- 15 Oct 2021 06:04 PM
- New
GST Council: No GST on petrol, diesel yet, compensation cess till 2026
Finance 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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- 15 Oct 2021 06:02 PM
- New
Ministerial panels set up to review GST exempt list, identify evasion sources
The Finance Ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources.
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- 15 Oct 2021 05:49 PM
- New
Delhi GST officers busts fictitious exporter network for ₹134 crore ITC fraud
The Finance Ministry said that based on risk analysis, M/s Vibe Tradex, engaged in export of Pan Masala, chewing tobacco, FMCG goods etc, was identified for scrutiny
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- 15 Oct 2021 12:47 PM
GSTN blocks Rs 14,000-crore input tax credits of 66,000 taxpayers
Department has power to block the ITC available in the electronic credit ledger of a taxpayer if tax officer has "reasons to believe" that the ITC was availed fraudulently.
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- 12 Oct 2021 01:05 PM
GST: Your carbonated fruit juice-based drink is all set to get costlier
The GST Council in its 45th meeting held in Lucknow has given a new dimension to the entire debate on what should be the tax rate for fruit-based or fruit juice-based drinks.
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- 12 Oct 2021 01:03 PM
GST panel to consider giving waiver on 1 day interest, late fee
"A few taxpayers have reportedly faced difficulty in updation of their Electronic Cash Ledger on 20.09.2021 while filing their GSTR-3B returns," Central Board of Indirect Taxes and Customs (CBIC) said in a tweet.
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- 12 Oct 2021 01:01 PM
GST investigation wing directs field units to take quick action in pending cases, issue show cause notices where needed
The wing, under the Central Board of Indirect Taxes and Customs (CBIC), has directed principal chief commissioners or chief commissioners to draw up an action plan to ensure that no cases are pending investigation beyond one-year.
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- 12 Oct 2021 12:58 PM
GST: Not all intermediaries out of the woods, will continue legal tussle against government
These intermediaries say that they have been left out of the recent clarification by the government and that they will continue their legal battle across high courts. The main contention for these companies is that they have been slapped with GST on services that makes them uncompetitive globally.
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- 12 Oct 2021 12:56 PM
India may consider higher GST and fewer rates
A panel on goods and services tax, headed by Finance Minister Nirmala Sitharaman, will likely meet in December to consider the overhaul from the current four-rate system.
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- 11 Oct 2021 06:30 PM
Government collects Rs 1.17 lakh crore as GST for September, 23% higher YoY
The higher revenue collection is a shot in the arm for government's finances that had taken a hit due to pandemic and has seen significant improvement in the second quarter of the current fiscal.
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