GOODS AND SERVICES TAX (GST)

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GST Revenue Collections

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GST Revenue Collections

I. GST Laws and Rules

1. THE CONSTITUTION (ONE HUNDRED AND FIRST AMENDMENT) ACT, 2016
2. GST Acts
THE CENTRAL GOODS AND SERVICES TAX ACT, 2017 (CGST Act, 2017)
THE INTEGRATED GOODS AND SERVICES TAX ACT, 2017 (IGST Act, 2017)
THE UNION TERRITORY GOODS AND SERVICES TAX ACT, 2017 (UTGST Act, 2017)
THE GOODS AND SERVICES TAX (COMPENSATION TO STATES) ACT, 2017 (GST (CS) Act, 2017)
3. GST Rules Advance Ruling Rules and Formats
Anti Profiteering Rules
Appeals and Revision Rules and Formats
Assessment and Audit Rules , Assessment Formats and Audit Formats
E-Way Bill Rules
Composition Rules and Formats
Valuation Rules
Input Tax Credit Rules and Formats
Tax Invoice, Debit & Credit Notes Rules
Payment of Tax Rules and Formats
Refund Rules and Formats
Registration Rules and Formats
Return Rules and Goods and Services Tax Practitioner Formats, Mismatch Formats, Return Formats
Transition Rules and Formats
Credit Transfer Document
Accounts and Records Rules and Formats
4. GST Rates GST Rates on Goods Chapter wise GST Rate Schedule for Goods decided in the GST Council Meeting held on 18.05.2017
Chapter wise GST Rate Schedule for Goods Decided in the GST Council Meeting Held on 03.06.2017
GST Compensation Cess Rates Decided in the GST Council Meeting Held on 18.05.2017
Addendum to the GST Rate Schedule for Goods - 18.05.2017
Addendum to the GST Rate Schedule for Goods - 03.06.2017
IGST Exemption, Concession List - 03.06.2017
GST Rates Approved by the GST Council Meeting Held on 11.06.2017
IGST Exemptions Approved by the GST Council Meeting Held on 11.06.2017
Revised Threshold for Composition Scheme Approved by the GST Council Meeting Held on 11.06.2017
Composition Levy & GST Rate on Certain Goods Decided in 17th GST Council Meeting Held on 18.06.2017
GST Rates on Services GST Rate Schedule for Services
List of Services under Reverse Charge
Classification Scheme for Services under GST
Decisions Taken by the GST Council in the 16th Meeting Held on 11.06.2017
Decisions taken by the GST Council in the 17th Meeting Held on 18.06.2017

II. GST Related News Headlines

18.09.2019

SINGLE RATE - Govt looks at 28% GST on lottery.

New Delhi: The government is looking at a single rate of 28% goods and services tax (GST) on lottery as part of the “one-nation, one-tax” principle, while also exploring the option of putting restrictions on online lottery. The GST Council, which meets in Goa on Friday, is expected to decide on the vexed issue that has split states, some of which are supporting the current mechanism of a lower rate for state-run lotteries, and a higher levy on the state-sponsored ones.

The lottery industry, which is controlled by a handful of operators, is pitching for a uniform 12% levy and removal of tax on prize money. Currently, lotteries run by state government, which if conducted within the state and by state-owned agencies, face 12% GST.

But those which are authorised by the state government, sold outside the organising state and conducted by private read more »

18.09.2019

GST Council not likely to reduce levy on biscuits - Fears Same Demand From Other Biz, Govt Cites Revenue Loss.

New Delhi: The GST Council may stay clear of reducing goods and services tax (GST) on biscuits, whose case is being aggressively pushed by companies led by Parle, as it may open the doors to same demand from sectors that face a similar levy.

Government’s calculations show that a reduction in GST from 18% to 12% will result in an annual revenue loss of around Rs 2,000 crore, but may not result in any gains for consumers. If the duty is lowered, the price of a packet of glucose biscuit, that costs Rs 5 at the moment will have to be reduced by 25 paise, which may be tough. So, biscuit manufacturers will have to add one more biscuit to increase the weight. A similar exercise will have to be undertaken for packets that cost Rs 2.

“In a few months, companies will read more »

16.09.2019

PLUGGING GAPS - Centre, states staring at massive shortfall in GST revenue mop-up.

New Delhi: To plug GST leaks, the finance ministry is planning to ask states to put in place a mechanism under which an enhancement in the limit to claim tax credit will require payment of 20% as the margin money. So, if your turnover is Rs 50 lakh and you want the limit enhanced to Rs 60 lakh, you will have to pay Rs 2 lakh as “margin money”.

“This is like linking your loan limit to your credit history. If a business has received orders, it will have to convince our officers about a higher limit or talk to banks and get 20% extra. The entire process will be automated to avoid any discretion,” explained an officer.

