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According to the Ministry of Finance’s announcement on December 1, the government’s Goods and Services Tax (GST) collections surged by 15 per cent year-on-year in November, reaching Rs 1.68 lakh crore. The November GST collections, standing at Rs 1.68 lakh crore, depict a 2 per cent decrease compared to October’s GST collection of Rs 1.72 […]
The government is contemplating the revision of the comprehensive GST legislation by introducing an extra provision or changing its definition, accompanied by adjustments in procedures relevant to the service sector. Presently, it is obligatory for businesses to possess a tangible establishment within the jurisdiction of their operations, which poses challenges for e-commerce enterprises and other […]
The Ministry of Finance is positioned to start the pre-filled GST return forms prior to the subsequent financial year, which is anticipated to solve the problem of the bigger information mismatches directing to the tax notices, as per the senior government official. The department is currently assessing the added expenses involved in boosting the digital […]
To prevent fraudsters from entering the system, the State Taxes & Excise Department has set a goal of achieving 100% approval of GST registrations through manual processes, following thorough verification of the documents submitted with the registration application. Additionally, the department is implementing appropriate measures to physically verify suspicious or dicey registrants. According to a […]
The Union Finance Ministry, GST Council of India, and Central Board of Indirect Taxes and Customs (CBIC) failed to submit their response in the case pertaining to the request for permission to submit an amended return under the GST system, within the prescribed 30-day period before the dual bench of the Supreme Court on Monday. […]
Finance Minister, Nirmala Sitharaman, on Thursday, announced the the approval of biometric-based Aadhaar authentication via GST Seva Kendras for Andhra Pradesh. The step will make the process of GST registration easier and enhance the security, said the Minister. The GST revenue in October month reached the growth of a 10-month high touching ₹1.72 lakh crore, […]
India is reportedly considering a substantial increase in the threshold for arrests and criminal prosecutions regarding Goods and Services Tax (GST) evasion, aiming to raise it from ₹2 crore to ₹3 crore, according to sources. This proposed change is part of an initiative to stop the specific aspects of GST evasion, encouraging businesses to stop […]
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 […]
Government sources anticipate that the current robust trend in direct tax and GST collections will likely persist, potentially surpassing the Budget Estimate by a significant margin in the fiscal year 2023-24. However, these projections stem from the initial evaluations conducted as part of the government’s pre-budget procedures. A more definitive outlook is contingent upon forthcoming […]
