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Central Goods and Services Tax

Up to 75% of GST revenue comes from 18% slab: MoS Finance

Up to 75% of GST revenue comes from 18% slab: MoS Finance

Mon, Dec 02, 2024

Only 6-8 per cent of the FY24 goods and services tax (GST) revenues were from the 5 per cent slab, while the highest tax slab of 28 per cent contributed 13-15 per cent to the revenues in the last fiscal year.

Mahindra Holidays gets GST demand notice of Rs 16.77 crore

Mahindra Holidays gets GST demand notice of Rs 16.77 crore

Wed, Aug 14, 2024

Mahindra Holidays & Resorts India has received a tax demand notice of Rs 16.77 crore, including a penalty, from the tax authorities for FY2019-20. The notice pertains to GST issues under the TN GST Act and CGST Act, including penalties for excess ITC utilization and reverse charge mechanism discrepancies. The company is pursuing legal remedies and does not anticipate significant financial impact from the order.

CBIC issues instructions for initiating early GST recovery

CBIC issues instructions for initiating early GST recovery

Sun, Jun 02, 2024

Under the GST law, if a taxable person does not pay the amount specified in an order passed under the CGST Act within three months from the date of service of such order, the tax officer can initiate recovery proceedings only after the expiry of this period.

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GST collections rise 12% to Rs 1.57 lakh crore in May

GST collections rise 12% to Rs 1.57 lakh crore in May

Thu, Jun 01, 2023

Revenue from the import of goods increased 12 per cent, according to the data released by the Ministry of Finance.

GST Council Meet on June 12: Finance Minister Nirmala Sitharaman to take call on GST rate cut for COVID essentials, black fungus medicine

GST Council Meet on June 12: Finance Minister Nirmala Sitharaman to take call on GST rate cut for COVID essentials, black fungus medicine

Thu, Jun 10, 2021

Finance Minister Nirmala Sitharaman will chair the GST Council meet on June 12. The all-powerful council will discuss and implement GST rate cut for COVID essentials and black fungus medicine

GST committee considering demand for extending FY20 returns filing date for composition dealers

GST committee considering demand for extending FY20 returns filing date for composition dealers

Wed, Jul 08, 2020

The CBIC on Tuesday said the GST Implementation Committee is considering the demand for extending the due date for filing of annual return for 2019-20 by composition dealers

Attention taxpayers! Fraudsters trying to cheat in name of GST refunds; check out warning

Attention taxpayers! Fraudsters trying to cheat in name of GST refunds; check out warning

Wed, May 06, 2020

Goods and Services Tax Network (GSTN) has warned people to beware of fraudulent websites and not reveal any personal information and bank details on such websites. Identifying one such website - https://onlinefilingindia.in, it has said that the said website is trying to bait taxpayers to reveal personal and bank details

Centre to release another Rs 35,000 cr compensation to states soon

Centre to release another Rs 35,000 cr compensation to states soon

Mon, Feb 10, 2020

The Centre will soon release another Rs 35,000 crore to states to compensate for the revenue loss on account of GST rollout, an official said. Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16

GST fraud racket of whopping Rs 138 cr busted! REVEALED - This is how criminals used to cheat

GST fraud racket of whopping Rs 138 cr busted! REVEALED - This is how criminals used to cheat

Sat, Oct 26, 2019

Tightening the noose around crime related to GST, four criminals have been arrested after a racket involving generation of fake Goods and Services Tax (GST) invoices for fraudulently claiming input tax credit on goods not supplied was busted in Odisha.

GST Return Filing: Confused about GST ANX-1 and GST ANX-2? All DECODED here

GST Return Filing: Confused about GST ANX-1 and GST ANX-2? All DECODED here

Mon, Sep 09, 2019

Right from its rollout, there have been multiple additions to Goods and Services Tax (GST) forms and return filing procedure so as to ease the process of filing of returns.

India has scope for cutting food, fertiliser subsidies: IMF

India has scope for cutting food, fertiliser subsidies: IMF

Thu, Apr 11, 2019

The economy is growing in excess of 7 per cent, and the objective there is to make sure that that growth is inclusive and it filters down to poverty reduction.

