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Centre may bring natural gas within the GST ambit
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON JAN 05, 2021 05:34 AM IST
Petroleum secretary Tarun Kapoor confirmed the development. “There is a demand from the industry [to impose GST on natural gas], which is also supported by the MoPNG. But, then it has to go to the GST Council,” he said, referring to the GST body comprising state and central representatives.
‘GST collection up because of economic activity revival’: Finance secretary Ajay Bhushan Pandey
By Rajeev Jayaswal | Hindustan Times, Delhi
UPDATED ON JAN 04, 2021 08:22 AM IST
Finance secretary rules out the theory of pent-up demand being responsible for the higher GST collection , crediting it to a rebound in business activity and better compliance
GST collection for December shows economy is on fast track recovery, says Finance Secretary
By Asian News International | Posted by Deepali Sharma | New Delhi
PUBLISHED ON JAN 03, 2021 09:21 PM IST
Dr Ajay Bhushan Pandey said a record high GST collection of Rs 1,15,174 crore in December is due to economic recovery along with better compliance following the crackdown on malpractices.
GST authority in Delhi nabs one for Rs 831 crore tax evasion
By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON JAN 04, 2021 05:39 AM IST
Based on the evidence gathered, stocks seized and confessional statements recorded the total duty evasion as estimated to be approximately Rs 831.72 crore, it said.
GST collections at all-time high of over Rs 1.15 lakh crore in December
By Press Trust of India | Posted by Srivatsan K C | New Delhi
UPDATED ON JAN 01, 2021 02:25 PM IST
The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the Finance Ministry said in a statement.
Govt extends deadline to file annual GST returns to February 28, 2021
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 31, 2020 05:15 PM IST
The government on Wednesday also extended deadlines for filing personal income tax returns by 10 days
GST revenue may exceed Rs 1 lakh crore for third consecutive month
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 30, 2020 04:59 AM IST
According to available data so far, GST collections look good, with increased demand from consumers in the festive season, two officials with direct knowledge of the matter said, requesting anonymity. The finance ministry will release GST revenue data on Friday.
Mahatma Gandhi’s bowl, cutlery to be auctioned in UK
By Asian News International | Posted by Shankhyaneel Sarkar | London
UPDATED ON DEC 29, 2020 08:11 PM IST
Gandhi heirlooms -- letters, photographs, portraits, books, sandals, spectacles among other items -- attract collectors of all sorts, both institutions and individuals, throughout the world.
‘Not getting GST dues, even BJP-ruled states unhappy’: Hemant Soren
By Vishal Kant | Hindustan Times, Ranchi
UPDATED ON DEC 28, 2020 04:40 PM IST
Despite the talk about cooperative federalism, Soren, citing his experience as CM over the past year, said that the relationship between the Centre and the state is not healthy
New GST rule is not applicable for MSMEs
By HT Correspondent | Hindustan Times, New Delhi
UPDATED ON DEC 28, 2020 02:46 AM IST
The Central Board of Indirect Taxes and Customs (CBIC) last week introduced a change in the GST rules that restricted the use of input tax credit (ITC) for discharging GST liability to 99%, the official said requesting anonymity.
‘New GST rule doesn’t apply to small firms’: Ministry official
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 27, 2020 08:45 PM IST
It is also not applicable to registered entities which have received a refund of more than Rs 1 lakh in the preceding financial year on account of export.
Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash
By Press Trust of India | Posted by Ayshee Bhaduri | New Delhi
PUBLISHED ON DEC 23, 2020 03:48 PM IST
The Central Board of Indirect Taxes and Customs has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit for discharging GST liability to 99 per cent.
Finance ministry releases 8th installment of Rs 6,000 cr to states to meet GST compensation shortfall
By Asian News International | Posted by Srivatsan K C | New Delhi
PUBLISHED ON DEC 21, 2020 03:39 PM IST
Of this, Rs 5,516.6 crore has been released to 23 states and an amount of Rs 483.4 crore has been released to the three union territories with legislative assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.
Mandatory FASTags, Quarterly GST filing and WhatsApp services: Rules that are changing from Jan 1
By hindustantimes.com| Edited by Mallika Soni | Hindustan Times, New Delhi
UPDATED ON DEC 31, 2020 10:29 AM IST
From tomorrow – January 1, 2021, some rules on quarterly GST filing, mandatory FASTags and discontinuation of WhatsApp services on some phones are going to change. Here’s a look at the new rules before their rollout on January 1, 2021.
Centre releases Rs 42,000 crore to states towards GST compensation shortfall
By hindustantimes.com | Edited by Srivatsan K C | Hindustan Times, New Delhi
PUBLISHED ON DEC 14, 2020 08:25 PM IST
In its statement, the finance ministry said that Rs 6,000 crore has been released on Monday, the latest in a series of weekly instalments, of which Rs 5516.60 crore has been released to 23 states and Rs 483.40 crore has been released to three Union territories of Delhi, Jammu and Kashmir, Puducherry.
