GST compensation paid to states declines to Rs 11,900 cr in Aug-Sept

GST compensation paid to states declines to Rs 11,900 cr in Aug-Sept

 GST compensation paid to states by the Centre has declined to over Rs 11,900 crore during August-September, an official said. The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May. “Over Rs, 11,900 crores has been released to the states from GST compensation fund during August-September after the regular and ad-hoc settlement of IGST fund,” an official told PTI. The government collected a record Rs…

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GSTN enables facility to upload Refund on account of Export of Services, with Statement

GSTN enables facility to upload Refund on account of Export of Services, with Statement

The Goods and Services Tax Network ( GSTN ) has enabled a new functionality to upload refund on account of Export of Services, with the statement. With this, the taxpayers can now file an online application to claim the refund on account of assessment/ provisional assessment, appeal or any other order on the GST Portal. GSTN is a Section 8 (under new companies Act, not for profit companies are governed under section 8), non-Government, private limited company. It was incorporated…

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GST: CBIC to Monitor Grievances of MSMEs on a Daily basis

GST: CBIC to Monitor Grievances of MSMEs on a Daily basis

The GST grievances of the Micro, Small and Medium Enterprises ( MSMEs) will be monitored by the Central Board of Indirect Taxes and Customs (CBIC) as part of efforts to resolve issues being faced by small businesses in the new indirect tax regime. The move comes at a time when the government has initiated a major support and outreach programme for MSMEs to ensure growth and expansion of the sector. The Government has already set up GST help desks in…

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GST Practitioners National Action Committee appeals for Due Date Extension for Returns

GST Practitioners National Action Committee appeals for Due Date Extension for Returns

The National Action Committee of Goods and Services Tax ( GST ) Practitioners asked the Government to extend the due date to March 31, 2019, for filing GST Returns as it seems difficult to achieve the deadline of 31st December 2018. The practitioner’s body said that to ensure quality work and proper, correct compliance, the extension is needed. The committee further said that compliance under GST law should be made simple and transparent which would ease compliances, cut or control…

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GST Made India a Transparent and Integrated Market With Greater Ease Of Doing Business

GST Made India a Transparent and Integrated Market With Greater Ease Of Doing Business

The Vice President of India, M. Venkaiah Naidu has said that India’s stability, consistency, transparency and reform agenda coupled with a safe and structured financial system makes India one of the most attractive FDI destinations. He was addressing the gathering after inaugurating the Global Expo Botswana 2018, in Gaborone, Botswana yesterday. This year’s Expo holds special significance to India this year as 25 Indian companies are taking part in the event making it the largest participation from a single country. The Vice President said that the annual Business to Business Expo creates an opportunity for the…

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Ahead of festive season, GST collections cross Rs 1 lakh crore in October

Ahead of festive season, GST collections cross Rs 1 lakh crore in October

Ahead of the festive season, the Goods and Service Tax collections have crossed Rs 1 lakh crore mark in October. Finance Minister Arun Jaitley said, “GST collections for October 2018 have crossed Rs 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities.” The revenue from GST was Rs 94,442 crore in September. The collections stood at Rs 94,016 crore in May, Rs 95,610 crore in June,…

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Commerce Ministry to take up exporters’ complaints on GST refund with Finance Ministry

Commerce Ministry to take up exporters’ complaints on GST refund with Finance Ministry

The Commerce Ministry has taken note of exporters’ complaints that the input duty refund under the duty drawback scheme claimed by some last year was much lower than the IGST (Integrated Goods & Services Tax) refunds due to them and it may ask the Finance Ministry to address the issue. “Exporters have said that they are willing to pay back the drawback with interest and they should be instead given IGST refund which is a much higher amount. The DGFT…

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Evaders beware! Tax sleuths on the prowl as GST revenue shortfall looms

Evaders beware! Tax sleuths on the prowl as GST revenue shortfall looms

Fearing shortfall in revenue from Goods and Services Tax (GST), the government is taking several steps to boost tax mop-up as well as a crackdown on evaders. Tax intelligence arms of the finance ministry have started analysing and comparing the amount of tax currently being reported by assessees as compared with what was paid prior to GST’s implementation, told sources In addition, the quantum of input tax credit claimed by companies is also under the government’s scanner.  “The government is…

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CBIC to focus on taxpayers’ behaviour patterns to improve GST compliance

CBIC to focus on taxpayers’ behaviour patterns to improve GST compliance

Soon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion. The Central Board of Indirect Taxes and Customs (CBIC) has set up a ‘Nudge Team’ to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes, an official said. The plan is based on ‘behavioural interventions’…

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GST Council met 30 times, took 918 decisions in 2 years: Finance Ministry

GST Council met 30 times, took 918 decisions in 2 years: Finance Ministry

The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday. The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country’s first ‘federal institution’. “Till date,…

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