West Bengal Finance Minister writes to Nirmala Sitharaman seeks GST Council meeting
NEW DELHI: West Bengal Finance minister Amit Mitra has written to Union Finance minister Nirmala Sitharaman urging her to convene a meeting of the GST Council for discussions on Centre’s borrowings to meet the collection shortfall. In the letter written on November 13, Mitra said that many states had argued at the GST Council meetings […]
Starbucks found guilty of not passing GST cut benefits to consumers
NEW DELHI: The National Anti-profiteering Authority (NAA) has found Starbucks guilty of profiteering as it did not transfer the benefits of lower GST rates to the consumers. Investigation by the Director General of Anti-Profiteering (DGAP) showed that the company profiteered a total of over Rs 1.04 crore as it did not pass on the benefits […]
Delhi man held on charge of forging Rs 392 crore input tax credit
NEW DELHI: A Delhi resident was arrested by a team of Directorate General of GST Intelligence’s (DGGI) Gurugram Zonal Unit on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit totalling over Rs 392 crore through issuance of invoices without actual receipts/supply of goods or services. DGGI investigations […]
If GST has failed, revert to the old tax system: Uddhav Thackeray
By QUAID NAJMI MUMBAI:In a significant statement, Shiv Sena President and Maharashtra Chief Minister Uddhav Thackeray on Sunday said that if the system of GST has failed, then the Centre should honestly admit it and revert to the old system of taxation in the country. Addressing the party’s annual Dassehra Rally online with only 50 […]
GST Council to meet again on October 12 over compensation plan
NEW DELHI: The GST Council will meet again on October 12 to discuss and try to reach a consensus between state governments and the Centre on the borrowing options for GST compensation, Finance Minister Nirmala Sitharaman said on Monday. The decision taken to meet again in October was suggested by Bihar Deputy Chief Minister and […]
Karnataka appellate authority rules 18% GST on whole wheat ‘parota’ is void
NEW DELHI: The Karnataka Appellate Authority of Advance Ruling (AAAR) has given a ruling that the 18 per cent Good and Services Tax (GST) applicable on whole wheat parantha or parota (fried flat bread) and Malabar Parota is void ab initio. The authority was approached by ID Fresh Food (India) Pvt. Ltd, a food products […]
GST collections at Rs 95,480 crore in September
NEW DELHI:Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the Finance Ministry said on Thursday. The revenues for the month are 4 per cent higher than the total GST collection in the same month last year. In September, the tax collected from import […]
Temporary retention of GST cess pending reconciliation not diversion: Finance ministry
NEW DELHI: Finance ministry sources have countered CAG audit finding of central government wrongly retaining Rs 47,272 crore of GST compensation cess meant for states, saying temporary retention cannot be termed as diversion. Days after the Comptroller and Auditor General (CAG) flagged that the Centre in the first two years of the GST implementation wrongly […]
GST compensation due to states at Rs 1.51 lakh crore, Maharashtra leads
NEW DELHI:The GST collection during April-August declined on account of COVID-19 induced lockdown, and the compensation due to states stands at over Rs 1.51 lakh crore, Minister of State for Finance Anurag Singh Thakur said on Monday. The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs 22,485 crore, followed […]
CBI books two GST officials for demanding Rs 5 crore bribe
NEW DELHI: The CBI has booked ex-deputy commissioner service tax anti-evasion in GST Department Sudha Rani Chilaka and department superintendent Sreenivasa Gandhi Bollineni for allegedly demanding a bribe of Rs five crore to settle a wrongful input tax credit case probed by them, officials said on Saturday. It is alleged that the officials posted in […]
GST second major attack on India’s unorganised economy: Rahul Gandhi
NEW DELHI: Congress leader Rahul Gandhi on Sunday said the NDA’s Goods and Services Tax (GST) is not a tax system but an “attack” on India’s poor and on its small and medium businesses, and urged all to stand against it. Dubbing the GST as “Gabbar Singh Tax”, he said it is the second major […]
Bihar’s revenue collection registers growth in August: Sushil Modi
NEW DELHI: Bihar Deputy Chief Minister Sushil Kumar Modi on Friday said that the state has registered a growth of 11.70 per cent in revenue collection in August, compared to that in the corresponding month in the previous financial year. Despite the growth, recorded for the first time in 1920-21 financial year, the overall revenue […]
Act of sovereign default: Hemant Soren to Narendra Modi over GST compensation
RANCHI: Jharkhand Chief Minister Hemant Soren wrote to Prime Minister Narendra Modi over the GST compensation issue, saying that this “act of sovereign default” runs against the very spirit of cooperative federalism and is symptomatic of the withering trust between the Centre and the states. Referring to the prime minister’s speech at the launch of […]
Will take up GST cut demand with Nirmala Sitharaman, Narendra Modi: Prakash Javadekar
NEW DELHI:Union Minister for Heavy Industries and Public Enterprises Prakash Javadekar on Friday assured the automobile industry that he will take up the industry’s demand for a cut in goods and services tax (GST) for the sector with the Finance Minister and the Prime Minister. Speaking at the virtual Annual Convention of the Society of […]
GST revenue collection for August stands at Rs 86,449 crore
NEW DELHI: The gross GST revenue collected in the month of August, 2020 is Rs. 86,449 crore of which CGST is Rs. 15,906 crore, SGST is Rs. 21,064 crore, IGST is Rs. 42,264 crore (including Rs. 19,179 crore collected on import of goods) and Cess is Rs.7,215 crore (including Rs. 673 crore collected on import […]
Indian economy shrinks record 23.9% in Q1
NEW DELHI: India’s economy suffered its worst slump on record in April-June, with the gross domestic product (GDP) contracting by 23.9 per cent as the coronavirus-related lockdowns weighed on the already-declining consumer demand and investment. The GDP contraction in the world’s fifth-largest economy compared with 3.1 per cent growth in the preceding January-March quarter and […]