The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement.
Big Tech firms see tax windfall after Supreme Court ruling on Microsoft
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Big Tech firms, including Facebook, Amazon and Google, are set to file for tax refunds in India following a Supreme Court judgment on tax on royalty, but all may be not lost for the government.
ETTelecom
Mumbai:Google, Facebook and Amazon could claim hundreds of crores in refunds from the Indian government, after the Supreme Court on Microsoft ruled that payments made by local users for the purchase of software from foreign companies or distributors cannot be taxed as royalty.
While Tuesday’s ruling, disallowing deduction of tax at source on such payments, spoke about Microsoft, the principle and logic in the judgement are set to be used by other multinationals for their own cause, said legal experts.
The government has room to cut excise duty on petrol and diesel by up to Rs 8.5 per litre without impacting its target for revenue from the tax on the two fuels, analysts said. Petrol and diesel prices hover at a historic high following a relentless increase in rates over the past nine months. There have been calls by opposition parties as well as sections of society to the government to reduce excise duty to ease consumer pain. We estimate excise duty on auto fuels in FY22 (April 2021 to March 2022), if it is not cut, at Rs 4.35 lakh crore versus budget estimate of Rs 3.2 lakh crore.
Read more about GST Revenues Cross Rs 1 lakh For Fifth Month In Row on Business Standard. The gross GST revenue collected in the month of February 2021 is Rs 1,13,143 crore of which CGST is Rs 21,092 crore, SGST is Rs 27,273 crore, IGST is Rs 55,253 crore (including Rs 24,382 crore collected on import of goods) and Cess is Rs 9,525 crore
The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28. In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India, the Finance Ministry said in a statement. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.