Goods And-services-tax

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Goods And-services-tax - Total results - 980
Swiggy, Zomato to collect 5% GST from customers starting 1 Jan, 2021; here's how much you will have to pay
Business

Swiggy, Zomato to collect 5% GST from customers starting 1 Jan, 2021; here's how much you will have to pay

Nirmala Sitharaman made the announcement after the GST Council meeting, which has made the decision for ease in tax administration.

GST revenue rises by 33% year-on-year to over Rs 1.16 lakh crore in July, says finance ministry
India

GST revenue rises by 33% year-on-year to over Rs 1.16 lakh crore in July, says finance ministry

Goods and Services Tax collection in July 2020 was Rs 87,422 crore. Sequentially, it slipped below Rs 1 lakh crore mark to Rs 92,849 crore in June 2021

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall
India

Centre borrows and releases Rs 75,000 crore to compensate states for GST revenue shortfall

Shortfall in GST compensation to states in the current fiscal estimated at Rs 2.59 lakh crore, of which about Rs 1.59 lakh crore would have to be borrowed

GST revenue slips below Rs 1 lakh crore in June after eight months
Business

GST revenue slips below Rs 1 lakh crore in June after eight months

The gross GST revenue collected in June 2021 stands at Rs 92,849 crore. It was recorded at Rs 1.02 lakh crore in May.

GST Council Meet: Tax on COVID-19 vaccines unchanged; 'black fungus' drug added to import exempt list
Business

GST Council Meet: Tax on COVID-19 vaccines unchanged; 'black fungus' drug added to import exempt list

Finance minister Nirmala Sitharaman, chairing the Council's first meet in nearly eight months on Friday, said the waiver of I-GST will continue on free COVID-19 related supplies imported from abroad till 31 August

GST exemption for COVID-19 vaccine, drugs will make them costlier, says Nirmala Sitharaman
India

GST exemption for COVID-19 vaccine, drugs will make them costlier, says Nirmala Sitharaman

Earlier on Sunday, West Bengal CM Mamata Banerjee had written to Prime Minister Narendra Modi seeking exemption from GST and customs duty on donations of oxygen concentrators, cylinders, and COVID-19 drugs

Petrol, diesel can't be brought under GST even for next 8 to 10 yrs, Sushil Kumar Modi tells Rajya Sabha
India

Petrol, diesel can't be brought under GST even for next 8 to 10 yrs, Sushil Kumar Modi tells Rajya Sabha

The statement assumes significance in view of the outcry over the rise in fuel prices over the past year and the demand by the Opposition to bring petrol and diesel under the ambit of GST

GST collections cross Rs 1 lakh crore for fifth straight month, rise 7% to Rs 1.13 lakh crore in February
India

GST collections cross Rs 1 lakh crore for fifth straight month, rise 7% to Rs 1.13 lakh crore in February

The Union Finance Ministry said that the GST numbers 'clearly' indicate economic recovery, and the impact of various measures taken by tax administration to improve compliance

Centre released Rs 1 lakh crore GST compensation to states since Oct 2020, says Finance Ministry
India

Centre released Rs 1 lakh crore GST compensation to states since Oct 2020, says Finance Ministry

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

GST revenues hit all-time high of Rs 1.20 lakh crore in January 2021, says finance ministry
India

GST revenues hit all-time high of Rs 1.20 lakh crore in January 2021, says finance ministry

GST revenues had topped Rs 1 lakh crore in nine out of 12 months of 2019-20 fiscal. However, revenues took a hit in the current fiscal due to the COVID-19 pandemic

Top 25,000 GST payers of October yet to file returns this month, tax officers to send reminders
India

Top 25,000 GST payers of October yet to file returns this month, tax officers to send reminders

As per GST rules, for the supplies made in the month of October, the GSTR-3B returns were expected to be filed in a staggered manner by 20, 22 and 24 November

Indian economy witnessing strong recovery, says Nirmala Sitharaman; announces stimulus measures
Business

Indian economy witnessing strong recovery, says Nirmala Sitharaman; announces stimulus measures

Energy consumption growth trended higher in October at 12 percent year-on-year, said the finance minister

GST collections cross Rs 1 lakh crore in October for first time in 8 months
Business

GST collections cross Rs 1 lakh crore in October for first time in 8 months

The GST collections had fallen below the psychologically important Rs 1 lakh crore mark as the lockdown imposed to contain the COVID-19 spread dented economic activity

Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall
Business

Centre to borrow up to Rs 1.1 lakh crore on behalf of states to meet GST shortfall

The amount will be borrowed by the Centre under the Special Window in appropriate tranches and will be passed on to states in back-to back loans, said a finance ministry statement. However, it did not say who will service the interest and principal payments

GST Council to discuss compensation for states for third time tomorrow; decision on setting up group of ministers likely
Business

GST Council to discuss compensation for states for third time tomorrow; decision on setting up group of ministers likely

In its previous meeting last week, the Council had decided to extend the surcharge on taxes on luxury goods beyond June 2022 but failed to reach a consensus on ways to compensate states for loss of tax revenue

GST Council to extend surcharge on taxes over luxury goods, fails to reach consensus on issue of states' compensation
India

GST Council to extend surcharge on taxes over luxury goods, fails to reach consensus on issue of states' compensation

The panel, which decides on tax rates and structure of the GST, will meet again on 12 October to thrash out the state compensation issue

Stormy GST Council meet likely today; non-BJP states to oppose Centre's borrowing options
Business

Stormy GST Council meet likely today; non-BJP states to oppose Centre's borrowing options

Chief Ministers of six non-BJP ruled states — West Bengal, Kerala, Delhi, Telangana, Chhattisgarh and Tamil Nadu – have written to the Centre opposing the options which require states to borrow to meet shortfall

Centre used GST compensation cess elsewhere instead of paying states, violated law, says CAG
India

Centre used GST compensation cess elsewhere instead of paying states, violated law, says CAG

In its audit report of government accounts, the Comptroller and Auditor General flagged that the amount was to be credited to the non-lapsable fund for payment to states for loss of revenue

'Act of sovereign default': Hemant Soren writes to PM against Centre's GST compensation proposal
Politics

'Act of sovereign default': Hemant Soren writes to PM against Centre's GST compensation proposal

Nirmala Sitharaman, in the 41st meeting of GST Council on 27 August, ruled out paying compensation to states

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation
India

Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation

Revenue Secretary Ajay Bhushan Pandey said that of total shortfall of 2.35 lakh crore, Rs 97,000 crore is due to GST shortfall, and rest is due to impact of COVID-19 on the economy