Goods and Services tax

GST collection grows 9% to Rs 1.87 lakh crore in October

Sat, Nov 02, 2024

Gross GST collection grew 9 per cent to over Rs 1.87 lakh crore in October on higher revenues from domestic transactions.

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GSTN to launch invoice management system from October 1

Tue, Sep 03, 2024

In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.

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Government rolling out pan-India biometric authentication to prevent GST fraud

Sat, Jun 22, 2024

Two pilot projects for biometric authentication have already been carried out successfully and now the facility will be rolled out nationwide in a phased manner, the Finance Minister said at a press conference.

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GST made 2017 most significant year for economy since Independence

Mon, Dec 25, 2017

State level taxes replaced by the pan-India GST include state cesses and surcharges, luxury tax, state VAT, purchase tax, central sales tax, taxes on advertisements, entertainment tax, various forms of entry tax, and taxes on lotteries and betting.  

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GST refund woes hit Bengal jewellery exports

Mon, Dec 25, 2017

West Bengal state finance minister Amit Mitra had slammed the Centre about GST refund problem for exporters and SMEs.

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From GST induced sales to 24 hours open shops; major changes in the retail space in 2017

Sat, Dec 23, 2017

A look back at the year 2017 that India's retail sector has had.  

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Govt recovered less than 9% service tax arrears in FY17: CAG

Tue, Dec 19, 2017

"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

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Extend pre-GST duty drawback rates till June: Par panel

Tue, Dec 19, 2017

In its report on the 'Impact of Goods and Services Tax (GST) on Exports' placed in Parliament today, the Standing Committee on Commerce chaired by Naresh Gujral recommended that a formal mechanism for grievance redressal of exporters must be put in place.

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CAIT demands deferring of e-way Bill from Feb to April 1

Sun, Dec 17, 2017

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GST Council nod for mandatory e-Way Bill for inter-state goods movement

Sat, Dec 16, 2017

For a seamless movement of goods across states, the Goods and Services Tax (GST) Council on Saturday decided to go for early implementation of e-Way Bill for inter-state movement of items from February 1 and uniform mandatory compliance from June one next year.

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After a blip, exports jump 30.55% to over $26 billion in November

Sat, Dec 16, 2017

After a brief pause, exports rose 30.55 per cent to USD 26.19 billion in November on account of improved global demand, government incentives and simplification of GST refund process.

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GST Council to meet tomorrow; discuss roll out of e-way bill

Fri, Dec 15, 2017

The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion.

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India growth to normalise in next four to six quarters, says Standard Chartered

Thu, Dec 14, 2017

The report said that economic growth has bottomed out after slowing to a 13-quarter low of 5.7% in April-June 2017, but predicted growth recovering further to 7% over the next few quarters (6.3% in July-September 2017), supported by several factors.

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With just one-click you can file 'nil' GSTR-3B return; here's how

Thu, Dec 14, 2017

 GSTR-3B contains information like outward and inward supplies, and is needed to be filed separately for each GSTIN you have.

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Planning for home loan; keep these points in your mind

Thu, Dec 14, 2017

Before opting for a home loan, always remember that you have closed all your previous debts. This improves your eligibility to qualify for higher loan amount

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Tax authorities to tighten the screw on traders to increase GST collections

Mon, Dec 11, 2017

The official also hinted in the report that small taxpayers with annual turnover of upto Rs 1.5 crore and controlled by state tax authorities were suspected to be dodging tax payment.  

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Govt hints at reviewing rates in top GST bracket

Sun, Dec 10, 2017

After slashing the GST rates of over 200 items last month, the government today hinted at reviewing levies on the items in the top 28 % tax bracket.

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Law Review Committee to take final view on GST suggestions

Sat, Dec 09, 2017

The recommendations of an advisory group on the Goods and Services Tax (GST) have been referred to the Law Review Committee for a final view on the matter, an official said on Friday. The advisory group submitted its recommendations on Tuesday, a Finance Ministry release said here.

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How to file a complaint if you fail to get GST benefit; check here

Thu, Dec 07, 2017

In a bid to provide relief to consumers and corporates, the GST council's 23rd meeting has decided to slash tax rate of nearly 178 items from the higher slab of 28%.    

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India's GDP growth: Economists cut their forecasts

Tue, Dec 05, 2017

Fitch alone is not disappointed by the country's current growth rate, CRISIL too has projected India's GDP at 6.8% with downside bias from previous 7% for FY18.    

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India Services PMI falls to 50.3 in November as business activity slows

Tue, Dec 05, 2017

The service sector in India has been impacted due to the new tax regime that was implemented earlier this year.

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Exporters file over 10,000 applications for GST refunds

Sun, Dec 03, 2017

The Central Board of Excise and Customs (CBEC) had last month started refunds for exporters of goods who have paid IGST and have claimed refund based on shipping bill by filling up Table 6A.

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Indian healthcare may grow threefold to $372 billion by 2022: Assocham

Sun, Dec 03, 2017

The Indian healthcare market is likely to reach $372 billion by 2022 in a threefold growth in value terms, industry chamber Assocham said on Sunday, citing its latest study on the subject.

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