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Goods and Services tax

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

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.

GSTN to launch invoice management system from October 1

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.

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

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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Govt extends deadline for filing TDS returns for Oct-Dec to Jan 2019

Govt extends deadline for filing TDS returns for Oct-Dec to Jan 2019

Fri, Nov 30, 2018

The government has extended the due date of filing tax deducted at source (TDS) returns under GST laws for the October-December period till January 31, 2019.

Indirect tax mop-up in FY'19 may fall short by Rs 90,000 cr: Report

Indirect tax mop-up in FY'19 may fall short by Rs 90,000 cr: Report

Fri, Nov 23, 2018

Total GST collections come at Rs 6.78 lakh crore as compared with the 2018-19 Budget Estimate of Rs 7.44 lakh crore, including SGST and IGST. "If we exclude SGST and proceeds of IGST contributed to states, the GST collection of the Centre comes to Rs 3.46 lakh crore (47 per cent of BE)," the report said.

E-Way Bill-GST Alert! This Modi govt action plan will make tax theft impossible

E-Way Bill-GST Alert! This Modi govt action plan will make tax theft impossible

Wed, Nov 21, 2018

The government may introduce an OTP-based system along with the e-way bill.

Goods and Services Tax: CBIC detects over Rs 50,000 cr tax evasion in last 1.5 years

Goods and Services Tax: CBIC detects over Rs 50,000 cr tax evasion in last 1.5 years

Mon, Nov 19, 2018

GST evasion of Rs 4,441 crore has been found in 604 cases registered during July 2017-September 2018, as per the data available with the Director General of Goods & Services Tax Intelligence (DGGI), which functions under CBIC.

GST collection: festive sales and anti-evasion measures boost amount to over Rs 1 lakh crore

GST collection: festive sales and anti-evasion measures boost amount to over Rs 1 lakh crore

Fri, Nov 02, 2018

The Goods and Services Tax (GST) collections for the month of October crossed Rs 1 lakh crore mark on the back of festive sales and anti-evasion measures.

Aviation: Jayant Sinha urges FiMin to bring ATF under GST

Aviation: Jayant Sinha urges FiMin to bring ATF under GST

Tue, Oct 30, 2018

Despite being one of the fastest growing domestic aviation markets in the world, local carriers have been facing tough business conditions, especially with surging oil prices and depreciation of the rupee. As players look to woo more passengers with cheap fares, airlines have not been fully able to increase ticket prices.

Taxing times: Rs.4,400 cr worth GST evasion detected, evaders booked

Taxing times: Rs.4,400 cr worth GST evasion detected, evaders booked

Mon, Oct 22, 2018

Tax sleuths have detected Goods and Services Tax (GST) evasion of over Rs 4,400 crore during last one year after the new tax regime was implemented in the country. Investigators have booked the evaders for misuse of input tax credit (ITC), mis-declaration and non-filing of GST returns .

Input tax credit (ITC) crisis brewing, profitability, and cash flow under threat

Input tax credit (ITC) crisis brewing, profitability, and cash flow under threat

Fri, Oct 19, 2018

Trade and industry bodies could lose a huge amount of input tax credit (ITC), which could hit their profitability and cash flow if they fail to match their ITC claims under goods and services tax (GST) with the returns filed by vendors by tomorrow.

Accused of profiteering from GST rate cuts, Nestle says 'had taken appropriate measures to pass on commensurate benefits'

Accused of profiteering from GST rate cuts, Nestle says 'had taken appropriate measures to pass on commensurate benefits'

Mon, Oct 15, 2018

The anti-profiteering watchdog had ordered the probe in May after company admitted to having accrued gains post rate cuts.

Q2 earnings: Despite rupee boost, Pharma companies set to suffer; here is why

Q2 earnings: Despite rupee boost, Pharma companies set to suffer; here is why

Fri, Oct 12, 2018

Despite a fall in the rupee, earnings of the export-led pharmaceutical sector are expected to remain muted in the July-September quarter, mainly due to the high base a year ago that resulted from the restocking after the implementation of goods and services tax.

