Union Ministry of Textiles, after receiving inputs from industry associations, has now decided to approach the GST secretariat seeking restoration of the rate of Goods and Services Tax to 5 percent, CNBC-TV18 reported
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The concept of taxation is based on the foundation of the welfare of citizens. While the primary focus of indirect tax legislation is on revenue recovery and monetary penalties, indirect tax authorities can also take actions including arrests in disciplining those who misuse the provisions of such legislations
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Madurai MP Su Venkatesan made a representation to Union finance minister Nirmala Sitharaman to withdraw the 12% GST on Sungudi saris
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The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY 21
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The government has decided to go slow on the Goods and Services Tax rate rationalization exercise and the date for the new Group of Ministers meeting is not yet decided
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Directed Revenue Department to either modify the GST portal to facilitate filing of TRAN 1 to claim the ITC or accept returns manually
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After ice cream, papad and paratha, cheese balls is another food item that triggered the dispute of goods and services tax (GST). The dispute has for now been settled by the appellate authority for advance ruling in Uttar Pradesh, Business Standard reported.
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In a good news, the Ministry of Finance on Sunday announced new relaxations for the goods and services tax (GST) taxpayers. Taking to Twitter, the Ministry said that taxpayers with Annual Aggregate Turnover (AATO) up to Rs 5 crore are not required to file the reconciliation statement in Form GSTR-9C for fiscal year (FY) 2020-21 onwards.
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Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilization of ITC against fake invoices without actual supply of goods.
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The central is planning to meet in first week of January with the GST council. The meeting is likely to discuss inverted duty structure for a few more items and will also serve as a platform for pre-budget discussion as reported by business standard.
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As per the recent tweet of Ministry of Finance, the Central Board of Indirect Taxes & Customs (“the CBIC”) has sanctioned IGST refund of Rs. 27,778 crore during F.Y. 2020 – 21 via a special drive to enhance liquidity.
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The GST Council, expected to meet later this month, is likely to take up the issue related with levy mechanism on ice cream parlour. Ice cream companies have urged for clarification on the applicability of GST at the rate of 18 per cent on parlour
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A GST Council meeting had decided against the inclusion of petrol and diesel under the GST in view of high revenue implications of such decision and fiscal constraints induced by the COVID pandemic, according to a statement filed before Kerala the High Court by the CBIC
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The CBIC issued Instruction No. 28/2021-Customs dated December 09, 2021 regarding testing of coumarin in imported Cinnamon.
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The officers of CGST Mumbai Central Commissionerate have smashed a racket of fake Input Tax Credit (ITC) generators, who had been passing this fake ITC to the tune of Rs. 35 crores to various entities. The officers have arrested the kingpin for generating and passing on this fake credit to more than 15 entities in and around Mumbai
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Aided by the robust GST receipts over the last few months, the Centre has recently transferred about Rs 44,000 crore to states towards their pending GST compensation dues for FY21, sources told FE.
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Do not judge a book by its cover this adage has obtained a whole new meaning
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In a comprehensive ruling, the GST Authority for Advance Ruling (GST-AAR), Maharashtra bench, has addressed a host of issues, typically faced by co-operative housing societies.
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A Parliamentary committee has recommended to the government to increase the subsidy on buying of private electric 3- and 4- wheelers as has been done for promoting the adoption of electric two wheelers under FAME-II.
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Central Board of indirect tax is happy to announce the launch of a redesigned tax information online, which will provide taxpayers with access to all indirect tax legislations, rules, regulations, and forms. This portal’s information is continually updated and enhanced in a progressive manner.
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As per the provisions of the GST (Compensation to States) Act, 2017, GST compensation for financial years 2017-18, 2018-19 and 2019-20 has already been paid to the States.
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