Union Finance Minister Nirmala Sitharaman on Monday said that there is no proposal to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).
The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28.
On increasing fuel prices in the country, Union Petroleum and Natural Gas Minister, Dharmendra Pradhan said that it has happened due to increase in prices of crude oil in international markets.
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.
The ministry said in line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8 per cent higher than that in the same month last year.
Industry body India Cellular and Electronics Association (ICEA) has renewed its demand for reducing Goods and Services Tax (GST) for the mobile industry ahead of the Union Budget to be presented on February 1.
Congress leader Rahul Gandhi on Saturday said the his party is committed to reconceptualising the Goods and Services Tax regime if voted to power at the Centre and assured ushering in a 'One tax, minimum tax.'
With this interpretation, papad cannot be equated with any other un-fried fryums and hence it is liable to pay 18 per cent GST, as against nil GST applicable for papad, the AAR has said.
The Finance Ministry on Monday released the 12th instalment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount released so far under this window to Rs 72,000 crore.
There is an important update for salaried employees who are planning to leave their jobs without serving the stipulated notice period.
The Union Finance Ministry has released the 11th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
GST intelligence authorities have registered about 2,200 cases and unearthed more than 6,600 fake GSTIN entities during this period, sources said.
The Union Finance Ministry has released the 10th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
In a massive crackdown on GST evaders, the government has initiated action against 7,000 entities including the arrest of 187 -- a campaign that contributed to buoyancy in tax collection.
The firm was evading the payment of Goods and Services Tax (GST) by manufacturing and clandestinely supplying gutkha/pan masala/tobacco products without any registration and payment of duty, it said.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy.
The Ministry of Finance in a statement said it has released the ninth weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall.
Trading community on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax (GST) Council to withdraw certain provisions of the new GST notification issued a few days back.
About 45,000 taxpayers, which equals to only 0.37 percent of the total businesses registered in the Goods and Services Tax System, will be required to fulfill the mandatory requirement of a 1% percent cash system of GST liability with effect from January 1.
The mandatory requirement of 1 percent cash payment of GST liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the Goods and Services Tax system, Revenue Department sources said on Saturday.
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