No GST on sale of complexes and flats having completion certificate: Govt

December 8, 2018 8:54 PM

No GST on sale of complexes and flats having completion certificate: Govt

Center today clarified that there is no GST on sale of complexes, buildings and ready to move-in flats where sale takes place after issue of completion certificate. Ministry of Finance said in a release that GST is applicable on sale of under construction property or ready to move-in flats where completion certificate has not been issued at the time of sale. The Ministry has also issued a detailed table on effective rate of tax and credit available to the builders for payment of tax for pre-GST ...

GST collection for November stands at Rs. 97,637 cr

December 1, 2018 7:59 PM

GST collection for November stands at Rs. 97,637 cr

The GST collection in the month of November this year stood at  97 thousand and 637 crore rupees. The collection in October had crossed one lakh crore rupees. The revenue collected in November relates to transactions made in October.  According to an official release, out of the total GST collection, the CGST collection is16 thousand and 812 crore rupees. SGST is over 23 thousand crore rupees while IGST collection stood at 49 thousand and 726 crore rupees.  The release said, a total of 69.6 lakh...

Govt extends deadline for GST returns filing for taxpayers affected by cyclones

November 29, 2018 7:55 AM

Govt extends deadline for GST returns filing for taxpayers affected by cyclones

The government has extended the date for filing summary GST sales returns for October for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu. A finance ministry statement said in New Delhi on Wednesday that for taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018. Similarly those taxpayers whose principal place of business is in ...

GST collection crosses Rs 1 lakh crore for second time since launch

November 2, 2018 1:54 PM

GST collection crosses Rs 1 lakh crore for second time since launch

Collections from Goods and Services Tax crossed one lakh crore rupees mark for the second time since its launch in July last year.  The government said the total gross GST revenue collected in October 2018 is 1 lakh 710 crore rupees.  In the previous month, the GST revenue was 94,000 crore rupees. GST revenue had last crossed one lakh rupees crore mark in April this year. Finance Minister Arun Jaitley said, revenue collection under GST has grown because of lower rates, lesser evasion, higher com...

GST collection for Aug stands at around Rs 94,000 cr; slightly lower than GST collected in July

September 1, 2018 7:36 PM

GST collection for Aug stands at around Rs 94,000 cr; slightly lower than GST collected in July

The total GST collection for August this year stood at around 94 thousand crore rupees which is slightly lower than the GST collected in July. In the preceding month, the total GST collection was over 96 thousand crore rupees while in June the collection was over 95 thousand 600 crore rupees. According to an official release, a total of 67 lakh returns were filed in August. The release said, one of the main factors for the dip in tax revenues is probable postponement of sale of items for which t...

Mumbai: Directors of two companies held for GST fraud

March 1, 2018 9:19 AM

Mumbai: Directors of two companies held for GST fraud

CGST Mumbai Central Commissionerate arrested the directors of two companies for allegedly availing of tax credit in a fraudulent manner. Sanjiv Pravin Mehta, director of Shah Brothers Ispat Pvt Ltd, and Vinaykumar D Arya, director of V N Industries, both were arrested for availing of ineligible credit of Rs. 5.20 crore and Rs. 2.03 crore. Investigation revealed that the companies were only exchanging invoices for so-called sale and purchase. There was only paper and invoice movement, but no actu...