Goods And Services Tax

Goods And Services Tax News

GST collection rises 28% to Rs 1.43 lakh crore in July
Business

GST collection rises 28% to Rs 1.43 lakh crore in July

Better reporting coupled with economic recovery had a "positive impact on the GST revenues on a consistent basis", the finance ministry said in a statement

Explained: Why GST on garba has left Gujarat perplexed
India

Explained: Why GST on garba has left Gujarat perplexed

Many major garba organisers open booking months in advance for the Navratri events, which will be held from 26 September to 5 October. A controversy has broken out over skyrocketing prices for garba passes after the inclusion of 18 per cent GST

Do we have to pay GST on ICU beds, crematorium services?
Explainers

Do we have to pay GST on ICU beds, crematorium services?

No, says Nirmala Sitharaman as she was attempting to clear up misinformation over issues related to the imposition of the levy on various products and services

GST collections in July recorded at Rs 1.49 trillion, second highest since introduction of the tax
India

GST collections in July recorded at Rs 1.49 trillion, second highest since introduction of the tax

In June 2022, total GST collections were at Rs 1.44 lakh crore. For five months in a row now, the monthly GST revenues have been more than Rs 1.4 lakh core, showing a steady increase every month

Nirmala Sitharaman clears air on new GST rates for daily use items, says decision taken with all states’ nod
Business

Nirmala Sitharaman clears air on new GST rates for daily use items, says decision taken with all states’ nod

The finance minister's comments come against the backdrop of the first two days of the Monsoon Session virtually getting washed away due to protests by Opposition parties over the GST on daily use items and other issues

GST on foograins: Mahila Congress holds flash protest outside Nirmala Sitharaman's Delhi residence
Politics

GST on foograins: Mahila Congress holds flash protest outside Nirmala Sitharaman's Delhi residence

At least 20 Mahila Congress workers were detained by the Delhi Police and taken to Mandir Marg police station, party leaders said

GST Day: All you need to know about Goods and Services Tax, history and significance
India

GST Day: All you need to know about Goods and Services Tax, history and significance

As per data by the Centre, GST revenue collected in May 2022 was Rs 1,40,885 crore

GST Council may consider changes in monthly GST payment form
Business

GST Council may consider changes in monthly GST payment form

The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit, but report suppressed sales in GSTR-3B to lower GST liability

Centre clears entire GST compensation dues till date, releases Rs 86,912 crore to states
Business

Centre clears entire GST compensation dues till date, releases Rs 86,912 crore to states

Of this, Rs 25,000 crore is released from the GST compensation fund and the balance Rs 61,912 crore is being released by the Centre from its own resources pending collection of cess

How apex court gives ‘supreme’ relief to businesses by ending double taxation on ocean freight
Business

How apex court gives ‘supreme’ relief to businesses by ending double taxation on ocean freight

The SC judgement should act as a catalyst for the GST Council to review all legacy circulars and rules and remove all anomalies in law, making compliance simple and taxpayer-friendly, along with complying with the basic principle of law and canons of taxation

Hyderabad: Five GST officials booked for 'detaining' businessman's wife
India

Hyderabad: Five GST officials booked for 'detaining' businessman's wife

The woman said that on 27 February, 2019, five people, claiming to be officials from GST, barged into her house when her husband was abroad in connection with his business

Sushil Modi says Supreme Court verdict on Centre, states not bound to recommendations of GST council isn't new
Business

Sushil Modi says Supreme Court verdict on Centre, states not bound to recommendations of GST council isn't new

Sushil Modi said the Centre and states have simultaneous powers to legislate on GST and the Constitution does not envisage a repugnancy provision. GST council must work in a harmonious manner to achieve a workable solution

Supreme Court says Centre, states not bound to recommendations of GST council
Business

Supreme Court says Centre, states not bound to recommendations of GST council

An apex court bench led by Justice DY Chandrachud held that the Parliament intended that the 'recommendations of the GST Council will have persuasive value as India is cooperative federalism'

Centre denies reports of GST council planning to raise 5% tax slab to 8%
Business

Centre denies reports of GST council planning to raise 5% tax slab to 8%

Sources said that GoM has still not prepared its report on rate rationalisation and it is yet to be submitted to the GST council

GST Council may consider proposal to raise lowest slab to 8%, rationalise tax slabs
Business

GST Council may consider proposal to raise lowest slab to 8%, rationalise tax slabs

A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab.

Extend GST compensation to states for two more years due to COVID pandemic, Ajit Pawar tells Centre
Business

Extend GST compensation to states for two more years due to COVID pandemic, Ajit Pawar tells Centre

Pawar made the comments while interacting with reporters after unfurling the National Flag in Pune on the occasion of 73rd Republic Day

Amendments in GST regime to be implemented from 1 January: All you need to know
Business

Amendments in GST regime to be implemented from 1 January: All you need to know

From 1 January, it will also be mandatory for all businesses to get an Aadhaar authentication for claiming their GST funds

Rs 257-cr cash, 250 kg silver, 25 kg gold: The tax raid on businessman Piyush Jain by the numbers
India

Rs 257-cr cash, 250 kg silver, 25 kg gold: The tax raid on businessman Piyush Jain by the numbers

Jain is likely to be produced in court on Monday and could be taken to Ahmedabad from Kanpur for further investigation

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