Over two years after the launch of GST, collections have hovered around the Rs 1 lakh- crore mark as leakages are seen to be rampant, read more »

16.09.2019

Centre looks to plug GST leaks, boost collections; meet on Friday.

New Delhi: Having detected frauds of close to Rs 50,000 crore, the Centre is looking to tighten processes, including those related to claiming input tax credit, and will focus on getting states to okay plans to plug leaks and evasions at this week’s GST Council meeting.

The government’s effort to shore up collections and improve revenues is likely to be a major area of discussion at the GST council. Calls for rate cuts for stressed sectors like autos is expected to figure but new procedures to prevent evasion and misuse of GST provisions are likely to be adopted.

On an average, businesses pay 20% of their tax in cash and pay the remaining using the tax credit accumulated in their accounts. Using the same principle, the finance ministry is planning to ask states to put in place a mechanism under which an enhancement read more »

14.09.2019

Imports dip for 3rd month in a row.

New Delhi: India’s exports in August fell for the second time in three months, while imports declined for the third straight month, indicating weak demand in the economy. Exports dropped over 6% to $26.1 billion in August as 22 of the 30 major sectors — including petroleum, engineering, leather, textiles and gems and jewellery — saw a fall in the value of shipments.

More worryingly, imports were down 13.5% to $39.6 billion, led by oil and gold. While crude oil shipments fell nearly 9% to $10.9 billion, gold imports through the official channel crashed 62.5% to $1.4 billion in August 2019 compared to $3.6 billion a year ago. A fall in oil imports is seen as a pointer to a fall in the economic activity. In the first quarter, GDP growth has slowed to a six-year low of 5%.

“The de-growth (fall) in read more »

14.09.2019

Most states demand GST cess extension for 3 years - Fin Panel To Hold Talks On Road Map For Rates In Future.

New Delhi: In what will come as a blow to consumers, most states have pitched for extending the GST cess on automobiles, soft drinks, coal, tobacco and pan masala by another three years to compensate them for “revenue loss”, N K Singh, chairman of the 15th Finance Commission (FFC), said on Friday.

While launching GST in 2017, the Centre had assured states on compensating them for “revenue loss” if collections grew less than 14% in a year. “Almost every state we have visited wants it (compensation cess) to be co-terminus with the award of the Finance Commission,” Singh told reporters, after a meeting with economists. FFC’s five year award will kick in from the 2020-financial year.

The statement comes at a time when several industries are seeking a reduction in GST levy, arguing that this was required to boost demand.

read more »

12.09.2019

PART TWO - Tough to claim input tax credit for donated goods.

Mumbai: With floods causing havoc in many parts of India, several companies — as part of their corporate social responsibility (CSR) obligations — are engaged in providing relief. This can include donating food, drinking water, tarpaulins and other essentials.

In the absence of any clarification, it is up to India Inc and GST experts to decode whether such distribution of relief material will be a ‘supply’, so as to attract GST. The second challenge that companies face is claiming input tax credit (ITC). In simple terms, ITC means deducting the tax paid on inputs from the tax payable on the final output.

GST authorities have, based on the facts of the case, denied ITC claims, especially when the company was not distributing its own products. “If goods are distributed for free and without any consideration (without any reciprocal payback in cash or in read more »

12.09.2019

GST relief for auto cos may raise burden on other goods - States Must Agree To More Cess Or Forgo Compensation.

New Delhi: Amid intense lobbying for a reduction in goods and services tax (GST), the government is expected to send a message that a tax cut is only possible if the compensation cess on luxury and sin goods such as tobacco, soft drinks and cars is increased or its coverage is expanded to include more products. Alternatively, states will have to forgo a part of the compensation from the Centre for any “revenue loss” since the kitty is already stretched.

As part of the grand GST bargain, the Centre had agreed to compensate states for five years, if the annual rise in revenues was less than 14%. The law provides for payment of compensation only from a fund where the cess flows. While the Centre has budgeted to collect close to Rs 1-lakh-crore cess on sin and luxury goods during 2019-20, or around Rs 8,000 crore read more »

09.09.2019

GST rate cut on auto, other products to be political call - Officials Worried By Fiscal Constraints, Revival Of Demand.

New Delhi: A decision to reduce goods and services tax (GST) on automobiles and other products will be a political call even as finance ministry officials remain unconvinced of the utility of bowing to the clamour for a rate cut. They point out both — lack of fiscal space and doubts whether such a measure will really address the causes for the slowdown in the sectors.

Already, collections from automobiles are down from around Rs 15,000 crore a month to Rs 10,000-11,000 crore, and the compensation pool does not have sufficient corpus — funded through a cess on cars, tobacco and soft drinks — to pay states for any GST “shortfall”. Under the agreement with states, the Centre has to compensate those that do not see 14% or higher annual GST growth for five years.

Collections have so far this presentatives have told read more »

07.09.2019

Cash CSR donations face GST implications - Tax Liability Arises As Legal Definition Of Charitable Activities Is Very Specific.

