- 19 Oct 2021 02:21 PM
- New
GSTN: Advisory for taxpayers on Form GSTR-2B
Source: https://tutorial.gst.gov.in/downloads/news/updated%20advisory_gstr_2b_12_10_2021.pdf
The Goods and Services Tax Network (“GSTN”) has issued an Advisory dated October 18, 2021 for taxpayers on Form GSTR-2B.
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- 19 Oct 2021 11:52 AM
- New
Govt may weigh single tax for online gaming
Source: https://www.livemint.com/news/india/govt-may-weigh-single-tax-for-online-gaming-11634586494440.html
A final decision will be taken by the GST Council, the apex decision-making body on matters of the indirect tax
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- 19 Oct 2021 11:46 AM
- New
Govt may ease GST norms on re-export of leased aircraft
The aim is to limit any objection to the re-export of an aircraft only to the extent of GST dues of the particular plane instead of an entire airline
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- 19 Oct 2021 11:40 AM
E-way bill generation steady in first fortnight of October
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
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- 19 Oct 2021 11:33 AM
Ahmedabad, Surat becoming bogus GST billing hubs: Govt
While 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.
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- 18 Oct 2021 06:35 PM
GSTN issued advisory for availability of Input Tax Credit of FY 2020-21
GSTN 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.
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- 18 Oct 2021 02:24 PM
No additional borrowing by Centre to meet GST compensation in FY22
The 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.
- 15 Oct 2021 06:11 PM
GST collections for August at Rs 1.12 lakh crore
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.
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- 15 Oct 2021 06:10 PM
Centre to present options to states for meeting compensation shortfall at GST Council meeting
The 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.
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- 15 Oct 2021 06:09 PM
State FM's raise questions on the new GST compensation formula
Finance 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.
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