Shares of Vedanta opened 0.5 percent higher during early trade on November 20, after the Anil Agarwal-led company received a GST demand order worth Rs 1.38 crore from GST & Central Excise Commissionerate, Rourkela. At 9:50 am, the stock was trading at Rs 240.45.
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As November 30 approaches, GST officials’ expectation of revenue collection is reaching its peak. E-way bill generation in October has already given very high hopes. The combination of compliance and consumption will likely result in the collection in November either close to an all-time high collection of Rs 1.87 lakh crore (April 2023) or even exceeding that.
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The Ahmedabad Municipal Corporation (AMC) has decided to sell all its newly constructed properties instead of letting them out on 99-year leases. This is to avoid payment of 18% goods and services tax (GST) that lease deeds would attract. There is no clarity officially on whether this policy will also apply to open plots, but sources in the AMC said it will.
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The Office of the Chief Commissioner CGST & Central Excise (Jaipur Zone), Jaipur issued Office Order No. 22/2023 dated October 16, 2023 regarding the Verification of pending GST DRC-03s Challans.
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November 30 is the last date for availing input tax credit and furnishing the correct information on ineligible input tax credit and the reversal thereof for the 2022-23 fiscal, the State Goods and Services department has said.
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The Directorate General of GST Intelligence (DGGI) is understood to be sending notices to various real estate companies, demanding that GST be paid for a clutch of transactions among group companies or joint venture partners.
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The soon to be set up Sixteenth Finance Commission is likely to be tasked with reviewing the revenue collections of states under the Goods and Services Tax (GST) and the need for a review of the GST compensation cess.
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The GSTN vide Advisory No. 615 dated November 17, 2023 issued a comprehensive Guide and Instructions for Direct API Integration with Any of the 6 IRPs for E-Invoice Reporting.
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In an effort to boost road safety, helmet makers are advocating for stricter implementation of the Central Motor Vehicles Act regulations and reduction in the GST rate on helmets from the current 18% to 5%.
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The GST department has raised demands that (even in the unlikeliest scenario of them prevailing in the Supreme Court) can never be fulfilled.
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Finance minister Nirmala Sitharaman said on Thursday that biometric-based Aadhaar authentication through Goods and Services Tax (GST) Seva Kendras have been approved for Andhra Pradesh. This will streamline the GST registration process and improve security, she said.
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Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman gave a virtual address on the occasion of Bhoomi Pooja and Foundation Stone laying ceremony of GST Bhavan, Tirupati CGST Commissionerate, today i.e. November 16, 2023. The new GST Bhawan reflects the Central Government’s commitment to bolstering infrastructure and efficiency in tax administration.
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The GSTN issued Important Advisory No. 613 dated November 14, 2023 regarding the ITC Reversal on Account of Rule 37(A) of the CGST Rules, 2017.
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India is contemplating a significant hike in the threshold for arrests and criminal prosecutions in cases of Goods and Services Tax (GST) evasion, as per a report by The Economic Times. The proposal aims to elevate the threshold to Rs3 crore from the existing Rs2 crore, as part of an initiative to decriminalise certain aspects of tax evasion, reducing undue pressure on businesses and fostering a more favourable environment for conducting operations, it added.
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The Indian subsidiaries of as many as 80-90 multinational corporations (MNCs) have together paid around Rs 1,600 crore as Goods and Services Tax (GST) on serviced availed from offshore related companies, an official aware of the matter told FE. The taxes paid by the MNCs in the last few months are for the transactions made between FY18 – FY22.
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Shri Sanjay Kumar Agarwal, Chairman, Central Board of Indirect Taxes & Customs (CBIC), inaugurated the “GST & Customs Pavilion” at the 42nd India International Trade Fair with the theme of “CBIC-Uniting Markets, Bridging Borders” in the presence of Ms. V. Rama Mathew, Member (IT & Taxpayer Services), CBIC, Ms. Renu K. Jagdev, D.G Taxpayer Services, other senior officers, taxpayers and public in general in New Delhi, today i.e. November 15, 2023.
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The Finance Minister Nirmala Sitharaman on Wednesday said India is expected to overtake Japan and Germany to emerge as the third largest economy in the world by 2027.
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Divis Labs has received a goods and service tax (GST) demand notice of Rs 82 crore demand, the Hyderabad-based pharma company told exchanges on November 16, 2023.
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All Kerala GST practitioners association said on Wednesday that input tax credit (ITC) reversal on account of the Rule 37A will dampen businesses as it puts the burden of tax liability on the buyer if the seller doesn’t pay the tax.
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The rise in Goods and Services Tax (GST) collections in October has been on account of economic activity and not due to notices being issued by tax authorities, Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said Wednesday. He also said the department will soon start sending advisories to businesses who are non-compliant in issuing e-invoices to their B2B customers.
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Exemptions or lower rate of taxation sought by industry on some items breaks the input tax credit (ITC) chain, leading to complexity in the goods and services tax (GST) structure, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal said on Wednesday.
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