Tag: Gst

New Delhi: Government crackdown on tax defaulters has revealed shocking data as a total of 1,377 exporters who have fraudulently claimed IGST refund amounting to Rs 1,875 crore have been found untraceable at their principle place of business. Also, the list of ‘risky exporters’ includes 7 larger entities who are accredited as star exporters. In […]

New Delhi: The government proposes to roll out compulsory e-invoicing of GST from October 1, but has decided to raise the threshold to exempt smaller entities from this compliance, an official said on Thursday. Accordingly, e-invoicing will be mandatory only for businesses with turnover of Rs 500 crore or more. Those, on the other side […]

Bhubaneswar: In a major breakthrough, the Enforcement Squad of Odisha CT and GST Wing has collected a whopping Rs 1 crore as penalty from one fraudulent GST registrant of Raruan in Mayurbhanj district for holding unaccounted stock of goods. The registrants Minati Das Adhikari and her son Ritesh have been jointly running their business ranging […]

New Delhi: The Goods and Services Tax (GST), often hailed as the “biggest tax reform” in India, has evolved over the years, and the weighted rate of GST has declined in the past few years to 11.6 per cent from 14.4 per cent in May 2017. The Finance Ministry on Monday cited data from Reserve […]

New Delhi: The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level of Rs 1 lakh crore to Rs 86,449 crore in August. This is second consecutive month […]

New Delhi: No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1. Industry representatives, however, have urged the government to not make it […]

New Delhi: The Centre will disburse GST compensation cess amounting to Rs 20,000 crore to the state government on Monday night, Finance Minister Nirmala Sitharaman said. The decision was taken during the GST Council meet held on Monday. Related Story: Central Revenues Under More Strain Than GST Revenue: Centre To States Besides, Sitharaman said that […]

New Delhi: Even with consensus eluding the GST Council meeting on Monday over adoption of borrowing option to settle compensation dues, the Finance Ministry has granted permission to 20 states to raise an additional amount of Rs 68,825 crore through open market borrowings towards the compensation shortfall. A Finance Ministry statement said that additional borrowing […]

New Delhi: The Centre on Tuesday permitted 20 states to raise additional Rs 68,825 crore through open market borrowings to bridge the revenue shortfall caused by the COVID-19 pandemic. The decision comes a day after the GST Council meeting failed to reach a consensus on the stalemate over the Centre’s proposal of states borrowing against […]

Rourkela: In yet another incident of alleged multi-crore tax evasion, a GST fraud of Rs 42 crore has been reported from the Steel City on Friday. Allegations of fraudulent activities pertaining to evasion of taxes have been reported in bank accounts of as many as 18 people in the city. But shockingly, most of the […]

New Delhi: The Centre has given more time to taxpayers in yet another compliance measure as it extended the due date to file GSTR-9 and GSTR 9C for 2018-19 by two more months on Saturday. The GST annual return in the two forms was to be filed by September 30, 2020 originally which got extended […]

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 […]

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 […]

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 […]

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) […]