GST collections surged to an all-time high of over Rs 1.15 lakh crore in December as economic activities picked up after lifting of stringent lockdown restrictions. Mop-up from the Goods and Services Tax (GST), which is levied when a consumable item is sold or a service such as travel booking … Read more
Tag: gst
Businesses with monthly turnover of over Rs 50 lakh to pay at least 1% GST liability in cash
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has notified certain … Read more
GST Council Meet Highlights: No monthly returns for small taxpayers; refund claims get watertight with PAN, Aadhaar
After a day-long GST Council meeting, the Centre and the states could not draw consensus on the issue of borrowing to make up for compensation shortfall. Finance Minister Nirmala Sitharaman said that the next meeting will be on 12 October. However, there was various other decision taken in today’s meeting. … Read more