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Efforts made by the Delhi government to prevent the entry of fraudulent companies into the GST network are yielding positive results. The Department of Trade and Taxes has established a centralised GST registration cell to get new applications and process them. This initiative has effectively prevented the GST registration of fake trading companies, thereby removing […]
The Kerala GST Department released a Standard Operating Procedure (SOP) on November 21, 2023, labelled as SGST/973/2023-LEGAL3, specifically addressing cases under the Insolvency and Bankruptcy Code (IBC), 2016 that come before the National Company Law Tribunal (NCLT). The IBC, established in 2016, aimed to streamline the diverse insolvency laws. It delegates insolvency proceedings to specialized […]
The revenue shall continue to surge from the Goods and services tax (GST) for October 2023 the revenue collection at Rs 1,72,003 cr was the second highest subsequent to April 2023. Rs 1.66 lakh cr is the average gross monthly GST collection in the FY 2023-24 till October. When the average monthly collections exceed for […]
The Goods and Services Tax (GST) implementation rate structure, which was slightly below the measured revenue neutral rate (RNR), has raised concerns among public finance commentators, including the Reserve Bank of India and the 15th Finance Commission on the grounds of measurement and decreasing to below that level. Over the years, there have been several […]
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, […]
The Indian government enacted the Goods and Services Tax Act on March 29, 2017, which took effect on July 1 of the same year. This act stands as the singular domestic indirect tax law applicable across the country, known as the Goods and Services Tax (GST). GST is a comprehensive tax imposed on both goods […]
According to Central Board of Indirect Taxes and Customs (CBIC) official Sanjay Kumar Agarwal, the increase in Goods and Services Tax (GST) collections in October is due to economic activity rather than the issuance of notices by tax authorities. Advisories will be issued to businesses that are not practising generating GST e-invoices for their B2B […]
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 […]
In October, the generation of E-way bills, which are electronic permits used by businesses for transporting goods within and between states, reached an all-time high of 10.3 crore, surpassing the previous record of 9.34 crore set in August. This significant increase can be attributed to heightened consumption during the festive season and improved compliance practices. […]
