Goods and Services Tax (GST) News

Anti-Evasion Branch, CGST Commissionerate Faridabad, Panchkula CGST Zone carried out the raids The GST team posed as customers to gain trust and access to the site Cash over Rs 50.88 lakhs also seized from the godowns

The initial date for its rollout was April 1, 2020, but the Centre notified October 1, 2020, as the revised date for the implementation of e-invoicing. As per the website of the Good and Service Network `e-invoicing` has many advantages for businesses such as standardisation, interoperability, auto-population of invoice details into GST return and other forms (like e-way bill), reduction in processing costs, reduction in disputes, improvement in payment cycles and thereby improving overall business efficiency.

The Centre has released Rs 36,400 crore as GST compensation to the states and union territories for three months till February 2020. For the April-November 2019 period, the Centre had already released Rs 1,15,096 crore to compensate states and UTs on account of revenue loss due to implementation of the Goods and Services Tax (GST).

According to the Union Finance Ministry, the GST revenues during the month of February 2020 from domestic transactions has shown a growth of 12 per cent over the revenue during February last year.

Congress vice-president Rahul Gandhi on Saturday said that structural changes are needed in the Goods and Services Tax (GST).

The tax-GDP ratio will see an increase of 30 basis points (bps) each in 2018-19 and 2019-20 due to the impact of demonetisaion and the roll-out of the Goods and Services Tax (GST), according to the Medium-Term Expenditure Framework (MTEF) Statement tabled in the Lok Sabha on Thursday.

Outgoing Niti Aayog Vice-Chairman Arvind Panagariya made a strong case for reforms in bureaucracy, police and judiciary, saying these general legacy issues will have to be addressed for sustained growth in the long term.

To start with, the plant will have six biscuits lines, one cake line and one filled croissants line, Berry said.

The decision was taken at the Council`s meeting on August 5. Though the Centre has been advised to increase the ceiling on cess, the decision on when to bring it into effect is still pending.

He rejected the argument that trade registration under GST was less and said a record number of registrations have taken place.

The finance ministry also expressed confidence that construction cost of flats and housing complexes will come down on account of seamless flow of input tax credit in GST.

The first tax returns under the new GST regime can be filed from tomorrow and the facility will remain open till August 20 in GSTR 3B form.

Businesses have time till July 30 to register under the GST.

Under the GST regime, exports will be zero-rated in entirety unlike the present system where refund of some of the taxes does not take place due to fragmented nature of indirect taxes between the Centre and the States.

Having chaired the Empowered Committee of State Finance Ministers from 2000 to 2010, Dasgupta pointed out that the panel had earlier proposed two GST rates.

As per the three tier structure -- the GST Implementation Committee (GIC) will receive complaints and those which are state specific and involving smaller amounts will be transferred to the state screening committee.

Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna also said the department is keeping track of revenue trends post the GST rollout from July 1, but actual positions will be known after returns are filed in September.

The delegation will discuss issues concerning Goods and Services Tax (GST) recently imposed in India in relation to the bilateral Trade and Transit Treaty between the two countries, officials said here.

Senior bureaucrat John Joseph has been appointed Director General of Goods and Services Tax Intelligence (DG GSTI), as per an official order.

"Goods and Services Tax (GST) and forecast of normal monsoon also led to positive sentiment," said Himanshu Srivastava, Senior Analyst Manager Research at Morningstar India.