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GST collection crosses Rs 1 lakh cr mark for third month in a row in January; in line with set target
Business

GST collection crosses Rs 1 lakh cr mark for third month in a row in January; in line with set target

The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.

GST Council resorts to voting for first time; fixes 28% uniform tax rate for state, private lottery
Business

GST Council resorts to voting for first time; fixes 28% uniform tax rate for state, private lottery

When the issue of levy of GST on lottery came up at the 38th meeting of the Council, the consensus remained elusive, which led to a vote being taken to decide on

GST Network develops system to fetch e-way bill data into monthly sales returns to curb tax evasion
Business

GST Network develops system to fetch e-way bill data into monthly sales returns to curb tax evasion

Matching of invoices of e-way bills with the sales shown in GSTR-1 will help taxmen in assessing whether the supplies have been accurately shown in sales return

Govt waives late fees for GST returns during July 2017-Sept 2018, but biz will have to pay for 15-month period by March 2019
Business

Govt waives late fees for GST returns during July 2017-Sept 2018, but biz will have to pay for 15-month period by March 2019

The fee for late filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount under State GST (SGST).

Govt unveils draft GST returns forms, seeks public comments; industry welcomes move
Business

Govt unveils draft GST returns forms, seeks public comments; industry welcomes move

The returns form was cleared by the Goods and Services Tax Council in its last meeting on 21 July.

GST mop-up: Govt now suspects under-reporting of Rs 34,000 crore for July-December 2017
Business

GST mop-up: Govt now suspects under-reporting of Rs 34,000 crore for July-December 2017

A preliminary analysis of GST returns filed between July and December 2017 shows that the scale of under-reporting could be as high as Rs 34,000 crore.

Amid falling tax collections, govt extends by 10 days deadline for filing final GST returns till 10 January
Business

Amid falling tax collections, govt extends by 10 days deadline for filing final GST returns till 10 January

For businesses with turnover of more than Rs 1.5 crore GSTR-1 has to be filed for July-November period by 10 January

GST Council meet eases rules: Steps in right direction, will help growth revival; experts decode
Business

GST Council meet eases rules: Steps in right direction, will help growth revival; experts decode

Prime Minister Narendra Modi claimed that the steps were in line with the government's constant endeavour to safeguard citizens' interests and ensure India's economy grows.

GST Council meet today: Narendra Modi needs to save small units, not let rivals demonise the tax reform
World

GST Council meet today: Narendra Modi needs to save small units, not let rivals demonise the tax reform

Being an ambitious economy, India needed to embrace the uniform indirect tax structure sooner than later.

GST filing site stops functioning on eve of last day for filing returns, causes confusion among traders
Business

GST filing site stops functioning on eve of last day for filing returns, causes confusion among traders

Traders across the country faced problems as the Goods and Services Tax (GST) filing website stopped functioning for some time, a day ahead of the last date for filing GST returns