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National News, News
‘29,000-plus firms busted since May for fake invoices’
By Chennaivision on January 8, 2024

The government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In the October-December quarter, 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036… Continue reading "‘29,000-plus firms busted since May for fake invoices’"
National News, News
October gross GST collections climb to Rs 1.72 lakh crore
By Chennaivision on November 2, 2023

The government’s Goods and Services Tax (GST) collections climbed 13 percent year-on-year in October to Rs 1.72 lakh crore, second-highest revenue collection ever, the Ministry of Finance said on November 1. “GST revenue collection for October 2023 is second highest ever, next only to April 2023. Revenue from domestic transactions (including import of services) is 13 percent higher year-on-year. Average… Continue reading "October gross GST collections climb to Rs 1.72 lakh crore"
National News, News
GST collection in Sept zooms to Rs 1.63 lakh crore
By Chennaivision on October 2, 2023

The government’s Goods and Services Tax (GST) collections climbed 10.2 percent year-on-year in September to Rs 1.63 lakh crore, the Ministry of Finance said on October 1. At Rs 1.63 lakh crore, the September GST collections is 2.3 percent higher than what was collected in August. This is the seventh month in a row that the monthly GST collection has come in… Continue reading "GST collection in Sept zooms to Rs 1.63 lakh crore"
National News, News
GST collection in July stands at over Rs 1.65 lakh crore
By Chennaivision on August 2, 2023

The GST collection for the month of July was recorded at Rs 1,65,105 crore, the Ministry of Finance said on Tuesday. GST collection crossed the Rs 1.6 lakh crore mark for the fifth time since the inception of the goods and services tax. The revenues for July are 11 per cent higher than the GST revenues in the same month… Continue reading "GST collection in July stands at over Rs 1.65 lakh crore"
Chennai News, News
TN opposed inclusion of Goods and Services under PMLA
By Chennaivision on July 12, 2023

The Tamil Nadu government on Tuesday registered its opposition to the inclusion of Goods and Services online under the Prevention of Money Laundering Act (PMLA) 2002 at the 50th GST Council meeting held at Vigyan Bhawan in New Delhi. State Finance Minister Thangam Thennarasu, who represented TN in the meeting, said that the July 7 notification of the Union government… Continue reading "TN opposed inclusion of Goods and Services under PMLA"
National News, News
GST recommendations not binding on Union and states: SC
By Chennaivision on May 20, 2022

In a significant verdict, the Supreme Court Thursday ruled that the recommendations of Goods and Services Tax (GST) Council are not binding on the Union and the states and only have a persuasive value. The Supreme Court said that Parliament and state legislatures possess simultaneous power to legislate on GST and the recommendations of the council are the product of… Continue reading "GST recommendations not binding on Union and states: SC"
National News, News
GST council likely to consider a proposal to do away with 5 per cent slab
By Chennaivision on April 18, 2022

With most states on board to raise revenue so that they do not have to depend on Centre for compensation, the GST Council at its meeting next month is likely to consider a proposal to do away with the 5 per cent slab by moving some goods of mass consumption to 3 per cent and the remaining to 8 per cent categories,… Continue reading "GST council likely to consider a proposal to do away with 5 per cent slab"

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