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With the implementation of the goods and services tax (GST) in July 2017, businesses with multi-state GST registrations are under confusion about the process of distributing common input tax credits (ITC) available on services to lower net GST liability. Some of the entities have chosen the input service distributor (ISD) process to allocate the common […]
The Indian government recommends a 12% temporary tax on certain steel products for 200 days, called a safeguard duty, to curb imports, as per the notice. The Directorate General of Trade Remedies (DGTR), which comes under the federal trade ministry, said in the notice that the “Authority considers that a provisional safeguard duty of 12% […]
Net goods and services tax (GST) of ₹1.71 trillion in January has been collected by the Centre and states, the highest in nine months. As per the official data, the collection is 10.9% higher from ₹1.54 trillion in the year-ago period. In April FY25, the net collection stood at ₹1.92 trillion. Last month the gross […]
With the Goods and Services Tax (GST) implementation on July 1, 2017, businesses in India have experienced a thrilling shift. The same amendment has substituted a complex system of various indirect taxes with a single tax structure (One Nation, One Tax), particularly impacting cost, compliance, and functional effectiveness. GST objectives were to improve the operation […]
As per the latest official data released dated January 1, 2025, Gross GST collections in December 2024 stood at Rs 1,76,857 crore, which is 7.3 per cent more as compared to the previous year. According to the data of government, the Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, […]
It was held by the Jharkhand High Court that the Goods and Services Tax ( GST) Input Tax Credit ( ITC ) is permissible even on the late filing of the Goods and Services Return GSTR-3B for the FY 2017-18 while asking for a Refund of Penalty & Interest to the petitioner. M/s. Ram Constructions, […]
The state witnessed a 62.93% growth in net GST (goods and services tax) collection during November 2024 compared to the related period last year, Punjab Finance, planning, excise, and taxation minister Harpal Singh Cheema mentioned. Cheema in a statement cited that the total net GST collection up to November this fiscal year shows an increase […]
In November gross GST collections have risen 8.5 percent to over Rs 1.82 lakh crore on higher revenues from domestic transactions. Rs 34,141 crore, is the Central GST collection, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore, and cess at Rs 13,253 crore, as per the government’s data. In November Rs […]
It was revealed by Pankaj Chaudhary minister of state in the Ministry of Finance that the government has collected Rs 4792.4 crores from Goods and Services Tax (GST) applied before the education services in the FY 2023-24. Such services are not waived under GST with an 18% tax rate imposed on them under Service Accounting […]
