The government had collected Rs 93,141 crore revenue under the GST in September.
The initial sales return in the Goods and Services Tax (GST) regime is filed by businesses in form GSTR-3B.
The former Union minister, who was speaking at an event here last evening, also criticised the BJP-led government over the way GST was rolled out, although, he said, the concept of one nation one tax was "a great idea."
To compensate for the jump in operating costs post the announcement, Starbucks, McDonald's and Domino's are among the fast-food majors who have decided to increase their base rates.
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McDonald's blamed withdrawal of input tax credit which has resulted in increased operating costs
Moody's has also raised India's long-term foreign-currency bond ceiling to Baa1 from Baa2, and the long-term foreign-currency bank deposit ceiling to Baa2 from Baa3.
The Indian economy grew at its slowest pace in three years between April and June at 5.7 percent. A Reuters poll conducted in October showed economists predict South Asia's largest economy will grow by 6.7 percent in the fiscal year ending March 2018.
There has been a huge debate on whether or not restaurants have been passing on GST rate cut benefits to consumers or not. To discuss this, CNBC-TV18 caught up with Rohan Shah, Tax Expert, Pratik Jain, Partner at PwC India, Adarsh Shetty, President of Indian Hotel and Restaurant Association and Rahul Singh, Vice President and Gurgaon Chapter Head of National Restaurant Association OF India.
Producers should get a tax refund for the expenses incurred during exploration and production of natural gas till the time the fuel comes under the GST net, Baru said in his letter.
The National Anti-profiteering Authority will make sure that the benefits of the recent GST tax rate revisions are passed on to consumers
The Central Board of Excise and Customs (CBEC) last month said that businesses with turnover up to Rs 1.5 crore are exempt from deducting Goods and Services Tax (GST) on advance payment for supply of goods.
Jaitley made this comment before a gathering of investors while highlighting various achievements like ease of doing business ranking by the World Bank.
While demonetisation dampened petrol demand growth to 3 per cent in the January-March quarter, slowest in the past decade, the growth will recover in the first quarter of 2018 to around 9 per cent, said the research and consultancy firm.
According to Flexing It, a platform for independent consultants and flexible management talent in India and South East Asia, 'mature leaders' with 16-20 years of professional experience command highest payouts, with 50 per cent charging over Rs 23,000 per day and 25 per cent charging as high as Rs 74,000.
Now exporters of services who paid IGST and those making zero rated supplies to SEZ units as well as those merchant exporters who want to claim refunds for input credit can approach their jurisdictional commissioner with their refund form.
While the Centre said that the price of sanitary napkins would increase if they are exempted from GST, the court gave the Centre one month's time to respond.
Jaitley's fifth and the NDA government’s last full budget before 2019 Lok Sabha polls will sport a different look with a lighter `Part B’—the section of the speech that contains tax proposals—with fewer indirect tax changes because of the Goods and Services Tax (GST)
If bindi, sindoor and kajal are kept out of the ambit of the GST, why cannot the sanitary napkins, which is an essential item be exempted, the Delhi High Court on Wednesday asked the Centre.
Taxes on over 200 items have been slashed by the GST Council. Will these benefits be passed on to consumers soon? LocalCircles conducted an online poll across 100 cities in India to gauge the mood among companies and the industry. CNBC-TV18's Shereen Bhan caught up with Yatish Rajawat, Chief Strategy Officer at LocalCircles to talk about this.
Here are a 15 instances, collated from the I-T department’s report, of how people deposited large previously undisclosed cash amounts to dodge taxmen.
Hundreds of bullion traders, property dealers, civil contractors, shell companies, petrol pump owners and cooperative societies moved thousands of crores into multiple bank accounts during November 8, 2016 to December 30, 2016 to obscure the trail of slush funds
"There were many 'shahensha' (king) who brought their own currency. Some even kept previous currency in circulation while introducing the new one. But, there was a shahenshah 700 years back - Muhammad Bin Tughlaq - who introduced his own (currency) while discontinuing the old currency," he said at a function here.
“Rozgaar (employment) aur naukri (jobs) do bohot alag cheezein hain,” Shah said during Network18's 'Agenda Gujarat' event. Elaborating on this point, the BJP party president said that thinking that all Indians would someday get jobs was not a practical thought.
The move will be a relief for consumers who might have felt the pinch on their day-to-day shopping.