Goods and Services Tax (GST)
GST Collection in October 2022
October 2022 witnessed the second highest collection of GST since the inception of the tax regime. How much GST was collected? The GST collection for October 2022 was Rs 1.52 lakh crore – the second highest collection since the launch ..
Tags: CGST • Goods and Services Tax (GST) • Gross GST Revenue • Inflation
Month: Current Affairs – November, 2022
Category: Economy & Banking Current Affairs - 2022
Goods and Services Tax (GST) Day
The Goods and Services Tax (GST) Day is observed annually on July 1, in India. Key Facts GST Day is observed to commemorate the implementation of Goods and Services Tax (GST). GST Day was first observed on July 1, 2018 ..
Tags: Goods and Services Tax (GST)
Month: Current Affairs - July, 2022
Category: Economy & Banking Current Affairs - 2022 • Important Days & Events Current Affairs
Extension of GST Compensation Cess
Central government has extended the time to levy GST compensation cess, till March 31, 2022. Highlights Time to levy GST compensation cess has been extended by around 4 years. Thus, according to Goods and Services Tax (Period of Levy and Collection ..
Tags: Goods and Services Tax (GST) • GST Compensation Cess
Month: Current Affairs - June, 2022
Category: Economy & Banking Current Affairs - 2022
SC: GST Council Recommendations not binding on Centre, States
The Supreme Court recently ruled that recommendations of the Goods and Services Tax (GST) Council are not binding on the Centre and states. What are the highlights of the judgment of the Supreme Court? The Supreme Court held that recommendations ..
Tags: Goods and Services Tax (GST) • GST • Supreme court
Month: Current Affairs - May, 2022
Category: Economy & Banking Current Affairs - 2022
Centre releases ₹40,000 crore as GST compensation
Central government released an amount of Rs 40,000 crore on October 7, 2021 to states and union territories (UTs) with legislature. Highlights The amount was released under back-to-back loan facility for meeting the shortfall in GST compensation. Amount was released in addition ..
Tags: CGST act • Goods and Services Tax (GST) • GST Compensation Cess • GST Compensation to States Ordinance
Month: Current Affairs - October, 2021
Group of ministers to rationalise GST rates
Government has tasked a group of ministers (GoM) headed by Chief Minister of Karnataka, Basavaraj S. Bommai to propose a rationalisation of tax rates and consider the merger of different tax slabs within two months. Highlights With the move, the ..
Tags: Goods and Services Tax (GST) • Group of ministers (GoM) • GST rate • GST rate cut • Rationalisation of tax rates