Amid pressure on tax collection, the all powerful GST Council meeting is likely to be held on June 14, the first such meeting after the outbreak of COVID-19 pandemic. Tax collection has been hit due to lockdown imposed since March 25 to contain the spread…
The Goods and Services Tax Council is likely to meet in mid-June after repeated demands from States anxious for their GST compensation dues which have been pending since December. However, information on GST revenue since March — which is likely to see a sharp fall…
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is "committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown". The…
As the world deals with the challenges posed by the COVID-19 pandemic, India Inc. struggles to overcome the economic slowdown triggered by the consequent lockdown. The shutdown of businesses, slowdown in demand, and complete disruption in the supply-chain have triggered a severe liquidity crisis in the economy.…
NEW DELHI: The CBIC has asked GST risk management wing to conduct supply chain analysis to identify risky major suppliers to exporters and share it with jurisdictional field officers. The Central Board of Indirect Taxes (CBIC) had received representations from exporters saying in some cases…
Virtual hearing of all demand notices relating to indirect taxes including goods and services tax (GST) can be done through Whatsapp, authorities in Thane tax zone said a notice while issuing standard procedure for conducting the hearings. The decision has been taken due to situation…
Union minister Nitin Gadkari on Thursday said he has requested Finance Minister Nirmala Sitharaman to expedite processing of tax refunds to businesses "anyhow" within eight days to ease the liquidity crunch being faced by MSMEs during the lockdown. The minister said he was constantly in…
Petrol and diesel became more expensive in the national capital on Tuesday, after the Delhi government hiked the value-added tax (VAT) on auto fuels. The increase in fuel prices was to the tune of Rs 1.67 for petrol and Rs 7.10 per litre for diesel. The consumer now…