India’s GST revenue at over Rs 1.16 lakh crore in July
NEW DELHI: GST revenue for the month of July stood at over Rs 1.16 lakh crore, 33 per cent higher than the collection in the same month of 2020, indicating that the economy is recovering at a fast pace, the finance ministry said on Sunday. Goods and Services Tax (GST) collection in July 2020 was […]
GST will help in achieving the vision of five trillion dollar Indian economy by 2025
NEW DELHI: India’s Road Transport & Highways and MSME Minister Nitin Gadkari has said that GST will help achieve the vision of five trillion dollar Indian economy by 2025. Addressing a webinar on the “GST Day” on the theme “THE JOURNEY OF GST AND WAY FORWARD – AATMANIRBHAR BHARAT” organised by the Institute of Cost […]
GST Revenue collection for April’ 21 sets new record
NEW DELHI: The gross GST revenue collected in the month of April’ 2021 is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is Rs 68,481 crore (including Rs. 29,599 crore collected on import of goods) and Cess is Rs. 9,445 crore (including Rs. 981 […]
GST revenues for March 2021 touches all-time high of Rs 1.23 lakh crore: Finance Ministry
NEW DELHI: The gross GST revenue collected in the month of March 2021 is at a record of Rs 1,23,902 crore of which CGST is Rs 22,973 crore, SGST is Rs 29,329 crore, IGST is Rs 62,842 crore (including Rs 31,097 crore collected on import of goods) and Cess is Rs 8,757 crore (including Rs […]
DGGI Gurugram officials arrest man for input tax credit fraud of more than Rs 43 crore
NEW DELHI: The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana, has arrested Ravinder Kumar (aka Ravinder Garg), resident of New Delhi on charges of creating and operating fictitious firms on forged documents which were used in availing of and passing on Input Tax Credit on bogus Invoices without actual receipt and […]
GST revenues at record high of Rs 1.20 lakh crore in January
NEW DELHI: The gross GST revenue collected in the month of January 2021 till 6 PM on 31.01.2021 is Rs 1,19,847 crore of which CGST is Rs 21,923 crore, SGST is Rs 29,014 crore, IGST is Rs 60,288 crore (including Rs 27,424 crore collected on import of goods) and Cess is Rs 8,622 crore (including […]
Finance ministry releases instalment of Rs 6,000 crore to states to meet GST compensation shortfall
NEW DELHI: The Ministry of Finance, Department of Expenditure has released the 13th weekly instalment of Rs. 6,000 crore to the States today to meet the GST compensation shortfall. Out of this, an amount of Rs. 5,516.60 crore has been released to 23 States and an amount of Rs. 483.40 crore has been released to […]
GST officials recover Rs 700 crore in 2 months, arrest 215 over fake invoices
NEW DELHI: The Directorate General of GST Intelligence (DGGI) and the CGST Commissionerates have recovered more than Rs 700 crore and arrested 215 persons in the last two months in cases related to fake GST invoices that were used to illegally avail or pass on input tax credit (ITC). GST intelligence authorities have registered about […]
Telangana gets approval for additional borrowings of Rs 2,508 crore
NEW DELHI: After Andhra Pradesh and Madhya Pradesh, Telengana has become the third state to complete urban local bodies reforms stipulated by the Union finance ministry. With the completion of the reforms, the ministry has allowed the state to make additional borrowing of Rs 2,508 crore. The permission for mobilising additional financial resources of Rs […]
GST compensation shortfall: Modi government releases 10th instalment of Rs 6,000 crore to states
NEW DELHI: The Ministry of Finance has released the 10th weekly instalment of Rs.6,000 crore to the States to meet the GST compensation shortfall. Out of this, an amount of Rs.5,516.60 crore has been released to 23 States and an amount of Rs.483.40 crore has been released to the 3 Union Territories (UT) with Legislative […]
GST arm unearths Rs 832 crore tax evasion by illegal ‘pan masala’ factory
NEW DELHI: The Central GST Delhi West Commissionerate has unearthed evasion of taxes worth around Rs 831.72 crore by way of manufacture and illegal supply of ‘pan masala’ without any registration and payment of duty. The GST officials also arrested one person in the matter. An official statement said that on the basis of the […]
GST collections at all-time high of over Rs 1.15 lakh crore in December
NEW DELHI: GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 1,15,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the Finance […]
Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources
NEW DELHI:The mandatory requirement of 1 per cent cash payment of GST liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the Goods and Services Tax system, Revenue Department sources said on Saturday. To curb tax evasion by way […]
Additional borrowing permission of Rs 16,728 crore granted to 5 states
NEW DELHI: Narendra Modi government (Centre) has granted permission for additional mobilise additional financial resources to the tune of Rs 16,728 crore through open market borrowings to five states. The permission has been granted as the state have so far completed the stipulated reforms in the ease of doing business. These states are Andhra Pradesh, […]
Modi government releases Rs 42,000 crore to states to meet GST compensation shortfall
NEW DELHI: The Narendra Modi government (Centre) has so far borrowed Rs 42,000 crore since October and released the funds to states to meet GST compensation shortfall, the Finance Ministry said on Monday. The Ministry of Finance has released the 7th weekly instalment of Rs.6,000 crore to the States to meet the GST compensation shortfall. […]
‘Not against Constitution’: Supreme Court upholds GST on lottery, betting, gambling
The Supreme Court on Thursday upheld the levy of Goods and Services Tax (GST) on lotteries, betting and gambling, ruling that this doesn’t violate any constitutional provision. A bench headed by Justice Ashok Bhushan and comprising Justices R. Subhash Reddy and M.R. Shah said: “When the 2017 Act defines the goods to include actionable claims […]