Net direct tax collection in the April-June quarter of the current fiscal rose by 41 per cent to Rs 3,54,569.74 crore, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha. During the April-June period of 2021-22, the government had collected a net direct tax of Rs 2,50,881.08 crore. At the same time, net indirect tax collection including Goods and Services Tax (GST) and custom duty increased by 9.4 per cent to Rs 3,44,056 crore as against Rs 3,14,476 crore in the first quarter of the previous fiscal, he said in a written reply.
The stock of the country's largest passenger vehicle maker, Maruti Suzuki India (MSIL), has been hitting successive all-time highs over the past three trading sessions. The rally in the scrip has helped it notch over a 21 per cent gain since the start of February, outperforming the National Stock Exchange Nifty Auto Index. The gains for the leader of small passenger cars have been more recent, as the company still trails the Nifty Auto over one- and two-year periods.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
The implementation of the GST will indeed be a landmark reform.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
The Lok Sabha has already passed the Bill.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
The changes made in the revised GST draft throw up fresh issues but, overall, most of these look sensible, says T N C Rajagopalan.
The board of Nazara Technologies, a listed online gaming company, has approved the issue of shares worth Rs 100 crore to firms managed by Zerodha founders Nikhil and Nithin Kamath, the company said in a regulatory filing on Monday. The company is proposing to issue 1,400,560 equity shares at a face value of Rs 4 each, for Rs 714 per equity share. This will amount to Rs 99,99,99,840 and will be proportionately allotted to M/s Kamath Associates and M/s NKSquared.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
Plug-in hybrids have two engines and the electric part has a much larger battery than in the regular hybrids. Car companies, led by the Japanese, are pushing the Indian government to look at hybrids in the interim if it wants to reduce carbon emission.
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
An area of worry relates to simplification of the refund procedure where the inverted duty structure prevails
'A broad-based revival of private sector investment was likely in 2018-19 after businesses had successfully made the switch to the GST.'
The government on Wednesday decided not to hold special session of Parliament to pass the constitution amendment bill for rolling out Goods and Services Tax and will recommend to the President to prorogue the Monsoon Session.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
For the sake of transparency, and to reduce undesirable bond market volatility, clarity on these would be welcome, preferably before the budgets for the next fiscal year get finalised, says Neelkanth Mishra.
Select committees of the House have already submitted their reports
There will be a dramatic alteration in the role the Centre and the states will play to shape India's fiscal and economic destiny, report Nitin Sethi and Ishan Bakshi.
The net indirect tax collection in 2020-21 grew 12.3 per cent annually to Rs 10.71 lakh crore, thereby exceeding the target set in revised estimates, the Finance Ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore. Net collections from Goods and Services Tax (GST) stood at Rs 5.48 lakh crore during 2020-21, an eight per cent drop compared to Rs 5.99 lakh crore in the previous fiscal year.
'Because of the COVID-19 pandemic situation today, the revenues of the states have gone down, the GST money is not coming and all the states combined have lost more than Rs 365,000 crore in revenue.' 'To make it worse, the Government of India is not compensating us for the shortfall, which it must as per its Constitutional obligations.'
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
The CAG audit and other data suggests it could be far from the efficient new alternative that was once conceptualised. A conclusive review remains elusive till the government begins to release more granular and comparable data on the complex backend of GST to a deeper scrutiny, by researchers, auditors and the public.
Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
The vice president met Leader of the party in Lok Sabha Mallikarjun Kharge, P Chidambaram and Deputy Leader of the party in Rajya Sabha Anand Sharma, among others and discussed various points regarding the key tax reform legislation.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Prime Minister Narendra Modi on Saturday launched a scathing attack on the Congress party, accusing it of repeatedly "wounding" the Indian Constitution. He claimed that the Congress, driven by its "lust for power," has consistently undermined the principles of the Constitution. Modi, however, praised India's democratic journey since its independence, highlighting the country's strong democratic roots and its unwavering commitment to its founding principles. He underscored the importance of unity for India's future development and emphasized that the Constitution is the bedrock of that unity.
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
It is possible that the Centre has now become wiser and has decided to follow an allocation system which gives it more from Integrated GST and helps boost its revenues, says A K Bhattacharya.
