Group of ministers to review progress every fortnight.
As per norms, the returns have to be filed online on www.aces.gov.in.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
The window for registration is open up to September 30
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
The govt will have to clear hurdles to push GST by March 2015.
GST mop-up likely to fall in May, June after touching record levels in April and March.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Cash flow-based analysis should throw up businesses better able to survive the transient effects of a working capital crunch, says Devangshu Datta.
The challenge before the government now is to use the factors that are favourable to its benefit.
We should brace ourselves for more bad news in the coming quarters -- on economic output and growth, strains on the fiscal deficit, export slowdown, small and micro enterprises in distress, and further accumulation of NPAs in the banking sector, says Rahul Khullar.
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
At least 2,00,000 traders encountered difficulties in August, September, and October since there was no editing facility in summary return filing.
GST, a much needed reform that widens the tax net, promises to strangle many legitimate businesses while they wait for the tax administration and systems to catch up, says Rahul Jacob.
Entirely new businesses have been built using data to disrupt traditional companies.
'We have promised to ensure reduced tax rates.'
'Slowing down of the economy was mainly due to the demonetisation shock...' 'If you cut off the oxygen supply to a patient in the ICU and the patient dies, the patient does not come alive again when you restore the oxygen supply.'
The government has provided a long-term vision.
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