Tag Archives: GST

Finance Minister Nirmala Sitharaman addresses the media on key economic issues. Earlier this month, Finance Minister Sitharaman said the revival of the economy after the Covid shutdown was clearly visible and that the indicators looked positive. This view was also shared by the Reserve Bank of India Shaktikanta Das last …

NEW DELHI: The states ruled by the Center and the Opposition are set for another showdown on Monday when the GST Council meets to discuss the constitutionally required goods and services tax (GST) offset for state governments for fiscal year 21 . The central government is in a bind as …

NEW DELHI: 71,000 users have generated up to 69.5 lakh invoice reference numbers in the first week of implementation of the electronic invoicing system for goods and services tax (GST) for companies with an annual turnover of at least ₹500 crore, the Finance Ministry said on Friday. Finance Secretary Ajay …

The Goods and Services Tax Council (GST) on Monday was unable to resolve the compensation issue and postponed the matter for the next meeting to be held on October 12. However, the Council made other decisions that will have an impact on companies. Consulting firm EY India summarizes the other …

On Monday, the central government sought to buy peace by accepting the states’ demand for full compensation for their shortfall in tax revenue due to the implementation of the goods and services tax (GST) or the coronavirus pandemic, but a call final on how states will be compensated. it will …

NEW DELHI : Monday’s GST Council meeting may turn into a stormy affair as states not governed by the BJP are still at odds with the Center on the issue of compensation. While 21 states, mostly governed by the BJP or parties that have supported it on issues, had opted …

The collection of the goods and services tax (GST), a tax on consumption, has shown the first sign of recovery in business activities since the outbreak of the Covid-19 pandemic and the subsequent closure as of March 25 with a 4% YoY growth to Rs 95,480 crore in September and …

NEW DELHI : The temporary withholding of goods and services tax (GST) in the Consolidated Fund of India (CFI) in fiscal year 2018 and fiscal year 2019 is not a diversion of funds, an official from the Ministry of Finance said in response to an observation made by the Comptroller …

According to the CAG audit, the Union government collected Rs 95,081 crore as GST compensation assignment in 2018-19, but only transferred Rs 54,275 crore to the GST compensation fund. The Union government violated the GST Compensation Cessation Act, 2017, by wrongly withholding Rs 47,272 crore in the Consolidated Fund of …

In his audit report of government accounts, the Comptroller and Auditor General (CAG) noted that the amount would be credited to the non-cancellable GST Compensation Cess fundraising fund for payment to the states for loss of income due to implementation of GST since 2017, but the government did not do …