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Centre releases Rs 19,950 crore as GST compensation to states and UTs

Centre releases Rs 19,950 crore as GST compensation to states and UTs

In December 2019, the Centre had released Rs 35,298 crore to states to compensate for the revenue loss on account of GST rollout.

India's GST collections are below potential: IMF team

India's GST collections are below potential: IMF team

Multiple rates, exemptions and implementation challenges are affecting goods and services tax (GST) collections in India, an analysis by an International Monetary Fund (IMF) team has said.

Over 91% of large biz file FY18 GSTR

Over 91% of large biz file FY18 GSTR

About 91.3% of eligible taxpayers with over Rs 2-crore turnover or about 9.11 lakh, had filed their annual goods and services tax (GST) returns for 2017-18 by February 12, while 92.3% or 8.42 lakh of the eligible base had filed their reconciliation statements.

Service tax, GST added to AGR dues

Service tax, GST added to AGR dues

The tax authorities have started sending out notices for service tax and GST on the unpaid AGR dues. The carriers are seeking legal advice on the next steps.

Delayed GST payments face Rs 46k cr interest

Delayed GST payments face Rs 46k cr interest

Apart from a late payment fee of Rs 100 a day for central GST and a matching amount for state GST, the law also provides for a levy of 18% penal interest.

Tax dept wants cos to pay GST on non-compete fee

Tax dept wants cos to pay GST on non-compete fee

Several private equity firms, strategic investors and others that have bought businesses and entered into these contracts with the sellers have received notices from the indirect tax department, demanding that they pay goods and services tax at 18% on the non-compete fee.

Panel to give feedback on new GST system

Panel to give feedback on new GST system

The Goods and Services Tax Network (GSTN) has set up a consultation committee to provide feedback on new functionalities in the GST system.

Centre to release another Rs 35,000 cr compensation to states soon

Centre to release another Rs 35,000 cr compensation to states soon

Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16. However, with revenue mop-up from compensation cess falling inadequate, the Centre held back fund transfer to states for revenue shortage beginning August.

Hacking GST database can now lead to 10 year imprisonment

Hacking GST database can now lead to 10 year imprisonment

Hacking into the government’s India's goods and services tax (GST) database and its associated infrastructure dependencies installed at GST Network (GSTN) can now lead to 10-year imprisonment, as the assets have been declared as 'protected systems' by the finance ministry, under the IT Act.

GST: GSTR-9 & GSTR-9C filing due date extended till February 12 by Rajasthan HC

GST: GSTR-9 & GSTR-9C filing due date extended till February 12 by Rajasthan HC

The HC considered the bottleneck with respect to the GSTN server capacity to handle the filing of pending returns within the deadline and also perused the screenshots submitted by the Petitioner regarding the unsuccessful attempts of the tax professionals time and again during the extended period.

GST: CBIC extends GSTR-9 and GSTR-9C filing dates to February 5 and 7

GST: CBIC extends GSTR-9 and GSTR-9C filing dates to February 5 and 7

The new due dates for Chandigarh, Delhi, Gujarat, Haryana, Jammu and Kashmir, Ladakh, Punjab, Rajasthan, Tamil Nadu, Uttar Pradesh, and Uttarakhand is now February 5, 2020.

GST: CBIC extends GSTR-9 and GSTR-9C filing dates in a staggered manner

GST: CBIC extends GSTR-9 and GSTR-9C filing dates in a staggered manner

By evening of January 31, #gstnfailed was the top trend on Twitter. At 10 30 pm CBIC tweeted the extension dates, but early reports suggest the portal is still not working.

GST collection crosses Rs 1.1 lakh crore in January

GST collection crosses Rs 1.1 lakh crore in January

This is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after high-level meetings with senior officials of the tax department.

