In a move that would partly address the goods and services tax (GST) revenue deficit for the Centre and come in aid of states worried over stagnant growth in their own tax (non-GST) revenue, the Lok Sabha on Thursday approved changes to the relevant law to allow both to dip into the surplus in the GST Compensation Fund at any time during a financial year. The law has hitherto allowed division of the surplus only after a five-year “transition period” (till June 2022), during which states are constitutionally guaranteed a GST revenue growth (over the base year, 2015-16) of 14% per year, meaning any shortfall from the threshold will be compensated from the fund. Click to read more
The government has modified the due date for filing of final Goods and Service Tax (GST) sales returns by businesses with turnover exceeding ₹1.5 crore to the 11th day of the succeeding month.
Currently, such businesses are required to file GSTR-1 or final sales return of a particular month by the 10th day of the succeeding month.In a notification issued today, the Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month. Click to read more
The Union government today said a GST compensation totalling Rs 52,077 crore has been paid to states and UTs during the 11-month period through May 2018.
Under the Goods and ServicesNSE -0.84 % Tax (GST), implemented on July 1, 2017, the Centre has to compensate states/UTs for loss of their revenue on account of implementation of the new indirect tax regime.
“… states/UTs have been paid GST compensation of Rs 48,178 crore for the period July 2017 to March 2018 and of Rs 3,899 crore for the period of April-May 2018,” Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Lok Sabha. Click to read more
Once fully implemented and linked with direct taxes, goods and services tax (GST) would benefit the economy, help bring in transparency, make small businesses strong, create more employment and ultimately reduce tax burden for the common man.
It’s been a year since GST has been implemented in India. It all started with panic and confusion and everyone was busy dealing with the teething problems of this huge tax reform. The nation was sceptical, be it a financial expert or a common man, on how successfully GST would function. The GST Council met a number of times post implementation to consider the difficulties of taxpayers. Click to read more
The government has modified the due date for filing of final GST sales returns by businesses with a turnover exceeding 1.5 crore rupees to the 11th day of the succeeding month. In a notification issued yesterday, Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month. Click to read more
Congress President Rahul Gandhi on Saturday promised to bring all goods and services under one tax slab and levy GST on fuel prices if his party comes into power in 2019. Gandhi made the statement while addressing party workers in Jaipur, where he again criticised Prime Minister Narendra Modi for the Rafale defence deal, crimes against women, demonetisation and the farmer crisis. Click to read more
After a brief lull, autorickshaws are back in the reckoning in the Indian auto sector.
Sales of the three-wheeled vehicles increased 54% year-on-year in April-June 2018, according to data published by the Society of Indian Automobile Manufacturers. Within the three-wheeler segment, passenger carrier sales increased 64.48% while those of goods carriers rose 21.35%. Click to read more
A court has rejected the bail plea of a woman CA and two others for raising fake invoices to avail input credit of Rs 11.51 crore last week.
They were arrested by Director General of GST, Jaipur.
Sandeep Goyal and Rajesh Arora, both residents of Abohar in Punjab took help of Himanshi Munjal, 28, a chartered accountant in Jaipur to generate fake invoices.
Investigators, who conducted some raids, said 35 fake firms were floated to execute the fraud.
Across the country, DG, GST has detected such frauds worth hundreds of crores. Click to read more
Global ratings agency Moody’s on Monday said that the recent cut in goods and services tax (GST) rates on consumer goods will weigh on the Central government’s revenue collections and fiscal consolidation efforts.
“We estimate revenue loss from the most recent tax cuts to be about 0.04 per cent-0.08 per cent of GDP annually,” Moody’s Investor Service said in a research note. Click to read more