Igst

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GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr
Business

GST mop-up slips below Rs 1 lakh cr-mark first time in four months, March collection at Rs 97,597 cr

GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collections in an already sluggish economy

GST collection crosses Rs 1 lakh cr-mark in February; gross revenue up 8% at Rs 1.05 lakh cr
Business

GST collection crosses Rs 1 lakh cr-mark in February; gross revenue up 8% at Rs 1.05 lakh cr

GST revenues during February from domestic transactions have shown a growth of 12 percent over the same month last year

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 fraud: Over 1,200 exporters untraceable, govt saves Rs 350 cr fake IGST refunds; involvement of customs brokers suspected
Business

GST fraud: Over 1,200 exporters untraceable, govt saves Rs 350 cr fake IGST refunds; involvement of customs brokers suspected

Central Board of Indirect Taxes and Customs has obligated customs brokers under their licensing conditions to independently verifying the KYC of exporters.

CBIC asks DGFT to tighten accreditation process of star exporters for curbing tax fraud
Business

CBIC asks DGFT to tighten accreditation process of star exporters for curbing tax fraud

The Central Board of Indirect Taxes and Customs (CBIC) has asked the Directorate General of Foreign Trade to make the accreditation system for star exporters more robust to curb tax fraud

GST system should be simplified for easy compliance, frequent tweaks in rates will not favour economy: NK Singh
Business

GST system should be simplified for easy compliance, frequent tweaks in rates will not favour economy: NK Singh

On Tuesday, a Parliamentary panel on finance observed that the GST collection slowed down in recent months and asked the government to prevent misuse of input tax credit.

Sushil Modi replaces Nirmala Sitharaman as head of Group of Ministers on IGST settlement
Business

Sushil Modi replaces Nirmala Sitharaman as head of Group of Ministers on IGST settlement

Bihar deputy chief minister Sushil Modi will be the convener of a Group of Ministers on Integrated Goods and Services Tax (IGST) replacing Finance Minister Nirmala Sitharaman, GST Council sources said on Tuesday

GST collections dip to 19-month low of Rs 91,916 cr in September; 75.94 lakh returns filed: Finance ministry
Business

GST collections dip to 19-month low of Rs 91,916 cr in September; 75.94 lakh returns filed: Finance ministry

The Goods and Services Tax (GST) collection in September declined to Rs 91,916 crore, as against Rs 98,202 crore in the preceding month, as per government data released on Tuesday

Union Budget 2019: Indirect taxes imposed by govt to generate revenue; levied equally upon all taxpayers
Business

Union Budget 2019: Indirect taxes imposed by govt to generate revenue; levied equally upon all taxpayers

Indirect taxes can be defined as taxation on an individual or entity, which is ultimately paid for by another person.

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised
Business

Bogus IGST refund claims: Govt to verify exporters' claims before sanctioning; standard operating method to be devised

The CBIC said it has observed instances of availment of IGST refund using fraudulent input tax credit (ITC) claims by some exporters.

Automated GST refunds for exporters by next month as revenue department plans to introduce faceless scrutiny
Business

Automated GST refunds for exporters by next month as revenue department plans to introduce faceless scrutiny

Since the GST Network (GSTN) systems are integrated with Customs, hence, refunds are generally transferred to the bank accounts of such exporters within a fortnight.

GST collection scales record high of Rs 1.13 lakh crore in April, says finance ministry
Business

GST collection scales record high of Rs 1.13 lakh crore in April, says finance ministry

The total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April is the first month of 2019-20 fiscal

GST officers prodding businesses to deposit taxes by 31 March to meet fiscal target; govt likely to release data by 10 April
Business

GST officers prodding businesses to deposit taxes by 31 March to meet fiscal target; govt likely to release data by 10 April

The government had lowered the GST collection target for 2018-19 fiscal to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially.

CAIT urges govt to probe Chinese goods imported via hawala route, says it is resulting in revenue loss to exchequer
Business

CAIT urges govt to probe Chinese goods imported via hawala route, says it is resulting in revenue loss to exchequer

CAIT, in a statement, also claimed that "such hawala money might be transferred to Pakistan for conducting terrorist activities".

GST collections jump 14% to Rs 1.02 lakh cr in January; revenue figures cross milestone figure thrice this fiscal
Business

GST collections jump 14% to Rs 1.02 lakh cr in January; revenue figures cross milestone figure thrice this fiscal

The total revenue earned by the central government and state governments after regular settlement in December 2018 is Rs 36,107 crore for CGST and Rs 39,503 crore for SGST.

Integrated gold policy likely soon; govt to promote growth of yellow metal industry, jewellery exports, says Suresh Prabhu
Business

Integrated gold policy likely soon; govt to promote growth of yellow metal industry, jewellery exports, says Suresh Prabhu

In February, Finance Minister Arun Jaitley announced formulation of a comprehensive gold policy to develop gold as an asset class.

Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending: Finance ministry
Business

Govt clears Rs 91,149 cr GST refunds to exporters so far; Rs 6,053 cr still pending: Finance ministry

"Total GST refunds to the tune of Rs 91,149 crore have been disposed by CBIC and state authorities out of the total refund claims of Rs 97,202 crore received so far. Thus, the disposal rate of 93.77 percent has been achieved," the finance ministry said.

GST compensation paid to states declines to Rs 11,900 cr during Aug-Sep against Rs 14,930 cr in June-July period
Business

GST compensation paid to states declines to Rs 11,900 cr during Aug-Sep against Rs 14,930 cr in June-July period

The government collected a record Rs 1,00,710 crore from Goods and Services Tax (GST) in the month of October. The returns filed and taxes collected in October reflect purchase and sale activities of September