The persons registered as ISD can distribute ITC among its Units by filing Form GSTR-6, every month. Previously, ISD were not able to adjust negative ITC to its units, under a major head through ITC available under another major head. For example, if in a…
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…
Delhi Government has imposed 'Special Corona Fees'- 70% tax on Maximum Retail Price of the liquor. It will be applicable from tomorrow. The move will boost the government revenue, which has been hit hard due to the coronavirus pandemic. The idea was considered at a Cabinet meeting chaired by…
Tamil Nadu has recorded the lowest GST revenue growth among industrial states in the last financial year. Data released by the GST website shows the state’s growth at 5.48%, was significantly lower than the national average of 7.17%. GST revenue includes central GST, state…
GST officers would have to audit and assess taxpayers via video-conferencing instead of undertaking physical visits amid the coronavirus pandemic, and the current guidelines need to be reviewed for this, according to experts. As per the current goods and services tax (GST) audit guidelines, taxpayers…
As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising out of COVID-19, the government has decided to wait till the extended deadline. New Delhi: The government on Friday deferred the…
Excise duty on beer has been increased from 35% to 45% Rajasthan is expected to mop up ₹800 crore from the hike in these changes JAIPUR : To make up for revenue loss during coronavirus lockdown, the Rajasthan government has decided to hike excise duty on…