Focus Merit

Tag: GST

39th GST Council meet on ’ Know your Supplier’ ; GST on mobile phones hiked to 18%

March 16, 2020
GST Council meet
  • On 14 March 2020, several decisions have been taken regarding the Goods and Services Tax (GST) mechanism on particular sections during the 39th GST Council meet in New Delhi led by Union Finance & Corporate Affairs Minister Nirmala Sitharaman.
  • GST on Maintenance, Repair and Overhaul (MRO) service in respect to aircraft was reduced to 5%from 18% with full ITC (Input Tax Credit).
  • Net cash tax liability is came at after deducting the input tax credits available from gross tax liability. GST on mobile phones and specified parts were increased to 18% from 12%.

GST collection crosses the mark of Rs one lakh crore in February

March 2, 2020
GST collection

Government has collected over one lakh five thousand crore rupees as Goods and Services Tax in February,2020 which is eight percent more than the GST collected in the same month of last year.

Gross collection of GST for January cross Rs 1 lakh cr

February 3, 2020
GST

GST revenues during the month of January from domestic transactions showed a hike of 12% over the revenue during the month last year, reported by Finance Ministry .