New Delhi: Emphasising on giving impetus to the economy badly affected due to Corona pandemic and to increase consumer demand in the festive season, the Centre on Monday announced Leave Travel Concession (LTC) Cash Voucher Scheme, Special festival Advance Scheme for Central employees and additional Rs 37,000 crore capital expenditure...
GST Council to meet again on Oct 12 over compensation plan
New Delhi: The decision taken to meet again in October was suggested by Bihar Deputy Chief Minister and Finance Minister Sushil Modi, after the Council's Monday meet failed to break the deadlock between the Centre and the state governments on the issue of compensation. Addressing a press conference after the...
GST annual return filing deadline extended one month ahead
New Delhi: The central government has extended the deadline to file GST annual return and audit report for the financial year 2018-19 by one month. Now taxpayers can file GST returns annually till 31 October 2020. The Central Board of Indirect Taxes and Customs (CBIC) tweeted, 'In view of the...
Two-year extension of GST compensation cess levy likely to cover shortfall in tax collection
New Delhi: Sources in the government said that with 21 states expressing their preference for the Borrowing Option-1 proposed by the Centre to meet the GST compensation needs of states this year, the next course of action would extend the period of cess levy beyond five year GST transition period...
GST compensation: 1st option set to get nod with 21 states on board
New Delhi: Finance Ministry sources said that GST Council, as per the GST Act, needs only 20 states to pass any resolution, in case voting is required on any issue. With 21 on board with the first option, this could well be considered for adoption by the Council. Among the...
Centre, States agree not to revise GST rates during pandemic
New Delhi: Government sources privy to the development said that there would not be any increase in GST rates at least during the year and even steps taken to correct the inverted duty structure would be postponed till the time the economic health of the country improves. The GST Council,...
Interest to be paid on net GST with effect from September 1
Mumbai: The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability. The GST Council, comprising centre and state finance ministers, in its 39th meeting in March had...
Tax exemption for businessmen with annual turnover up to 40 lakhs now
Giving a major relief to the Goods and Services Tax (GST), the central government has decided to exclude businesses with turnover up to Rs 40 lakh per annum. Earlier the exemption limit from GST was Rs 20 lakhs per annum. Apart from this, companies with annual turnover up to Rs...
Evolving taxation: Weighted GST rate declines to 11.6 pc since inception
New Delhi: The Finance Ministry on Monday cited data from Reserve Bank of India (RBI), to show that in May the weighted GST rate was at 14.4 per cent and in December 2018 and September 2019 was at 11.6 per cent. In a tweet, the ministry said that the rate...
Late fee relief on GST returns filing extended till July 2020
New Delhi: As a relief to GST taxpayers, the Central Board of Direct Taxes (CBDT) on Friday said that the maximum late fee for Form GSTR-3B will be capped at Rs 500 per return for the tax period July 2017 to July 2020, provided that the returns are filed before...