GST collections at Rs 95,480 crore in September
Business | October 01, 2020 16:08 ISTThe Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
The Goods and Services Tax (GST) collections in September stood at Rs 95,480 crore, the highest level so far this fiscal, the Finance Ministry said on Thursday.
No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with an annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.
The GST Council is likely to approve a two-year extension of the compensation cess levy on goods and services to allow the Centre to pay the entire shortfall in GST tax collection by states expected till June 2022.
GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.
As many as 13 states ruled by the BJP and parties that have supported it on various issues have submitted their borrowing options to the Centre to meet the GST revenue shortfall. These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand, Meghalaya, Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh.
Not paying the full GST compensations by the Centre is among the factors which may result in up to Rs 3 lakh crore cut in capital expenditure by the states in FY21, a report said on Wednesday.
Days after government announced 2 options for States on the issue of meeting GST compensation, Finance Ministry sources on Monday said the entire shortfall of compensation to the states irrespective of whether it is on account of GST implementation or coronavirus pandemic will be compensated.
Congress leader Rahul Gandhi on Sunday said the NDA's Goods and Services Tax (GST) is not a tax system but an "attack" on India's poor and on its small and medium businesses and urged all to stand against it.
The gross GST collection in August stood at Rs 86,449 crore, down from Rs 87,422 crore collected in July, the Finance Ministry said on Tuesday.
Congress leader Rahul Gandhi on Monday launched a scathing attack on the Prime Minister Narendra Modi-led BJP government and said the central government has attacked the country's unorganized economy in the last six years attempting to turn people into slaves.
Punjab Chief Minister Captain Amarinder Singh on August 26 said that the Central Government has not paid GST compensation and the finances of the states are completely down.
Congress interim President Sonia Gandhi on Wednesday said that Centre's refusal to clear Goods and Services Tax (GST) compensation to States is nothing short of betrayal on the part of the Prime Minister Narendra Modi government.
The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.
In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent.
Sources said the 41st meeting of the Goods and Services Tax (GST) Council would be a single agenda meeting on states' compensation to be held via video conferencing.
The Directorate General of Goods and Services Tax Intelligence (DGGI) has found alleged evasion of GST collectively worth over Rs 108 crore by two liquor manufacturers in Aurangabad and Nanded districts of Maharashtra
The GST investigation arm DGGI unearthed Rs 40 crore tax evasion by an unregistered pan masala/gutkha manufacturing unit in the national capital. The GST investigation arm DGGI unearthed Rs 40 crore tax evasion by an unregistered pan masala/gutkha manufacturing unit in the national capital.
What is the difference between a roti and a Paratha? Apart from the taste, it is 18 per cent GST that can be imposed on Parotas (or Parathas) because these need to be heated before consumption.
The GST Council may consider at the next meet levying cess on commodities like pan masala and bricks at the manufacturing stage itself, a move aimed at checking tax evasion and shoring up revenues.
As a measure to clean up pendency in return filing, the GST Council has reduced/waived late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020.
Top News
Latest News
