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GST collection dips below Rs one lakh crore in June

Monday, July 1, 2019, 5:04 PM

GST collection dips below Rs one lakh crore in June

GST Collection dipped below the Rs.1lakh crore mark in June for the first time this fiscal. The total GST mop up stood at Rs.99, 939-crore in June. "Total Gross GST revenue collected in June, 2019 is Rs.99,939-crore of which CGST is Rs.18,366-crore, SGST is Rs.25,343-crore, IGST is Rs.47,772-crore (including Rs.21,980-crore collected on imports) & Cess is Rs.8,457-crore," the finance ministry tweeted.

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GST return filing remains less than desired

Monday, July 1, 2019, 4:47 PM

GST return filing remains less than desired

Two years after the landmark goods and services tax (GST) amalgamated 17 different central and state levies, returns filing under the new indirect tax regime continues to be wobbly with filings showing spikes every three months but continue to be less than desired, data analysis showed. Also, compliance in filing summary sales return GSTR-3B has not improved much since July 2017.

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Two years of GST: New tax return system, refund mechanism from today

Monday, July 1, 2019, 11:44 AM

Two years of GST: New tax return system, refund mechanism from today

Kicking off celebration to mark two-years of the GST implementation, the finance ministry will on Monday come-up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. The ministry said it will introduce the new return system on a trial-basis from July-1 and on mandatory basis from October-1.

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Government uses GST alerts for better compliance

Saturday, June 29, 2019, 8:02 PM

Government uses GST alerts for better compliance

A message was received by an-independent-director of large PSU company for a mismatch in GST return filed by the company. The company was a state-owned metal-manufacturer. The mistake in the filing of return was rectified immediately after the board member contacted the company officials. The GSTN has plans to put a dashboard where all details will be available just at the click of mouse.

News

 
Government to soon launch portal to boost innovation in MSME sector

Saturday, June 29, 2019, 8:24 AM

Government to soon launch portal to boost innovation in MSME sector

The government will soon launch a portal entailing all the relevant information about entrepreneurs, as parts of efforts to encourage innovations and growth in the MSME sector, a top official said Friday. Arun Panda expressed hope that the move will result in joint ventures (JVs), MoUs (memorandum of understanding), fruitful collaborations in various sectors and technology transfer among entrepreneurs.

News

 
Keral govt's plan to collect Rs 600 crore through flood cess hit

Wednesday, June 26, 2019, 6:05 PM

Keral govt's plan to collect Rs 600 crore through flood cess hit

The Kerala government will not be able to go ahead with its plans to collect 1% flood cess from next week. State finance minister Thomas Isaac had been counting on garnering Rs 600 crore in the current fiscal through flood cess for rebuilding the state's infrastructure ravaged by the devastating floods of 2018.

News

 
GST defaults: Nearly 75,000 notices served in Gujarat

Wednesday, June 26, 2019, 5:57 PM

GST defaults: Nearly 75,000 notices served in Gujarat

The GST authorities have recently identified nearly 75,000 defaulters in Gujarat and issued notices to them for non-payment of taxes under the GST regime. Nearly 22,000 businessmen were served notices as they generated e-way bills and also filed GSTR-1, but failed to GSTR-3B which is accompanied by payment of tax. Also, notices were slapped on over 15,000 traders for anomalies in tax credit claims.

News

 
GST Council to consider reducing tax on electric vehicles: Anurag

Monday, June 24, 2019, 1:28 PM

GST Council to consider reducing tax on electric vehicles: Anurag

The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday. "The matter has been placed before the GST Council and will be considered. As of now, it is pending before the council," he said.

News

 
Government to slash approvals needed to open kirana stores, eateries

Thursday, June 20, 2019, 11:11 AM

Government to slash approvals needed to open kirana stores, eateries

The government is planning to significantly cut down the number of approvals required for opening kirana shops or eateries, amid demands to move to a single-window regime to reduce red tape and make it easier to do business at the grass roots. Currently, opening a store requires 28 clearances in India, Similarly, a dhaba or a restaurant requires around 17 approvals.

News

 
Warehousing sector attracts USD 6.8 bn funds since 2014: Report

Wednesday, June 19, 2019, 8:34 PM

Warehousing sector attracts USD 6.8 bn funds since 2014: Report

The warehousing sector has attracted around USD 6.8-billion (approximately Rs.47,385-crore) funds since 2014 from institutional investors and developers amid rising demand for logistic spaces from manufacturing and e-commerce players post implementation of GST, according to Knight Frank. Leasing of warehousing spaces went up by 77% last calendar year to 46.2-million sqft, the property consultant said in its India Warehousing Market 2019 report released.

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