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States demand pending GST compensation

Thursday, December 5, 2019, 10:44 AM

States demand pending GST compensation

At least eight-states have asked the central government to expeditiously release the compensation promised to them for any revenue loss due to switchover to GST. The states have not yet received compensation for August and September. Moreover, compensation for October and November is due on December-10. Union FM Sitharaman assured the states of compensation payment but she neither specified any timeline nor any amount.

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GST structure to be reviewed on revenue concerns

Wednesday, December 4, 2019, 8:49 PM

GST structure to be reviewed on revenue concerns

The Goods and Services Tax (GST) Council is set to embark on a comprehensive review of the tax structure in the wake of growing revenue concerns when it meets on December 18. The review will include exempted items, GST and compensation cess rates and revenue augmentation measures. The GST Council secretariat has sought inputs from state governments on all these issues.

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GST revenue collection crossed Rs 1 lakh crore in November

Sunday, December 1, 2019, 5:06 PM

GST revenue collection crossed Rs 1 lakh crore in November

Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. The November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.

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Government to spend Rs 100 lakh crore on infrastructure projects: Nirmala Sitharaman

Sunday, December 1, 2019, 9:03 AM

Government to spend Rs 100 lakh crore on infrastructure projects: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Saturday said the government will soon announce a set of projects as part of the government's plan to invest Rs 100 trillion in infrastructure over the next five years. Sitharaman said that she has travelled around the country meeting officers and discussing taxation related issues to ensure that officers' actions in no way amount to any perception of harassment.

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Rs 440 crore GST fraud busted in TN, man arrested

Saturday, November 30, 2019, 12:19 PM

Rs 440 crore GST fraud busted in TN, man arrested

A racket of issuing fake invoices, without actual supply of goods to the tune of around Rs.440-crore resulting in fraudulent Input Tax Credit utilization of about Rs.79-crore was busted, the Directorate General of GST Intelligence said. Of the three key people involved in the racket, a man was arrested and remanded to judicial-custody and two others are yet to be traced, the department said.

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Concerned over delay, states urge central govt to release GST dues

Thursday, November 21, 2019, 5:20 PM

Concerned over delay, states urge central govt to release GST dues

Kerala, Punjab, Delhi, Rajasthan and West Bengal have urged the Centre to immediately release the pending bi-monthly GST compensation, paid to states for their loss of revenue following GST implementation. The states said GST compensation for August and September, required to be paid in October, hasn't been paid to them. "This is a Centre-engineered crisis in states' finances," Kerala said.

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No 5 per cent slump; India continues to be fastest growing economy: Govt

Tuesday, November 19, 2019, 8:12 AM

No 5 per cent slump; India continues to be fastest growing economy: Govt

India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in Lok Sabha on Monday. During Question Hour, Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries.

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Fitch raises India's FY20 fiscal deficit forecast to 3.6% of GDP

Wednesday, November 6, 2019, 8:10 PM

Fitch raises India's FY20 fiscal deficit forecast to 3.6% of GDP

Fitch-Solutions raised India's fiscal-deficit forecast to 3.6% of the GDP for this fiscal year, from 3.4% previously, due to weak revenue-collections resulting from sluggish economic-growth and government's sweeping corporate-tax-rate-cut. Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019-20 Union Budget due to weak GST and corporate income tax collections.

News

 
Customs, GST relief to give Rs 60,000 crore boost to defence

Saturday, November 2, 2019, 10:48 AM

Customs, GST relief to give Rs 60,000 crore boost to defence

India's defence budget will be augmented by more than Rs.60,000-crore over the next five years owing to exemptions from customs duty and GST that kicked in on October 1, said people aware of the matter. They said estimates by the Rajnath Singh-led defence ministry show that the twin exemptions will significantly impact its budget and free up resources for modernisation and replenishment of equipment.

News

 
GST collection drops 5.29% to Rs 95,380cr in Oct

Friday, November 1, 2019, 5:40 PM

GST collection drops 5.29% to Rs 95,380cr in Oct

The Goods and Services Tax (GST) collection in October declined to Rs 95,380 crore, as against Rs 1,00,710 crore in the same month a year ago, as per government data released on Friday. This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite October being a festive month.

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