gst-compensation
Centre releases Rs 36,400-cr GST compensation to states for 3 months till February

Centre releases Rs 36,400-cr GST compensation to states for 3 months till February

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The Centre has released Rs 36,400 crore as GST compensation to the states and union territories for three months till February 2020. For the April-November 2019 period, the Centre had already released Rs 1,15,096 crore to compensate states and UTs on account of revenue loss due to implementation of the Goods and Services Tax (GST). “Taking stock of the current situation due to COVID-19 where state governments need to undertake expenditure while their resources are adversely hit, the central government has released…

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GST
Large companies fear losing out on GST credit if vendors, suppliers go bankrupt due to Covid crisis

Large companies fear losing out on GST credit if vendors, suppliers go bankrupt due to Covid crisis

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With many small and medium enterprises staring at bankruptcy or severe business disruption due to the Covid-19 crisis, large companies that buy raw material and products from them now have to deal with a new problem: denial of credits if the vendor defaults on paying goods and services tax. According to the GST framework, large companies cannot claim credits unless their suppliers and vendors have paid the tax. Section 16 of the GST law says that if a vendor does not pay GST to the…

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GST
GST Council to discuss waiver of late fee for August 2017 to January 2020

GST Council to discuss waiver of late fee for August 2017 to January 2020

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The GST Council in its next meeting will discuss waiver of late fee for non-filing of GST returns for August 2017 to January 2020 period. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, “Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting.” The next meeting of the GST Council is likely to be held on June 14. The CBIC said there have been demands for waiver of…

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revenue collection from Goods and Services Tax (GST)
GST collections down 70% in April

GST collections down 70% in April

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Centre may have held over the monthly GST collection figures for April, but data released by the Comptroller General of Accounts (CGA) suggests that GST collections have seen a precipitous drop of up to 70 per cent in April. Data released by the Comptroller General of Accounts (CGA) for April 2020 shows that the Centre’s share of GST collection during the month was a paltry Rs 16,707 crore compared to Rs Rs 55,329 crore in the previous year, a drop…

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GST
CBIC enables Facility for Registration of Insolvency Resolution Professionals on GST Portal

CBIC enables Facility for Registration of Insolvency Resolution Professionals on GST Portal

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The Central Board of Indirect Taxes and Customs ( CBIC ) has enabled the facility for registration of Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs) on the GST Portal. Insolvency Resolution Professionals/ Resolution Professionals (IRPs/RPs), appointed to undertake corporate insolvency resolution proceedings for Corporate Debtors, in terms of Notification. No 11/2020-CT, dated 21st March 2020 can apply for a new registration on GST Portal, on behalf of the Corporate Debtors, in each of the States or Union Territories, on the PAN…

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GST
Finance Ministry not considering calamity cess on GST

Finance Ministry not considering calamity cess on GST

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The Finance Ministry is not considering imposition of calamity cess on the GST as businesses are grappling with low sales and declining demand, sources said. Reports had earlier said that the central government is considering a calamity cess on the Goods and Services Tax, similar to flood cess imposed by Kerala in June last year. Ministry sources said that in the present economic scenario during the COVID-19 pandemic, any purported proposal of introducing a calamity cess would be nothing less than an adversity itself. This would…

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gst council
GST Council Likely To Meet In Second Week Of June

GST Council Likely To Meet In Second Week Of June

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The GST Council is likely to meet in the second week of June according to media reports. The Council meeting will discuss the impact of the coronavirus pandemic on the economy of states, among other things. The meeting of the GST council comes in the wake of repeated requests from state chief ministers in their video interactions with the Prime Minister for releasing dues to the states. The GST council meeting is likely to discuss steps to raise compensation collections to clear…

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GST Refund
CBIC clears Rs 11,052 cr GST refund claims since April 8

CBIC clears Rs 11,052 cr GST refund claims since April 8

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The Central Board of Indirect Taxes ( CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is “committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown”. The tweet added that 29,230 refund claims amounting to Rs 11,052 crore disposed of between April 8-May 24, the CBIC added. Refunds have been sanctioned while ensuring work from home, it added. The finance ministry had on April 8 said that to provide…

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Consumer companies seek GST cut to help push sales

Consumer companies seek GST cut to help push sales

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Consumer-facing companies including makers of biscuits, ayurveda products, soaps and shampoos have asked the government to reduce the goods and services tax rates to help revive demand as the lockdown eases. “With constraints of disposable income, reduction in GST would spur demand of essential categories,” said Arup Chauhan, executive director of Parle Products, the country’s biggest biscuit company and maker of Monaco, Hide & Seek and Marie cookies. Biscuits under Rs 100 a kg are taxed at 18% and are price-sensitive categories, 40%…

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GST Analytics wing to identify risky suppliers to exporters

GST Analytics wing to identify risky suppliers to exporters

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The CBIC has asked GST risk management wing to conduct supply chain analysis to identify risky major suppliers to exporters and share it with jurisdictional field officers. The Central Board of Indirect Taxes (CBIC) had received representations from exporters saying in some cases the Integrated GST (IGST) refunds are getting delayed by over 6 months. Last year, the CBIC had detected several cases of firms availing credit fraudulently through refund of Integrated Goods and Services Tax on exports of goods. To mitigate…

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