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Tag: Gst

Odisha Records 64% Growth In GST Collection In Nov
Odisha Records 64% Growth In GST Collection In Nov

The OGST collection during the month was Rs 1,157.69 crore against a collection of Rs 681.96 crore during November 2020.

GST Mop Up In Nov At Rs 1.31 Lakh Cr, Second Highest Since Rollout
GST Mop Up In Nov At Rs 1.31 Lakh Cr, Second Highest Since Rollout

In October 2021, the revenues were Rs 1,30,127 crore, while in April 2021, it was the highest at over Rs 1.41 lakh crore.

GST
Three-Tier GST Rate Structure Likely By Next Fiscal

India has four primary GST rates of 5 per cent, 12 per cent, 18 per cent, and 28 per cent.

GST
Centre-States May Discuss Early Inclusion Of Natural Gas Into GST Fold

With GST revenue collections making a rebound post the disruptions caused by the second wave of Covid pandemic, the Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.

GST
Govt May Not Need Special Borrowing Window For GST Compensation To States

e Centre opened a special borrowing window last year to meet the estimated shortfall of Rs 1.1 lakh crocre in revenue arising on account of implementation of GST.

Finance Ministry
GST Reduced Tax Rate, Increased Compliance; More Than 66 Cr Returns Filed In 4 Years: FinMin

With the Goods and Services Tax regime completing four years, the Finance Ministry on Wednesday said more than 66 crore GST returns have been filed so far and lower tax rates have helped increased compliance.

Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall
GST Officials Asked To Ensure Consumers Benefit From Rate Cut Of COVID-Related Items

In terms of Section 171 of the CGST Act, 2017, the suppliers of goods and services should pass on the benefit of any reduction in the rate of tax or the benefit of input tax credit to the recipients by way of commensurate reduction in prices.

FM Sitharamans Comment On Cryptocurrency Brings Relief To Industry
FinMin Notifies Concessional GST Rate On COVID-Related Items, Services

The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on June 12, had slashed tax rate on COVID drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, oxygen concentrators and other COVID essentials.

Centre Releases Complete Rs 1.10 Lakh Cr GST Compensation Shortfall
GST Council Exempts Imported Covid Related Items From IGST Till August

Finance Minister Nirmala Sitharaman, while addressing the media post the meeting, said that a group of ministers (GoM) will be formed by Saturday (May 29), which will examine the need for further reductions and decide on any new rates in exemptions.

GST
GST Council To Meet 1st Time In 2021 On May 28 To Discuss Covid Relief

The GST Council will meet for the first time this year on May 28, through video conferencing.

Finance Minister
Surge In Covid-19 : Government Announces Various Relief Measures For Taxpayers Under GST Law

New Delhi: In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the…

Odisha Records 20% GST Collection Growth In 2020
GST Revenue Hits All-Time High Of Rs 1.41 Lakh Cr In April

New Delhi: GST collections in April touched a record high of over Rs 1.41 lakh crore, indicating sustained economic recovery, the Finance Ministry said on Saturday. The revenues for the…

Odisha Records 20% GST Collection Growth In 2020
GST Collections At Record High Of Rs 1.23 Lakh Cr In March

New Delhi: GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. “GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this […]

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Truck Enroute To Odisha From Delhi Fined Rs 44 Lakh; Highest In State So Far

Keonjhar: A gutkha and tobacco products laden truck which was on its way to Bhubaneswar from Delhi was fined Rs 44 lakh on the charges of tax evasion. A team of Barbil City (Commercial Tax) and GST Enforcement unit had intercepted the truck near Murusuan area under Champua police limits in Keonjhar district on Sunday. […]

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Govt To Consider Bringing Down GST On Pesticides To 5%

New Delhi: As part of efforts to bring parity in taxation on agro-inputs, the Department of Chemical and Petrochemicals has approached the Finance Ministry for reducing GST on pesticides from 18 per cent to 5 per cent. Along with fertilisers, pesticide is also an important agro input that helps in curbing pests and diseases on […]

