The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
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The BSE Mid-Cap index was currently down 1.25%
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
GSTN said those who do not want to give their Aadhaar numbers would have to undergo physical verification.
Goods and Services Tax (GST) collections jumped to over Rs 1.31 lakh crore in November, the second highest since its implementation in July 2017, in line with the trend in economic recovery, the finance ministry said on Wednesday. "The gross GST revenue collected in the month of November 2021 is Rs 1,31,526 crore of which CGST is Rs 23,978 crore, SGST is Rs 31,127 crore, IGST is Rs 66,815 crore (including Rs 32,165 crore collected on import of goods) and Cess is Rs 9,606 crore (including Rs 653 crore collected on import of goods)," the ministry said in a statement. CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax) and IGST (Integrated Goods and Services Tax).
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Global cues lift Sensex 364 points; Nifty ends above 8,650.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
The S&P BSE Sensex ended down 205 points at 27,710 and the Nifty settled 56 points lower at 8,510.
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
A logjam on the GST front could turn things upside down and turmoil in Gujarat might also have an adverse impact
Experts share their views on the steps that will help businesses become GST-ready.
21-member parliament panel would review the bill.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
It is likely to be a stormy affair with divergent views on market borrowing. Centre will likely press states to borrow to make up for the shortfall, but states want either the Centre or the GST Council to do so.
The system has gone through three rounds of testing for its load-bearing capacity.
The S&P BSE Sensex ended down 157 points at 28,052 and the Nifty50 slipped 28 points to settle at 8,639.
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In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
The Sensex fell 354 points or 1.3% to close at 27,512 levels.
The government on Tuesday said it may reconvene Parliament's Monsoon Session to get key legislations, including the pending GST bill, passed, maintaining it has an "open mind" on amendments to reform measures even as it began consultations with leaders of opposition parties.
Finance Minister Arun Jaitley on Wednesday said the country is on an "upward curve" and a good monsoon, GST passage and increased infra and rural spending will further accelerate the growth.
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. "GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic," the ministry said. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.
The discussions are at a very critical stage
The panel might also decide on a new chairman.
The Planning Commission was better than the Niti Aayog as it used to take up the issues of the states with the ministries concerned.
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
PM Modi said his government has nothing to hide and would take everybody into confidence while dealing with it.
The S&P BSE Sensex ended up 134 points at 27,279 and the Nifty50 ended up 42 points at 8,371.
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
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