GST News

News

'Every due penny given on time,' says Finance Minister Nirmala Sitharaman on claims of fiscal bias towards Karnataka

Nirmala Sitharaman said Karnataka's ₹1.06 crore GST share for 2017-2022 was released in full and no such compensation was due as of March 2024.

2 min read24 Mar 2024
News

Who profiteered the most from GST tweaks? CCI has clues

Since last May, CCI has issued around 44 orders on complaints of businesses allegedly pocketing the benefits of GST rate reduction or tax credits meant for consumers

3 min read14 Feb 2024
Economy

Fiscal deficit moderates; GST revenue soars in January

Improving fiscal deficit and second-highest GST revenue month ever points to healthy economic indicators

4 min read31 Jan 2024
Money

How small businesses can benefit from GST composition scheme

The scheme offers a substantially lower tax rate, reduces compliances and so works in favour of the small firms.

5 min read9 Jan 2024
Companies

Multiple companies got GST notices this new year. Here's why…

Companies are recalibrating strategies and dealing with legal challenges as they face GST demand notices. Multinational firms are struggling with expatriate salary taxation by Indian units, causing delays in business deals. Lack of clarity in tax applications is also a concern for companies.

1 min read8 Jan 2024
Economy

GST authorities issue demand notices worth ₹1.45 lakh crore in December for FY18: Report

The GST officers have detected GST evasion of about ₹1.51 lakh crore in the current fiscal, but the recovery was ₹18,541 crore as on December 30. This was much less than the internal target of ₹50,000 crore, the report said.

2 min read8 Jan 2024
Economy

GST collection in December rises 10% YoY to ₹1.65 lakh crore

The December GST collections of ₹1.65 lakh crore are 2 percent lower than the ₹1.68 lakh crore recorded in November.

2 min read2 Jan 2024
Economy

GST collections hit ₹1.68 trillion in November

Monthly average of GST receipts now ₹1.66 tn, above govt’s target

2 min read1 Dec 2023
News

Centre notifies 18% GST on corporate guarantees

The rule takes effect from 26 October and applies to corporate guarantees between parent and subsidiaries and other related parties, the Central Board of Indirect Taxes and Customs said

1 min read27 Oct 2023
Economy

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues, multiple notices sent

In FY24, GST officials have so far identified evasions amounting to ₹1.36 lakh crore; and have already recovered ₹14,108 crore of this. In FY23, an evasion of ₹1.01 trillion was detected, resulting in a recovery of ₹21,000 crore

3 min read25 Oct 2023
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