'Fryums' Not Comparable With Old Traditional Snack Food 'Papad', Hence 18% GST Levied
'Fryums' Not Comparable With Old Traditional Snack Food 'Papad', Hence 18% GST Levied

New Delhi: The good old traditional snack food ‘papad’ or ‘pappadam’, as it is known in south India, cannot be equated with packaged ‘un-fried fryums’ and cannot have similar tax treatment, the Authority for Advance Rulings (AAR) has ruled. In its order rejecting a petition seeking to bring irregular sized packaged snack food as referred […]

GST-FRAUD
Odisha: GST Evasion Probe Leads To Detection Of Sensational Highway Robbery

Rourkela: While conducting a probe into a suspected tax evasion, the officials of Rourkela Goods and Services Tax (GST) department on Friday intercepted two truck-loads with 25 tonnes of edible oil. Preliminary probe reveals that an oil consignment was reportedly looted from a truck by a group of five armed miscreants after attacking the driver […]

Govt Seals Mandatory Payment Of 1% GST In Cash Only For Entities Having Rs 6 Cr Annual Turnover
Govt Seals Mandatory Payment Of 1% GST In Cash Only For Entities Having Rs 6 Cr Annual Turnover

New Delhi: The government’s decision on mandatory payment of at least 1 per cent of GST tax liability in cash will only apply to establishments having an annual turnover of Rs 6 crore and the new rule will not apply to micro and small businesses, and composition dealers, finance ministry sources said on Sunday. Based […]

CAIT Urges FM Sitharaman To Defer Implementation Of 'Rule 86-B' In GST
CAIT Urges FM Sitharaman To Defer Implementation Of 'Rule 86-B' In GST

New Delhi: Traders’ body Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to defer the implementation of ‘Rule 86-B’ in GST, scheduled to be implemented from January 1, 2021. In a letter to the Finance Minister on Friday, the traders’ body said that the recent notification of the Goods and Services […]

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Four Goods Vehicles Seized For Flouting GST Norms

Nabarangpur: The Commercial Tax and GST Enforcement squad of Bhawanipatna seized four vehicles near Papadahandi in Nabarangpur district on Friday for allegedly flouting GST norms. As per reports, a team led by Deputy Commissioner Tapan Padhi was acting on a tip off at Mriga Vihar under Papadahandi block, when they intercepted four vehicles including three […]

Rupees
GST Compensation Shortfall: 8th Tranche Of Rs 6K Cr Released To States

New Delhi: Ministry of Finance has released the 8th weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 5,516.60 crore has been released to 23 States and an amount of Rs 483.40 crore has been released to the three Union Territories (UT) […]

GST
GST Invoice Fraud: 132 Arrested, 1.63 Lakh Registrations Cancelled For Non-Filing Of Returns

New Delhi: The Goods and Services Tax (GST) authorities have cancelled 1,63,042 registrations in the month of October and November this year due to non-filing of GSTR-3B returns for more than six months, sources in the Department of Revenue said. In one month of its nationwide drive against GST fake invoice frauds, the Directorate General […]

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Odisha: Journalist Charged With GST Evasion In Rourkela

Rourkela: A journalist living at AB Square near Koel Nagar here in the city has been charged with evading Goods and Services Tax (GST) by violating the prescribed guidelines of the government. The GST Enforcement department in the State has put up a notice outside his residence, asking him to appear with necessary documents on […]

GST
GST Rrevenue Collections Seen Stable Going Ahead

New Delhi: Goods and services tax (GST) collections are likely to remain stable in case no major obstacles come up for the economy, such as rise in Covid-19 cases and eventual restrictions, said a report by Motilal Oswal Institutional Equities. Citing the GST collection numbers for November, the ‘Ecoscope’ report said while GST collections exceeding […]

Odisha-GST-Fraud
Rourkela Driver Served Notice By GST Dept Over Rs 28 Crore Tax Fraud, Accused Denies Charges

Rourkela: A man residing in the Sector-20 area here has been charged with gross tax liability under Section 74(5) for allegedly receiving taxable goods amounting to Rs 23.96 crore and further availing Rs 4.31 crore under CGST and SGST on the strength of fake invoice. The Good and service tax (GST) department has served a […]

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