GST revenues at all-time high of Rs 1.68 lakh cr in April

New Delhi, May 1 (PTI): The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 percent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which… Continue reading GST revenues at all-time high of Rs 1.68 lakh cr in April

Centre releases Rs 17000 cr as GST compensation to States/UTs

New Delhi [India], November 3 (ANI): The Central Government has released GST compensation of Rs 17,000 crore to states, informed the Ministry of Finance on Wednesday. As per the ministry, the total amount of compensation released to the States/UTs so far including the aforesaid amount during the year 2021-22 is Rs 60,000 crore. As per… Continue reading Centre releases Rs 17000 cr as GST compensation to States/UTs

GST collection surges to Rs 1.30 lakh cr in Oct

New Delhi, November 1 (PTI): Goods and Services Tax (GST) collection remained above Rs 1 lakh crore for the fourth month in a row at over Rs 1.30 lakh crore in October, indicating the impact of festive buying. This is the second highest collection of GST since its implementation on July 1, 2017. The tax… Continue reading GST collection surges to Rs 1.30 lakh cr in Oct

Centre released Rs 1,15,000 cr in total current FY to states, UTs to meet GST compensation shortfall

New Delhi [India], October 7 (ANI): The Centre released a total of Rs 1,15,000 crore to states and union territories in the current financial year as back-to-back loan to meet the shortfall in Goods and Services Tax (GST) compensation. The central government on Thursday released a number of Rs 40,000 crore to the states and… Continue reading Centre released Rs 1,15,000 cr in total current FY to states, UTs to meet GST compensation shortfall

India says it will investigate Pandora Papers cases

New Delhi, October 4 (Reuters): India said on Monday it would investigate cases linked to the Pandora Papers leak of financial documents, though it added that the “names of only a few Indians have appeared so far in the media”. “The relevant investigative agencies would undertake investigation in these cases and appropriate action would be… Continue reading India says it will investigate Pandora Papers cases

GST collection hits 5-month high in Sep at Rs 1.17 lakh cr

New Delhi, October 1 (PTI):  India’s GST collection remained above Rs 1 lakh crore for the third month in a row at over Rs 1.17 lakh crore in September, raising expectations that second half of the year will post higher revenues. The tax collections in September on goods sold and services rendered was 23 per… Continue reading GST collection hits 5-month high in Sep at Rs 1.17 lakh cr

GST panel to consider giving waiver on 1 day interest, late fee

New Delhi, September 21 (PTI): As some taxpayers faced difficulties in filing GST return on Monday, the tax department on Tuesday said the IT grievance redressal committee would consider giving interest and late fee waiver. The Central Board of Indirect Taxes and Customs (CBIC) in a tweet said a few taxpayers have reportedly faced difficulty… Continue reading GST panel to consider giving waiver on 1 day interest, late fee

CBDT refunds over Rs 67,401 cr between April 1 to August 16 to more than 23.99 lakh taxpayers

New Delhi [India], September 4 (ANI): The Central Board of Direct Taxes (CBDT) has issued refunds of over Rs 67,401 crore to more than 23.99 lakh taxpayers between April 1 and August 16, the Income Tax Department of India said on Saturday. It further said that the income tax refunds of Rs 16,373 crore have… Continue reading CBDT refunds over Rs 67,401 cr between April 1 to August 16 to more than 23.99 lakh taxpayers

ITR 1, 2, 4 filing, e-proceedings, certain other key functionalities available on new I-T portal: Govt

New Delhi, August 09 (PTI): The government on Monday said certain key functionalities like user profile, ITR 1, 2 and 4 filing, e-proceedings, viewing of old ITRs, are available to the users on the new income tax portal. The new income tax e-filing portal www.incometax.gov.in had a bumpy start from the day of its launch… Continue reading ITR 1, 2, 4 filing, e-proceedings, certain other key functionalities available on new I-T portal: Govt

CBIC rationalises GST refund provisions, allows taxpayers to withdraw application

New Delhi, May 19 (PTI): The Central Board of Indirect Taxes and Customs (CBIC) has rationalised GST refund provisions, including giving option to taxpayers to withdraw application. It has amended Goods and Services Tax (GST) rules and has excluded the time period from date of filing of refund application to date of issuance of deficiency… Continue reading CBIC rationalises GST refund provisions, allows taxpayers to withdraw application