GST collection may put Modi govt's fiscal math at risk; check out revenue challenge

GST collection may put Modi govt's fiscal math at risk; check out revenue challenge

Mon, Oct 08, 2018

The below-par goods and services tax (GST) revenue collection reported by the government for the first six months of the current fiscal may put its carefully calculated fiscal math at risk.

Your money life is set to change in 5 ways; from profit to loss, what you need to know

Your money life is set to change in 5 ways; from profit to loss, what you need to know

Tue, Oct 02, 2018

The month of October has started and in its wake, it is bringing a number of changes that will affect your money life - mostly for the worse, but there is a silver lining of sorts too. At least for those who invested in some small schemes.

Black money crackdown coming as GST collection fails to hit Rs1 lakh cr mark

Black money crackdown coming as GST collection fails to hit Rs1 lakh cr mark

Tue, Oct 02, 2018

The goods and services tax (GST) collections rose marginally to Rs 94,442 crore in September 2018 from Rs 93,960 crore in August, but experts said they may cross Rs 1 lakh crore from November or December.

GST alert! Paying more for banking services but not getting refund? Here's the reason

GST alert! Paying more for banking services but not getting refund? Here's the reason

Sat, Sep 08, 2018

Banks generally charge GST on all kind of service fees. For example, non-maintenance of minimum balance, foreign currency markup fees etc.

GST refund rules alert! Good news for Businesses, don't do this anymore; check important update

GST refund rules alert! Good news for Businesses, don't do this anymore; check important update

Thu, Sep 06, 2018

The clarification has been sent to Principal Chief Commissioners by the GST Policy Wing of the Ministry.

Independence Day 2018: GST has had a positive impact on growth: Adi Godrej, Chairman, Godrej Group

Independence Day 2018: GST has had a positive impact on growth: Adi Godrej, Chairman, Godrej Group

Wed, Aug 15, 2018

Adi Godrej, Chairman, Godrej Group, in an interview with Anurag Shah of Zee Business, said that Godrej group keeps an eye on all opportunities of inorganic growth in India as well in foreign land

GST collections rise to Rs 96,483 cr in July, compliance improves

GST collections rise to Rs 96,483 cr in July, compliance improves

Wed, Aug 01, 2018

In the current fiscal, the month-wise revenue mopped up from GST stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May and Rs 95,610 crore in June. As many as 60.47 lakh returns were filed in April, 62.47 lakh in May, 64.69 lakh in June.

Surprise! GST rate cut may not be beneficial for this segment

Surprise! GST rate cut may not be beneficial for this segment

Wed, Aug 01, 2018

There are some specific sectors that will benefit from the GST rate reduction. Consumer sector (paints and varnish), light electrical (refrigerators, freezers, vacuum cleaners, and TV upto 68 cms), auto, fertilizers, sugar, textiles and footwear and hotels. “Companies in these sectors saw a positive reaction in their stock prices,” said Hemang Jani, head - advisory, Sharekhan by BNP Paribas.

Govt unveils draft GST returns forms, seeks public comments

Govt unveils draft GST returns forms, seeks public comments

Tue, Jul 31, 2018

The return form 'Sahaj' is for businesses which make supplies to only consumers (B2C). It includes details of outward supplies and inward supplies attracting reverse charge as well as summary of inward supplies for claiming input tax credit (ITC).

GST rate cut ahead of polls good for consumers, but is it good for govt revenue; Experts divided

GST rate cut ahead of polls good for consumers, but is it good for govt revenue; Experts divided

Mon, Jul 30, 2018

GST Council, which was chaired by Union Minister of Railways, Coal, Finance and Corporate Affairs Piyush Goyal last week, decided to trim down GST rate of items like sanitary napkins, footwear, refrigerators, air conditioners, semi and full trailers and even paints.

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