Government blocks Rs 40,000 crore GST claims on returns mismatch

Government blocks Rs 40,000 crore GST claims on returns mismatch

Last week, the indirect tax wing of the revenue department blocked the credits within four hours, CBIC chairman John Joseph said at an event on Monday. Companies are entitled to credits on tax paid on inputs in the production chain so that there is no cascading effect of taxes. Instances of a large number of frauds prompted the govt to crack the whip.

How e-invoicing under GST will help businesses in the long run

How e-invoicing under GST will help businesses in the long run

Adopting e- invoicing will save the government a staggering 450 million dollars annually.

Five structural changes to make GST simple, stable

Five structural changes to make GST simple, stable

With the new compliance regulations, including e-invoicing, proposed from April 2020, the revenue collection is likely to improve with real-time tracking of input credits claimed by businesses.

GST returns can now be filed in a staggered manner

GST returns can now be filed in a staggered manner

The govt has eased filing of GST returns for taxpayers by allowing them to file in a staggered manner.

Over 65 lakh GSTR-3B filed till Jan 20

Over 65 lakh GSTR-3B filed till Jan 20

​​​GSTR 3B is a monthly return to be filed under GST in which every taxable person has to summarize the details of outward and inward supplies. “This month’s return filing data till date shows that the GSTN return filing system was working within its expected limits, evident by the fact that till Jan 14, a total of 24.66L GSTR-3B were filed,” an official said.

Govt revises target for GST collections again

Govt revises target for GST collections again

The target has been raised to Rs 1.15 lakh crore over the next two months and Rs 1.25 lakh crore in March.

Courier companies seek relief on GST E-way bill rule

Courier companies seek relief on GST E-way bill rule

GST Rule 138E, which took effect in November, doesn’t allow an entity that hasn’t filed returns for two straight months to generate an e-waybill. While the rule won’t impact direct deliveries to ecommerce customers, business-to-business (B2B) orders from overseas will likely get hit.

ETRISE Top MSMEs Ranking: As GST collections slip, compliance cost increases

ETRISE Top MSMEs Ranking: As GST collections slip, compliance cost increases

A slowdown in consumption is also hurting tax collections and a prolong period of economic uncertainty will further pressure.

ETRISE Top MSMEs Ranking: Recognising India's best small businesses

ETRISE Top MSMEs Ranking: Recognising India's best small businesses

Run a great small business and think you deserve to be recognised? Take part in ETRISE Top MSMEs Ranking. An Economic Times Digital initiative powered by the ETRISE Editorial Team, the programme aims to recognise small businesses that have excelled and raised the bar high.

Budget may make faking input tax non-bailable crime for buyers too

Budget may make faking input tax non-bailable crime for buyers too

CXOs, directors or employees directly responsible for making such claims can also be penalised.

CBIC extends waiver of GSTR-1 late fee

CBIC extends waiver of GSTR-1 late fee

More than 54 lakh filings under goods and services tax (GST) were received by authorities, the finance ministry said through its Twitter handle Friday, more than double from the monthly average of 25 lakh filings, prompting the move.

GST authorities begin audit exercise: Issue show cause notices

GST authorities begin audit exercise: Issue show cause notices

India Inc is set to face first ever tax audit under the GST regime. The taxpayers are being asked to furnish detailed records of GST forms, income tax papers and other documents for detailed records for FY2018. Tax authorities had issued a detailed GST manual telling at least 70% of taxpayers in each commissionerate have to be audited.

Nine-point plan firmed up to plug GST revenue leaks

Nine-point plan firmed up to plug GST revenue leaks

The action plan was finalised after a meeting of state and central GST chief commissioners.

View: Govt needs a carrot-and-stick policy for better GST collections

View: Govt needs a carrot-and-stick policy for better GST collections

By the Centre's own estimates, the administration succumbed to Rs 45,682 cr in GST fraud by mid last year.

