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.
GST mop-up likely to fall in May, June after touching record levels in April and March.
The government introduced the 122nd Constitution amendment Bill.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
'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 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 US Trade Representative's (USTR) office will also conduct the Section 301 probe against nine others, including Austria, Brazil, Indonesia, Italy, Spain, Turkey, the Czech Republic, the UK, and the EU, for levying or considering digital services taxes "discriminating against US companies".
Chairman M Venkaiah Naidu has expressed disappointment saying "obstruction is destruction of parliamentary democracy".
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday (September 27). While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
Only those who stick to the old I-T regime will get this benefit.
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.
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).
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.
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.
Jaitley says govt is open to scrapping 1% additional tax on GST
The results of the assembly elections in Gujarat and Himachal Pradesh are likely to play out during the winter session of Parliament beginning Wednesday.
The Delhi high court on Wednesday stayed the recent guidelines prohibiting hotels and restaurants from levying service charge automatically on food bills. Justice Yashwant Varma, while dealing with petitions by the National Restaurant Association of India (NRAI) and Federation of Hotels and Restaurant Associations of India challenging the Central Consumer Protection Authority (CCPA)'s July 4 guidelines, said the issue requires consideration and directed the authorities to file their reply. "The matter requires consideration. Consequently, until the next date of listing the directions as contained in para 7 of the impugned guideline of July 4, 2022 shall remain stayed," the court ordered.
Info Edge (India), the country's leading consumer internet company known for its platforms in recruitment (naukri.com), real estate (99acres.com), matrimony (jeevansathi.com) and education (shiksha.com) space, delivered revenue growth in line with expectations in the April-June quarter (Q1) of FY25.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
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.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
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.
In September, JSW MG Motor India, the newly minted joint venture between SAIC Motor, which is present in 100 countries, and Indian conglomerate JSW Group, launched the Windsor, an electric car that introduced battery as a service (BaaS).
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
The tax authorities and insurance regulator Irda are working on the possibility of removing Service Tax on first premium.
Some tax reliefs are proposed to be announced by Finance Minister Pranab Mukherjee on Thursday, amid demands from various Opposition parties to review service tax proposal for the housing sector in the budget.
'We crossed Rs 1.7 trillion in three months this financial year.'
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.
Bengal Finance Minister Amit Mitra expressed confidence in GST.
A 7:2 majority verdict by the apex court ruled that the tax legislation by the state does not require the consent of the President under Article 304 B of the Constitution
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
The Prime Minister also underscored the importance of public sector undertakings in the country.
Parliamentary Affairs Minister Prahlad Joshi has said that 31 bills will be taken up in the monsoon session. Among these include the Digital Personal Data Protection Bill, 2023.
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.
Catch all the debates from Lok Sabha and Rajya Sabha
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
This is part of the government's move to improve infrastructure.
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