New Delhi: The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme of GST. These tax filers will now be permitted to declare invoices pertaining to movement of goods and services in their quarterly return form GSTR 1...
GST collection to record 1.23 lakh crore in March
The GST collection reached a record high of Rs 1.23 lakh crore in March. The Finance Ministry gave this information in a statement. The Finance Ministry said on Thursday that the total GST revenue collection in the month of March 2021 has been Rs 1,23,902 crore. It has Central GST...
5 held in Punjab for GST scam of Rs 700 crore
Chandigarh: The investigation wing of Punjab GST on Saturday arrested five people for creating and operating a bogus billing of Rs 700 crore in copper scrap and hosiery items across Punjab, Delhi and Haryana. They have been accused of availing and passing on fraudulent input tax credit to the tune...
Petrol-diesel prices may be reduced by coming under the purview of GST
New Delhi: Due to inflation of petrol and diesel, the pocket of common people is getting lighter. Petrol has crossed the Rs 100 per liter level in many places of the country. In such a situation, it is being suggested to bring it under the purview of GST (Goods and...
Deadline extended to fill annual GST returns for FY20
The government has extended the deadline for filing the annual return of Goods and Services Tax (GST) for the financial year 2019-20 till March 31. This is the second extension given by the government. Earlier this deadline was extended from 31 December 2020 to 28 February 2021. The Finance Ministry...
TPCI urges govt for flat 5 pc GST on all processed food items
New Delhi: The council also pushed for input tax credit on food sales; tax holiday for five years for companies investing in infrastructure, including digital infrastructure; special incentives to food processing through interest subvention, and lower taxes; and competitive import tariffs over five years, with lowest or nil slab on...
Will agitate against complex, arbitrary GST system: CAIT
New Delhi: According to CAIT, the GST has become a hurdle in the smooth retail trade because of the complexities and arbitrariness of its provisions. In a statement on Sunday, the traders' body said that it will convene a three-day conference of trade leaders of all states from February 8-10...
1% GST payment in cash rule will not apply on small retailers
Small businesses and dealers will not be affected by the new rule mandated to make at least 1 per cent GST payment in cash. The reason for this is that only those units whose annual turnover is 6 crores or more, have to follow this rule. Sources in the finance...
Eighth installment of GST compensation released
New Delhi: The Finance Ministry on Monday released the eighth weekly installment of six thousand crore rupees to compensate for the reduction in the Goods and Services Tax (GST) compensation of the states. Thus far, 48,000 crore rupees have been released to the States / Union Territories through this medium....
Consultations before show-cause notices to be pursued by GST officers
New Delhi: The Tax Department will actively conduct consultation prior to issuance of show-cause notices to evaders and assessees of GST so as to facilitate easier resolution of tax disputes and prevent increasing number of litigation. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that such consultations...