GST Collections Hit Record High Of Rs 1.24 Lakh Crore In March

The total revenue of Centre and the States after regular and ad-hoc settlements in the month of March 2021 is Rs 58,852 crore for CGST and Rs 60,559 crore for the SGST.

Bringing petrol and diesel under the GST regime is not possible for the next 8-10 years as no state is ready to face the annual revenue loss of over Rs 2 lakh crore on this account, BJP member Sushil Kumar Modi said in Rajya Sabha on Wednesday.

Amid outcry over high taxes on petrol and diesel, Finance Minister Nirmala Sitharaman on Tuesday said she would be "glad" to discuss the suggestion of bringing petrol and diesel under the ambit of the Goods and Services Tax at the next meeting of the GST Council.

Central government's LTC cash voucher scheme makes it easier to claim LTC benefits without travelling. Eligible employees can simply buy good and services with GST rates of 12 percent and above through digital platforms. In this article, we explain everything you need to know.

Amid record-high fuel prices, Finance Minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).

Minister of State for Finance Anurag Thakur on Monday said both the centre and the states need to think about reducing taxes on petrol and diesel as their prices have risen sharply in the recent weeks.

The Union Finance Ministry on Tuesday informed the Parliament that no recommendation from the Goods and Services Tax (GST) Council has been made to bring petrol and diesel under the ambit of the GST.

Gold Price In India Today: Domestic spot gold closed at Rs 44,516 per 10 grams on Friday, and silver at Rs 65,128 per kilogram - both rates excluding GST

Gold Price In India Today: Domestic spot gold closed at Rs 45,217 per 10 grams on Wednesday, and silver at Rs 67,919 per kilogram - both rates excluding GST

In the ongoing drive to counter the fake billing operations, the Central Goods and Service Tax (CGST) Commissionerate arrested an accused for creating a network of 38 fictitious firms to generate and pass fake Input Tax Credit (ITC) of Goods and Service Tax (GST) amounting to Rs 38.91 Crore.

GST collections, which directly reflect the state of economic activity, had plummeted to a record low of Rs 32,172 crore in April 2020, after the government imposed a nationwide lockdown to curb the spread of coronavirus

Gold Price In India Today: Domestic spot gold closed at Rs 45,976 per 10 grams on Monday, and silver at Rs 68,466 per kilogram - both rates excluding GST

Maharashtra Governor Bhagat Singh Koshyari on Monday said out of Rs 46,950 crore due to the state government as GST compensation, the Centre has paid just Rs 6,140 crore and Rs 11,520 crore as loan by the end of February.

Chief Economic Advisor K V Subramanian, however, said the decision will have to be taken by the GST council.