Goods and Services tax

India 360: Government's coffers are filling during the festive season, GST collection increased

Fri, Nov 03, 2023

Cover Story: There is bumper demand all around during the festive season, and the government's coffers are getting filled as GST collection is increasing significantly.

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Around 92% of large taxpayers filed annual returns for 2017-18, says GST Network

Sun, Feb 16, 2020

With Goods and Services Tax launch on July 1, 2017, this is the first time when businesses registered under GST have to file annual return GSTR-9 and reconciliation statement GSTR-9C. 

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GST Claims: Warning! This is what Modi government is doing to identify fraud input tax credit cases

Tue, Feb 11, 2020

It's a warning message for those who indulge or imagine making fraudulent claims under Goods & Services Tax (GST)! 

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Oil & gas industry seeks infra status, lower taxes in Budget

Thu, Jan 25, 2018

The oil and gas industry has sought infrastructure status for the exploration and production sector as also lowering of taxes on locally produced oil to boost domestic output and cut import dependence.

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GST anti-evasion: Cess likely on pan masala at manufacturing stage

Sun, Jan 21, 2018

The Council will look at levying the cess at the manufacturing stage based on production capacity as against the current practice of imposing it on supplies made by the manufacturer

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GST on entry to amusement parks, drinking water cut; here's what becomes cheaper post January 25

Fri, Jan 19, 2018

Among the 29 goods that have received a rate cut were second-hand vehicles medium and large cars and SUVs from 28% to 18%. Items like confectionery sugar and bio-diesel have also received a tax cut.  

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GST Council slashes rates on 29 items, 54 services; return filing to be simpler

Thu, Jan 18, 2018

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Govt lowers additional borrowings to Rs 20K cr in FY18

Wed, Jan 17, 2018

Last month, after consultation with the RBI the government had said it would make additional borrowing of Rs 50,000 crore this fiscal through dated securities. 

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DGS slaps GST profiteering notice on Hindustan Unilever

Wed, Jan 17, 2018

The Directorate General of Safeguards has slapped notice for profiteering on FMCG firm HUL for allegedly not passing on price reduction benefit to consumers post GST rollout. The notice seeks details from the company about the pre and post GST prices of its entire products range.

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India reclaiming place at growth leader, says IMF

Tue, Jan 16, 2018

After a short period of slowdown in the economy, India is reclaiming its place as a growth leader, first deputy managing director of the International Monetary Fund (IMF) David Lipton said.

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COAI seeks relief on tax demand over rebate on SIM sale

Thu, Jan 11, 2018

Cellular operators' body COAI today sought lowering of GST on telecom services and bringing tax withholding rate to 1 per cent over discount that companies offer for sale of pre-paid SIM cards to independent distributors.

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India Inc may get relief in GST transition credit in Budget 2018

Tue, Jan 09, 2018

Goods and Service Tax (GST) has been effective in India since July 2017, and many taxpayers, exporters, industries and markets have claimed that they faced difficulties in adapting the regime.

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Indian economy's four-year low data surprise experts, analysts

Mon, Jan 08, 2018

GDP numbers stood at 6.3% in the second quarter of FY18 (Q2FY18) from 5.7% in the preceding quarter.

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Reforms induce bull run in equity markets despite some volatility

Sat, Dec 30, 2017

However, the year was not without its share of lows -- from dampening second quarter growth numbers to the chaos that followed the Goods and Services Tax (GST) implementation and threat of a nuclear showdown in the Korean peninsula -- induced volatility in the indices.

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Disappointing GST data signals fiscal slippage in FY18

Fri, Dec 29, 2017

ICRA highlighted that stripping off 50% of the IGST inflows and the entire GST compensation cess receipts in November 2017, indicates that the balance taxes of the GoI contracted by a considerable 14.8% relative to November 2016 .

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Tax payers can see status of returns filed on GSTN portal

Wed, Dec 27, 2017

"All users logging on the GST portal can now see the status of their returns filed for all the returns like GSTR-1 or GSTR-3B at one place," GSTN CEO Prakash Kumar said.

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GST collections decline to Rs 80,808 crore in November

Tue, Dec 26, 2017

Falling for the second consecutive month, the total revenue collected under the Goods and Services Tax (GST) touched Rs 80,808 crore in November -- down from Rs 83,346 crore in October, possibly due to rate cuts in November. GST collection in September was over Rs 92,000 crore.

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GST made 2017 most significant year for economy since Independence

Mon, Dec 25, 2017

State level taxes replaced by the pan-India GST include state cesses and surcharges, luxury tax, state VAT, purchase tax, central sales tax, taxes on advertisements, entertainment tax, various forms of entry tax, and taxes on lotteries and betting.  

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GST refund woes hit Bengal jewellery exports

Mon, Dec 25, 2017

West Bengal state finance minister Amit Mitra had slammed the Centre about GST refund problem for exporters and SMEs.

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From GST induced sales to 24 hours open shops; major changes in the retail space in 2017

Sat, Dec 23, 2017

A look back at the year 2017 that India's retail sector has had.  

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Govt recovered less than 9% service tax arrears in FY17: CAG

Tue, Dec 19, 2017

"It can be seen that only 8.87% of recoverable arrears could be recovered by the department during 2016-17. Given the significant amounts of arrears to be recovered, it is essential that the tax department specifically focuses on legacy issues even after transition to GST," said the CAG report.

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Extend pre-GST duty drawback rates till June: Par panel

Tue, Dec 19, 2017

In its report on the 'Impact of Goods and Services Tax (GST) on Exports' placed in Parliament today, the Standing Committee on Commerce chaired by Naresh Gujral recommended that a formal mechanism for grievance redressal of exporters must be put in place.

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CAIT demands deferring of e-way Bill from Feb to April 1

Sun, Dec 17, 2017

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