Then came a slew of deadlines in quick succession—September 10 for filing Good and Services Tax (GST) returns, September 15 for filing advanced taxes and September 30 for audited results. “Our demand now is a reduction of the GST rate on textiles to 1% (from 5%),” Bothra. In the month of August, the GST revenue collections stood at Rs 98,202 crore, a notch below the psychologically important one lakh crore mark. Early this week, the Directorate General of GST Intelligence unearthed a Rs 400 crore fraud of overvaluing and faking invoices to claim refund of input tax credit. Presently, the taxpayers with aggregate annual turnover of up to Rs 40 lakh are exempted from registering under GST.

Source: Economic Times September 28, 2019 17:37 UTC