GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout

Source: The Economic Times, May 01, 2019

The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017. While collections have been gradually increasing since August, they hit a record high last month of Rs 1.06 lakh crore, up from Rs 97,247 crore in the previous month, on the back of high compliance and increased number of returns.

The total gross GST revenue collected in the month of April, 2019, is Rs 1,13,865 crore of which CGST is Rs 21,163 crore, SGST is Rs 28,801 crore, IGST is Rs 54,733 crore, the ministry of finance said in a statement.

The ministry said the total number of GSTR 3B Returns filed for the month of March up to 30th April, 2019 is 72.13 lakh. The Centre has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement. Rs 12,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and the States.

Finance Ministry brings in changes in e-way bill system to check GST evasion

Source:, Apr 24, 2019

The Finance Ministry has introduced changes in the e-way bill system, including auto calculation of distance based on PIN codes for generation of e-way bill and blocking generation of multiple bills on one invoice, as it seeks to crack down on GST evaders.

Touted as an anti-evasion tool, the electronic way or e-way bill was rolled out on April 1, 2018, for moving goods worth over Rs 50,000 from one state to another. The same for intra or within the state movement was rolled out in a phased manner from April 15.

With instances of malpractices in e-way bill generation getting detected, the revenue department decided to rework the system for generation of e-way bill by transporters and business. Read the rest of this entry »

Service providers can opt for GST composition scheme by April 30: CBIC

Source: The Economic Times, Apr 07, 2019

The tax department has given service providers with turnover of up to Rs 50 lakh time till April 30 to opt for the composition scheme and pay 6 per cent GST.

The option to pay Goods and Services Tax (GST) at reduced rate of 6 per cent would be effective from the beginning of the financial year or from the date of obtaining new registration during the financial year.

Service providers opting for the composition scheme can charge a lower tax rate of 6 per cent from customers, as against the higher rates of 12 and 18 per cent for most services under GST. Read the rest of this entry »

GST mop up hits a record ₹1.06-lakh crore in March

Source: The Hindu Business Line, Apr 01, 2019

New Delhi: GST collections for March have hit a record high of over ₹1.06 lakh-crore. On the other hand, direct tax collections (personal income-tax and corporate tax) are likely to miss the Budget estimates.

According to a Finance Ministry statement, GST revenue in March 2019 grew 15.6 per cent year-on-year. The revenue for the March 2019 quarter was 14.3 per cent higher YoY. Read the rest of this entry »

High value cars, jewellery to become cheaper as TCS to be excluded in computing GST

Source: The Economic Times, Mar 10, 2019

NEW DELHI: In a relief to buyers of high value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability.

Under the Income Tax Act, tax collection at source (TCS) is levied at 1 per cent on purchase of motor vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh. TCS is also levied on other purchases at different rates.

The Central Board of Indirect Taxes and Customs (CBIC) in a circular said that the TCS amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) liability. Read the rest of this entry »

E-way bill to be integrated with FASTag to track GST evasion from April

Source: Business Standard, Jan 15, 2019

New Delhi: The GST e-way bill system is likely to be integrated with NHAI’s FASTag mechanism from April to help track movement of goods and check GST evasion.

The revenue department has set up an officers committee to integrate e-way bill, FASTag and DMIC’s Logistics Data Bank (LDB) services, after consultation with transporters.

“It has come to our notice that some transporters are doing multiple trips by generating a single e-way bill. Integration of e-way bill with FASTag would help find the location of the vehicle and when and how many times it has crossed NHAI’s toll plazas,” the official said. Read the rest of this entry »

Big relief for small businesses under GST

Source: The Hindu Business Line, Jan 10, 2019

Small businesses can breathe easy now as the Goods and Services Tax Council has decided to double the basic threshold limit for goods suppliers.

However, the Council, which took a slew of decisions on Thursday, could not arrive at a consensus on lowering the levy on under-construction flats.

The 32 meeting of the Council chaired by Finance Minister Arun Jaitley decided to raise the basic threshold limit for suppliers of goods (for mandatory GST registration) to ₹40 lakh from the current ₹20 lakh. Also, some of the north-eastern and hilly states will have a new limit of ₹20 lakh from ₹10 lakh earlier. Read the rest of this entry »