NEW DELHI : State governments are unlikely to get full compensation in FY20 for their revenue shortfall from Goods and Services Tax (GST), Business Standard reported on Tuesday citing finance ministry officials.
The Supreme Court has made it clear that the deadline for submitting GST annual return forms — GSTR 9 and GSTR 9C — will not be extended.
The Supreme Court has stayed the Rajasthan High Court order that extended the deadline for filing of Form GSTR-9 (annual return) and Form GSTR-9C (reconciliation statement) without fine by up to a week to February 12, 2020 on a plea by the Centre that the move could undermine its efforts to boost GST compliance.
Highlighting the acute liquidity problem faced by Apparel and Made ups exporters, particularly those in MSME, exporters’ body FIEO has urged the government to intervene to resolve deadlock.
MUMBAI : The Reserve Bank of India (RBI) on Tuesday notified extension of the deadline for a one-time restructuring scheme of small business loans by another nine months to 31 December.
As many as 634 cases of fraudulent GST refund claim by exporters amounting Rs 1,912 crore has been detected by the central tax authorities between July 2017 to January 2020, Parliament was informed on Tuesday.