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GST collections cross Rs.1L-cr mark three months in a row in January

Tuesday, January 28, 2020, 11:55 AM

GST collections cross Rs.1L-cr mark three months in a row in January

GST collections have crossed Rs 1 lakh crore mark for the third month in a row in January 2020. GST collection recorded in January 2020 is likely to be between Rs 1.08 lakh crore to Rs 1.13 lakh crore, according to the source. After the collections rose to over Rs 1 lakh crore in November, this is the third time that collections have swollen.

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Government blocks Rs 40,000 crore GST claims on returns mismatch

Tuesday, January 28, 2020, 11:37 AM

Government blocks Rs 40,000 crore GST claims on returns mismatch

The Central Board of Indirect Taxes and Customs (CBIC) has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed. Last week, the indirect tax wing of the revenue department blocked the credits within four hours, CBIC chairman John Joseph said.

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2 persons arrested for GST fraud of Rs 212 crore in Odisha

Friday, January 24, 2020, 8:28 PM

2 persons arrested for GST fraud of Rs 212 crore in Odisha

Odisha's GST Enforcement Authorities on Thursday arrested two persons for their alleged involvement in GST fraud of Rs 212 crore, officials said. GST Commissioner Sushil Kumar Lohani said two persons identified as Amit Beriwal, and Subash Chandra Swain, proprietor of two companies in Rourkela, were arrested on the basis of prima facie on their alleged involvement.

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Govt staggers GSTR filing deadline to ease system load

Thursday, January 23, 2020, 10:16 AM

Govt staggers GSTR filing deadline to ease system load

After taxpayers complained of a technical-glitch in filing the monthly summary GST returns(GSTR3B), the government said it would allow staggered filing on the basis of turnover and location to ease the load on the system which is witnessed closer to the filing deadline on 20th of every month. For about 8L taxpayers with turnover over Rs.5-crore, the last-date of filing would remain the same.

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Govt May Demand GST Number For UrbanClap, HouseJoy Service Partners

Monday, January 20, 2020, 6:00 PM

Govt May Demand GST Number For UrbanClap, HouseJoy Service Partners

The government is reportedly working to make it compulsory for service professionals engaged with online marketplaces such as UrbanClap and HouseJoy to have a valid GST number to ensure user safety. "These professionals go into people's houses and there's...no way...to identify them," an official told The Economic Times. He added the move would help trace the professionals in any untoward event.

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States stare at over Rs 1 lakh cr revenue gap post withdrawal of GST compensation

Sunday, January 5, 2020, 7:40 PM

States stare at over Rs 1 lakh cr revenue gap post withdrawal of GST compensation

States might be facing a consolidated revenue gap of up to Rs.1.23 lakh-crore on account of withdrawal of compensation after the five-year GST transition period ends on June-30, 2022, says a report by economic think tank NIPFP. At the time of implementation of the GST on July-1, 2017, Centre had promised to compensate states for loss of revenue for five-years at an agreed formula.

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E-commerce cos may get to upload GST e-invoice for vendors

Saturday, January 4, 2020, 2:32 PM

E-commerce cos may get to upload GST e-invoice for vendors

In a significant relaxation for the ecommerce sector, the government could allow online platforms such as Amazon and Flipkart to upload e-invoice for vendors under the GST framework. As part of ongoing trials of e-invoicing, a detailed set of clarifications in the form of frequently asked questions have been issued. "Ecommerce operator can request for e-invoice on behalf of supplier," the clarification said.

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GST rate hikes may come in phases to reduce price pains

Thursday, January 2, 2020, 11:43 AM

GST rate hikes may come in phases to reduce price pains

India could look at a calibrated increase in the goods and services tax-rates to shield consumers from sudden price-shocks, apart from minimising exemptions, as it seeks to lift tax-revenue-collections. A panel of officials on revenue-augmentation, comprising officials from states and Centre, is reviewing the current rate-structure. States such as Punjab suggested slabs of 10% and 20%, with a-third-rate of 25% for sin and luxury-goods.

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31 December 2019, Tuesday

What is TDS on Rent Paid by Salaried Employees?

What is TDS on Rent? Generally, a person receiving income must pay the income tax. TDS is an indirect way of collecting this income tax. TDS stands ...

News

 
Lower tax revenue forecast a worry for the southern states

Monday, December 23, 2019, 9:02 PM

Lower tax revenue forecast a worry for the southern states

The Centre's estimate that growth in GTR over the next five-years is likely to be sedate has left the southern-states worried, as it could affect the devolution of funds and cripple their spending on infrastructure and welfare programmes.Senior-Karnataka and Tamil-Nadu-government-officials, who spoke on the condition of anonymity, said any fall in central-funds would weigh on capital spending and welfare programmes of the state-governments.

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