May 06, 2021 05:52 PM IST

Do your due diligence before sending show cause notices on service tax defaults: CBIC tells officers

Tax-related associations say the department has issued notices even to many businesses which are exempt from service tax for the year 2015-16. Experts say that not all differences in data between income tax and service tax amount to tax evasion.

What caused record GST collections in April?

Centre may call GST meeting this month as states seek rate cuts on essential medical items

Many states, including Delhi, Punjab and Chhattisgarh, want GST to be exempted temporarily on devices such as ventilators, concentrators, and life-saving drugs like Remdesivir.

COVID-19: As govt cuts GST, a look at duties on certain imported items, more clarity awaited on others

While drugs like Remdesivir, Tocilizumab, Favipiravir and others are exempt from customs duties as well as IGST, there is still no clarity on the GST they would attract when manufactured in India.

Government extends income tax, GST compliance timelines due to outbreak of second wave of COVID-19

COVID-19 vaccine: Centre mulls GST waiver to lower prices

The Centre has decided to open up the vaccination drive for everyone above 18 from May 1 onwards.

Industry requests Finance Ministry for more handholding on filing GST, other taxes

Industry tells government that more handholding is required to clear tax related confusion on the ground. Also calls for tax compliance deadline to be extended.

States seek urgent GST Council meeting amid rising COVID-19 cases

States are demanding GST exemption of crucial drugs and equipment used in COVID-19 treatment, such as remdesivir, medical grade oxygen used in oxygen cylinders, and related supplements.

2020-21 indirect tax collections beat revised estimates by 8%: CBIC Chief

Out of the total provisional indirect tax collections, custom duty collections came in at Rs 1.32 lakh crore, excise and service tax collections came at Rs 3.91 lakh crore, while the net GST collection for the centre stood at Rs 5.48 lakh crore.

Data shows economy well-poised to deal with second COVID wave; but concerns remain

While data points like GST, housing and vehicle sales indicate that the economy is still on a strong path to recovery, industrial production and manufacturing sentiment numbers show that there is still a cause of concern. As COVID numbers spike again, Moneycontrol takes a look at some key high-frequency data.

GST revenue collection hits new record of Rs 1,23,902 crore in March 2021

A 27 percent year-on-year growth has been recorded in the collection of GST last month.

Not possible to bring petrol, diesel under GST for next 8-10 years: Sushil Kumar Modi

Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Sushil Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021.

GST collections top Rs 1 lakh crore for five straight months since Oct 2020: MoS Finance

Anurag Thakur, during Question Hour, said this could be possible on the back of the measures taken by the government to boost economic activities over the last year to deal with the COVID-19 pandemic.

Mercedes Benz growth, investment limited by high taxes in India: MD Martin Schwenk

Under the GST regime, luxury cars are taxed under the 28 percent slab along with an additional cess of up to 25 percent.

No proposal for scrutiny of GST assessment in faceless mode: Anurag Thakur

Income tax assessments are being done in a faceless manner except in certain conditions and till March 10, a total of 82,072 assessment cases have been completed in a faceless manner, he added.

GST compensation required by state govts for FY22 to touch Rs 2 trillion: ICRA

The state governments may need to utilise as much as 70-90 percent of their enhanced borrowing limits for FY2022 to meet the shortfall.

Petrol, diesel under GST | Centre open to discussions: Anurag Thakur

In a written reply to a question in the Rajya Sabha, Anurag Thakur said the GST Council had so far not recommended placing GST on petrol and diesel.

GST fraud of Rs 20,124 crore detected during November 9-January 31, says FM Nirmala Sitharaman

A nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently on the strength of fake/bogus invoices is being carried out, she said in a written reply to the Rajya Sabha.

SC disposes petition to extend GST amnesty scheme

The bench further highlighted that the scheme was “policy intervention" by the government and that “the terms on which the amnesty scheme was executed is in the realm of a policy decision."

Fuel price rise: States call for inclusion of petrol, diesel under GST ambit

At present, every state has its own way of taxing fuels, while the Centre also collects its own duties and cess.

GST officers arrest person for defrauding exchequer Rs 13.76 crore

Based on investigation, it appeared that PSR Metals was involved in using bazaar scrap to manufacture battery lead and was using the input tax credit of fresh batteries while clearing these new batteries without issuance of invoices.

At Rs 1.13 lakh crore, GST collections cross Rs 1 lakh crore mark for 5th month in a row in February

GST collection in February stood at Rs 1.13 lakh crore, 7 percent higher year-on-year, but lower than an all-time high of nearly Rs 1.20 lakh crore in January, official data showed on March 1.

Bringing petroleum products under GST will be good move: Chief economic advisor K V Subramanian

"It will be a good move, but the decision rests with the GST Council," Subramanian said during a recent interaction with FICCI FLO members.

Bharat Bandh on February 26: CAIT protests rising fuel prices, E-way bill and GST

Here is all you need to know about the Bharat Bandh called by CAIT on February 26

CAIT writes to PM Modi about GST issues, alleged violation of e-commerce rules by e-tailers

In its letter to the prime minister, the Confederation of All India Traders (CAIT) called for setting up of a "special working group" at the central level comprising senior officials, CAIT representatives and independent tax experts to review the GST structure and make recommendations to the government.