketplaces, borrowers on a single platform and make access to credit a matter of minutes

GSTN plans to send statement of liability shown in sales return via email

While GSTR-1 is filed by sellers and contains invoice-wise and category-wise details of all outward supplies. This has to be filed by 11th of the succeeding month

Economic activity reviving; GST collections good sign: CBDT chief Mody

He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.

Centre likely to reduce AGR licence fee for wireless broadband to Re 1

Cabinet likely to take up the issue in its next meeting

I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs

The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020

Covid-19: Alcohol-based hand sanitizers to attract 18% GST, rules AAR

Springfields (India) Distilleries had moved Goa AAR over classification of the hand sanitizer and the applicable rate of GST.

PMO, FinMin to discuss revenue position and ways to augment receipts

It is learnt that Chief Economic Advisor Krishnamurthy Subramanian will give a presentation to PMO officials

From arbitration to computing damages, here're the key court orders

The Supreme Court does not generally interfere in an interim order, but if a high court passes an order, which affects the revenue of the state, it will interfere in the public interest

GST compensation period: States likely to push for five-year extension

Set to seek higher borrowing limits as revenues dry up

The new normal for state borrowings

Have the states shown a lack of prudence in their borrowing programme to tide over the pandemic?

Green shoots visible, India will bounce back: NITI Aayog CEO Amitabh Kant

"I am hopeful that we will bounce back and bounce back with a vengeance," Kant said while speaking at 'FICCI FRAMES 2020'.