Goods and Services Tax

6 digits HSN Code now mandatory for GST taxpayers, check direct link here

The codes prescribed in the Customs tariff are used for the GST purposes too as has been specifically mentioned in the GST rate schedule.

Apr 09, 2021, 12:11 PM IST

March GST collection touch new record high at Rs 1.23 lakh crore

The GST revenues during March 2021 are the highest since introduction of GST. 

Apr 01, 2021, 16:29 PM IST

Rs 1.06 Lakh crore GST compensation shortfall released to states

Till now, 96 percent of the total estimated GST compensation shortfall has been released to the States & UTs with Legislative Assembly. Out of this, an amount of Rs. 97,242.03 crore has been released to the States and an amount of Rs. 8,861.97 crore has been released to the 3 UTs with Legislative Assembly.

Mar 09, 2021, 15:53 PM IST

Bharat Bandh today: Check what will remain closed as traders announce a day-long strike on Friday

In a statement, CAIT the umbrella body which has called for the Bharat Bandh said that over 8 crore traders belonging to more than 40,000 trade associations across the country will observe the `Bharat Vyapar Bandh` to protest against some of the "draconian, arbitrary and critical" amendments made recently in GST rules. The CAIT has announced that all commercial markets across the country will remain closed on February 26.  

Feb 25, 2021, 19:08 PM IST

Rakesh Jhunjhunwala says he will never buy Bitcoin, Centre should ban Cryptocurrencies

The Government or Reserve Bank of India has not authorised any VCs as a medium of exchange. Further, the Government or any other regulator in India has not given license to any agency for working as exchange or any other kind of intermediary for any VC. Persons dealing in them must consider these facts and beware of the risks involved in dealing in VCs.

Feb 23, 2021, 16:23 PM IST

Bitcoin trading likely to attract Income Tax, 18% GST: Reports

Ahead of the presentation of Cryptocurrency and Regulation of Official Digital Currency Bill, 2021 in the Budget session of Parliament, as has been reported by several media publications, the report further added that both the taxes will be levied for the current fiscal year.

Feb 17, 2021, 14:37 PM IST

GST revenue collection at all-time high in January 2021, stands at Rs 1.19 lakh crore: Ministry of Finance

The Finance Ministry informed that the total number of GSTR-3B Returns filed for the month of December up to January 31 was recorded at 90 lakhs. The Finance Ministry said that the government has settled Rs 24,531 crore to CGST and Rs 19,371 crore to SGST from IGST as regular settlement. 

Feb 01, 2021, 00:07 AM IST

GST collections at record-high of over Rs 1.15 lakh crore in December 2020

The Finance Ministry said that the continued rise in the GST mop-up, which has crossed the psychological Rs 1 lakh crore-mark for the third straight month in the current fiscal, is due to the combined effect of rapid economic recovery post-pandemic and the drive against GST evaders.

Jan 01, 2021, 16:19 PM IST

Govt releases Rs 6,000 crore for GST compensation under special borrowing window

Ministry of Finance has facilitated loans of Rs 12,000 crore till date under the Special Window to States/UTs.

Nov 03, 2020, 13:09 PM IST

GST e-invoice system: 495 lakh e-invoices generated on NIC portal

Starting with 8.4 Lakh e-invoices on 1st October, 2020, the usage has gradually picked up.

Nov 03, 2020, 13:02 PM IST

GST Council meet: No consensus yet on compensation dues, says FM Nirmala Sitharaman; 12 states accept Centre's solution

Finance Minister Nirmala Sitharaman, who heads the Council, said the government is seeking time to consider demands of 9 other states. Sitharaman said that among members there was a question on whether the GST Council can order that either the Centre borrow or states borrow.  

Oct 12, 2020, 23:18 PM IST

GST Council splits on state compensation; surcharge on luxury goods, tobacco extended

Nirmala Sitharaman said 21 states accepted one of the two borrowing options suggested by the Centre but 10 states did not agree. Kerala Finance Minister said 10 states, mostly ruled by Congress and Left, want the Centre to borrow and give the money to states. 

Oct 06, 2020, 00:01 AM IST

GST collections at Rs 95,480 crore in September; touch highest level so far this fiscal

The revenues for the month are 4% higher than the GST revenues in the same month last year.

Oct 01, 2020, 17:49 PM IST

GST annual return filing deadline for FY19 extended till October 31

In May, the government had extended thel ast date for filing annual GST return for 2018-19 by three months till September 2020.

Sep 30, 2020, 15:24 PM IST

IRDAI seeks GST rate cut on life, health insurance premiums; all eyes on GST Council's meeting on Sept 19

The GST Council meeting comprises representatives of all states, and headed by Union Finance Minister Nirmala Sitharaman,

Sep 11, 2020, 14:24 PM IST

GST revenue collection for August stands at Rs 86,449 crore: Finance Ministry

The gross GST revenue collected in August 2019 stood at Rs 98,202 crore.

Sep 01, 2020, 20:44 PM IST

Centre gives two options to states on GST compensation, says GST collection impacted due to COVID-19

Finance Secretary said, "Attorney-General said that GST compensation has to be paid for a transition period- from July 2017 to June 2022. Revenue has to be protected compensation gap to be met from cess fund, which in turn has to be funded from levy of cess."

Aug 27, 2020, 18:57 PM IST

41st GST Council meet today: Here’s what is expected

MoS for Finance Anurag Thakur, Finance Ministers of States and UT will attend the meeting.

Aug 27, 2020, 10:36 AM IST

Delayed GST payment: Interest to be charged on net tax liability from September 1

The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability.

Aug 26, 2020, 17:07 PM IST

GST registration through Aadhaar authentication: How to apply and important points to note while opting

For a person opting for Aadhaar authentication for new GST registration would get it within just three working days.

Aug 24, 2020, 14:14 PM IST