Goods and Services Tax is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and some goods attract cess on top of the highest 28 per cent
In 2021, it was found that fraudulent GST refunds were approved by the GST officer without verification of input tax credit and around 500 non-existent firms were doing business activities just to claim bogus GST refunds.
Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch in her budget speech.
The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
The official demanded Rs 30 lakh from a tax consultant to settle issues related to Wellfull Inter-Trade Pvt Ltd based in Guangzhou, China.
The Compensation Cess was supposed to end on June 30, 2022, five years after the introduction of the single tax on July 1, 2017, but the Indian government extended it until March 31, 2026.
Certain sections of the media and social media are spreading the message that GST has recently been imposed with effect from 18 July, 2022 even on ‘Sarais’ run by religious/charitable trusts. This is not true, Central Board of Indirect Taxes & Customs said.
GSTN said that the GST return filing system is working within expected limits. "Had it not been so, how more than 11.52 lakh GSTR3B (October) returns could have been filed yesterday with about 1.82 lakh returns filed in a peak hour," it said
The all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind the revenue position as any cut will have a direct impact on earnings of states, a senior government official has said.
The Government will organise an event on July 1, to celebrate the second anniversary of Goods and Services Tax (GST) roll out, which will be addressed by Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur.
The measure, once implemented, would check the widespread practice of composition dealers of charging GST from purchasers and not depositing it with the exchequer, PTI reported quoting an official.
Yechuri claimed Modi's announcement that 99 per cent goods will now attract 18 per cent or lower GST as a "post truth", since 97 per cent of merchandise or services already attract 18 per cent or less GST.
Movie tickets, TV sets to get cheaper as GST Council cuts rate on 40 products
The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.
Traders' body Confederation of All India Traders (CAIT) also welcomed the reduction in GST tax rates on various items and said it is a progressive step in rationalising and simplifying the tax structure.
The company said it is fully compliant with the government's decision and will pass on the full benefits to the consumers.
The senior Congress leader asked the government whether it knew that millions of traders and exporters were affected because their money was stuck and not being refunded promptly after the implementation of the GST regime.
New Delhi: The West Bengal government would support the Goods and Service Tax (GST) Bill only if the states were fully compensated for the revenue loss, Chief Minister Mamata Banerjee said today. “States are concerned
New Delhi: The Western media often refers to India is as the ‘noisy' democracy. As always, the noise has reached its peak during the electoral phase, but we can look forward to the dust settling
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