The Union Finance & Corporate Affairs Minister Smt. Niramla Sitharaman today announced several important relief measures taken by the Government of India in view of COVID-19 outbreak, especially on statutory and regulatory compliance matters related to several sectors. While addressing the press conference through video conferencing here today, Smt. Sitharaman announced much-needed relief measures in …
The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today. The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. In the GST …
The 39th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman here today . The meeting was also attended by Union Minister of State for Finance & Corporate Affairs Shri Anurag Thakur besides Finance Ministers of States & UTs and seniors officers of the Ministry of Finance. The GST …
GST on cotton is 5% across the entire textiles value chain whereas GST rates on manmade fibres (MMF) and textiles are 18%, 12%, and 5% on fibre, filament yarn/ spun yarn and fabrics respectively. The matter of implementation of a uniform tax structure for the MMF value chain (from feedstock to fabric) was already referred …
The CGST Delhi North Commissionerate arrested one person who received fake/goods-less invoices valued at Rs 71,22,95,370/- involving fraudulent Input Tax Credit of Rs 12,82,05,579/- from 30 bogus/fake firms. The modus operandi was to create various fake firms in the name of employees of the operator of fake firms and other persons. Fake e-way bills were …
The Small and Medium sector companies now get the benefit of the new return model under GST which ensures quarterly filing of returns for those taxpayers whose annual aggregate turnover in the preceding Financial year does not exceed Rs.5 crore. Department of Revenue have informed that there is no such proposal at this stage. Quarterly …
The gross GST revenue collected in the month of February, 2020is ₹ 1,05,366crore of which CGST is ₹ 20,569crore, SGST is ₹ 27,348crore, IGST is ₹ 48,503crore (including ₹ 20,745crore collected on imports) and Cess is ₹ 8,947 crore (including ₹ 1,040crore collected on imports). The total number of GSTR 3B Returns filed for the month of January up to 29th February, 2020 is 83.53lakh. The government has settled ₹ …
Keeping with the Hon’ble PM’s objective of turning districts into export hubs, Central Board of Indirect Taxes and Customs has now started capturing district-wise data or origin of export goods. The idea was also recently echoed by the Hon’ble Finance Minister in her Budget speech. This additional information from the export declarations will provide a …
To identify cases of fraudulent claims under Goods & Services Tax (GST), the Government of India has taken measures to apply stringent risk parameters-based checks driven by rigorous data analytics and Artificial Intelligence (AI) tools based on which certain taxpayers are taken up for further verification. Moreover, a standard operating procedure has been prescribed for …
The Government is committed to support the Micro, Small & Medium Enterprises (MSME) which is an important sector of the Indian economy that fosters entrepreneurship and generates employment opportunities at lower capital cost. The Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman tabled the Economic Survey 2019-20 in Parliament today. The Economic Survey …