Nearly Rs 52,000 crore of GST compensation was due to the states as of September 2021, Parliament was informed on Monday.
The department clarified that when these taxes are separately disclosed on invoices, then they have to be deducted before calculating the TDS
Industry says will benefit only a chosen few
Removal of inverted tax structure on MMF Textiles value chain and uniformity of rates brings relief to textiles sector, says govt
The National Electronics Policy 2019 had set a target to create a USD 400 billion electronics manufacturing ecosystem by 2025
The move would also increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday
While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation
With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore
Bajaj expects the collections to break the Rs 1.4-trillion record
The Ministry of Finance made the announcement on Thursday
This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.
GST must be reformed to achieve its potential
The post-pandemic fiscal future would also depend on the way government expenditure is directed
Experts described the decision as callous on front-line workers
This follows a ruling by AAR Telangana on the matter, which also ruled that neither services provided by agency to govt, nor services provided on govt's behalf to businesses are exempt
A revision of slab rates may create some disquiet, but, if cleverly crafted, it could be a game-changer for manufacturing
GST at the rate of 18 per cent is imposed on royalty given to the state governments for mining rights
DDGS falls under the category of residues and will get similar treatment in terms of GST rate as is given to other residues
The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation
The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery