Your GST Expert

The gross GST revenue collected in the month of July this year is 87 thousand 422 crore rupees of which CGST is 16 thousand 147 crore, SGST is 21 thousand 418 crore and IGST is 42 thousand 592 crore rupees.

It also includes 20 thousand 324 crore collected on import of goods and Cess is seven thousand 265 crore rupees.

Finance Ministry said, the government has settled 23 thousand 320 crore rupees to CGST and 18 thousand 838 crore to SGST from IGST as regular settlement.

The total revenue earned by Central Government and the State Governments after regular settlement in the month of July is 39 thousand 467 crore rupees for CGST and 40 thousand 256 crore for the SGST.

The revenues for the last month were higher than the current month.

1. DGFT issued clarification with respect to submission of physical copy of Pre-shipment Inspection Certificate (PSIC)

2. GSTN has enabled the facility for creation of Electronic Cash Ledger and Liability Register for UIN holders

3. DGFT amends the Export Policy by prohibiting the Export of Alcohol based Hand Sanitizers

4. GSTN has enabled new facility to adjust negative ITC while distributing ITC to its units by ISD in Form GSTR-6

5. 7 FAQ’s on ECR Filing and Payment of Contributions

6. K.T. Rama Rao roots for relaxing price control norms to boost pharma

7. Pivot or Perish: Auto industry calls for GST cut and incentives to revive growth

8. Coronavirus lockdown 3.0: States up taxes on auto fuels, liquor for income

9. CNBC-TV18: Support for MSMEs, small industries, through measures like interest waiver/restructuring of loans, subsidised electricity etc

10. Karnataka HC seeks Union’s response over Toll Tax Exemption for Farmers during COVID-19

11. Cognizant Q1 net falls 16.7% to $367 million; sees challenging demand environment in 2020 amid coronavirus pandemic

12. India moves big labour law changes to limit coronavirus impact; UP, MP, Punjab, others make these changes

13. India’s rating outlook reflects rising risk of slower GDP growth, low policy effectiveness

GST News for the day

1. High Court:- No relief by High Court as assessee did not appear before Authority in enquiry proceeding
2. No Sitting of CESTAT Benches from 4 May to 15 May due to extension of Lockdown
3. GST growth of 5.5% pulls economy down
4. Punjab got only Rs 71 cr to combat virus: FM
5. PM Narendra Modi meets Nirmala Sitharaman, Amit Shah for 2nd economic stimulus package
6. Center must release GST arrears of the state: Manish Tewari
7. Auto industry discusses life after lockdown with Javadekar, pleads for GST cut
8. Government defers release of April GST collection data
9. '2020 is the year to survive, not make profits' WhatsApp forward is fake news, Ratan Tata clarifies
10. GSTN Helpdesk handles over 56,000 taxpayer issues in one month of lockdown
11. It’s Anti-Profit, Not Anti-Profiteer ...