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In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
The Punjab Government has launched a one-time settlement (OTS) initiative aimed at winning over traders and resolving approximately ₹6000 crore in outstanding GST dues. This move, as per the government, aims to alleviate the burden of past cases, allowing traders and industrialists to better comply with the Goods and Services Tax (GST). Harpal Singh Cheema, […]
To draw equality with the rest of the country and prevent GST slippage, the state of West Bengal shall diminish the intrastate GST e-way bill limit from Rs 1 lakh to Rs 50,000 w.e.f. December. An e-way bill is needed for the goods movement that has a value of over Rs 50,000 within the state, […]
A finish of GST exemption has been offered by the leading government think tank also the authorities have not taken any action for the last 6 months. The National Institute of Public Finance and Policy (NIPFP) study contends for drawing all the goods and services under the tax regime since the rich are obtaining more […]
Finance Minister Nirmala Sitharaman has highlighted the Finance Ministry’s commitment to not only increasing GST revenue but also bringing all business establishments within its purview. Speaking at the inauguration of 12 GST Suvidha Kendras in Gujarat, Sitharaman emphasized the importance of seamless GST registration and prompt issue resolution for businesses. The implementation of GST, known […]
The Allahabad High Court ruled that under the GST regime, all filed details and returns are accessible through the GST Department’s portal. Authorities can verify the tax amounts deposited post-GSTR-1 and GSTR 3B filing on this portal. Justice Piyush Agrawal, while cancelling the penalty order, stated that “Under the GST regime, all details are available […]
A recent report has brought attention to the current status of state finances, emphasizing the persistent deficit in budget revenue. The report underscores that this deficit is causing limitations in capital outlay, particularly impacting the allocation of funds for developing assets. Furthermore, the report highlights the necessity of rationalizing the goods and services tax (GST) […]
The Finance Ministry has issued regulations outlining the procedures for appointing the president and members of GST appellate tribunals (GSTAT) in Tripura and six other northeastern states. Alongside Tripura, separate benches are set for establishment in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, and Nagaland, as per a notification from the Finance Ministry. The Goods and […]
The Allahabad High Court’s recent ruling stipulates that an assessee is ineligible to claim input tax credit unless they successfully demonstrate unambiguous proof of the actual transaction and the physical movement of goods. Referring to Sections 16 and 74 of the UP Goods and Service Tax Act, 2017, Justice Piyush Agrawal stated that “it is […]
