Clipped from: https://www.thehindu.com/opinion/editorial/a-tortuous-recovery-the-hindu-editorial-on-record-gst-inflows/article33488173.ece Record GST inflows in December augur well, but the economy is still in a flux For a fiscally strapped government, scrambling to arrest
Category: GST
Government ropes in I-T department to crack down on GST fraud – The Hindu
Clipped from: https://www.thehindu.com/business/Economy/government-ropes-in-i-t-department-to-crack-down-on-gst-fraud/article33488214.ece?homepage=true Data being pooled to track evasion, says Finance Secretary. Tightening the noose around fraudsters rigging the Goods and Services Tax (GST) regime, the
Revamped ecosystem will generate higher growth, goods and services tax, employment and exports – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/spin-llps-to-hear-richer-music/articleshow/80085474.cms Synopsis–Most MSME units were mainly operating as partnership firms, and some as limited liability partnerships (LLPs), or private companies. The Atmanirbhar Bharat scheme,
GST officials detect over Rs 830 cr tax evasion by Delhi-based pan-masala manufacturing unit – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/gst-officials-detect-over-rs-830-cr-tax-evasion-by-delhi-based-pan-masala-manufacturing-unit/articleshow/80081806.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis The firm was evading the payment of Goods and Services Tax (GST) by manufacturing and clandestinely supplying gutkha/pan masala/tobacco products without any registration
Government crackdown on 7,000 GST evaders, 185 arrested – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/government-crackdown-on-7000-gst-evaders-185-arrested/articleshow/80083982.cmsSynopsis The government netted a record GST collection of Rs 1.15 lakh crore in December 2020, helped by the action against tax evaders alongside
6.03 crore GST e-invoices generated in December 2020 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/6-03-crore-gst-e-invoices-generated-in-december-2020/articleshow/80072727.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Notably, the e-way bill generation from the National Informatics Centre (NIC) developed e-way bill system is also highest during September to December 2020
अर्थव्यवस्था रुळावर ; डिसेंबरमध्ये जीएसटीमधून सरकारला आतापर्यंतचे विक्रमी उत्पन्न –महाराष्ट्र टाइम्स
Clipped from: https://maharashtratimes.com/business/business-news/december-gst-revenue-at-record-level/articleshow/80061914.cms यापूर्वी सर्वाधिक जीएसटी संकलन एप्रिल २०१९ मध्ये जीएसटीमधून १, १३, ८६६ कोटी रुपये कर महसूल मिळाला होता. मात्र डिसेंबरमध्ये त्याहून अधिक म्हणजे १.१५
December 2020 GST collections touch all-time high at Rs 1.15 lakh crore – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/banking/finance/december-2020-gst-collections-touch-all-time-high-at-rs-1-15-lakh-crore/articleshow/80058495.cmsSynopsis Compared to December 2019, collections are 12% higher, underlining the trend of economic recovery amid the Covid 19 pandemic and in line with
Video | ‘Need a dedicated SC Bench or Tribunal to resolve GST disputes’ – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/multimedia/video/knowledge-series/video-need-a-dedicated-sc-bench-or-tribunal-to-resolve-gst-disputes/article32707767.ece To tackle GST-related disputes, India must go in for a special Bench at the Supreme Court level or a dedicated GST Tribunal, S
Coronavirus impact: Govt extends deadline for income tax filing, GST compliance; check out details
Clipped from: https://www.businesstoday.in/money/tax/deadlines-extended-for-income-tax-filing-gst-compliance-check-out-full-details/story/426509.html The government has extended various tax compliance deadlines, including Income Tax Returns, tax audit reports and declaration under ‘Vivad Se Vishwas Scheme, in
gst: New Year calendars, pens, bags, diaries gifted or given for brand promotion now under GST – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/new-year-calendars-pens-bags-diaries-gifted-or-given-for-brand-promotion-now-under-gst/articleshow/79992596.cms?utm_source=ETTopNews&utm_medium=HPTN&utm_campaign=AL1&utm_content=23Synopsis Input tax credit on any brand promotion item (goods) where name of a company is mentioned would attract GST, Karnataka Authority for Advance
Rule of 1% GST liability payable in cash may impact 45,000 units – The Hindu
Clipped from: https://www.thehindu.com/business/Industry/rule-of-1-gst-liability-payable-in-cash-may-impact-45000-units/article33426834.ece Input tax credit may be used for up to 99% of GST due; rule meant to check fraud The mandatory requirement of 1%
FinMin backs new GST rule, says it’s not for MSMEs, certain I-T payers | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/finmin-backs-new-gst-rule-says-it-s-not-for-msmes-certain-i-t-payers-120122700511_1.html Asserts that the move to ask companies above a threshold to pay one per cent of GST liability in cash targets fake invoicing
Traders’ body CAIT to FM Sitharaman: Defer Rule 86B in GST to ease compliance burden – The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-traders-body-cait-to-fm-sitharaman-defer-rule-86b-in-gst-to-ease-compliance-burden/2158480/ Ease of Doing Business for MSMEs: The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in GST that restricts
MSMEs, small dealers not to be affected by mandatory 1 pc cash GST payment rule – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/msmes-small-dealers-not-to-be-affected-by-mandatory-1-pc-cash-gst-payment-rule/articleshow/79976256.cmsSynopsis Sources said the rule applies only to about 45,000 taxpayers out of the GST taxpayer base of 1.2 crore and genuine dealers and
Payment of at least 1% of GST liability in cash: FinMin issues clarification – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/apprehension-on-mandatory-payment-of-at-least-1-per-cent-of-gst-liability-in-cash-rule-unfounded-finance-ministry/article33422838.ece?homepage=true Says rule applies to only 0.37 per cent of 1.2 crore assessees Finance Ministry on Saturday clarified the mandatory payment of at least
GST on lottery: SC’s recent judgement is a setback for the industry, but has a ray of hope – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-on-lottery-scs-recent-judgement-is-a-setback-for-the-industry-but-has-a-ray-of-hope/articleshow/79935007.cmsSynopsis After much hue and cry from the lottery industry recently, a single rate of 28% has been introduced by the exchequer on all
CAIT urges FM to defer rollout of Rule 86B in GST – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/cait-urges-fm-to-defer-rollout-of-rule-86b-in-gst/articleshow/79954779.cmsSynopsis The Central Board of Indirect Taxes and Customs has introduced Rule 86B in Goods and Services Tax (GST) which restricts use of input
GST registration: All about the new norms – The Hindu BusinessLine
GST registration: All about the new norms – The Hindu BusinessLine https://www.thehindubusinessline.com/multimedia/audio/gst-registration-all-about-the-new-norms/article33401678.ece The Finance Ministry has notified a new set of norms for GST registration.
Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/businesses-with-monthly-turnover-of-over-rs-50-lakh-to-pay-at-least-1-gst-liability-in-cash/articleshow/79918001.cmsSynopsis “… The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess
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