LS passes GST Amendment Bill

New Delhi , Dec 27 : The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill 2017.  Union Finance Minister Arun Jaitley had introduced the bill in the lower House last week. The approval would allow to increase the maximum rate at which the Compensation Cess can be levied […]

GST collection goes down again

Experts say the fall, in part due to the large number of rate reductions, will improve from January The Goods and Services Tax (GST) collection in November fell further to Rs. 80,808 crore from Rs. 83,346 crore in October, show official data released on Tuesday. “The total collection under the GST for November has been […]

The Many Ways To Read The GST Revenue Data

There are many different ways to read the Goods and Services Tax revenue collection data for the month of November. Let’s start with listing the latest available data… GST Revenue July: Rs 92,283 crore (later revised to Rs 94,063 crore) August: Rs 90,669 crore September: Rs 92,150 crore October: Rs 83,346 crore November: Rs 80,808 crore […]

Falling GST revenue: CBEC asks officials to go after non-filers

July-October saw only about 60 lakh taxpayers filing even the summary returns. In what showed the government’s anxiety over the “high” transitional credit claims and absence of invoice-matching hitting the goods and services tax (GST) collections, the Central Board of Excise and Customs (CBEC) has sent another missive —the third in less than a month—to […]

RERA, GST likely to make co-operative society sites costlier

BENGALURU: Buying a site in a co-operative housing societymay soon become more transparent and more expensive. This is because housing societies now need to register under the Karnataka Real Estate Regulatory Authority and Goods and Services Tax (GST). “The dream run of cooperative housing societies, which made hay during the property boom in Bengaluru and other […]

No further GST rate cuts as revenue concerns grow

According to the target set by the Union government, the Centre and the states combined should collect Rs 91,000 crore every month. Rate cuts in Goods and Services Tax (GST) for consumer durables in the 28 percent slab looks very unlikely in days to come, as revenue concerns surfaced. The GST council is scheduled to […]

GST on petroleum: Jaitley throws the ball to Congress-ruled states

Jaitley had said that the Centre wanted to bring petroleum under the ambit of GST and was awaiting responses from states Finance minister Arun Jaitley asked the Congress party to tell the five states ruled by it to agree to impose the goods and services tax (GST) on petroleum, instead of asking what the Centre was doing on this . “You tell the five states to give a statement […]