Goods and Services Tax

GST mop-up rises 7.4% in Feb; tops Rs 1 lakh crore for 5th straight month

March 02, 2021 3:52 am

The Finance Ministry said the GST revenues crossed Rs 1.1 lakh crore for third time in a row post-pandemic. “This is a clear indication of the economic recovery and the impact of various measures taken by tax administration to improve compliance,” it said.

Crossing Rs 1 lakh cr-mark for fourth month in a row, GST mop-up at all-time high in Jan

February 01, 2021 12:34 am

Pickup in economic activity along with compliance measures and action against tax evaders by use of data analytics along with the recently introduced technological systems of e-invoicing contributed to the surge in GST revenues.

Union Budget 2021: Exemptions list in new tax regime may get longer

January 29, 2021 10:21 am

“The new income tax regime did not pick up the way it was anticipated. So there is a consideration to include more exemptions like provident fund in the new income tax option,” a government official told The Indian Express.

White collar offences more serious than muder and dacoity, says Bombay HC

January 20, 2021 6:14 am

Bombay HC court held that as the applicants delayed proceedings under the pretext of Covid-19 infection and had received undue interim relief, thus, such orders causing damage to the image of judiciary and therefore a cost of Rs. 25000 be paid by each to GST authorities.

GST authorities arrest 215 persons in fake invoice cases, recover over Rs 700 crore in 2 months

January 10, 2021 5:56 pm

The Directorate General of GST Intelligence (DGGI) and the CGST Commissionerates have so far arrested 215 persons, including six chartered accountants and one company secretary, and recovered more than Rs 700 crore from these fraudsters, sources said.

GST collections at all-time high of over Rs 1.15 lakh crore in December

January 01, 2021 2:19 pm

The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the Finance Ministry said in a statement.

Paying 1% GST in cash: ‘No impact on small businesses’

December 28, 2020 6:08 am

The new rule restricts the use of input tax credit (ITC) for discharging GST liability to 99 per cent, effective January 1, 2021. It would apply only to risky or suspicious dealers who use a lot of fake credit and make no cash tax payment, they said.

Explained: How do frauds make use of fake GST invoices?

December 29, 2020 9:08 am

Tax officials said the use of fake invoices to wrongfully avail ITC credit has been gradually increasing and has become a concern for the government, especially at a time when revenue collection is depressed.

GSTR-3B return form to be auto-populated

December 14, 2020 12:20 am

Based on the supplies return GSTR-1 filed by businesses, GSTN will auto-populate the liabilities, while input tax credit (ITC) would be populated from system-drafted statement GSTR-2B.

GST revenue at Rs 1.04 lakh crore in November

December 01, 2020 2:51 pm

This is the second straight month in the current fiscal when GST revenue has topped Rs 1 lakh crore.

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

June 22, 2020 7:11 pm

Budget Session: Naidu says ready to discuss all issues

February 22, 2016 2:50 pm

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.

The logic for increasing the service tax rate is the move towards GST: Arvind Subramanian

March 09, 2015 10:11 am