Page 7 - Gst

Budget basics: How govt can break out of its straitjacket and raise revenue

There are two ways: deliver a rapidly growing economic pie or re-assess tax policy - reform of GST, closing corporate tax loopholes, suggests T N Ninan

Father-son duo held by CGST department for fake ITC of Rs 22 crore

A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.

5% GST on electricity may cause Rs 5,700-crore loss to states, Centre

Power cost may fall for industrial consumers, says NTPC-commissioned report

GST mop-up signals economic recovery despite worry over Omicron

Collections grow 13% in December quarter to Rs 1.3 trillion - the best since July 2017

Delhi govt's GST department unearths Rs 347-cr 'fake billing scam'

The Delhi government's GST department on Saturday unearthed a Rs 347-crore 'fake billing scam' involving 11 firms and one person was arrested in connection with it, according to an official statement.

Increased imports, IT raids fuel GST collection in Dec 2021

Gross GST revenues collected in December 2021 stood at Rs 1,29,780 crore, 13 per cent higher than GST revenues collected in same month of 2020, and 26 per cent higher than GST revenues in Dec 2019.

Centre deferred GST hike on textiles fearing defeat in upcoming polls: Cong

The Congress claimed that Centre deferred the hike in GST on textiles from 5 per cent to 12 per cent out of fear of losing upcoming Assembly elections in five states and later in Gujarat.

Food aggregators like Swiggy, Zomato to collect 5% GST beginning Jan 1

Food aggregators like Swiggy and Zomato will have to collect and deposit tax at 5 per cent rate beginning Saturday

GST Council defers rate hike in textiles, refers issues to ministers group

'We will retain the status quo', says Finance Minister Nirmala Sitharaman after emergency meeting in Delhi.

Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes

According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.

GST Council meeting sans talks on Omicron, life saving Covid drugs

The meeting was held on Friday under the chairmanship of Union Finance Minister Nirmala Sitharaman

India Inc welcomes deferment of proposed GST hike on textiles

The proposal intended to hike GST rate on apparel from 5 to 12 per cent

GST Council to discuss rollback of inverted duty structure in textiles

Former West Bengal Finance Minister Amit Mitra and Telangana Industries Minister K T Rama Rao had earlier urged the Centre to roll back the proposed GST rate hikes in textiles

Not like children's books, learning kit books to attract GST: AAR

The AAR agreed at the outset the kit box/book should be covered under heading 4903

States demand extension of GST compensation for another 5 years

The GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in the uniform national tax Goods and Services Tax (GST) will end in June next year

Reports of UP businessman's Rs 52-cr tax settlement 'speculative': DGGI

DGGI said the entire recoveries are kept in the safe custody of State Bank of India pending further investigation

Delhi govt supports traders' protest against GST hike: Sisodia

Several markets dealing with garment business remained shut in national capital on Thursday to oppose the central government's move to hike GST rates on textile

Businessman Piyush Jain ready to pay penalty, wants his money back

Kanpur-based businessman Piyush Jain has asked the Directorate General of GST Intelligence (DGGI) to return the huge stash of cash seized from his premises after deducting tax and penalty.

Govt extends FY'21 GST annual return filing deadline till Feb 28

The government on Wednesday extended till February 28 the deadline for businesses to file GST annual returns for 2020-21 fiscal ended March 2021. "The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended from 31.12.2021 to 28.02.2022," the Central Board of Indirect Taxes & Customs (CBIC) tweeted. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. Furnishing of the annual return is mandatory only for taxpayers with aggregate annual turnover above Rs 2 crore while reconciliation statement is to be furnished only by the registered persons having aggregate turnover above Rs. 5 crore.

GST Council meet on Dec 31, to discuss rate rationalisation

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on December 31 and discuss, among other things, report of the panel of state ministers on rate rationalisation