Page 20 - Gst

Bitcoin trade may attract I-T, GST; taxes to be paid in this fiscal year

The recent trigger being Tesla, Inc.'s announcement of having bought $1.5 billion in bitcoin.

Govt to consider bringing down GST on pesticides to 5% from 18%

This is part of efforts to bring parity in taxation on agro-inputs

Centre waives import duty, GST worth Rs 6 cr on infant's imported medicines

The Union government has waived import duty and GST of Rs 6 crore on medicines for a five- month-old girl suffering from a rare medical condition, BJP leader Devendra Fadnavis said on Tuesday.

GST officers bust network of 46 fake firms used to claim Rs 82 cr ITC

GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail input tax credit (ITC) worth Rs 82.23 crore, the finance ministry said on Tuesday.

Over Rs 2.06 trillion GST compensation to states due for April-November

A total of Rs 84,000 crore has been released to the states under the special borrowing window

Mid- and small-caps may gain from broader recovery but won't come cheap

Take limited exposure to these stocks and opt for the fund route if you aren't adept at direct investing

GST shortfall: FinMin releases weekly installment of Rs 6,000 cr to states

The Finance Ministry on Wednesday released the 14th installment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount of fund released so far to Rs 84,000 crore. Till now, 76 per cent of the total estimated GST compensation shortfall has been released to states and 3 UTs. Out of this, an amount of Rs 76,616.16 crore has been released to 23 states and Rs 7,383.84 crore to the 3 UTs with Legislative Assembly (Delhi, J&K, Puducherry). The remaining 5 states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim, do not have a gap in revenue on account of GST implementation, it added. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The Finance Ministry in a statement said it has released the 14th weekly installment of Rs 6,000 crore to states to meet the GST compensation shortfall. The amount has been borrowed this week

Higher compliance, pent-up demand pushed GST mop-up to new high, shows data

Collection hit a record in December 2020, crossing Rs 1.15 trillion, in a sign that faster recovery could really be on its way

TPCI urges govt for flat 5% GST on all processed food items to spur growth

The Trade Promotion Council of India (TPCI) on Friday urged the government for a flat 5 per cent Goods and Services Tax (GST) on all food processed items to spur the growth of the sector. The council also pushed for input tax credit on food sales; tax holiday for five years for companies investing in infrastructure, including digital infrastructure; special incentives to food processing through interest subvention, and lower taxes; and competitive import tariffs over five years, with lowest or nil slab on inputs or raw materials. TPCI Founder Chairman Mohit Singla said non-tariff barriers in the food sector are impacting the industry and trade. "The new standards such as Alimentrus Codex Standard of EU require a lot of investment to meet. Therefore, TPCI demands a separate fund/ incentives for R&D and testing labs for meeting the global standards," he added. Chairman, Food and Beverages Committee, Vivek Agarwal said some of the items like molasses, white chocolate, cocoa butter, ..

High Courts serve notice on Centre over IGST rebate by exporters

Exporters were earlier entitled to import raw material without payment of IGST under the AA licence

Haryana Police arrest 89 people, recover Rs 112 crore in GST fraud scam

Haryana Police said it busted four major gangs related to issuing or registration of bogus firms involved in fake invoice bills scam which defrauded the government exchequer of Rs 464.12 crore

Tightening revenue deficit doesn't seem the right course: NIPFP director

For the next year, a high buoyancy and a positive growth should increase fiscal space, says Chakraborty

Budget 2021 will address woes of affected sectors, says Finance Secretary

AJAY BHUSHAN PANDEY says litigants in more than 96,000 appeals - involving disputed amounts of Rs 83,000 crore - have opted for the Vivad Se Vishwas scheme, which has been extended by a month

FinMin releases Rs 6,000 crore to states, UTs to meet GST shortfall

The Finance Ministry on Monday released the 11th instalment of Rs 6,000 crore to states and UTs to meet the GST compensation shortfall, taking the total amount provided so far under this window to Rs 66,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The Ministry of Finance in a statement said it has released the 11th weekly instalment of Rs 6,000 crore to states/Union Territories to meet the GST compensation shortfall. Out of this, Rs 5,516.60 crore has been released to 23 states and Rs 483.40 crore to the three Union Territories (UTs) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry), who are members of the GST Council. The remaining five states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation, it said. "The amount has been borrowed this week at an interest

Uber, Ola face DG-GST Intelligence probe related to alleged tax evasion

Summons issued to officials of the two firms for hundreds of crores of alleged evasion

GST officials recover Rs 700 cr in 2 months, arrest 215 over fake invoices

The Directorate General of GST Intelligence and the CGST Commissionerates have recovered over Rs 700 crore and arrested 215 persons in the last two months in cases related to fake GST invoices

Bring natural gas under GST to push for gas-based economy: Industry

The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy, the industry has said

DGGI arrests firm's director, accountant for fraudulently availing ITC

SHRPL is believed to have have availed and utilised fraudulent ITC of Rs 21.56 crore on an invoice value of Rs 121.76 crore

Finmin move to catch fake GST bills to hit genuine taxpayers too: industry

Says ministry's new curbs will impact businesses that usually have accumulated credits, as they will have to discharge output tax liability in cash instead of available credit balance

Finance ministry releases 10th instalment of GST compensation to states

The Finance Ministry on Monday released the tenth weekly instalment of Rs 6,000 crore to the states to meet the Goods and Services Tax (GST) compensation shortfall.The Finance Ministry said in a release that out of this amount, a sum of Rs 5,516.60 crore has been released to 23 states and an amount of Rs 483.40 crore has been released to the three Union Territories (UT) with Legislative Assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states namely Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of GST implementation.Now, more than 50 per cent of the estimated GST compensation shortfall has been released to the states and UT with Legislative Assembly, the government said.The Government of India had set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are .