Goods and Services Tax

Goods and Services Tax News

GST authorities arrest 2 for fraudulently availing Rs 127 cr refund

The two individuals were found "involved in fake invoices racket having taxable value of Rs 931 crore and fraudulently passing/ availing Input Tax Credit (ITC) amounting to Rs 127 crore through a complex web chain of various entities".

37th GST Council meeting tomorrow: Focus on revenue protection; big-ticket rate cuts unlikely

A fitment committee, consisting of officials from states and the Centre, has already recommended against the lowering of GST rates on various items such as automobiles, biscuits as any cut at this stage could further dent the already slowing revenues.

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PM Economic Advisory Council: Need to set up GST Council-like body for public spending

The Prime Minister’s Office and the Finance Minister have been meeting various stakeholders over the last week to discuss the slowdown which is adversely impacting various sectors now.

Tax revenue growth: Widening run rate gap may hit govt’s fiscal math

In July-March, gross tax growth need to grow at run rate of 22.3%; net tax growth at 29.5%.

Goods and Services Tax: Panel to look into automated system to tag risky taxpayers

The GST Council has formed a 10-member ‘Committee of Officers on Risk-Based Management of Taxpayers under GST regime’, which will submit its report within a month.

Boost for electric vehicles: GST Council trims tax on electric cars, chargers to 5%

The changes would be effective from August 1. The reduced GST rates for electric vehicles (EVs) are estimated to lead to an annual revenue loss of around Rs 60 crore, officials said.

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GST Council meeting: State FMs connect via video link, Centre defers meet last minute

Officials said Sitharaman was required to be present in Parliament as Rajya Sabha was scheduled to take up discussion for amendments to the Insolvency and Bankruptcy Code along with the introduction of The Companies (Amendment) Bill, 2019 in Lok Sabha.

West Bengal FM raises concerns with Centre over proposed tax cut for EVs

Calling for a calibrated manner to shift towards electric vehicles while supporting the traditional industry with higher emission standards, Amit Mitra in his letter said that GST rate reduction should be considered for BS VI compliant vehicles and hybrid vehicles.

GST collection of states rises to Rs 5.18 lakh crore in financial year 2018-19

Besides, Centre has released Rs 81,177 crore compensation to states during 2018-19, as against Rs 48,178 crore during July-March period of 2017-18 fiscal.

How to file GST return online?

GST Return Filing Online: After logging in on the portal, invoices need to be uploaded, following which an invoice reference number will be issued against each invoice. After that, outward return, inward return, and cumulative monthly return have to be filed online.

Goods and Services Tax Videos

Goods and Services Tax Network Rejects CAG's Request To Appoint Auditor

GSTN or Goods and Services Tax Network, a private limited company set up in 2013 for providing IT infrastructure to all stakeholders for the implementation of the Goods and Services Tax, has rejected a request from CAG to appoint an auditor as well as to conduct a supplementary audit as is being done, at present, […]

Budget Session: Naidu says ready to discuss all issues

New Delhi, Feb 22 (ANI): Briefing the media after the all-party meet, Union Minister for Parliamentary Affairs M. Venkaiah Naidu on Monday said today's meeting helped to build consensus to make parliament function smoothly. He added that some people wanted to discuss governor's issue, agriculture crisis, Jat reservation whereas some people suggested the Goods and Services Tax (GST) to be the top priority. He cleared the air by saying that they are ready to discuss all the burning issues.

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