GST officers arrest 140 persons on charges of fake invoicing, focus on under-valuation of transported goods
By Press Trust of India | Posted by Srivatsan K C | New Delhi
PUBLISHED ON DEC 13, 2020 07:35 PM IST
In its nationwide drive against fake invoice frauds since the second week of November, the Directorate General of GST Intelligence (DGGI) have also unearthed cases of GST evasion by way of transporting under-valued and unaccounted goods.
Govt cancels GST registration of 163k biz entities over non-filing of tax returns
By Rajeev Jayaswal | New Delhi, Hindustan Times
UPDATED ON DEC 12, 2020 01:22 PM IST
To handle the menace of fake firms and circular trading entities, GST officials have cancelled 1,63,042 registrations in the month of October and November this year due to non-filing of GSTR-3B returns for more than six months
Sixth installment of Rs 6,000 cr released to states/UTs as loan to meet GST compensation shortfall
By Asian News International | Posted by Ayshee Bhaduri | New Delhi
PUBLISHED ON DEC 09, 2020 09:04 PM IST
The central government is borrowing this amount on behalf of the states and UTs through a special borrowing window to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of GST implementation.
Relief for small businesses: Now, only four GSTR-3B returns a year instead of 12
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 08, 2020 12:32 PM IST
Also, the taxpayers’ professional expenses on return filing would get reduced significantly for they would be required to file just half the number of returns in place of 16 at present
GST investigators uncover fraudulent transactions of Rs 290 cr
By Press Trust of India | Posted by Srivatsan K C | Nagpur
PUBLISHED ON DEC 07, 2020 04:36 PM IST
As per a DGGI release, searches were conducted on a Mumbai-based firm, M/s M & M Advisors and Consultants Private Limited, as follow-up of the detection of a non-existent advertising firm in Dhule.
Govt launches QRMP scheme: From January 1, file only 4 GSTR-3B returns instead of 12
By hindustantimes.com | Edited by Karan Manral | Hindustan Times, New Delhi
UPDATED ON DEC 07, 2020 12:21 PM IST
Sources in the department of revenue (DoR) have said the scheme would impact 9.4 million taxpayers, who constitute 92% of the total tax base of the Goods and Services Tax (GST).
GST transactions worth Rs 1 lakh crore being probed
By Neeraj Chauhan and Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 07, 2020 05:04 AM IST
DGARM has captured thousands of suspicious transaction carried by business entities between July 1, 2017 and March 31, 2020 and shared the data with investigative agencies for action. Based on such inputs, the government launched a massive crackdown against GST frauds three weeks ago and arrested 104 people, three officials said, requesting anonymity.
Jharkhand man chased for Rs 3.5cr GST fraud turns out to be a daily wage worker
By Debashish Sarkar | Edited by Abhinav Sahay | Hindustan Times, Jameshedpur
UPDATED ON DEC 05, 2020 12:02 PM IST
Ladun clarified that he had no clue how was he made the MD of a company when his MGNREGA enlisting earned him no more than Rs 198 a day, making it an everyday struggle to make both ends meet
All states accept Rs 1.1 lakh crore borrowing option to meet GST shortfall
By Hindustantimes.com | Edited by Kanishka Sarkar | Hindustan Times, New Delhi
UPDATED ON DEC 05, 2020 11:03 AM IST
Jharkhand has become the latest State to go for Option-1 and it will get Rs. 1,689 crore through special borrowing window to meet the GST implementation shortfall.
GST revenue shortfall: Chhattisgarh opts for govt’s borrowing option
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 04, 2020 08:12 AM IST
Congress-ruled Chhattisgarh has become the latest state to accept the central government’s offer to borrow Rs 1.1 lakh crore on behalf of state administrations to meet a Rs 2.35 lakh crore shortfall in their share of revenue from the Goods and Services Tax (GST) this fiscal year, largely on account of the pandemic.
Chhattisgarh joins 27 states and 3 UTs to opt for GST loan, Jharkhand is lone dissenter
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 03, 2020 01:04 PM IST
The Centre had given two borrowing options to states to meet their revenue shortfall of about Rs 2.35 lakh crore in the current financial year.
GST collection crosses Rs1 lakh crore mark for second consecutive month in November
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON DEC 01, 2020 04:21 PM IST
GST collections have shown positive growth for the third month in a row, indicating signs of economic recovery since the Covid-19 pandemic gripped India and forced a national lockdown in March this year
GST revenue at Rs 1.04 lakh crore in November
By Press Trust of India | Posted by Mallika Soni | Press Trust of India
PUBLISHED ON DEC 01, 2020 03:09 PM IST
The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was Rs 1,03,491 crore.
Businesses get 4 months to implement QR code-based payment system
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON NOV 30, 2020 11:27 PM IST
The government had also instructed tax officials to verify deemed GST registrations granted to business entities without Aadhaar authentication.
Deemed GST registration granted between August 21 and November 16 under CBIC scanner
By Rajeev Jayaswal | Hindustan Times, New Delhi
UPDATED ON NOV 30, 2020 09:19 AM IST
It has been noticed that many unscrupulous people are misusing the easy GST registration system to con the exchequer by generating fake invoices and misappropriating input tax credit
