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Goods and Service Tax (GST)

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Sat, Nov 23, 2024

The Gujarat State GST department conducted searches on seven commercial entities and detected tax evasion of Rs 3.53 crore, an official said. These firms were concealing actual revenues, selling without invoice and underreporting tax liability, he added.

GST Council to meet in Jaisalmer on December 21; may decide on insurance levy, rate rationalisation

GST Council to meet in Jaisalmer on December 21; may decide on insurance levy, rate rationalisation

Mon, Nov 18, 2024

The GST Council will meet on December 21 in Jaisalmer, in which the much-awaited decision on exemption or lower GST rate on health and life insurance is likely to be taken.

Nazara Tech's two subsidiaries get Rs 1120 crore GST demand notice

Nazara Tech's two subsidiaries get Rs 1120 crore GST demand notice

Wed, Jul 17, 2024

Openplay Technologies has received a show cause notice from the Director General of GST Intelligence, Kolkata for a proposed liability of Rs 845.72 crore, while in case of another subsidiary -- Halaplay Technologies -- the liability amounts to Rs 274.21 crore.

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Toyota Baleno, ITC, Infosys to Fiscal deficit target, here are top business highlights

Toyota Baleno, ITC, Infosys to Fiscal deficit target, here are top business highlights

Mon, Jan 14, 2019

A number of top happenings in the business sphere on Sunday hit the headlines on Sunday and the top one among these were that a fiscal deficit of 3.3% would be a challenge for the Centre amid low GST collection, the market cap of top-10 most valued firms added up to Rs 43,689 cr and more.

Suresh Prabhu to meet banking, financial services secretaries next week to resolve credit Supply issues to exporters

Suresh Prabhu to meet banking, financial services secretaries next week to resolve credit Supply issues to exporters

Sun, Jan 06, 2019

He also said the issue regarding GST credit/refunds that exporters have been facing is also addressed "to some extent," after his ministry raised it with the finance ministry recently.

Solar industry demands uniform GST rate of 5 pc

Solar industry demands uniform GST rate of 5 pc

Sun, Dec 30, 2018

The government has set a target of 175 GW of renewable power by 2022 which includes 100 GW of solar power.

Tax evasion: GST fraud detected, Gujarat man caught using fake invoices; how he did it

Tax evasion: GST fraud detected, Gujarat man caught using fake invoices; how he did it

Mon, Dec 24, 2018

The accused Paresh Patel was picked up by Central GST Commissionerate in Vadodara Friday, and was sent to judicial remand till January 3 by a Kapadvanj court, they said.

India should brace itself for slowdown for some time: Ex-CEA Arvind Subramanian

India should brace itself for slowdown for some time: Ex-CEA Arvind Subramanian

Mon, Dec 10, 2018

With regard to the economy, he said, "we have to brace ourself for a slowdown for some time. I say that for a combination of reasons. First of all, the financial system is under stress, financial conditions are very tight. This is not conducive for rapid growth."

Shocking! Cake shops find a plan to bolt GST? Your neighbourhood pastry shop may turn into a restaurant soon; Know how and why

Shocking! Cake shops find a plan to bolt GST? Your neighbourhood pastry shop may turn into a restaurant soon; Know how and why

Sat, Dec 08, 2018

According to the revenue department if the shopkeeper starts the restaurant in the same premises then they will get 7-13% of tax arbitrage. Currently, the shopkeepers pay 12% and pastries/cakes are taxed at 18%. Whereas the GST rate for restaurants is 5%.

GST likely to have 3-rate structure in future: Bibek Debroy

GST likely to have 3-rate structure in future: Bibek Debroy

Sat, Oct 27, 2018

In his address at the launch here of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of "dual GST" (Goods and Services Tax) whose "terminal role from an economists point of view is to have a single tax structure."

Dual jurisdiction under GST opens door for traders' harassment: CAIT

Dual jurisdiction under GST opens door for traders' harassment: CAIT

Fri, Oct 19, 2018

Traders' body CAIT Friday warned that allowing central as well as state tax administrations to initiate action against any taxpayer irrespective of jurisdiction would lead to harassment of traders and complicate the tax system.

