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"
Tag: GST news
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"
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"
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"