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Showing posts from January 2, 2019

Govt waives late fee for GST returns during July 2017-September 2018

The fee for late filing of the returns is Rs 25 per day for Central GST and an equal amount under State GST. The government has waived late fees for non-filers of summary and final sales returns for the July 2017-September 2018 period by businesses registered under the goods and services tax (GST). However, these businesses would have to file their returns for the 15-month period by March 31, 2019, the Central Board of Indirect Taxes and Customs (CBIC) said. Giving effect to the decision of the GST Council in its December 22 meeting, CBIC has notified waiver of late fees for non filing of GSTR-3B, GSTR-1 and GSTR-4 and non-payment of taxes between July 2017 and September 2018. While GSTR-3B is the summary sales return filed by businesses, GSTR-1 is the final sales return. GSTR-4 is filed by businesses who have opted for composition scheme, under which they have to file returns quarterly. The fee for late filing of the returns is Rs 25 per day for Central GST (CGST) and an equal amount u…

UPI transactions rise 25%, cross Rs 1 trillion mark in December

The volume of UPI transactions for December stood at 620 million.Transactions via the unified payments interface (UPI), the country’s flagship payments platform, crossed a value of Rs 1 trillion in December, according to the data released by the National Payments Corporation of India. The value of UPI transactions in December stood at Rs 1.02 trillion, against Rs 82,232 crore in November — a rise of 25 per cent. The volume of UPI transactions for December stood at 620 million, a growth of 18 per cent over the previous month. The UPI transaction volume for November stood at 525 million. Mobile wallet transactions for the month of October stood at 368.45 million, with a value of Rs 18,786 crore. This was a rise of 25 per cent and 13.5 per cent, respectively, over the previous month. According to the latest set of data released by the Reserve Bank of India (RBI), card transactions in the month of October saw a rise of 9 per cent in volume to 1.4 trillion and 12 per cent rise in value to o…

GST collection drops to Rs 94,726 cr in December

GST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month. The total number of sales returns or GSTR-3B filed till December 30, 2018, is 72.44 lakh, the finance ministry said in a statement. Compensation released to states for August-September stood at Rs 11,922 crore. Of the Rs 94,726 crore collected, Central GST (CGST)collection is Rs 16,442 crore, State GST (SGST) is Rs 22,459 crore, Integrated GST (IGST) is Rs 47,936 crore and Cess is Rs 7,888 crore. The government has settled Rs 18,409 crore to CGST and Rs 14,793 crore to SGST from IGST as regular settlement, it said. The total revenue earned by central government and state governments after regular settlement in December is Rs 43,851 crore for CGST and Rs 46,252 crore for SGST, the ministry added. The Goods and Services Tax (GST) collection stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in …