GST Council meet

On June 12, 2020, the Finance Minister Nirmala Sitaraman chaired the 40th GST Council Meet. Highlights The minister at the meet announced that no late fee will be charged from the taxpayers (small taxpayers) that had filed GST returns between July 2017 and January 2020. This is being done as there is lot of GST ..

Month: Current Affairs - June, 2020

Category: Economy & Banking Current Affairs

Topics: Central GST • CGST • GST • GST collection • GST Council • IGST • nirmala sitaraman

GSTN to make Aadhaar authentication mandatory for new dealers from January 2020

The Goods and Services Tax (GST) Network has decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 so as to check malpractices in GST. Aadhaar authentication was earlier optional. The announcement in this regard was made by Deputy Chief Minister of Bihar Sushil Kumar Modi, who heads the Group ..

Month: Current Affairs - September, 2019

Category: Economy & Banking Current Affairs

Topics: Aadhaar authentication • CGST • Goods and services tax • Group of Ministers of GST Network • GST Network • IGST • Section 8 of Companies act 2013

IAF asked to pay Rs 100 crore GST bill for import of spares

The Indian Air Force which is facing fast depleting squadrons and is yet to induct aircraft in significant numbers to keep up with falling fleet numbers is now facing issues in the import of spare parts for its existing fighter aircraft fleet. What has happened? Most of the Indian Air Force fleet is made up ..

Topics: Directorate of Revenue Intelligence • GST • IGST • Indian Air Force

1 July: GST Day

1st July 2019 is being celebrated as GST (Goods & Services Tax) Day. This year marks the 2nd anniversary of implementation of historic tax reform of Goods & Services Tax. Background First GST Day was celebrated on 1 July 2018, as to mark the first anniversary of new indirect tax regime i.e. Goods and Services ..

Month: Current Affairs - July, 2019

Category: Important Days & Events Current Affairs

Topics: Anurag Thakur • Cash Ledger System • Central Board of Indirect Taxes and Customs • Central Goods & Services Tax • Cess • CGST • Goods and Service Tax Act • Goods and services tax • GST • GST Commendation Certificates • GST Day • GST for MSME • IGST • Indirect Tax • Integrated Goods & Services Tax • Minister of State for Finance and Corporate Affairs • SGST • State Goods & Services Tax

GST Revenue Touches Record High in March

The statement from the Finance Ministry states that GST collections scaled to a record high of Rs 1.06 trillion in March. The revenue collection was Rs 97,247 crore in the month of February. Record Revenue Mobilisation The record revenue collection was attributed to increased compliance and increase in the number of returns filed. Total gross GST revenue ..

Month: Current Affairs - April, 2019

Category: Economy & Banking Current Affairs

Topics: Central GST • CGST • Goods and Service Tax • GST • IGST • Integrated GST • Revenue Mobilisation • SGST • State GST