GST compensation: States set to drive a hard bargain

At least six states – West Bengal, Kerala, Chhattisgarh, Punjab, Tamil Nadu and Odisha – are seeking extension of the compensation period and the relevant cesses on various 'demerit' goods.

Odisha has also sought an extension in compensation period beyond June next year.

May Mop-up: GST collection above Rs 1 lakh crore; revenues 65% higher than that in May last year

For the second year in a row, the Centre will borrow under special, relatively low-cost mechanism in 2021-22 to bridge a yawning shortfall in the GST compensation cess pool and transfer the funds to states as back-to-back loa

While the amount borrowed under the RBI-enabled mechanism last year was Rs 1.1 lakh crore — there was still a shortfall, Rs 60,000-Rs 70,000 crore by one estimate — the idea is to borrow some Rs 1.58 lakh crore in 2021-22.

Covid relief items: Meghalaya CM Conrad Sangma-led GOM to examine GST cut

“(To examine) medical grade oxygen, pulse oxymeters, hand sanitisers, oxygen therapy equipment such as concentrators, generators and ventilators, PPE kits, N95 masks, surgical masks, temperature checking equipment and any o

Late fee relief to non-filers of GST returns to help small biz, add to revenue: Experts

The late fee for non-furnishing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for those taxpayers who did not have any tax liability.

GST Council Meet Highlights: Covid-19 relief material, black fungus drug exempted from tax; return filing simplified

GST Council Meet Highlights: The GST Council met today after a gap of over seven months.


How India is leading by example with its faceless E-assessment system for income tax

The most important aspect of new procedure is coverage of ‘Best judgement assessment’ in faceless Assessment Scheme.

The government should consider doubling the limits under Section 80D.

कारोबारियों को केंद्र सरकार ने दी बड़ी राहत, बिना लेट फीस फाइल कर सकेंगे मार्च-अप्रैल का GSTR-3B रिटर्न

मार्च और अप्रैल महीने के लिए जिन कारोबारियों ने टैक्स का भुगतान नहीं किया है और GSTR-3B रिट

Government waives late fee for delayed filing of March April GSTR-3B tax payment

No backdate entries, recovery cases, more return filing, others help tax officers to up GST collection

Every taxpayer in India spends a good deal of time and money in undertaking tax compliance and procedures, still the fear of departmental scrutinises and assessments looms over them.

GST, goods and services tax, tax, world bank

System generated returns under GST to accelerate digitization; more GST reforms may boost taxpayer confidence

Majorly, at present two returns are required to be filed by every registered taxpayer. GSTR-1 and GSTR-3B. GSTR-1 is a sales return that is required to be filed by every GST registered person

The collection figure crossed Rs 1 lakh crore despite the fact that most states have been under strict lockdown due to the pandemic, the ministry said.

At Rs 1.24 lakh crore, March GST mop-up a new record

GST collections being above the Rs 1-lakh-crore mark for the sixth month in a row and being above the year-ago levels for the seventh consecutive month reflected the economy's resilience.

“I shudder to think the position for Punjab next year with a likely deficit of 60% from assured compensation,” Badal wrote as concerns mount on states ahead of end of five year protection to GST revenues in June 2022.

Improved buoyancy in Q4: Centre releases extra Rs 45,000 crore to states from divisible pool

Top recipient states are Uttar Pradesh (Rs 1,06,687 crore), Bihar (Rs 59,861 crore) and Madhya Pradesh (Rs 46,922 crore).

In FY20, tax transfers to states were down 15% on year.

Both tax revenue and expenditure to surpass revised estimates in FY21: Tarun Bajaj

Asked whether there is any evidence of the sharp cut in corporate tax rate prompting companies to make new investments, the official said it was difficult to draw any conclusion as of now.

The Covid pandemic has affected private investment in FY21, but there would be new investments in the coming months, he added.

इकोनॉमी पर बड़ी राहत: मार्च में रिकॉर्ड 1.23 लाख करोड़ रहा GST कलेक्शन, अबतक सबसे ज्यादा

मार्च में जीएसटी कलेक्शन 1.23 लाख करोड़ रुपये की रिकॉर्ड ऊंचाई पर पहुंच गया.

GST revenue at record high of Rs 1.23 lakh cr in March; tops Rs 1 lakh cr for 6 months in a row

GST collections grew to a record high of Rs 1.23 lakh crore in March 2021, crossing the Rs 1 lakh crore-mark for the sixth month straight, indicating rapid economic recovery post-pandemic.


How Union Budget changes GST law to move onus away from professionals to taxpayers

Indirect Taxes Budget 2021 was crucial because of the collocation of two contrasting situations in the current economic scenario, namely the government's endeavor to make India a $5 trillion economy by 2025 and the economic s

Taxpayers can use ITC to discharge GST dues for March: Finance Ministry

CAG for setting up of time-frame for roll out of simplified GST return forms

The GST return system is still a work in progress despite more than three years of GST rollout, CAG audit report presented in Parliament said.

Simplified GST return

Ready to discuss bringing petrol, diesel under GST at next Council meet: FM Sitharaman 

State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel.

Union Finance Minister Nirmala Sitharaman will chair the 43rd meeting of the GST Council on May 28, her office tweeted.

Taxpayers can use ITC to discharge GST dues for March: Finance Ministry

Goods and Services Tax (GST) collections crossed the Rs 1 lakh crore mark for the fifth month in a row in February.

Taxpayers can use ITC to discharge GST dues for March: Finance Ministry

G-secs yields jumps to 6.18%, highest in fiscal

At 6.18 per cent, the weighted average yield has spiked to its highest level this fiscal, and this is higher by 4 basis points than the previous week when it was at 6.14 per cent, Care Ratings said in a note.

G-secs yields jumps to 6.18%, highest in fiscal

GST कंपनसेशन: सरकार ने राज्यों को जारी किए पूरे 1.10 लाख करोड़ रु

मंत्रालय इस वित्त वर्ष में में अनुमानित कमी के लिए समूची 1.10 लाख करोड़ रुपये की राशि जार

government has released full 1.10 lakh crore rupees in GST compensation to states

Centre releases Rs 1.06 lakh crore GST compensation shortfall to states since October

The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the sp

This would have the effect of preventing black marketing, hoarding of such drugs and other medical equipment, as well as would ensure that the same is available to the citizens at affordable cost,” the plea states.

GST: B2B डील में 50 करोड़ से अधिक के टर्नओवर पर ई-इनवॉयस जरूरी, 1 अप्रैल से लागू नया नियम

सरकार ने 50 करोड़ रुपये से ज्यादा टर्नओवर वाले कारोबारों के लिए B2B ट्रांजैक्शंस के लिए ई

GST e invoice mandatory for business with more than 50 crore rupees turnover in B2B deal new rule from 1 april
Income Tax Calculator, Budget 2019, How to Calculate Income Tax


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