The budget discourages large companies from delaying payments to micro, small and medium enterprises (MSMEs) for supply of goods and services, as these small businesses have been kept at the centre of the government’s development goals, finance minister Nirmala Sitharaman said on Friday. “The company that doesn’t clear the bill can’t claim offset (for that … Read more
Goods and services tax (GST) revenue collected in December last year was over Rs 1.29 lakh crore, or 13% higher than the same month in 2020, the Finance Ministry said on Saturday. December is the sixth continuous month where revenue collection from goods sold and services rendered stood at over Rs 1 lakh crore, but … Read more
Industry bodies are set to raise several issues with the government related to goods and services tax (GST) compliances, legislation and administration ahead of July 1, which marks the fourth anniversary of the indirect tax reform. Simplifying input tax credit procedures, addressing issues arising from inverted duty structure, exploring faceless assessment within the GST structure, … Read more