TN stands against NEET: Governor Ravi

Tamilnadu Governor R N Ravi, in his customary address to the State Assembly today, urged the urged the GST Council and the Union Finance Ministry to continue the GST compensation at least till 30 June, 2024 contending that the State’s revenues were yet to recover from the Covid-19 pandemic. Continue Reading

12% GST rate on MMF, yarn, fabrics from 1 January

The Finance Ministry has notified uniform 12 per cent GST rate on manmade fibre (MMF), yarn, fabrics and apparel, thereby addressing the inverted tax structure in the MMF textile value chain. Continue Reading

‘Last date to avail GST amnesty scheme extended’

The Finance Ministry on Sunday extended the last date to avail the GST amnesty scheme, under which taxpayers have to pay a reduced fee for delayed filing of monthly returns, by three months till November 30. Continue Reading

Centre releases Rs 6K cr to States to meet GST compensation shortfall

The Ministry of Finance has released the weekly instalment of Rs 6,000 crore to the states to meet the GST compensation shortfall. Continue Reading

Centre, States agree not to revise GST rates during corona

GST rates in the country are unlikely to witness any change during the pandemic as the Centre and states have agreed not to disturb the indirect tax structure in wake of the current economic situation where growth has contracted and industrial activity has come to a standstill. Continue Reading

Late fee on GST returns capped till July to Rs 500

In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before 30 September, 2020. Continue Reading

GST meet: What’s on agenda?

Having already announced several sops for the EV sector including Income Tax exemption and reduction in customs duties for certain components in the Union Budget, the government is now expected to push for a further reduction of GST rate cut from 12 per cent to 5 per cent. Continue Reading

GST council to take strong stance against tax evaders

Goods and Services Tax (GST) Council, the federal indirect tax body, is set to take several steps to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June. The government plans to increase scrutiny on businesses amid lower-than-expected GST collections after handholding them through the first two years of the tax reform. Continue Reading

GST Council to look at simplifying housing, MSME sector tax rates

Finance Minister Arun Jaitley announced the details and said, the Goods and Service Tax Council, in its next meet in January would consider rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh. Continue Reading