- 18 Oct 2021 06:35 PM
- New
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
- New
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
- New
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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- 15 Oct 2021 06:08 PM
Summoned by GST authorities? Know your duties and rights
Taxpayers 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
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- 15 Oct 2021 06:06 PM
GST Council Meet: Tax reduction on life saving drugs, and other key highlights
Reducing 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.
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- 15 Oct 2021 06:04 PM
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
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
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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