GST Portal restores GST Returns data for the year 2017

GST Portal restores GST Returns data for the year 2017

The Goods and Services Tax ( GST ) Portal has restored the GST Returns data for the year 2017. In a statement published in GST Portal said that, Facility to view, file and download returns of the period July 2017 has been restored on the portal. The functionality to enable taxpayers for filing revocation application again, in view of ROD order No.01/2020 has been implemented w.e.f. 6thAug, 2020 A couple days back taxpayers were unable to view, file or download returns on the GST Portal for…

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GST Council to discuss AG opinion on compensation: Nirmala Sitharaman

GST Council to discuss AG opinion on compensation: Nirmala Sitharaman

Finance minister Nirmala Sitharaman on Saturday said the Attorney General’s view on GST compensation was sought after consultation with the states and a meeting of the GST Council would be held to discuss the legal opinion. The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation. “This matter was discussed in the GST Council meeting when it met last time. Members expressed their views on the matter and it was decided that legal opinion…

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GST mop-up in July at Rs 87,422 crore, slips from June collections

GST mop-up in July at Rs 87,422 crore, slips from June collections

The government collected goods and services tax (GST) of Rs 87,422 crore for July, lower than that collected in June, indicating a stability in collections, analysts said. “During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19,” the finance ministry said in a statement Saturday. “Taxpayers with turnover less than Rs 5 core continue to enjoy relaxation in filing of returns till September 2020,”…

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GST: CBIC notifies Schema for E-Invoice, SEZ units are excluded from E-Invoicing

GST: CBIC notifies Schema for E-Invoice, SEZ units are excluded from E-Invoicing

The Central Board of Indirect Taxes and Customs ( CBIC ) on Thursday notified the Schema for E-Invoice for implementing e-invoicing, a form of electronically-authenticated invoices, from October 1 only for businesses with a turnover of Rs 500 crore or more under GST. The Government empowered under Rule 48(4) of the Central Goods and Services Tax Rules, 2017, on the recommendations of the Council, amended the Notification No.13/2020-Central Tax, dated the 21st March, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section…

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Centre unable to pay GST dues to States: Union Finance Secretary

Centre unable to pay GST dues to States: Union Finance Secretary

Finance Secretary Ajay Bhushan Pandey told the Parliamentary Standing Committee on Finance, headed by BJP MP Jayant Sinha, at a meeting on Tuesday that the government is in no position to pay the GST share of States as per the current revenue sharing formula, sources said. According to at least two members who attended the meeting, Mr. Pandey’s comments were in response to a question on the revenue shortfall due to the pandemic. The members then questioned him on how…

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Central Government Released Rs 1.65 Lakh Crore As GST Compensation To States In FY20

Central Government Released Rs 1.65 Lakh Crore As GST Compensation To States In FY20

The central government’s payout to states as compensation towards goods and services tax for the year ended March more than doubled over the last year as a result of slowing economic activity. The compensation to states was Rs 1,65,302 crore, the Ministry of Finance said in a statement, adding the GST compensation cess, collected by the Centre, stood at Rs 95,444 crore. In 2018-19, the GST cess collected and compensation released to states were Rs 95,081 crore and Rs 69,275…

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GST Rates Can Be Reduced Further As Tax Base Increases: Finance Secretary

GST Rates Can Be Reduced Further As Tax Base Increases: Finance Secretary

GST rates can be reduced further once the tax base increases and everyone pays taxes properly, Finance Secretary Ajay Bhushan Pandey said on Thursday. “Once the tax base increases and if we are able to enforce our tax laws and everyone pays taxes properly, there will be definitely scope for further reduction of taxes,” he said. Addressing a session on ”Digitisation in Governance” at CAPAM 2020, he said the ultimate aim should be that to collect minimum taxes at minimum…

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Govt dumps new GST return system; to continue with modified version of existing one

Govt dumps new GST return system; to continue with modified version of existing one

The government plans to improve existing GST return filing system instead of rolling out a new model. The new system was supposed to be launched on 1 October this year. Yogendra Garg, Principal Commissioner, GST Policy at CBIC, while speaking at a webinar hosted by Assocham, said that the move is aimed at making compliance much easier. The GST Network, the IT support of the GST regime, is working on modifying and improving the current returns and will soon announce an advanced…

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GST e-invoicing for businesses with Rs 500-cr turnover from Oct 1

GST e-invoicing for businesses with Rs 500-cr turnover from Oct 1

The government will notify a new GST e-invoice scheme under which businesses with turnover of Rs 500 crore and above will generate all invoices on a centralised government portal starting October 1, an official said on Thursday. Earlier, the turnover threshold for businesses was set at Rs 100 crore. CBIC Principal Commissioner (GST) Yogendra Garg said the existing Goods and Services Tax (GST) return filing system would be improved further by incorporating the features proposed in the new system. “Yesterday, the GST Implementation…

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GST Network makes annual returns available online for composition dealers

GST Network makes annual returns available online for composition dealers

The GST Network (GSTN) has made the annual returns for composition tax payers available on the GST portal. Composition dealers are those with the annual turnover of Rs 1.5 crore and who opt for a flat tax rate in GST, but without input tax credit. This will enable 1.7 million composition dealers to file their returns on an annual basis with effect from 2019-20. Prior to this period, the composition tax payers were required to file their returns every quarter. From 2019-20, only a…

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