Page 11 - Latest Updates on Goods and Services Tax
Mizoram records 52% growth in GST collection in April, says CM Lalduhoma
The CM attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection
 "Mizoram records 52% growth in GST collection in April, says CM Lalduhoma")
Why future of cars does not look electrified
Electric cars, despite a goods and services tax (GST) rate of 5 per cent, are a shade above 2 per cent of all cars sold
 "Why future of cars does not look electrified")
Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters
Noida, Ghaziabad go to the polls tomorrow but the sentiment in the industrial hubs show a stark contrast
 "Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters")
Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal
Facing a GST demand for export services to subsidiaries from July 2017 to March 2021, Zomato plans to challenge the Rs 11.81 crore penalty and demand in appellate court
 "Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal")
RBI mandates offline payment aggregators to verify KYC for merchants
Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled
 "RBI mandates offline payment aggregators to verify KYC for merchants")
India's economy boosts jobs, but for unskilled and semi-skilled workers
It is not really a case of jobless growth, just that job creation is more for the low-skilled
 "India's economy boosts jobs, but for unskilled and semi-skilled workers")
Ratio of GST collections to GDP is increasing, albeit at a slow pace
GST receipts rose more than GDP growth in nominal terms in the past three years. But buoyancy came down from 1.6 to 1.3 during the period
 "Ratio of GST collections to GDP is increasing, albeit at a slow pace")
31 million jobs created in real estate under Modi government: Report
The measures taken, it says, can catapult the size of the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030
 "31 million jobs created in real estate under Modi government: Report")
March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin
The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23
GST disputes persist due to conflicting interpretations of goods, services
Classification of items for GST rates was done on the basis of harmonised system of nomenclature codes. The codes contain 21 sections. These are divided into 99 chapters, which have 1,244 headings
 "GST disputes persist due to conflicting interpretations of goods, services")
GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong
The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures
 "GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong")
Centre impartial in distribution of funds to state govts: Nityanand Rai
Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief
 "Centre impartial in distribution of funds to state govts: Nityanand Rai")
Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy
The government expects average monthly GST collections to touch about Rs 1.85 trn in the next fiscal, up from about Rs 1.66 trn this year
Budget 2024: Where does the Centre receive money from, where does it go?
Interim Budget: It always interests the common man to know where the government gets its money from and where it spends it, here's what the Budget document says
 "Budget 2024: Where does the Centre receive money from, where does it go?")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
The post-May 2024 dilemma
Even if we have a majority government, economic performance will be sub-optimal without political consensus on reforms
 "The post-May 2024 dilemma")
Economic prospects
Interventions needed to support long-term growth
 "Economic prospects")
Metal recycling industry calls for policy changes to boost circular economy
With more headwinds expected from scrap-exporting countries in near future, the country needs to remove ambiguity to showcase India's commitment to a circular economy, VP of MRAI said
 "Metal recycling industry calls for policy changes to boost circular economy")
Budget 2024: What do the online gaming and esports industries expect?
Interim Budget 2024: Online gaming and esports industries have had an eventful 2023 owing to the GST Council's decision to impose a blanket 28% tax. Here's what the industries expect in the Budget
 "Budget 2024: What do the online gaming and esports industries expect?")
Employees' payment for canteen services will not attract GST: AAR
GST and input tax credit applicable for company's payment to canteen service provider not recovered from employees