“The total revenue received under GST for January (received in January/February up to February 25) [is] Rs. 86,318 crore. About 1.03 crore taxpayers have been registered under GST so far till February 25, 2018.”
The government had collected Rs. 86,703 crore in December from GST.
“While the GST revenues and number of return filers are gradually increasing or are same as compared to the last month, the tax base and revenue numbers have certainly not reached expected levels,” M.S. Mani, senior director, Deloitte India said in a note. “This could lead to more enquiries and scrutiny from the tax authorities.” Click to read more
India is a big country with diversified culture and businesses. And among these we have a so many small segment businesses which forms part of our Indian Economy. The small traders they operate within a limited boundary, with limited capital investment. And GST being a bigger tree that is planted by our government to give shade, fruits (benefits when it is ripened) and also share its roots (support every type of business) whether be small or large business. But the tree has some additional benefits for small scale businesses like a mother cares for an infant child at its early stages of growth. Like any other taxation system GST also aims towards timely recovery of taxes, filing of returns, simplified generation and maintenance of records, invoices and others documents. Such elements are often challenging ones for small businesses. Click to read more
Its Five months after the rollout of the Goods and Services Tax (GST), Chandigarh positioned second in the nation with regards to the percentage of filing of GSTR-3B return. Punjab secures the top spot in the list, while Delhi is positioned third. GSTR-3B is a month to month self-declaration that must be filed as an enrolled dealer. According to the record of the UT excise office, there are around 17,000 enrolled GST dealers in the city. Click to read more
Hindustan Unilever Limited (HUL) will offer another tranche of GST benefits to the government it could not pass on to customers for the month of January.
The fast moving consumer goods (FMCG) major has so far offered Rs. 60 crore for the month of November and another Rs. 59 crore for the month of December to be deposited into the Consumer Welfare Fund.
The DG Safeguards had asked HUL to explain the methodology behind the Rs. 119 crore profiteered sum, after the government referred its case to the agency. Click to read more
Signalling strong enforcement action under the goods and services tax (GST) regime, the Mumbai division of the central government’s indirect tax arm said on Wednesday it has made the first arrests under the Central GST Act for alleged fraud.
Two people were arrested by the Mumbai commissionerate of the Central Board of Excise and Customs (soon to be renamed the Central Board of Indirect Taxes and Customs) for allegedly exchanging paper invoices without any movement of goods and claiming false input tax credit. Click to read more
Finance Minister Arun Jaitley today said it is not possible to have one GST rate as the country has vast disparities, but assured investors that government will undertake further reforms after improvement in tax compliance standards.
A single rate of GST in India “can’t work at the moment” due to vast disparities in the country’s society, he said while replying to queries from the audience at the India-Korea Summit here.
The next stage of reforms will start once India becomes a significant tax compliant society, Jaitley said. “After we are able to improve the compliance levels the other stage of reform will begin. Click to read more
In what could be the first arrests under the Goods and Services Tax (GST) regime, the Central GST, Mumbai has arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner.
CGST Mumbai Central Commissionerate arrested Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, for availing of “ineligible credit” of Rs 5.20 crore and Rs 2.03 crore, respectively, the Commissionerate said in the statement here. The alleged offence committed by Shah Brothers Ispat is non-bailable while that by VN Industries is bailable as the amount is below Rs 5 crore, it added. It was possible that similar fraud had taken place in several other companies, it said in the statement. Click to read more
expects profits of top Nifty companies to grow 25% as it is finally seeing some signs of investment, said KVS Manian , who heads corporate, institutional and investment banking, and oversees more than 30% of the private sector lender’s 2 lakh crore advances. In an interview to Joel Rebello, he shared his perspective on the macroeconomic situation and opportunities for the bank. Click to read more
In a first, the tax authorities have arrested directors of two firms under the goods and services tax (GST) provisions. The Central Board of Excise and Customs (CBEC) on Wednesday arrested Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, Director of VN industries, Darukhana, Mumbai, for availing ineligible credit of Rs 5.20 crore and Rs 2.03 crore, respectively. Click to read more