GST collections in June slip below ₹1 lakh crore after 8 months

Goods and Services Tax (GST) collections in June fell to ₹92,849 crore from ₹1.02 lakh crore in May, marking the first time after eight months that indirect tax collections fell below the ₹1 lakh crore mark. While lockdowns aimed at curbing the second COVID-19 wave hit economic activity and moderated GST revenues in June, the … Read more

GST mop-up hits a record in March

The indirect tax collections were 27% higher than that in March 2020. The gross GST collections in March hit a record of ₹1,23,902 crore, the Union Finance Ministry said on Thursday. This is the sixth month in a row that GST revenues have remained above ₹1 lakh crore. “The GST collections for March have created … Read more

Input tax credit cannot be availed on GST paid for employees cabs

On an application filed by Prasar Bharti Broadcasting Corporation (All India Radio), Shimla, the Himachal Pradesh bench of AAR cited GST law to state ITC shall be available on fulfilment of one condition — “such goods or services or both shall be obligatory for an employer to provide to its employees under any law for … Read more