GST collection remains over Rs 1.17 lakh crore in September, tops Rs 1 lakh crore for 3rd straight month
GST collections for the month of September 2021 remained above the Rs 1-lakh-crore mark for third straight month.
Oct 01, 2021, 12:48 PM IST
GST returns alert! Businesses defaulting on monthly returns won’t be allowed to file GSTR-1
The GST Council in its Lucknow meeting on September 17 has decided to take a host of measures to streamline compliance, including mandatory Aadhaar authentication for businesses to file refund claims.
Sep 19, 2021, 11:01 AM IST
Non-filers of monthly GST return to be barred from filing GSTR-1 from January 1, 2022
These moves would help prevent revenue leakage due to evasion of Goods and Services Tax (GST).
Sep 18, 2021, 19:04 PM IST
Concessional GST rates on COVID-related drugs extended till December 31, says Nirmala Sitharaman
The meeting held in Lucknow, Uttar Pradesh was the 45th meeting of the GST council and the first in-person one in nearly two years.
Sep 17, 2021, 20:16 PM IST
GST Council meeting today: Petrol to sell at Rs 75 per litre? Food delivery to get expensive? Here’s what you can expect
If the proposal gets the nod from the GST Council, then petrol is expected to sell at just Rs 75 per litre while diesel will retail at about Rs 68 per litre, according to estimates of SBI economists.
Sep 17, 2021, 10:25 AM IST
45th GST Council meet to happen on September 17: Check out the key issues that will be addressed
The GST portal will then be utilised for registration, tax payment, IT returns, and computation and settlement of IGST.
Sep 12, 2021, 23:34 PM IST
GST revenue jumps 33% year-on-year to over Rs 1.16 lakh crore in July
The sharp rise in the GST collects suggests that India’s economy is recovering at a fast pace.
Aug 01, 2021, 16:39 PM IST
GST collections remain below Rs 1 lakh crore for first time in June
This Rs 1 lakh crore drop in GST collection came after 8 months of continuously posting the collection above Rs 1 lakh crore mark.
Jul 06, 2021, 15:55 PM IST
5% GST on COVID vaccines to stay, no tax on black fungus drugs
The GST Council has now approved the recommendations of GoM on GST rates on COVID relief material. It further agreed to stick to a 5% GST rate on the COVID-19 vaccine. There will be no change in the GST rate for vaccines, said Finance Minister Nirmala Sitharaman.
Jun 12, 2021, 15:39 PM IST
GST mop-up tops Rs 1.02 lakh crore in May, 65% higher compared to 2020
In addition, while the taxpayers with turnover above Rs 5 crore had to file their returns by June 4, which they would have otherwise filed by May 20, smaller taxpayers with turnover less than Rs 5 crore still have time till first week of July to file the returns without any late fee and interest, and the revenue from these taxpayers is deferred till then.
Jun 05, 2021, 18:38 PM IST
GST Council leaves tax rate on COVID-19 vaccines unchanged
The GST Council, which is headed by the Union Finance Minister and comprises representatives of all states and union territories, exempted levy of I-GST on import of Amphotericin-B, which is used for the treatment of black fungus. Currently, vaccines attract 5 percent GST.
May 28, 2021, 21:16 PM IST
First GST Council meet today in nearly 8 months, to discuss tax rate on COVID essentials, compensation to states
The 43rd meeting of the top decision-making body is likely to discuss a reduction in the tax rate on Covid medicines, vaccines and medical equipment as well as means to make up for the shortfall in revenues promised to states.
May 28, 2021, 10:03 AM IST
GST Council to discuss tax rate on COVID essentials, compensation to states on Friday
Ahead of the first meeting of the top decision-making body, finance ministers of eight states ruled by non-BJP and like-minded parties -- Rajasthan, Punjab, Chhattisgarh, Tamil Nadu, Maharashtra, Jharkhand, Kerala and West Bengal -- have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.
May 27, 2021, 16:00 PM IST
Nirmala Sitharaman responds to Mamata Banerjee’s letter on COVID-19 tax
She further said that if Integrated GST (IGST) Rs 100 is collected on an item, Rs 50 accrues to the Centre and the States each as Central GST and State GST respectively. Further 41 percent of the CGST revenue is devoted to States. So out of a collection of Rs 100, as much as Rs 70.50 is the share of the states.
May 09, 2021, 19:07 PM IST
Now you can track refund application without logging into GST Portal: Here’s how to do it
There is one way with which you can easily do it, just by logging in to the GST portal. But if you are looking for an alternative, there is another option that you can try without logging into the GST portal.
May 09, 2021, 17:24 PM IST
Govt waives late fee for delayed filing of March, April GSTR-3B, tax payment
Taxpayers with a turnover of over Rs 5 crore have been given 15 days extra time to file monthly summary return GSTR-3B and pay taxes without paying any late fees. They would be required to pay a lower 9 percent for these 15 days, after which the rate would be 18 percent.
May 02, 2021, 12:47 PM IST
GST officers to be soon armed with real-time data on vehicles moving without e-way
The tax officers would also be provided analysis reports on identifying e-way bill EWB with no movement of goods as it would help officials identifying cases of circular trading. It would also provide reports on recycling of e-way bills for tax evasion prone commodities to help officers in identifying tax evaders.
Apr 18, 2021, 16:32 PM IST
6 digits HSN Code now mandatory for GST taxpayers, check direct link here
The codes prescribed in the Customs tariff are used for the GST purposes too as has been specifically mentioned in the GST rate schedule.
Apr 09, 2021, 12:11 PM IST
March GST collection touch new record high at Rs 1.23 lakh crore
The GST revenues during March 2021 are the highest since introduction of GST.
Apr 01, 2021, 16:29 PM IST
Rs 1.06 Lakh crore GST compensation shortfall released to states
Till now, 96 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly. Out of this, an amount of Rs. 97,242.03 crore has been released to the States and an amount of Rs. 8,861.97 crore has been released to the 3 UTs with Legislative Assembly.
Mar 09, 2021, 15:53 PM IST