Good news for businesses: GSTR 1 due date extended, do this to avoid penalty

Good news for businesses: GSTR 1 due date extended, do this to avoid penalty

Sat, Sep 15, 2018

Further, the Ministry said those taxpayers migrating to GST as per procedure specified in notification No. 31/2018-central tax the last date for furnishing the details of outward supplies of goods or services or both in GSTR-1 and filing for the return in FORM GSTR-3B for the months of July 2017 to November 2018 has been extended till December 31, 2018.

FinMin crafting strategy to boost GST revenues, engaging with states to identify issues

FinMin crafting strategy to boost GST revenues, engaging with states to identify issues

Sun, Sep 09, 2018

The Centre paid Rs 14,930 crore to compensate states for revenue loss incurred in June and July, a nearly four-fold jump compared to Rs 3,899 crore paid for the months of April and May.

GST on overseas air tickets violates intl norms: IATA chief

GST on overseas air tickets violates intl norms: IATA chief

Tue, Sep 04, 2018

He also flagged various concerns about the Indian aviation sector, including high jet fuel prices, infrastructure woes and privatisation of airports.

Availing latest migration window, 1,800 businesses migrate to GST regime

Availing latest migration window, 1,800 businesses migrate to GST regime

Tue, Sep 04, 2018

“About 1,800 businesses have migrated to GST regime availing the latest migration window. The number could go up as the state tax officers are still compiling data,” an official told PTI.

GST council to discuss cruise shipping industry's demand of Waiver at next meet: Nitin Gadkari

GST council to discuss cruise shipping industry's demand of Waiver at next meet: Nitin Gadkari

Fri, Aug 31, 2018

The ministry is investing hundreds of crores of rupees for upgrading facilities and terminals at ports so that they can cater to cruise tourists, Gadkari said.

Series of reforms transformed economy: Arun Jaitley

Series of reforms transformed economy: Arun Jaitley

Mon, Aug 27, 2018

The finance minister said the International Monetary Fund (IMF) holds bilateral discussions with its members usually every year.

GST refunds: Rs 10K cr stuck, Small and medium exporters facing working capital crisis

GST refunds: Rs 10K cr stuck, Small and medium exporters facing working capital crisis

Wed, Aug 22, 2018

Liquidity crunch is threatening to severely cripple micro, small and medium enterprises (MSMEs) exporters with their input tax credit (ITC) refunds under the goods and services tax (GST) regime still stuck and raising bank credits proving to be a major challenge.

No GST on petrol, diesel in near future as Centre, states not in favour

No GST on petrol, diesel in near future as Centre, states not in favour

Wed, Aug 22, 2018

Petrol and diesel will not come under the purview of Goods and Services Tax (GST) in the immediate future as neither the Central government nor any of the states is in favour on fears of heavy revenue loss, a top source said today.

Reporting of GST, GAAR details in tax audit report deferred till Mar 2019

Reporting of GST, GAAR details in tax audit report deferred till Mar 2019

Sat, Aug 18, 2018

The revenue department deferred implementation of a reporting norm for tax auditors wherein they were required to furnish details of Goods and Service Tax (GST) and general anti-tax avoidance rules (GAAR) till March 31, 2019.

Ready-to-move-in flats: DLF expects sales bookings may double this fiscal to Rs 2,250 cr

Ready-to-move-in flats: DLF expects sales bookings may double this fiscal to Rs 2,250 cr

Mon, Aug 13, 2018

The country's largest realty firm had achieved bookings of only Rs 1,000 crore during 2017-18 as sales were suspended for six months to comply with the provisions of new real estate law RERA that came into force from May last year.

Govt notifies due date for filing GST returns from July'18-March'19

Govt notifies due date for filing GST returns from July'18-March'19

Sat, Aug 11, 2018

The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month.

GST slabs to be slashed? Consumers may get poll 2019 bonanza

GST slabs to be slashed? Consumers may get poll 2019 bonanza

Fri, Aug 10, 2018

Sources aware of the development have informed Zee Business that the finance ministry is in favour of merging the two slabs of 12 per cent and 18 per cent. The two slabs will be merged to bring a new GST tax slab of 14-15 per cent. With this merger, the five slab structure will decrease to a four slab structure of 0 per cent, 5 per cent, 14-15 per cent and 28 per cent. Presently, there are five GST slabs of 0, 5, 12, 18 and 28 per cent.

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