Planning to buy home? GST to Stamp duty – Taxes you may have to pay

Planning to buy home? GST to Stamp duty – Taxes you may have to pay

Wed, Feb 27, 2019

One major relief came for homebuyers last week when the GST Council decided to reduce tax on under construction houses from 12 per cent to 5 per cent.

GST Council defers decision on real estate tax; extends deadline for sales returns till Feb 22

GST Council defers decision on real estate tax; extends deadline for sales returns till Feb 22

Wed, Feb 20, 2019

The GST Council has deferred a decision on tax rates on real estate and lottery till Sunday and extended the deadline for businesses to file sales returns for January till Friday.

GST slabs in India 2019: Changes Again? GST rates on these items may come down in New year!

GST slabs in India 2019: Changes Again? GST rates on these items may come down in New year!

Tue, Dec 25, 2018

GST rates cut: Days after the GST council approved reduction of GST on several items, the government has hinted further rationalisation of the GST regime. This will bring huge relief to the customers as the 12 and 18 per cent slabs will be merged.

GST Bonanza! This is how much your family saves because of Goods and Services Tax

GST Bonanza! This is how much your family saves because of Goods and Services Tax

Mon, Dec 17, 2018

On an average, an Indian family is saving up to Rs 320 GST Benefit: On an average, an Indian family is saving up to Rs 320 every month (approx Rs 3840 per year) upon purchasing the daily need items and commonly used items such as edible oil, cereals etc after the implementation of Goods and Servi

After GDP fall, GST collections drop to Rs 97,637 crore in November

After GDP fall, GST collections drop to Rs 97,637 crore in November

Sat, Dec 01, 2018

Goods and Services (GST) collection in November dropped to Rs 97,637 crore, lower than Rs 1 lakh crore collected previous month.

Modi moves to get hold of GSTN! Here's how Goods and Services Tax Network will be revamped

Modi moves to get hold of GSTN! Here's how Goods and Services Tax Network will be revamped

Wed, Sep 26, 2018

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday approved increasing of Government ownership in Goods and Services Tax Network (GSTN).

GST practitioners exam 2018 update: Last date extended; check syllabus, 2018 notification, pattern, fees, form - All details

GST practitioners exam 2018 update: Last date extended; check syllabus, 2018 notification, pattern, fees, form - All details

Tue, Sep 18, 2018

National Academy of Customs, Indirect Taxes and Narcotics (NACIN) has been authorized to conduct an examination for confirmation of enrollment of Goods and Services Tax Practitioners (GSTPs).

GST returns filing deadline: Modi govt extends date pan-India

GST returns filing deadline: Modi govt extends date pan-India

Wed, Aug 22, 2018

The central government has extended the last date of filing goods and services tax (GST) summary sales returns GSTR-3B for the month of July to August 24 across the country in the wake of flood situation in Kerala. The same has been extended till October 5 for the flood-affected state and some adjoining parts.

GST council: Taxpayers get major relief; here’s how

GST council: Taxpayers get major relief; here’s how

Sat, Jul 21, 2018

It may be recalled that in the 27th meeting held on 4th of May, 2018 the Council had approved the basic principles of GST return design and directed the law committee to finalize the return formats and changes in law.

GST Council: 17 amendments under GST Acts to be place before Parliament

GST Council: 17 amendments under GST Acts to be place before Parliament

Sat, Jul 21, 2018

These amendments will now be placed before the parliament and the legislature of the state and union territories with legislatures for carrying out the amendments in the respective GST Acts.

GST Council; The 28th meeting was in favor of traders, transporters; find out how

GST Council; The 28th meeting was in favor of traders, transporters; find out how

Sat, Jul 21, 2018

It needs to be noted that, since the time GST has come into effect traders have been feeling heat of this regime and they have also complained about saying it has impacted their previous business operation which has made it difficult to record profits in their bookings.

GST Council meet: From Sanitary napkins to electronic products; these items got relief from 28% GST rate

GST Council meet: From Sanitary napkins to electronic products; these items got relief from 28% GST rate

Sat, Jul 21, 2018

The meeting was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs Piyush Goyal.

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