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Sushil Modi to head GoM to study GST revenue shortfall

Bihar Deputy Chief Minister Sushil Modi will head the seven-member committee to look into revenue shortfall being faced by the states after the GST roll-out, and suggest steps for augmenting collections, a GST Council notification said.   The GST Council, headed by Finance Minister Arun Jaitley and comprising state ministers, had on December 22, 2018, Read More…

Business Companies Industries

Elections bells ringing Raise in SME Limit to 40 lakhs at GST Council meet

In a bid to give relief to small businesses, the GST Council Thursday doubled the limit for exemption from payment of goods and services tax (GST) to Rs 40 lakh and announced that the higher turnover cap of Rs 1.5 crore for availing composition scheme of paying 1 per cent tax will be effective from Read More…

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GST Council Cuts rates over 23 Goods & Services ahead of 2019 Elections

The GST Council Saturday reduced tax rates on 23 goods and services, including movie tickets, TV and monitor screens and power banks, and exempted frozen and preserved vegetables from the levy.   The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st meeting Read More…

Business Companies Legal

DGGI unearthed Indirect tax evasion of 29088 Crores Rupees

“DGGI officers have detected total indirect tax evasion of Rs 29,088 crore (290.88 billion) during April-October,” the official told PTI on Wednesday .   He further said that the total amount of detection was likely to be more as the data does not include detection by field offices of the Central Board of Indirect Taxes Read More…

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GST October collections crossed 1 lakhs Cr : Jaitley

GST collections for October 2018 have crossed Rs 1 lakh crore. The success of GST is lower rates, lesser evasion, higher compliance, only one tax and negligible interference by taxation authorities, Jaitley tweeted. The Finance Ministry had targeted monthly GST collections to be Rs 1 lakh crore for this fiscal. After it touched the one Read More…