Goods and services tax Current Affairs, GK & News

Goods and Services Tax

Goods and Services Tax is a comprehensive indirect tax which is to be levied on the manufacture, sale and consumption of goods and services in India. This is so far the biggest tax reform in the country. GST eliminates the cascading effect of taxes because it is taxed at every point of business and the ..

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GST Collections in May 2022

In the month of May 2022, the Goods and Services Tax (GST) revenue stood at around Rs 1.41 lakh crore. This is a 44 percent increase in comparison to May 2021. The GST collection in May was lower than what was recorded in April 2022 which stood at Rs 1.68 lakh crore. The GST collections ..

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Asian Development Outlook (ADO) 2022

India’s GDP growth has been forecasted by the Asian Development Bank (ADB) to 7.5 per cent in 2022-23 from 2021-22’s estimated 8.9 per cent. The report has also suggested that the growth will pick up and reach 8 per cent in 2023-2024. Overview: The Russia-Ukraine conflict’s implications have been factored in by the ADB for ..

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GoM approves e-way bill for intra-state gold movement

The Group of Finance Ministers has approved bringing the intra-state movement of gold within the ambit of the e-Way bill. However, the panel of ministers has left the final decision to introduce it or not to the individual states as they would be the correct authority to take a call regarding this. What is an ..

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GST rates increased for mobile phones

The Goods and Services Tax Council chaired by the Union Finance Minister announced that it has decided to increase GST rates on mobile phones to 18 per cent from 12 per cent with effect from 1st of April. The Council also waived the late fee for delayed filing of annual returns for the financial years ..

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GOI partners with Infosys to improve GST Filling Portal

To improve the performance of the Goods and Services Tax Network (GSTIN) filling portal, The Government of India has entered into a partnership with Infosys, which has been managing the Goods and Service Tax regime as the service provider in the country. The technological measures adopted under the partnership will be announced in April 2020. ..

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2nd National GST Conference of Central & State Tax Commissioners

Under the chairmanship of Revenue Secretary of Ministry of Finance, Dr. Ajay Bhushan Pandey, The 2nd National GST Conference of the Commissioners of State Tax and Chief Commissioners of Central Tax held on Tuesday, 7th January 2020, where the conference concentrated for streamlining Goods and Services Tax (GST) system and blocking up revenue leakages. Among ..

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