Mumbai: Corporate social responsibility (CSR) for large companies has now become mandatory. Yet, unfortunately, GST laws do not address the taxability of goods or services provided by companies as part of their CSR activities. In fact, even cash donations can have different GST-related consequences.

GST specialists face innumerable queries in this regard, with complex issues relating to input tax credit ending up in litigation. In the context of cash donations (including by cheques and digital transfers), EY India indirect tax partner Utkarsh Sanghvi says, “GST is levied on ‘supply’ of goods or services for a consideration made in ‘furtherance of business or commerce’. A donation or a grant does not have a reciprocity element, nor is it for the development of one’s business. A service tax circular dated August 16, 2010 comes in handy for this interpretation.” He adds, “Thus, a cash donation should read more »

III. E-Version of Goods and Services Tax (GST) Fliers

1. E-Version of Goods and Services Tax (GST) Fliers - Accounts and Records
2. E-Version of Goods and Services Tax (GST) Fliers - Advance Ruling Mechanism
3. E-Version of Goods and Services Tax (GST) Fliers - Aggregate Turnover
4. E-Version of Goods and Services Tax (GST) Fliers - Anti-profiteering
5. E-Version of Goods and Services Tax (GST) Fliers - Appeals Meachanism
6. E-Version of Goods and Services Tax (GST) Fliers - Audit Note
7. E-Version of Goods and Services Tax (GST) Fliers - Benefits of GST
8. E-Version of Goods and Services Tax (GST) Fliers - Casual Taxpayers
9. E-Version of Goods and Services Tax (GST) Fliers - Charitable and Religious Trusts
10. E-Version of Goods and Services Tax (GST) Fliers - Composite Mixed Supply
11. E-Version of Goods and Services Tax (GST) Fliers - Credit Notes
12. E-Version of Goods and Services Tax (GST) Fliers - Debit Note
13. E-Version of Goods and Services Tax (GST) Fliers - Goods Transport Service
14. E-Version of Goods and Services Tax (GST) Fliers - GST Practitioners
15. E-Version of Goods and Services Tax (GST) Fliers - IGST
16. E-Version of Goods and Services Tax (GST) Fliers - Imports
17. E-Version of Goods and Services Tax (GST) Fliers - Input Service Distributor
18. E-Version of Goods and Services Tax (GST) Fliers - Input Tax Credit (ITC) Mechanism
19. E-Version of Goods and Services Tax (GST) Fliers - Inspection Search Seizure and Arrest
20. E-Version of Goods and Services Tax (GST) Fliers - Jobwork
21. E-Version of Goods and Services Tax (GST) Fliers - Margin Scheme
22. E-Version of Goods and Services Tax (GST) Fliers - Meaning and Scope of supply
23. E-Version of Goods and Services Tax (GST) Fliers - Non-resident Taxable Person
24. E-Version of Goods and Services Tax (GST) Fliers - Non-resident Taxpayer
25. E-Version of Goods and Services Tax (GST) Fliers - OIDAR
26. E-Version of Goods and Services Tax (GST) Fliers - Provisional Assessment
27. E-Version of Goods and Services Tax (GST) Fliers - Pure Agent
28. E-Version of Goods and Services Tax (GST) Fliers - Recovery of Tax
29. E-Version of Goods and Services Tax (GST) Fliers - Refunds
30. E-Version of Goods and Services Tax (GST) Fliers - Registration of GST
31. E-Version of Goods and Services Tax (GST) Fliers - Returns of GST
32. E-Version of Goods and Services Tax (GST) Fliers - Reverse Charge Mechanism (RCM)
33. E-Version of Goods and Services Tax (GST) Fliers - Tax Invoice
34. E-Version of Goods and Services Tax (GST) Fliers - TCS Mechanism
35. E-Version of Goods and Services Tax (GST) Fliers - TDS Mechanism
36. E-Version of Goods and Services Tax (GST) Fliers - Transitional Provisions
37. E-Version of Goods and Services Tax (GST) Fliers - Valuation

IV. FAQ - Frequently Asked Questions on Goods and Services Tax (GST)

1. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Questions/ Clarifications sought
2. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Composition Levy
3. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Cooperative Society
4. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Drugs and Pharmaceuticals
5. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - E-commerce
6. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Emails
7. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Emails
8. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Exports
9. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Food Processing
10. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Gems and Jewellery
11. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Government Services
12. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Handicrafts
13. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - IT and ITES
14. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Mining
15. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - MSME
16. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Rates
17. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Textiles
18. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Traders
19. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
20. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
21. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Tweets
22. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Second Edition
23. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - Hindi
24. FAQ - Frequently Asked Questions on Goods and Services Tax (GST) - First Edition

V. Goods and Services Tax in India - Overview

VI. Goods and Services Tax in India - Migration

VII. Dr. Hasmukh Adhia, Revenue Secretary, GOI on GST

VIII. Goods and Services Tax in India - Background