CBIC Launches Scrutiny Into 50,000 GST Filings, Proposes Quarterly Scrutiny

Central Board of Indirect Taxes and Customs (CBIC) has proposed mandatory scrutiny of Goods and Service Tax (GST) returns on a quarterly basis

Central Board of Indirect Taxes and Customs (CBIC) issued duty drawback and GST refunds of Rs 1.75 lakh crore to exporters in 2021-22

A group comprising ministers from states is yet to finalise a report on rationalisation of GST rates and a decision will be taken in due course, sources said.

Many states are spending high amounts on populist schemes and with the GST compensation ending in June, they need to re-prioritise their expenditure

With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories, sources said.

Chhattisgarh Chief Minister Bhupesh Baghel on Wednesday said that he will discuss issues like Good and Services Tax, Naxal-affected areas and their development and other issues concerning the state during his meeting with Home Minister Amit Shah.

All businesses must ensure timely compliance in filing GST return to avoid incurring interest or a late fee

The government is working on a set of FAQs (Frequently Asked Questions) on the taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said.

The logistics sector is projected to record a growth of 7-9 per cent in the current fiscal, a report by ICRA has said

During all the three waves of COVID-19, hospitalisations increased rapidly and insurance claims rose

Claiming that there was no internal unrest in the Maha Vikas Aghadi (MVA) government in Maharashtra, Chief Minister Uddhav Thackeray on Saturday said a befitting reply is being given through development works to those trying to topple it.

Goods and services tax (GST) collections have grossed Rs. 1,42,095 crore in March, an all-time high, breaching the earlier record of Rs. 1,40,986 crore collected in January 2022, said the finance ministry on Friday.

Indian government announced on Monday that it had recovered over Rs. 95 crore from 11 cryptocurrency exchanges including WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, and UnoCoin in GST evasion cases.

BJP member Sushil Kumar Modi on Monday asked the government to increase tax on cryptocurrencies from the current rate of 30 per cent, saying it is a form of gambling and countries like Japan, German, France and Austria have imposed up to 55 per cent tax on it.