GST
GST collections keep alive hope of 6.8% fiscal deficit in FY22
The June numbers for GST indicate a total collection of Rs 92,849 crore. While this is much lower than record number of Rs 1.41 lakh crore in April, and reasonably well collection of 1.02 lakh crore in May, it is still considered good as it largely records collections made during May, the peak of second Covid wave in India. Given localized and less stringent lockdowns this year, the dent in tax collections seems to have been lesser.
Pandemic disruptions push June GST collection below Rs 1 lakh cr, first time in 9 months
Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns. Though the GST revenues during June 2021 are lower than the over Rs 1 lakh crore collections recorded in the previous month and a record Rs 1.41 lakh crore collection made in April, it is still a growth over June 2020 collections when GST numbers had remained low due to the first set of lockdowns.
Special GST Council meet soon to discuss compensation: Sitharaman
Sitharaman, who is on a two-day visit to Karnataka, said that she had already assured all the stakeholders about convening a special session in which every issue related to GST compensation would be discussed in detail. To a question about Karnataka's GST compensation, she said that every state's compensation will be worked out.
High GST collection shows resilience of Indian economy: Anurag Thakur
In his message on the occasion of the fourth anniversary of the Goods and Services Tax (GST), he noted that the fourth year of GST brought challenges and successes in equal measure. Starting in the wake of the first wave of the pandemic with its profound impact on econmic activity, lives and livelihoods, the year ended while we are emerging from the second wave, he said.
In 4 years, GST has become colonial taxation system: CAIT
Various amendments and introduction of Rules under GST in the recent past have made the taxation system much complicated and put more compliance burden on the traders. It is not alone the Central government but largely the State governments are more responsible for distorting GST taxation system and bringing disparities and anomalies in GST making it a more complex system and a big headache for the traders, said CAIT.
Taxmen to honour honest taxpayers for valuable contribution in GST success
"While it is widely acknowledged that the nation meets its obligations towards spending in various social sectors and welfare schemes and infrastructure development out of revenues mobilised through tax payments by millions of honest tax payers, this step marks the first effort by the government to directly communicate to the GST taxpayers for their contribution," a finance ministry statement said.
GST officials asked to ensure consumers benefit from rate cut of Covid-related items
In an office memorandum, NAA said that the supplies are required to commensurately reduce the prices of each of the supplies of gods and services are made by them to that the benefit of the reduction in tax rates and input tax credits is passed on t the consumers. It further asked GST officials "to all possible steps evisage the GST laws".
GST rates on Covid items slashed; vaccine still taxed at 5%
Addressing the media post the GST Council meet, Finance Minister Nirmala Sitharaman said that the council agreed to go with the recommendations of the Group of Ministers (GoM) that was single point agenda on the council on Saturday.
GST Council extends compliance relief for all taxpayers, focus on smaller
It has been decided that late fee on returns to filed in form GSTR-3B for tax periods from July 2017 to April 2021 will be capped to a maximum of Rs 500 (Rs 250 each for CGST & SGST) per return for taxpayers, who did not have any tax liability for the said tax periods. Also, late fee has been capped to a maximum of Rs 1,000 (Rs 500 each for CGST & SGST) per return for other taxpayers.
No IGST on imported Covid relief items till Aug 3, GoM to look at more relief
So far, IGST exemption was applicable only when these goods were imported 'free of cost' for free distribution. This exemption too has been extended till August 31. The exemption will be valid till August 31, 2021
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