Gst Refund

Healthcare industry welcomes faster GST refunds, seeks broader reform

The Central Board of Indirect Taxes and Customs (CBIC) recently announced that 90 per cent of GST refunds will now be released upfront for low-risk taxpayers

GST revenues up 5% in September to ₹1.6 trillion as refunds surge 40%

Net GST collections had risen 10.7 per cent in August, aided by a 20 per cent decline in refunds during the month

Govt's Q&A on GST refund due to inverted duty rates is controversial

Para 4.26(ii) of FTP says that 'merchant exporter shall be required to mention name and address of supporting manufacturer of the export product on the export document viz. Shipping Bill/ Bill of Expo

Best of BS Opinion: GST 2.0 reforms miss underlying core principles

Today's pieces look at the available space for more rate cuts, the sorry state of tribunals, why GST reforms are not really that, and how India can harness its vast non-export MSME sector

GST without a seamless input tax credit system fails its core principles

We are losing touch with the soul of the indirect tax

GST reforms boost cash flow, fueling co-working sector growth & innovation

GST reforms are set to accelerate India's co-working sector growth by reducing construction material costs, improving cash flow, & supporting demand from start-ups & enterprises, say industry experts

GST Council fast-tracks refunds under inverted duty structure: What to know

From Nov 1, firms facing an IDS will get 90% refunds upfront. Here's all you need to know about inverted duty structure & changes made during the 56th GST Council meet

Dr Reddy's hopes GST reforms will fix pharma tax issues, boost access

Dr Reddy's Laboratories on Tuesday expressed hope that the new GST structure will take care of existing challenges and aid in ushering a rationalised, industry-friendly tax framework for the pharmaceutical industry. For an extended period, the pharmaceutical sector has faced structural challenges, including higher GST rates and an inverted duty structure, which have impacted the cost efficiency of domestic manufacturing and the affordability of medicines, Dr Reddy's Laboratories Chairman Satish Reddy said in a statement. "We are optimistic that the forthcoming reforms will address these critical concerns and introduce a rationalised, industry-friendly tax framework," he noted. Such measures will significantly improve the affordability and accessibility of essential medicines for every citizen, while also enhancing the global competitiveness and innovation capacity of the Indian pharmaceutical industry, Reddy said. The industry remains fully committed to working in close partnership

GST rationalisation could boost India's revenue in long term: S&P

S&P Global Ratings analysts say that the GST rationalisation reforms could boost India's fiscal revenues over the long term due to simpler implementation and clearer accounting processes

How to check your GST refund status and know common reasons for delays

If your claim is in order, refund amount will be processed and credited directly to your bank account

GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam

Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam

Adani Dharavi project's biz units to get SGST refund post redevelopment

Business units in Dharavi will be able to enjoy a slew of benefits, including State GST refunds, once the redevelopment of the financial capital's largest slum is complete. The Dharavi Redevelopment Project (DRP), a joint venture between Adani Group and the Maharashtra government, on Monday said this is a move to formalize local businesses and the tax sops are as per the tender conditions for the ambitious project. In a statement, DRP said eligible industrial and commercial units in redeveloped Dharavi will get SGST refunds for five years from the date of receipt of occupation certificate of the newly constructed buildings. A DRP spokesperson said the multi-thousand crore redevelopment project is set to transform the informal nature of businesses and added that the tax benefits will help both existing and new businesses become more competitive. SGST will be reimbursed by the state government's finance department and the business units will have to provide SGST payment details as pr

I-T dept leverages tech to scrutinise tax returns, recovers Rs 36,000 cr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

GST claims of states to be cleared moment AG certificate is received: FM

Union Finance Minister Nirmala Sitharaman on Monday said GST claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals. She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years. The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said. "If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour. From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said. "We are up to date on all claims that came from sta

Exporters call on FM Sitharaman to extend GST exemption on export freight

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

Lack of clarity on GST paid on liquidated damages may lead to litigation

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

SC denies Rs 923-crore refund to Bharti Airtel, quashes HC order

The telecom operator claimed that it had paid an excess GST for July-September, 2017 and wanted to rectify its relevant returns for that period to get the refund

Covid-19 relief: GST Council eases compliance for small businesses

Compensation cess issue to be discussed in July meeting, Correction of inverted duty structure for textiles deferred

GST Council may discuss ways to gather funds for states' compensation

Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May

Rs 5,575-cr indirect tax refunds processed since March 30, says CBIC

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit