GST on services by way of transportation of goods by aircraft / vessel is certainly on a roller-coaster ride these days. The story began in September 2022, when the GST exemption pertaining to goods transportation services witnessed a sunset from 1 October 2022 onwards. This resulted in taxing the transportation of export cargo by the … Read more
New Delhi: The tourism and exports industries are pushing for tax refunds to overseas tourists on goods being taken outside India, on the lines of the provisions in popular destinations such as the UK, UAE and Singapore, to attract international travellers and encourage them to shop more in the country. Industry executives and experts said … Read more
The government on Thursday said it has put on hold issuing benefits under various export promotion schemes due to changes in the allocation procedure. The Directorate General of Foreign Trade (DGFT) said that benefits under the Merchandise Exports from India Scheme, Service Export from India Scheme, Rebate of State and Central Taxes and Levies, and … Read more
Goods and services tax collections for June grossed Rs 92,849 crore, dropping below Rs 1 lakh crore mark for the first time this year. Collections spanning from June 5 to July 5 due to compliance deadline relaxations, show the impact of lockdowns by various states amid the second Covid wave, breaking the eight-month streak of … Read more
The Centre will appeal against the Delhi High Court decision striking down the reduced integrated goods and services tax (IGST) levied on oxygen concentrators received as a gift from outside India by individuals, said a senior government official. The court called the levy unconstitutional. The official said the government has an open mind on removing … Read more
The Haryana government has allowed reimbursement of goods and service tax paid by companies, non-governmental organisations and individuals on purchase of 15 items including Covid vaccines, remdesivir injections, ventilators and oxygen cylinders that they have donated free of cost to the state government or state-run hospitals. Haryana is the first state to give such a … Read more
Goods and Services Tax (GST) collections for September stood at Rs 95,480 crore, the highest on a monthly basis since the lockdown began in March this year. Collections for September were 10.4% higher than August and 4% higher than last year same month, the finance ministry said in a statement Thursday. “With a significant part … Read more
The government collected goods and services tax (GST) of Rs 87,422 crore for July, lower than that collected in June, indicating a stability in collections, analysts said. “During the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19,” … Read more
Stern action would be taken against risky exporters that have attempted to claim Rs 2,020 crore integrated goods and service tax refunds, said finance ministry officials aware of the matter, noting the rise in cases where exporters were not traceable. The number of untraceable risky exporters has gone up to 1474 as on date, which … Read more