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Goods and Service Tax News
Goods and Service Tax
6.03 crore GST e-invoices generated in December 2020
Sat, Jan 02, 2021
As many as 6.03 crore GST e-invoices were generated in December 2020, higher than 5.89 crore in November, according to an official release.
Mandatory payment of 1% GST in cash only for 45,000 taxpayers: DoR sources
Sat, Dec 26, 2020
The government`s decision on mandatory payment of at least 1 per cent of GST tax liability in cash will impact only around 40,000 to 45,000 taxpayers but help the entire system curb the menace of fake ITC availment and operation of fly-by-night operators, sources in the finance ministry said on Saturday
Fake invoices: GST Council's law panel suggests online registration with live photo, biometrics
Mon, Nov 23, 2020
The GST Council's law committee has suggested that a fresh registrant must go for compulsory physical verification and personal identification in case opting for non-Aadhaar authentication based registration process and he or she does not have income-tax return supported adequate financial capability
FMCG firms top chart of consumer complaints after GST roll-out
Tue, Dec 17, 2019
Fast-moving consumer goods (FMCG) firms have topped the list of over-charging customers ever since the Goods and Services Tax (GST) was rolled out on July 1, 2017. Restaurateurs came second in the chart followed by entertainment and media firms.
Taxpayers worried over GST red-flag reports
Sun, Nov 24, 2019
IANS has seen a red-flag report to the taxpayer. Sources said that the red-flag reports are very detailed and highlight discrepancies across various parameters.
No GST on goods bought at duty free shops: Bombay HC
Thu, Oct 10, 2019
In major relief to duty free shops, the Bombay High Court has ruled that goods and services tax (GST) cannot be levied on products sold at the duty free shops in Mumbai airport.
Offers! To sell flats, here is what builders are promising homebuyers
Wed, Aug 14, 2019
Real Estate sector is facing weak demand for a while now. To counter the problem, real estate developers are offering tons of offers to clear their inventory. Also, it is a good opportunity for buyers, who are looking to purchase affordable properties.
Modi 2.0 100-day plan: Simplifying GST slabs, credit to MSMEs, strategic sales
Mon, Jul 15, 2019
The Union government`s 167 `transformative ideas for implementation in the first 100 days of the Modi governments second stint - that is by October 15 -- is likely to see the Finance Ministry taking measured steps turning India into a $5 trillion economy by 2025.
Boost for environment! GST Council may cut tax on electric vehicles soon
Mon, Jun 24, 2019
The GST Council is planning to reduce tax on electric vehicles (EV), a much awaited environment-friendly call from government. The matter is pending before the Minister of State for Finance and is expected to get a GST tax reduction soon.
Firms using GST softwares to increase in future: CEO Logo Infosoft
Sun, Jun 23, 2019
Logo Infosoft sees more firms using GST softwares in near future. The company expects India to become their largest market in the next 2-3 years riding on a projected boom for Goods and Services Tax (GST) management solution market, a top company official said- according to a PTI report.
What is on GST Council agenda in meet on Friday? 11 power packed points in brief - Check here
Thu, Jun 20, 2019
Finance Minister Nirmala Sitharaman-led GST Council meet is set for Friday and there are a number of critical things on its agenda. Notably, this is the 35th meeting of the GST Council, however under Finance Minister Sitharaman, this will be the first.
GST Council may give 1-year extension to anti-profiteering authority
Sun, Jun 16, 2019
The GST Council is likely to extend till November 30, 2020 the tenure of the National Anti-profiteering Authority (NAA), which deals with customer complaints regarding not receiving tax cut benefits.
GST collections in May at Rs 1 lakh cr
Sun, Jun 02, 2019
"The total gross GST revenue collected in the month of May, 2019 is Rs 1,00,289 crore of which CGST is Rs 17,811 crore, SGST is Rs 24,462 crore, IGST is Rs 49,891 crore and Cess is Rs 8,125 crore," Finance Ministry said in a statement.
Modi creates history! In a global first, a government that introduced GST has been voted back to power
Thu, May 23, 2019
Lok Sabha Elections 2019: Modi government has retained power at the Centre as is clear now from counting trends - NDA is set to win a massive majority. The key thing to note amid all this chaos is that a government, which introduced GST, has been voted back to power for the first time is history - globally.
GST Council extends deadline for realty firms to opt for old GST rate till May 20
Thu, May 09, 2019
The GST Council Thursday extended by 10 days till May 20 the deadline for realtors to opt for old GST rates with input tax credit for ongoing projects or shift to new lower tax rates.
Coming soon, GST e-invoice generation system on government portal to curb tax evasion
Sun, Apr 28, 2019
GST officers are working on a system where businesses above a certain turnover threshold will have to generate 'e-invoice' on government or GST portal for every sale, thereby effectively reducing the room for tax evasion.
Suresh Prabhu bats for bringing ATF under GST
Sun, Apr 07, 2019
Airlines could expect an annual relief of up to Rs 5,000 crore by way of input tax credit if ATF is brought under GST.
CBIC asks GST officers to be cautious while processing fresh registration
Wed, Apr 03, 2019
Cracking down on tax evaders, the CBIC has asked tax officers to be cautious while processing application for fresh GST registration
Relief for exporters! Government extends IGST, compensation cess exemption till March 2020
Fri, Mar 22, 2019
Giving relief to exporters, the government has extended IGST (Integrated Goods and Service Tax) and compensation cess exemptions for goods procurement under certain export promotion schemes till March 2020.
Leasing in logistics, warehousing sector hits all-time high of 24 mln sq ft in 2018: CBRE
Thu, Feb 21, 2019
The implementation of goods and services tax (GST) led to far-reaching implications on industries, more so in the warehousing and logistics sector, it added.