GST Refund

If your claim is in order, refund amount will be processed and credited directly to your bank account

Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam

Business units in Dharavi will be able to enjoy a slew of benefits, including State GST refunds, once the redevelopment of the financial capital's largest slum is complete. The Dharavi Redevelopment Project (DRP), a joint venture between Adani Group and the Maharashtra government, on Monday said this is a move to formalize local businesses and the tax sops are as per the tender conditions for the ambitious project. In a statement, DRP said eligible industrial and commercial units in redeveloped Dharavi will get SGST refunds for five years from the date of receipt of occupation certificate of the newly constructed buildings. A DRP spokesperson said the multi-thousand crore redevelopment project is set to transform the informal nature of businesses and added that the tax benefits will help both existing and new businesses become more competitive. SGST will be reimbursed by the state government's finance department and the business units will have to provide SGST payment details as pr

With one more quarter to go, the income tax department expects the recovery amount to further rise to Rs 50,000 crore by the end of the financial year

Union Finance Minister Nirmala Sitharaman on Monday said GST claims of state governments will be cleared once she gets relevant papers along with a certificate from their respective accountant generals. She also said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years. The respective accountant general (AG) has to provide a certificate that the particular state has to get this much of compensation, the finance minister said. "If there is a delay in the AG certified claim from states, obviously that (GST compensation) is pending. So, when the AG certificate along with the state's claim comes, at that moment the money will also get released," she said during the Question Hour. From the central government's side, it is up to date, and whatever money it gets as cess, is distributed among states, Sitharaman said. "We are up to date on all claims that came from sta

If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

The telecom operator claimed that it had paid an excess GST for July-September, 2017 and wanted to rectify its relevant returns for that period to get the refund

Compensation cess issue to be discussed in July meeting, Correction of inverted duty structure for textiles deferred

Faced with dismal collection and extended deadline for filing returns, the government has refrained from releasing the monthly GST revenue collection figures for the months of April and May

Earlier, the tax body had initiated a measure to help GST return filers by facilitating early refund of input tax credit

The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers

second fiscal stimulus likely to be announced soon

Till March 31, 2020, GSTN had enabled 1,748 tax officers from 18 states/UTs to access office through VPN, a secure way to access office networks.

"The Government has taken measures to use data analytics to identify risky taxpayers and verify them before sanction of refunds," Thakur said.

Currently, under the LUT route, they need not pay tax on their export bills, but they stand to lose refunds on taxes paid on capital goods. Taxes on all other inputs get refunded

The committee will come out with detailed SoP within a week, which may be implemented across the country by January-end

They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation

Minister of State for finance, Anurag Thakur said the government has already come out with slew of measures to address challenges faced by the auto industry

From a single-authority mechanism for processing GST refunds to exporters coming soon to NCLT approving JSW Steel's Rs 19,700-cr bid for Bhushan Power & Steel, here are today's top business news