Page 38 - Gst

No proposal for scrutiny of GST assessment in faceless mode: Thakur

There is no proposal of faceless scrutiny assessment of GST returns as the Goods and Services Tax rule already provide for electronic filing and assessment, Thakur said

States may face Rs 3 trillion GST compensation shortfall in FY22: Report

This will force them to borrow more from the markets, says a report

100% of estimated GST compensation shortfall of Rs 1.1 trn released: Govt

Starting from October 23, 2020, the borrowings were completed in 20 weekly instalments

No proposal to bring petrol, diesel, ATF, gas under GST: FM Sitharaman

The announcement comes amid record-high fuel prices

Delhi govt in favour of bringing petrol, diesel under GST: Satyendar Jain

The Delhi government is in favour of bringing petrol and diesel under the Goods and Services Tax (GST) regime, Home Minister Satyendar Jain said in the legislative assembly on Wednesday.

Bring petrol, diesel under GST: Maharashtra dy CM Pawar urges Centre

Maharashtra Deputy Chief Minister Ajit Pawar on Wednesday demanded that petrol and diesel be brought under the Goods and Services Tax (GST)

A dive into five contentious issues contained in Finance Bill, 2021

Govt may have to respond to concerns over equalisation levy, exporters issues, definition of the term 'liable to tax' and taxability of interest on employees' EPF contributions exceeding Rs 2.5 lakh

Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct

The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement. 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 ...

GST fraud of Rs 20,124 cr detected during Nov 9-Jan 31: Sitharaman

A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit fraudulently is being carried out, FM said in a written reply to Rajya Sabha

Merchandise export receivables can't be set off against service import dues

You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill

GST e-invoicing mandatory for turnover of Rs 50 cr and above from April 1

The government had earlier planned to extend e-invoicing to all entities from April 1, 2021, but has refrained, taking care of interest of small entities

CBIC asks field offices to exercise max caution in property attachment

The CBIC has said that such a remedy can be considered in cases involving GST evasion, fake invoicing and delay of more than three months in depositing tax collected

States open to GST on fuel, want Centre to come up with clear plan

Say Centre should come up with clear proposal, with focus on compensation mechanism

Delhi HC posts hearing on NAA to March 9, assigns matter to regular bench

Last month, companies told court that NAA was not following due process of law and was even launching probe against them when there was no cut in GST rates

Arunachal passes key bills on GST, regulatory reforms for investors

The Arunachal Pradesh Assembly on Thursday passed four key bills

HC asks Centre, state not to set up GST tribunal in UP without its nod

The Allahabad court asked the central and state governments not to establish the GST Appellate Tribunal in Uttar Pradesh without its permission

Petrol price can come down to Rs 75 if brought under GST, says report

'There is lack of political will to bring crude under the ambit of GST,' say economists at SBI

Don't cut fuel taxes

Roll-back will increase fiscal risks

Sensex gains for 2nd day; ends 447 pts up at 50,297; auto, IT stocks rally

Broader markets outperformed the benchmark indices, highlighting underlying strength in the market. The S&P BSE MidCap and SmallCap indices ended 1.55 per cent & 1.6 per cent higher, respectively

GST collections cross Rs 1 trillion for fifth consecutive month in Feb

The government attributed the robust mop-up to closer monitoring against fake billing, deep data analytics using data from multiple sources