New Delhi, July 7 (IANS) India’s E-way bill generation under the Goods and Services Tax (GST) in June this year registered a robust 14.5 per cent increase to 136.77 million from 119.46 million in the same month of the previous year, reflecting the rising level of economic activity in the country.On a sequential basis, e-way bill generation increased 0.5 per cent from 136.08 million in the previous month.E-way bills are mandatory for the transportation of consignments valued at more than Rs 50,00…
Latest Goods and Services Tax News & Updates
New Delhi, July 7 (IANS) The government has finalised the framework for India’s first Index of Services Production (ISP), with the trial monthly series set to be released on July 14, marking a major step towards improving the measurement of the country’s services sector, according to an official statement on Tuesday.For the first time, the proposed ISP will provide a comprehensive monthly measure of short-term movements in India’s formal services sector and complement the existing Index of Indus…
New Delhi, July 4 (IANS) Annual defence production touched an all-time high of Rs 1.78 lakh crore in financial year (FY) 2025-26, which is three times higher than the figure in FY 2014-15, Defence Minister Rajnath Singh said on Saturday.On the other hand, defence exports reached a record over Rs 38,000 crore, up from Rs 686 crore in FY 2013-14, representing an increase of nearly 57 times and underlining the global confidence in the ‘Make in India’ platforms.“India’s journey over the last…
Mumbai, July 1 (IANS) Chief Minister Devendra Fadnavis on Wednesday said that Maharashtra ranks first in the country in terms of collecting the highest amount of Goods and Services Tax (GST). He added that it is also the state that receives the maximum benefits from the Central Government in return for this tax collection.Due to this, Maharashtra is truly the capital of the country within the GST system, he added.He also highlighted that Maharashtra is the first state in the country to set up an…
New Delhi, July 1 (IANS) The gross Goods and Services Tax (GST) collections rose 13.9 per cent year-on-year to Rs 1.94 lakh crore in June, driven by strong growth in revenues from imports, according to official data released on Wednesday.Gross GST revenue stood at Rs 1,94,812 crore in June, compared with Rs 1,71,105 crore in the corresponding month last year.The increase was led by a 34.6 per cent jump in GST revenue from imports to Rs 60,038 crore, while gross domestic GST revenue rose 6.5 per …
New Delhi, June 30 (IANS) When India rolled out the Goods and Services Tax (GST) on July 1, 2017, it was hailed as the country’s most ambitious tax reform since Independence. Before that, India’s indirect tax regime was a patchwork of 17 different taxes and 13 cesses levied by the Centre and the states.This fragmented system created inefficiencies, hidden costs, and the notorious “tax on tax” effect that burdened businesses and consumers alike.GST replaced this chaos with a unified framework, em…
New Delhi, June 30 (IANS) The Finance Ministry on Tuesday said advanced technologies such as artificial intelligence (AI), machine learning and data analytics are playing a key role in strengthening Goods and Services Tax (GST) administration by helping authorities detect potential tax evasion while reducing compliance burdens for honest taxpayers.According to the ministry, these technologies are being deployed across critical processes, including GST registration and scrutiny, to analyse data p…
Mumbai, June 23 (IANS) The Reserve Bank of India (RBI) on Tuesday pumped in over Rs 1.41 lakh crore of transient liquidity into the banking system through a seven-day variable rate repo (VRR) auction.The funds were injected into the system at a cut-off rate and weighted average rate of 5.26 per cent, according to figures released by the RBI.This was done after the liquidity in the banking system turned into a deficit of Rs 19,971.89 crore as on June 22, from a surplus of Rs 30,685.11 crore as on…
Ludhiana, June 22 (IANS) Restoring the industrial and commercial glory of Punjab is the Bharatiya Janata Party’s (BJP) resolve, and it will be fulfilled at all costs, BJP National President Nitin Nabin said on Monday. He assured industrialists in Ludhiana that a favourable environment for industrial development and investment will be created in the state, with agriculture running parallel to it.Nabin said the problems of each sector are different, but government policy, intent and decisive lea…
New Delhi, June 10 (IANS) The National Democratic Alliance (NDA) on Wednesday passed a resolution marking 12 years of the Narendra Modi-led Union government, describing it as a defining phase of “people-centric development, participative democracy and performance-oriented governance”. The resolution was adopted at a high-level NDA meeting in New Delhi, where coalition allies congratulated Prime Minister Narendra Modi for becoming the longest-serving democratically elected Prime Minister in conse…