Gst

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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

Sensex sheds 379 pts, Nifty below 15,200; ONGC, other gas stocks rally to 52-week high
Business

Sensex sheds 379 pts, Nifty below 15,200; ONGC, other gas stocks rally to 52-week high

While ONGC was the top gainer on BSE Sensex, the S&P BSE Oil and Gas index ended 632.03 points higher or 4.22 percent up at 15,609.10, a day after govt reaffirmed its commitment to bring natural gas under 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

Union Budget 2021: Abolish tax on dividends for retail investors to consider equity investments
Business

Union Budget 2021: Abolish tax on dividends for retail investors to consider equity investments

The Union Budget 2021 will be the first one in the post-COVID world and the industry will be expecting concrete measures from the government in favour of a fast-tracked revival process for the economy.

Union Budget 2021: Govt should speedily release GST refund dues to allow locked-up capital flow into economy
Business

Union Budget 2021: Govt should speedily release GST refund dues to allow locked-up capital flow into economy

The government should speedily release all outstanding payments or tax refunds owed to service providers in the form of pending bills including GST refund dues

Union Budget 2021: Govt should provide incentives to increase new GST registrations
Business

Union Budget 2021: Govt should provide incentives to increase new GST registrations

GST has witnessed so many amendment times and again that its original structure which was kept by the Parliament before the country seems to be taking new shape and a new variant of GST

Union Budget 2021: Real estate sector seeks sops to boost housing demand
Business

Union Budget 2021: Real estate sector seeks sops to boost housing demand

The demands include personal tax relief, tax rebate on housing, extension of interest subvention, GST waiver, infrastructure status for the realty and easing liquidity for the sector

Will restructure GST, bring 'one tax, minimum tax' if voted to power, says Rahul Gandhi
India

Will restructure GST, bring 'one tax, minimum tax' if voted to power, says Rahul Gandhi

The Congress leader, who began his campaign for the Tamil Nadu assembly polls, also said there was the need to promote MSMEs, to compete with countries like China and Bangladesh

Union Budget 2021: Industry body demands GST rate cut on agrochemicals, focus on R&D
Business

Union Budget 2021: Industry body demands GST rate cut on agrochemicals, focus on R&D

CropLife India said slashing the GST rate will help lower the prices of agrochemicals and benefit farmers

Union Budget 2021: Gems, jewellery industry seeks reduction of import duty to 4%
Business

Union Budget 2021: Gems, jewellery industry seeks reduction of import duty to 4%

All India Gem and Jewellery Domestic Council chief Ashish Pethe said the EMI facility should be extended to their industry and to increase the cash purchase limit to Rs 1 lakh from Rs 10,000

GST authorities arrest 215 persons in fake invoice cases, recover Rs 700 crore over two months
India

GST authorities arrest 215 persons in fake invoice cases, recover Rs 700 crore over two months

Those arrested include managing directors, proprietors and partners of business and trade entities either involved in availing or utilising the ineligible input tax credit fraudulently

Chhattisgarh accepts Centre’s borrowing proposal for GST shortfall; Jharkhand lone state to keep out
Business

Chhattisgarh accepts Centre’s borrowing proposal for GST shortfall; Jharkhand lone state to keep out

Centre had given the option to states and UTs to get the amount of GST shortfall through a special borrowing window

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

Demonetisation destroyed economy, only helped a few crony capitalists, alleges Rahul Gandhi
Politics

Demonetisation destroyed economy, only helped a few crony capitalists, alleges Rahul Gandhi

Gandhi and the Congress have been alleging that demonetisation was not in the interest of the people and had adverse effects on the economy

VGIR 2020: Narendra Modi says India best place to generate long-term returns, lauds COVID-19 fight
India

VGIR 2020: Narendra Modi says India best place to generate long-term returns, lauds COVID-19 fight

India's growth has the potential to catalyse global economic resurgence as "any achievements by India will have a multiplier impact on world's development and welfare", the prime minister said.

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