The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
The BSE Mid-cap index outperformed the benchmark indices.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November 9, 2020, launched a nationwide special drive against unscrupulous entities for availing and passing on Input Tax Credit (ITC) fraudulently by issuing fake/bogus invoices, thereby evading Goods and Services Tax (GST).
GST mop-up likely to fall in May, June after touching record levels in April and March.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
GST rates would depend upon whether the commodity is used by a rich person or a common man
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
Jaitley says govt is open to scrapping 1% additional tax on GST
The annual Finance Bill may soon become far less exciting as the government plans to lift the veil of secrecy surrounding tax proposals in Budget. Once the Direct Taxes Code (DTC) and Goods and Services Tax (GST) are in place, the finance ministry will adopt a public discussion approach for most future decisions, while confining the annual exercise to a few procedural changes.
GST revenues rose 16.6 per cent to about Rs 1.52 lakh crore in October -- making it the second highest collection ever. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.
Says govt is creating conditions for greater private investment
Amid rising consumer complaints, the Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge automatically or by default in food bills and allowed customers to file complaints in case of violation. The CCPA has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge. "No hotels or restaurants shall add service charge automatically or by default in the bill," CCPA chief commissioner said in the guideline.
Info Edge (India) reported good Q2FY24 results with hiring across other segments helping offset weak IT performance. The revenue increased 11.5 per cent year-on-year (Y-o-Y) to Rs 593 crore, (up 1.5 per cent quarter-on-quarter or Q-o-Q). The earnings before interest, taxes, depreciation, and amortization (Ebitda) margin was excellent at 40.7 per cent, up 200 basis points year-on-year (Y-o-Y).
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
Only those who stick to the old I-T regime will get this benefit.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
Chairman M Venkaiah Naidu has expressed disappointment saying "obstruction is destruction of parliamentary democracy".
Government's reforms agenda in Parliament is in for trouble with its biggest ally Shiv Sena on Monday joining some Opposition parties in declaring resistance to a bill on raising FDI cap in insurance sector from 26 per cent 49 per cent.
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.
Sources said that the ministers were unanimous in seeking a robust counter to the campaign of the Congress which has attributed political motive behind the case.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
This is part of the government's move to improve infrastructure.
'Whether I am optimistic or pessimistic is not the issue; I am just going by the evidence available.' 'The Indian economy and financial sector are now well-placed and very resilient in dealing with any kind of spillover coming from the external world.'
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Catch all the debates from Lok Sabha and Rajya Sabha
The collections from Goods and Services Tax (GST) grew by 15 per cent to over Rs 1.49 lakh crore in December 2022, indicating improved manufacturing output and consumption demand, besides better compliance. This is the 10th month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. The collection in November was about Rs 1.46 lakh crore. "The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods)," the ministry said in a statement.
Ghulam Nabi Azad and Anand Sharma succeed in convincing Rahul Gandhi of zero returns in blocking Parliament.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
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