GST refund drive extended till june 16

GST refund drive extended till june 16

The government on Tuesday extended the special fortnight-long drive to process pending GST (Goods and Services Tax) refunds by two more days till June 16. It said that refunds worth over Rs. 7,500 crore were already sanctioned as a part of this drive till now compared to Rs. 5,350 crore sanctioned in the earlier drive which lasted from March 15 to 29. “In view of overwhelming response from exporters and pending claims, the period of refund fortnight is being extended by two more days,…

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Commerce Ministry working on mechanism to refund taxes paid by exporters under GST

Commerce Ministry working on mechanism to refund taxes paid by exporters under GST

The Commerce Ministry is trying to find a mechanism to refund taxes, including embedded ones, that are still being paid by exporters after the implementation of the Goods & Services Tax (GST) regime. “Such payments to exporters would not only make exports more competitive but would also be allowed under the World Trade Organisation (WTO) regime where questions are being raised on India’s export subsidies,” a government official told BusinessLine. “The taxes that are not getting refunded under GST and which…

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GST Council working towards reducing tax rates: MoS Finance

GST Council working towards reducing tax rates: MoS Finance

The GST Council is working towards rationalising Goods and Service Tax (GST) rates, Minister of State for Finance Shiv Pratap Shukla said on Thursday. A big announcement from the government regarding GST is imminent, he said at an event. Currently, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent. The all powerful GST Council had, in its meeting in January, decided to slash the GST rate on 54 services and…

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GST Return Filing: Why are central staff lagging states, asks Union Finance Secretary Hasmukh Adhia

GST Return Filing: Why are central staff lagging states, asks Union Finance Secretary Hasmukh Adhia

With the GST Network, the IT backbone for the goods and services tax (GST), turning out to be a repository of centralised data on taxpayer compliance, a facility that was not available in the previous regime, the performance of tax authorities has come into sharper focus. After reviewing the GSTN data, Union finance secretary Hasmukh Adhia has recently written to the Central Board of Indirect Taxes and Customs (CBIC), lamenting that “the performance of central government officers in all states…

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GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting

GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting

GST Council is likely to bring in two petroleum products – natural gas and aviation turbine fuel (ATF) – under the ambit of the new indirect tax system at its next meeting, a senior government official told Moneycontrol. The date of the Council meeting is yet to be decided but it is expected to happen later this month, the official said. The rate at which these two products will be taxed is yet to be decided, the official said, adding that…

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GST likely to get centralised AAR for uniform rulings

GST likely to get centralised AAR for uniform rulings

India is looking at creating a centralised Authority for Advance Rulings (AAR) for the goods and services tax (GST) after divergent rulings on identical issues fuelled confusion over applicability and the rate of tax. A recent case in point being the divergent rulings by Karnataka and Maharashtra AARs on the issue of solar projects. “We are looking at an issuebased central authority with officials from states and the Centre,” a top government official told ET. “If more than one appeal…

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GST collection in May falls to Rs 94,016 crore

GST collection in May falls to Rs 94,016 crore

The GST collection in the month of May fell from Rs 1.03 lakh crore recorded in April to Rs 94,016 crore. However, the May GST collection was higher than the monthly average of Rs 89,885 crore of the fiscal year 2017-18. Analysts say that the lower collection for May as compared with previous month was expected as in the last month of the financial year (March), people try to pay arrears, leading to higher revenue collection. Moreover, the trend also suggests that…

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Government Clarifies: No GST On Free Services Provided By Banks

Government Clarifies: No GST On Free Services Provided By Banks

Due to its complex nature, there is a lot of confusion about how Goods and Services Tax (GST) applies to the financial sector. Very few have had clarity on how personal finances are impacted by the new tax regime. Finally, the government has issued detailed FAQs. The detailed clarifications on banking, insurance, and capital markets seek to address some pertinent issues relating to the industry such as levy of tax on free services as well as provide clarity to individuals….

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One year of GST: Modi government lists 5 key benefits of landmark indirect tax reform

One year of GST: Modi government lists 5 key benefits of landmark indirect tax reform

It’s been nearly one year since the new indirect tax regime came into existence on the 30th of June 2017, as GST: ‘One nation, One tax,’ in order to simplify the taxation on goods and services. Administered by both the center and states, Goods and Services Tax has subsumed several state and central indirect taxes such as State VAT, Central Excise Duty, Purchase Tax and Entry Tax. Positioned as one of the major structural reforms of the Narendra Modi-led government in…

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How to calculate delivery distance and validity of E-way Bill

How to calculate delivery distance and validity of E-way Bill

E-Way Bill is an electronically generated document which is required to be generated for the movement of goods of more Rs. 50000 from one place to another. E-Way Bill is one of the most important offshoots of the GST regime that has been introduced in India last year. It is an electronically generated ( E- generated) document that is mandatory to be carried in its physical form or electronically by a transporter when he/she is ferrying goods or items from…

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