07 Jun 2022 01:54 PM
New

New Functionalities for Taxpayers on GST Portal (May, 2022)

Source: https://taxguru.in/goods-and-service-tax/functionalities-taxpayers-gst-portal-may-2022.html

To establish correctness of the bank account and to verify whether it matches with the PAN of the business, validation of the bank account details provided at the time of GST Registration/ Creation of Temp ID by the taxpayers is being done with CBDT database.

06 Jun 2022 01:47 PM
New

GST E-Invoice System User Manual for Tax Payers

Source: https://taxguru.in/goods-and-service-tax/gst-e-invoice-system-user-manual-tax-payers.html

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System.

06 Jun 2022 02:06 PM
New

e-Invoice services not available for GST taxpayers of Few States today

Source: https://taxguru.in/goods-and-service-tax/e-invoice-services-gst-taxpayers-states-today.html

There is a maintenance work being scheduled on the e-Invoice System on 5th June 2022 between 9pm and 10pm. During this interval, the e-Invoice services will not be available for the GST taxpayers of the following states ONLY.

06 Jun 2022 02:15 PM

GST collections consistently crossing ₹1 lakh crore every month: PM Modi

Source: https://www.livemint.com/economy/gst-collections-consistently-crossing-rs-1-lakh-crore-every-month-pm-modi-11654502197395.html

NEW DELHI: Prime Minister Narendra Modi on Monday said goods and services tax (GST) has replaced the web of many taxes at the Centre and state level and the GST collections are crossing one lakh crore rupees every month.

03 Jun 2022 12:46 PM

States should focus on the quality of public expenditure

Source: https://www.livemint.com/opinion/online-views/states-should-focus-on-the-quality-of-public-expenditure-11654186394264.html

Under India’s Goods and Services Tax (GST) law, states were guaranteed bi-monthly compensation for any loss of revenue in the first 5 years of GST implementation from 1 July 2017. The shortfall is calculated assuming a 14% annual growth in GST collections by states over the base year of 2015-16. The 5-year period will end on 30 June and there is a growing demand from many states to extend the GST compensation mechanism beyond that. The amount to be paid from the compensation fund is obtained by levying a cess on top of the highest tax slab on luxury, demerit and sin goods.

03 Jun 2022 12:54 PM

Restaurant's service charge row: Taxes, charges you pay on your food bills

Source: https://www.livemint.com/news/india/restaurants-service-charge-row-taxes-charges-you-pay-on-your-food-bills-11654229998348.html

Restaurants' service charges have become an arguable point with the Centre looking to design a legal framework to abolish the service charges completely. According to the Union Ministry of Consumer Affairs, restaurants charging for services is an "unfair trade practice" and therefore cannot be enforced on consumers.

03 Jun 2022 05:05 PM

3.26 lakh Tamil Nadu dealers not paid any GST during year 2021-22

Source: https://taxguru.in/goods-and-service-tax/3-26-lakh-tamil-nadu-dealers-paid-gst-year-2021-22.html

Commercial Taxes Department identified 3.26 lakh dealers as not having paid a single rupee as GST during the year 2021-2022. Similarly, about 1.94 lakh dealers who paid less than Rs. 1000 as GST for the entire year were also identified. In this connection, the Department sent mails to all those dealers, requesting them to verify their accounts and pay any tax due for all the years. An intimation was also issued through Press for wide publicity.

02 Jun 2022 10:59 AM

GST mop-up above ₹1.4 tn in May for a third month

Source: https://www.livemint.com/politics/policy/gst-mop-up-above-1-4-tn-in-may-for-a-third-month-11654109416775.html

NEW DELHI : The goods and services tax collection remained over the ₹1.4 trillion mark for the third straight month in May, sustaining the robust revenue growth momentum in FY23, providing the Union government spending buffer to deal with inflationary pressures.

02 Jun 2022 11:09 AM

GST Revenue collection for May 2022 increases 44% year-on-year

Source: https://taxguru.in/goods-and-service-tax/gst-revenue-collection-2022-increase-44-percent-year-on-year.html

₹1,40,885 crore gross GST Revenue collection for May 2022; increase of 44% year-on-year
GST collection crosses ₹1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March 2022

01 Jun 2022 12:41 PM

Govt releases ₹86,912 cr to states, clears entire GST compensation dues

Source: https://www.livemint.com/news/india/govt-releases-rs-86-912-cr-to-states-clears-entire-gst-compensation-dues-till-31-may-11653998644619.html

The government has released ₹86,912 crore to the state governments, clearing all the Goods and Services Tax (GST) compensation dues till 31 May, 2022, the Ministry of Finance said on Tuesday.