IGST waiver likely for PPE, ventilators
The exemption is likely to be for a quarter starting this month, along the lines of the exemption from basic customs duty and health cess on medical equipment, PPEs and Covid-19 testing kits that the government allowed last week.
GST Analytics wing to identify risky suppliers to exporters
Last year, the CBIC had detected several cases of firms availing credit fraudulen...
Centre to release GST compensation to states in 2 instalments
The reply came after MPs from Telangana and Odisha complained during Question H...
CBIC clears Rs 10,700 cr GST, customs duty refund in 16 days
In the 'Special Refund and Drawback Disposal Drive', the CBIC officers have cleared over 1.07 lakh Goods and Services Tax and IGST refund claims worth Rs 9,818.12 crore. Over 1.86 lakh customs and duty drawback refund was processed totalling Rs 915.56 crore, the CBIC said.
Lowest ever GST on imports in March
Collections in March are related to sales or import consignments in February and the numbers are lower than the previous low of Rs 19,603 crore raised in February 2018.
Commerce ministry raises issue of DRI notices to exporters over IGST with FinMin
The commerce ministry has stated that the "overzealous revenue collection" move by DRI (Directorate of Revenue Intelligence) was against exporters. The ministry has demanded integrated goods and services tax (IGST) exemption for inputs used in exports between October 2017 and January 2019, the official said.
Govt may abolish import duty on ventilators, masks
A proposal to do away with customs duty and IGST on around 15 product categories is being considered by the revenue department, officials told. Apart from the devices and other products needed by the medical staff, some raw material used for making masks and parts of garments and accessories are also on the wishlist that has been moved by the commerce department.
Rs 1.12 lakh crore paid as IGST refunds to exporters: Govt
The board said that out of about 1.85 lakh exporters, a total of 6,421 exporters (about 3.4% only) including some ‘star exporters’ have been identified as risky and hence, red flagged. Even some of the ‘star exporters’ are not traceable at the addresses given by them.
Sitharaman says her name was inadvertently mentioned as head of GoM on IGST
She said that while she was meeting states regarding GST compensation issue, "there was a confusion", that Nirmala Sitharaman has withdrawn from a GoM.
Government to up IGST on imported crude palm oil
At present, there is 5 per cent IGST on imported crude palm oil.
Exporters draw DRI wrath for alleged GST violations
Many exporters will now have to cough up Integrated Goods and Services Tax (IGST) and penalties as these notices mean that the tax department will not wait for another apex court directive.
Over 1,200 exporters untraceable; government saves Rs 350 crore fake IGST refund
The department has reasons to consider that nefarious elements among the customs broker community may be connected with these frauds, involving fictitious entities, existing only in virtual space through identity thefts with fake and morphed documents, according to sources.
Bogus IGST refund claims: Government to verify exporters' claims before sanctioning
Tax experts said the move to verify the refund claims would delay the process of refund issuances to exporters.
Over Rs 1.12 lakh crore paid as IGST refunds to exporters: CBIC
The Central Board of Indirect Taxes and Customs (CBIC) has paid over 83500 exporters the IGST refunds worth Rs 1.12 lakh crore. Stating the refunds pending with Customs, the release added, "refunds of only Rs. 3,604 crores are pending with Customs. 1,241 exporters are not traceable at their given addresses according to the verifications conducted.
Buying from foreign ecommerce sites may get costlier
Prepaid customs duty and tax could make buying products from foreign ecommerce platforms costlier.
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