The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection. GST Updates The department shared the details of the new functionalities for the GST stakeholders. The new GST rate of 6% is reported online in GSTR-1. Read more: Reporting 6% rate ...
The monthly GST collection is showing year-on-year growth since September 2020, which indicates the economy is coming back on track again. It reached a record level of INR 1.15 lakh crore, the highest ever collection since the countrywide tax (GST) came into effect in July 2017. The previou...
Giving more details, the Minister stated that the issue of shortfall of cess collection into Compensation Fund and GST compensation to States/UTs due to economic impact of the pandemic has been deliberated in 41st, 42nd & 43rd GST council meetings. As per the decision of GST Council...
For the 5th continuous month, the Centre’s goods and services tax (GST) collection attained at Rs 1 trillion marks in Feb month. As per the government, this was the outcome of the implemented activities so to enhance the recovery inside the economic act
While as overall country’s GST revenues in December 2021 grew 13 per cent to over Rs 1.29 lakh crore, mainly due to pickup in economic activity and anti-evasion steps, the Finance Ministry said on Saturday. Though the collection was lower than Rs 1.31 lakh crore mopped up in November, ...
Collection failures: ([212]-[214]) The Commissioner seeks to uphold an assessment disallowing ITCs of nearly $73m, and a penalty of over $30m, in circumstances where; it is the Fraudulent Suppliers, not the applicant, that profited from the scheme by fraudulently retaining the cashflow pro...
If Adobe is charging GST the they must be registered with GSTN and should be depoisiting these collection of Taxes on sales being made by Adobe. Same will get reflected in receipent's GSTR-2A/B and these can be claimed back. Zero GST charged by Adobe does not means it i...
This is because such a gap in data collection prevents a comprehensive understanding of the consequences of such measures. Shutdowns over the past eight years, often citing maintenance of “public order”, undermine the principle of proportionality. Digital rights organisations have condemned the ...
“Higher Financial Services revenue was on account of higher share of merchant loans, higher trail revenue from Default Loss Guarantee (DLG) portfolio, and collection efficiencies,” the company says. For context, financial services segment consists of equity broking, insurance and credit products, su...
According to the latest sources, it is mentioned that “We have suggested that when businesses issue invoices to consumers, the MRP should be inclusive of GST. The bifurcation in tax collection and sale price can be shown in the invoice while paying taxes to the government.” ...