Goods and Service Tax (GST)

Goods and Service Tax (GST) News

Govt identifies 5,106 'risky exporters' who have fraudulently claimed GST refunds

The Central Board of Indirect Taxes and Customs, in a statement, also assured genuine exporters that their refund claims would be processed in an automated environment and issued in a timely manner.

Coming up short

Tax collection targets presented in the interim budget now appear to be too optimistic

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Monthly GST may have topped Rs 1 lakh crore, but required run rate short by Rs 13,500 crore

The widening gap between the GST revenue and the monthly target will put strain on the government to meet its total budgeted target for the 2019-20 fiscal.

GST Council sets up two sub-groups to look into aspects of e-invoice generation by businesses

The e-invoice if implemented will help streamline the indirect tax system and ensure better compliance by keeping a check on tax evasion.

Supreme Court upholds arrest for GST evasion

The SC posted for Wednesday the government’s appeals against the Bombay High Court’s interim order. The Bombay HC had on April 11 given a contrary view, restraining revenue authorities from taking any “coercive action” against alleged evaders.

Downturn in Business since Demonetisation: Rise in labour, power price singe Surat mills, 16 shut

Now the price hike in raw materials like colours and dyes, that is estimated at 20 per cent to 30 per cent per kilogram, has added to the woes. The mill owners have not raised the production cost to remain in the challenging market.

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Builders to refund GST if flats booking cancelled in FY19: CBIC

Developer will be able to issue a ‘Credit Note’ to buyer as per provisions of Section 34 in case of change in price.

Will bring petrol and diesel within ambit of GST: Rahul Gandhi

Bringing petroleum products under GST would mean a single rate — 18% or 28% — in place of excise duty and state VAT, and lower pump prices

GST mop up hits a record Rs 1.13-lakh crore in April

The GST revenue has gone up despite the compliance rate showing a decline, with total number of GSTR-3B Returns filed for March up to April 30 at 72.13 lakh as against 75.95 lakh returns filed in the previous month.

To plug loopholes, I-T will share taxpayer details with GST: Govt

Tax experts said the move will help authorities clamp down on evasion and under-reporting in direct and indirect taxes by putting a formal system in place.

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