Finance Minister Nirmala Sitharaman on Friday said India will soon announce fresh relief measures and economic stimulus to help the poor and industry fight the impact of the COVID-19 pandemic. Participating in the 101st meeting of the Development Committee Plenary of the World Bank…
With businesses moving at a slow pace owing to the novel coronavirus outbreak, the Central Board of Indirect Taxes and Customs (CBIC) has decided to expedite its GST refund process. According to government data dating back to March 30, the CBIC has processed 12,923…
Additionally, the revenue department is also considering treating a section of MSMEs under the GST scheme for composition dealers, so that they are taxed at concessional rates till the Covid-19 crisis blows away. The government is considering tax sops to encourage special economic zone (SEZ)…
Deputy Chief Minister Dushyant Chautala has assured Confederation of Indian Industry (CII) members that stuck GST refunds of the industry will be processed next week onwards. In his address to CII members through video-conferencing, the Deputy Chief Minister invited the CII to share a plan…
The Centre had earlier released Rs 12,857 crore to Punjab on account of compensation for July 2017-March 2019 and with the clearance of arrears, the total amount paid stands at Rs 14,094 crore. The Centre has released Rs 1,237 crore to Punjab as GST compensation…
Amid the coronavirus outbreak, the finance ministry may release pending Rs 20,000 crore goods and services tax (GST) compensation to states, according to a report by the Business Standard. "The revenue department has been authorised to clear Rs 20,000 crore in GST compensation dues to states,"…
Various small and medium-sized enterprise (SME) bodies in Pune have urged the central and state government to take urgent measures to help them fight the looming recession. Industry bodies said without such intervention, the region could see a major slowdown that could affect lakhs…
The government managed to rake in just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating that collections in the coming months are expected to be weaker, putting additional…