Page 112 - Gst

GST threshold limit increase to support growth in textile sector

The GST council has also raised the composition scheme turnover threshold from Rs 1 crore to Rs 1.5 crore

Cartels set up 'briefcase' firms, defraud GST regime of thousands of crores

Fake companies are floated with the intention to fraudulently pass on input tax credit by issuing fake invoices without any supply of goods

U-shaped recovery in collecting evaded indirect taxes: Finance Ministry

The evasion is slated to grow more than twofold in two years, and about 50% in one year of GST implementation

GST, excise, service tax evasion shoots up to Rs 48,555 cr in Apr-Dec

An amount of Rs 9,959.29 crore of GST evasion has been recovered between April 2018 and December 2018, MoS Finance told Rajya Sabha

From oil block auction to GST Council meet, here're the top 10 headlines

Here are the top 10 stories that made news on Sunday

GST puts horse racing in chokehold as betting turnover plummets

Black market betting on the rise

GST panel for Kerala levying 1% cess for 2 yrs to fund flood rehabilitation

The GST law provides for levy of special taxes for a specified period to raise additional resources during any natural calamity or disaster.

GST in a new avatar: How the tax could pan out after the Lok Sabha polls

While Congress promises to overhaul the tax, BJP is talking about single standard rate. Business Standard explores five possible changes GST may undergo once the new govt comes in

What to expect on the tax front in 2019

India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST despite this being an election year

GST relief to MSMEs, levy of calamity cess to be decided on Sunday

Currently, businesses with an annual turnover of up to Rs 20 lakh are exempt from GST

As GST non-compliance rate rises 3-fold, govt set to strike at defaulters

Fake invoices to claim input tax credit increased from only 4 cases involving Rs 9.75 crore in 2017-18 to 499 involving Rs 3894.94 crore in 2018-19

CGST shortfall may force govt to cut spending to meet fiscal deficit target

Adjusting for tax devolution to states, the Centre is possibly staring at a shortfall of Rs 58,000 crore

Jewellery exporters welcome govt move to exempt gold import from IGST

We are also expecting a similar relief to the exporters of articles of silver and platinum very soon, said Pramod Kumar Agrawal, chairman of Gem & Jewellery Export Promotion Council

GST Council meet on Jan 10; to consider 5% tax on under-construction flats

This would be the 32nd meeting of the council, which is chaired by Finance Minister Arun Jaitley and comprises his state counterparts

Govt waives late fee for GST returns during July 2017-September 2018

The fee for late filing of the returns is Rs 25 per day for Central GST and an equal amount under State GST

Govt notifies new annual GST return forms; to be filed by June 30

The government has notified new annual GST return forms, which are required to be filed by businesses registered under the Goods and Services Tax regime by June 30, 2019. In the annual return forms, businesses have to provide consolidated details of sales, purchases and input tax credit (ITC) benefits accrued to them during the 2017-18 fiscal. The Central Board of Indirect Taxes and Customs (CBIC) on December 31, 2018, notified form GSTR-9, GSTR-9A and GSTR-9C. GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is for composition taxpayers, while GSTR-9C is a reconciliation statement. Trade and industry bodies had raised several objections on the GST annual return filing forms, which were earlier notified in September last year. Following this, the CBIC has notified the new forms. AMRG & Associates Partner Rajat Mohan said "it is disheartening to witness that only minor modifications have been made in these forms and all other demands have been rejected. Primary ...

New GST rates: 23 goods and services to get cheaper from January 1

The goods on which GST has been lowered to 18% from 28% at present include pulleys, gear boxes, retreaded or used tyres, power banks of lithium ion batteries, digital cameras and video game consoles

Faulty e-way bills help detect Rs 276 million worth of tax evasion

As the system is in its initial stages, the evasion detected by the e-way bill system is a very small proportion of the total evasion under the ambit of the GST

Govt working on bringing untaxed sectors under tax net: Revenue Secy

He said the Income Tax Department will implement faceless assessment for all scrutiny cases over the next one year

Absence of guidelines for calculating profiteered amount irks India Inc

Last year, industry representatives had approached the GST Council seeking norms for calculating profiteering