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The GST council in its 38th meeting on 18th Dec 2019 had recommended that late fee chargeable on filing of statements of output supplies in Form GSTR-1s, be waived for the GSTR-1 pertaining to period July, 2017 to Nov 2019 if the same are filed by 10/01/2020 @nsitharamanoffc
The response to this waiver has been very encouraging and since announcement on 18.12.2019, 54 lakhs GSTR-1 have gotten filed till 09.01.2020. On average, only about 25 lakh monthly GSTR1s get filed.
@nsitharamanoffc @GST_Council @cbic_india
In the view of such huge response, which would lead reduction in unmatched credit, it has been decided to extend the said amnesty scheme from 10th January 2020 to 17th January 2020.
@nsitharamanoffc @GST_Council @cbic_india
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Ministry of Finance
@FinMinIndia
The progress of the APA scheme strengthens the Government’s resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.
Other International transactions covered in all these Agreements, inter alia, include payment of royalty for use of technology and brand, trading and payment of interest.
International transactions covered in all these Agreements, inter alia,include contract manufacturing,provision of software development services,back office engineering support service,provision of back office (ITeS) support services & provision of marketing support services etc.
Read 6 tweets
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Ministry of Finance
@FinMinIndia
Further, Rs 20,000 crore has been settled from the balance IGST available with the Centre on provisional basis in the ratio of 50:50 between Centre and States
Total number of GSTR 3B Returns filed for the month of February up to 31st March, 2019 is 75.95 lakh.
Government has settled ₹ 17,261 crore to CGST and ₹ 13,689 crore to SGST from IGST as regular settlement.
Total gross GST revenue collected in March, 2019 is
₹ 1,06,577 crore of which CGST is ₹ 20,353 crore, SGST is ₹ 27,520 crore, IGST is ₹ 50,418 crore (including ₹ 23,521 crore collected on imports) and Cess is ₹ 8,286 crore (including ₹ 891 crore collected on imports).
Read 4 tweets
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Ministry of Finance
@FinMinIndia
The $310 million loan from the International Bank for Reconstruction and Development (IBRD), has a 5-year grace period, and a final maturity of 25 years.
The meters are expected to provide consumers with better access to data which will encourage them to reduce their electricity consumption. To begin with, the project will finance smart metering for around 350,000 consumers in the capital city of Ranchi.
The Project will also support smart meters, with two-way communication and backend IT infrastructure, deployed in select urban towns. These meters will not only reduce technical and commercial losses, but also improve peak load management.
Read 13 tweets

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Neeraj Thakur
@neerajthakur01
In every political system, that is the percentage of wealth ownership. It could be a few percenntage points here and there. But neither democracy, nor communism or any other form of govt has been able to find solution to it. Things begin to hurt when there's no growth in wealth
India's current problem is decelerarion in growth. That happened because govt stopped wealth creation for the bottom 60% through farm product price control and demonetization. GST ate into the margins of informal sector aggravating the situation.
If Bottom 60% makes wealth, the top 10% becomes wealthier because it owns the means of production and financial institutions. The other 30% earns more money through distribution and services. This is the natural structure of societies since industrial revolution).
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Pallavi
@pallavict
There is a #GlobalSlowdown in the #automobile industry, but let’s blame Modiji

GM has cut 4000 jobs in US & Canada

#Volkswagen cut 37000 jobs internationally

Btw, let’s blame Modiji for pager, floppy discs, VCRs, B/w TVs, Kodak films rolls,Polaroid cameras going out of use
World Car Sales Will Fall More Than 4 Million In 2019 - Forbes

Caused by -

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Read 9 tweets
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Nitin Sethi
@nit_set
#GST thread. Stay with me: This govt wont share real GST data. Instead we fall for its stupid press releases every month. They mean near zilch. This is what the central govt has really collected by August. Net of refunds and settlement - the only way GST nos should be read.
It is erroneous to merely compare total Rs 1 lakh per month target for states+centre with press releases which do not account for how IGST was settled each month. So, these cant tell what the Centre really got. This table shows how erratic IGST settlement has been.
Then you got to look at states and their revenue separately. Here is a chart of how state revenues are doing. After a year some are doing quite badly. Why? Ask.
Read 7 tweets
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Gangadhar Sulkunte
@gangadhargs
Has anyone used the GST online filing system? It is nothing but an online word processor. I don’t know why ₹ 1500 crore was spent on this. Thread (1/n)
All you do is fill the forms online. There’s no intelligence built into it. Data from one form filed earlier has to be manually entered into other forms. (2/n)
And of course, like all good secure sites, copy paste is blocked. So one needs to write down the number from one form and then enter it manually into other forms #GST (3/n)
Read 8 tweets
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Adrian Lim Chee En
@adrianlimcheeen
Troll April Fool UMNO/BN kepada rakyat Malaysia: #GST #GST #GST #GST #GST

Bebenang April Fool yang tak lawak langsung.
1. Pecahan kutipan #GST sejak ia diperkenalkan pada April Fool tahun 2015:

2015 (Apr-Dis): RM27.2 bil
2016 (Jan-Dis): RM41.2 bil
2017 (Jan-Dis): Lebih RM42 bil
2018 (Jan-Dis): Dijangka lebih RM43.8 bil

Jumlah: LEBIH RM154.2 BILION!
2. TAPI.....

Hutang 1MDB belum dibayar: -RM42 bil
Hutang negara makin meningkat: RM362 bil (2009) -> RM630 bil (2015) -> RM873.8 bil (2018)
Projek mega menambah hutang: ECRL pinjam RM60 bil dari Exim Bank China

Mana perginya duit #GST???
Read 8 tweets
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menaka doshi
@menakadoshi
Some thoughts on today's #GST decisions. 1. Glad the Council and Finmin have heeded feedback from consumers and taxpayers.
2. Given the magnitude of changes and suggestion of more to come maybe today marks the real #GST implementation day.
3. But no clarity yet on whether revenue neutrality will be achieved after these cuts. Or was this a case of overestimation at the start?
Read 7 tweets

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