Revenue secretary Tarun Bajaj on Tuesday said there is scope for further pruning of the GST exemption list and expressed hope that the "rough edges" in the indirect tax regime will be ironed out in the next 2-3 years.
The Centre is reportedly considering making GST e-invoicing compulsory for entities with a turnover of Rs 5 crore from this financial year.
32 officers awarded with commendation certificate on 5th of GST Day
Rs. 1,44,616 crore gross GST Revenue collection for June 2022; increase of 56% year-on-year
Several goods and services will cost more from July 18 with the Goods and Services Tax (GST) Council approving an increase in rates to address inverted duty structures and withdrawing some exemptions.
Recommendations of 47th GST Council Meeting
The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026.
State GST (investigation) officials have unearthed tax evasion to the tune of crores of rupees by a Perumbavoor gang, which allegedly forged bills using iron scrap dealership as a front and misappropriated input tax.
The Goods and Services Tax Council is set to discuss a slew of law changes it is looking to introduce. This would include amendments to GSTR3B - the monthly GST return to be filed by taxpayers - among others.
The GST Council on Sunday said the location of its 47th meeting, which will be held during June 28-29, has been changed to Chandigarh, from Srinagar decided earlier.
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