The daily average e-way bills generated upto 17 October stood at 2.17 million, against the daily average for the entire month of September of 2.26 million, data from GSTN showed
Read MoreWhile Ahmedabad reported the highest Rs 971 crore of tax involved in bogus billing, in Surat it was Rs 789 crore. Both Ahmedabad and Surat saw involvement of 250 and 196 firms each, respectively.
Read MoreGSTN has issued advisory for taxpayers to ensure that their records pertaining to Financial Year 2020-21 are reported on or before the due date of their GSTR-3B for the month September 2021. It is informed that no taxpayer shall take input tax credit in respect records (invoices and debit notes) for Financial Year 2020-21 after the due date of furnishing the return of September 2021.
Read MoreThe Centre will stick to its borrowing programme for FY22 and will not tap the market for more funds to meet the GST compensation shortfall for states.
Government officials said the current revenue position, where both direct and indirect tax kitty of the government had seen a sharp rise, will prevent it from additional borrowing even if it meets full GST compensation shortfall for states during FY22.
Even as compared to the August revenues in 2019-20 of Rs 98,202 crore, this is a growth of 14%. The collections are for the supplies made in the month of July, when lockdown restrictions were relaxed for most parts of the country.
Read MoreThe GST compensation is calculated as per the formula provided in the Compensation Act and is released on a bi-monthly basis. However, due to the pandemic, states’ revenues and amounts coming from compensation cess have taken a hit, while compensation due from the Centre has increased.
Read MoreFinance Ministers from different states have questioned the new GST compensation math while they're also not content with the agenda being added at the eleventh hour making it difficult for ministers of some states to turn up in the meeting.
Read MoreTaxpayers need to be conscious while making any statements before the GST officers as these can form the basis for issuing notices or taking any action punitive against them
Read MoreReducing taxes on life-saving medicines, bringing petrol and diesel within the ambit of indirect tax, rationalizing an inverted duty structure, and treating food delivery apps as restaurant services were some of the key themes on the agenda.
Read MoreFinance minister Nirmala Sitharaman highlighted that the cess collected from July 2022 till March 2026 will be used solely for repayment of back-to-back loans given to states, totalling Rs 2.69 lakh crore.
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