Page 39 - Gst

Centre paid just Rs 6,140 cr to Maha out of Rs 46,950 cr GST dues: Governor

Koshyari on Monday said, the Centre has paid just Rs 6,140 crore and Rs 11,520 crore as loan by the end of February

Centre cannot charge GST on power services: Rajasthan High Court

Power distribution services draw zero GST rate since they fall under the negative list of services released by the Union government in 2017

12 including a CA arrested in a single day for fake GST invoice frauds

12 including a CA arrested in a single day for fake GST invoice frauds

Course correction

Underperformance of GST must be addressed

States' GST revenue shortfall may be lower by up to Rs 40,000 cr this FY

The centre had set up a special window to borrow funds and pass on to the states for meeting the Rs 1.10 lakh crore GST revenue loss

Rising petrol prices a 'Dharma Sankat' situation for FM Nirmala Sitharaman

The Finance Minister said it is a matter for which the Centre and state governments need to work together and see whether there is a way to fix the issue

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