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Govt waives fine for delayed filing of Aug Sep GST returns The government on Tuesday waived penalty on delayed filing of the initial goods and services tax (GST) returns for the months of August and September.“To facilitate taxpayers, late fee on filing of GSTR3B for August and September has been has been waived,” Finance Minister Arun Jaitley tweeted. He said that the late fee, which has been already charged to businesses, will be credited back to taxpayers  accounts.The government had earlier waived late fee for delayed filing of the maiden returns for July under the GST regime.Businesses have been demanding that the government waives penalty for delayed filing of 3B returns.As per the data, 5.58 million GSTR3B returns were filed for July, 5.13 million for August and over 4.2 million for September. The Business Standard, New Delhi, 25th October 2017

GST collections rise to Rs 92,150 cr in September Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous month.However, these were marginally lower by Rs 133 crore than Rs 92,283 crore in July.Little over 50 per cent of the assessees filed summary returns for September. Of eight million assessees, 4.29 million filed GSTR3B. As many as 3.94 million had filed GSTR 3B by Friday, the deadline for September filing.To enable late filing, the authorities have waived late fee for August and September.For the first three months, the Centre and states collected around Rs 2.75 lakh crore, slightly more than the targeted tax collections of Rs 2.73 lakh crore.  The target has been taken from the Union budget estimates for 2017-18, assuming 14 per cent growth in state revenue collections. The 14 per cent growth was taken, according to a formula of compensating loss-making states.This would give Rs 48,0...

Bank capital infusion to highways  Modi govt unveils Rs 9 trillion plan to boost economy The plan, unveiled by finance minister Arun Jaitley, includes spending Rs 2.11 trillion towards pumping capital into banks and another Rs 7 trillion on a roads and highways project. Prime Minister Narendra Modi’s government announced it would invest over Rs 9 trillion to recapitalise state-owned banks and build new roads and highways on Tuesday, its biggest move yet to shore up an economy growing at its slowest in three years.Plans include spending Rs 2.11 trillion towards infusing capital into banks over the next two years and another Rs 7 trillion over the next five years on the roads project, some of which will run through economic corridors as well as remote border and coastal areas. The Rs 2.11 trillion is far higher than the Rs20,000 crore the government had previously planned to invest, in 2017-18 and 2018-19, in recapitalising banks.Separately, the government also announced an i...