Goods and Services Tax news

Over 90 Percent IGST Refund Claims Disposed by CBIC 

The Union Minster of Finance and Corporate Affairs, Nirmala Sitharaman said that during the second refund fortnight, Rs. 6,087 crore IGST refunds and Rs. 1, 548 crore ITC refunds were sanctioned by CBIC. Presenting the Union Budget 2019-20 in Parliament today, she said that in case of IGST refunds for goods exported out of India, [&hellip...

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GST Return and Registration processes further simplified

GST processes further simplified; businesses with less than Rs. 5 crore annual turnover to file quarterly GST returns; threshold for goods supplier to be enhanced from Rs. 20 lakhs to Rs. 40 lakhs  Sabka Vishwas Legacy Dispute Resolution Scheme to resolve litigations involving more than Rs. 3.75 Lakh Crore of pre-GST regime Customs duty ...

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Government to lower GST on electric vehicles from 12% to 5% 

Union Budget envisions India as a global hub for  manufacturing electric vehicles  Says inclusion of solar storage batteries and charging infrastructure in the fame scheme will Boost production Government has sought lowering of GST on electric vehicles from 12% to 5%  Union Budget says government will provide additional income tax dedu...

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GST led to increase in tax base, higher collections & ease of trade 

GST, the biggest taxation reform, led to increase in tax base, higher collections and ease of trade  Rates continuously reduced providing relief of about r. 80,000 crore annually to consumers Most items of daily use of poor and middle class now in the 0% or 5% tax slab Average GST collection in the current financial […]...

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