Rs 1.12 lakh crore paid as IGST refunds to exporters: Govt

Rs 1.12 lakh crore paid as IGST refunds to exporters: Govt

The board said that out of about 1.85 lakh exporters, a total of 6,421 exporters (about 3.4% only) including some ‘star exporters’ have been identified as risky and hence, red flagged. Even some of the ‘star exporters’ are not traceable at the addresses given by them.

Questions for 2020:  Lower income-tax, two-rate GST?

Questions for 2020: Lower income-tax, two-rate GST?

A cut in personal I-T will put more money in the hands of people, lift overall sentiment, and perk up demand. However, while this story may play out with some time lag, tax loss would be immediate, adding to the Rs 1.45 lakh crore giveaway on account of corporate tax.

GST returns not filed? The taxman can freeze your bank account

GST returns not filed? The taxman can freeze your bank account

The CBIC, in a three-page SOP issued on Tuesday has decided to go strong against "defaulters".

Panel favours 2 GST slabs, rate rejig for some items

Panel favours 2 GST slabs, rate rejig for some items

The panel suggested two slabs of 10% and 20%. Alternatively, some goods could be moved from the 18% slab back to 28%, the panel said in a presentation to Bihar deputy CM Sushil Modi in Bengaluru on Monday. The GST Council had, at its recent meeting, asked Modi to look into revenue augmentation measures.

Companies under IBC process may get GST relief

Companies under IBC process may get GST relief

Framework on cards to allow firms to pay current levies without clearing past dues. Ministry of Corporate Affairs and Department of Revenue (DoR) officials have begun talks on the matter and a framework is likely to be unveiled soon. Tax authorities are treated on a par with operational creditors and eligible to receive payments with others.

Cash flow to be further impacted as GST Council lowers eligible credit under ITC to 10%

Cash flow to be further impacted as GST Council lowers eligible credit under ITC to 10%

The change has led to another set of compliance on a monthly basis i.e. check GSTR 2A if the credit claimed doesn’t exceed GSTR 2A by 10% and also determine the credit which are ‘eligible’ out of the GSTR 2A before applying this 10% rule.

What is GST? All about it:

Goods and Services Tax (GST) is an indirect tax used on the supply of goods and services. GST is a value-added tax levied on goods and services sold for domestic consumption. It has subsumed several taxes including central excise duty, services tax, additional customs duty, surcharges and state-level value added tax. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. GST provides revenue for the government and the Goods and Service Tax Act was passed in the Parliament in March 2017 and came into effect on July 2017. The three types of GST are Central Goods and Service Tax, State Goods and Service Tax, Integrated Goods and Service Tax. Since its instruction, GST has undergone many changes and is spearheaded by the GST Council, which has 34 members (primarily finance minister from each state) and headed by the Union Finance Minister. The Council meets on a regular basis for revisions, clarifications, additions and enactments of rule or rate changes of the goods and services in India.

1. How do I register for GST?
Go to the GST website, click on Register Now under Taxpayers, enter the details in Part A, add the OTP received on the email and mobile. You will receive the Temporary Reference Number (TRN) on your mail and mobile. To Register, fill all the details in Section B. Submit appropriate documents which include, proof for the place of business, bank account details, and authorization form. After the completion of the forms a success message and Application Reference Number (ARN) is sent to registered email and mobile.

2. Can a person operating two different companies with different names but with same PAN get two GST registrations?
One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals.

3. Is it compulsory to register for GST?
Following businesses/companies must register for GST:
a. Businesses with turnover above Rs 40 lakh.
b. Individuals registered under the Pre-GST law.
c. Companies that supply via e-commerce aggregator.
d. All e-commerce aggregators.

4. How long does one have to wait to register?
An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.

5. What are the GST slabs?
Goods and services are divided in into five different tax slabs for collection of tax -5%, 12%, 18% and 28%. Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.

6. Who decides rates for levy of GST?
The CGST and SGST are levied at rates jointly decided by the Centre and states. The rates are notified on the recommendations of the GST Council.

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