Finance Ministry Allows Three Last Dates For Filing GSTR-3B Returns

In past, glitches in the return filing system of GST Network were reported on the last day of filing of returns and trade and industry had to face problems.

CII also said a high custom duty of 10 per cent is applicable on the import of intra ocular lenses, and an overall duty of 25.52 per cent (including GST) leading to higher healthcare service cost.

Pharma formulations attract GST of 12 per cent whereas inputs active pharmaceutical ingredients (API) have GST of 18 per cent which has led to accumulation of Input tax Credit.

In one of the biggest crackdowns on Goods And Services Tax (GST) evaders so far, the centre has launched an investigation against unidentified exporters who allegedly faked GST refunds worth Rs 350 crore.

The crisis in the auto sector presents a major problem for the government as it accounts for nearly half of the country's manufacturing output and employs more than 3.5 crore people directly and indirectly.

Ms Sitharaman assured traders that the government is making all attempts to simplify and rationalise the GST structure.

"The GST collection has gone above Rs 1 lakh crore per month. It will remain good in the days to come," Ms Sitharaman said.

Union Minister of State for Home G Kishan Reddy on Wednesday asserted that it is the "moral responsibility" of India to give shelter and citizenship to Hindus and other minority communities of Pakistan, which has been persecuting them persistently.

The government's collection of gross revenue from GST or goods and services tax stood at Rs 1,03,184 crore last month. That marked an increase of 8.93 per cent compared with the corresponding period a year ago. GST collection had come in at Rs 94,726 crore in December 2018, according to an official release. On a month-on-month basis, however, GST revenue declined 0.30...

The Indian economy would rebound in the future and the current slowdown was cyclical, Vice-President M Venkaiah Naidu said at the 102nd annual conference of the Indian Economic Association today.

The Committee will examine and resolve all issues being faced by the taxpayers, including procedural difficulties and IT-related issues pertaining to GST.

The stakeholders have told the officers' panel that manufactured goods, such as fertilizers, mobile phones, footwear, renewable equipment and man-made yarns, which are in lower rates slab (5-12 per cent) suffer the "inverted duty structure" (IDS).

About regulatory issues in the country, Ms Gopinath said that regulatory uncertainty in India is one of the reasons for the ongoing economic slowdown.

An array of developments, ranging from GST and demonetisation to corporate tax rate cut and banking reforms, has transformed the economic landscape of the country.