The GST bill's draft says tax would be levied on Maximum Retail Price
For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.
Proliferation of home chargers of around 7 KWh and above, which take six to seven hours to fully charge a car depending on the model, bring running costs down by a third or so. That, coupled with the increasing range of modern electric cars, can lead to a massive increase in sales.
'From the tiniest to mid-level organisations and even some at the lower end of the large-scale ones would say that computerisation and the extensive documentation and regulatory requirements for GST have made the compliance process worse in many cases.'
The revised structure will help to keep airfares down, when airlines already face a triple challenge of rising crude oil prices, rupee depreciation and constrained airport capacity.
Only 69 per cent of the assessees filed returns
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
The data primarily pertains to activities in March, which had only a few days under the Covid-19 lockdown. For April , hence, CGST collections could be much lower, fear analysts.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
For 2019-20, the government proposes to collect Rs 6.10 lakh crore from CGST and Rs 1.01 lakh crore as compensation cess.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
To meet the yearly target, each of the next five months has to yield Rs 1.107 trillion GST collections.
Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
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 total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
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.
The collections stood at Rs 98,202 crore in the month, against Rs 1.02 trillion in July. The figures indicate continuation of economic slow down which was reflected in the gross domestic product (GDP) growth which plummeted to a 25-quarter low of 5 per cent in the first quarter of 2019-20, experts said.
The interest charged on an inter-state loan given to a credit card holder without the use of a plastic card would not be subject to the integrated goods and services tax (IGST), a two-judge bench of the Calcutta high court has ruled. In this connection, it recently set aside a ruling by a single judge of the high court. The issue was a loan of Rs 650,000 granted by Citi Bank with an EMI of Rs 58,056 for 12 months and inclusive of integrated GST (IGST) on each installment of interest.
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.
The next meeting of the GST Council on January 16 would discuss the issue of jurisdiction over assessees as well as try to reach a finality on taxation of territorial waters
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
GST seeks to subsume many indirect taxes at the Central and state levels.
The state has extended its full support, provided its revenues are protected.
GST rates would depend upon whether the commodity is used by a rich person or a common man
States are apprehensive of losing their rights to raise revenue during emergencies.
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers.
Know what terms like anti-profiteering, CGST, SGST, IGST means in the new regime
Experts said if the slowdown, and subsequent weakness in GST mobilisation, continued, it would curtail the Centre's resources to a considerable extent in the current financial year.
A corpus of Rs 20,000-30,000 crore is under consideration, to narrow the input tax credit cycle and facilitate their working capital requirements.
Mop up grows 10% y-o-y at Rs 1.05 trillion, almost equal to levels in February before a nationwide lockdown to contain the coronavirus pandemic
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
'At the end of the day, we want to see maximum items out and only few items remaining in the 28 per cent slab.'
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
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