Page 15 - Goods And Services Tax

Q3 GDP numbers: Taking a look at some high-frequency indicators

The govt contends that Q3 GDP will be revised upwards. Many experts believe rural economic growth is still slow. Data shows both could be right

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

February GST collections rise 12% to Rs 1.49 trillion: Finance Ministry

GST collections rose 12 per cent to over Rs 1.49 lakh crore in February, the finance ministry said on Wednesday. February 2023 witnessed the highest cess collection of Rs 11,931 crore since implementation of GST. The collections are, however, lower than the second highest Goods and Services Tax (GST) mop-up recorded in January at over Rs 1.57 lakh crore. The collection reached an all-time high of Rs 1.68 lakh crore in April 2022. "The gross GST revenue collected in the month of February 2023 is Rs 1,49,577 crore of which CGST is Rs 27,662 crore, SGST is Rs 34,915 crore, IGST is Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) and cess is Rs 11,931 crore (including Rs 792 crore collected on import of goods)," the ministry said in a statement. The revenues for the month of February 2023 are 12 per cent higher than the GST revenues in February 2022, which was Rs 1.33 lakh crore. Normally February, being a 28-day month, witnesses a relatively lower collection o

Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

Govt looks to tap section of kirana stores to expand GST base: Report

The federal government is also working on a strategy with state governments and will seek their inputs to increase the base of indirect tax payers

Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR

One of the first rulings after the rate-change came into effect from July 18 last year

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn

Revenues in the current financial year upto January 2023 was 24% higher than the GST revenues during the same period last year

GST led to high tax buoyancy, augurs well for resource mobilisation: Survey

Goods and Services Tax collection is showing a higher buoyancy than the pre-GST system, auguring well for future resource mobilisation in the economy, the Economic Survey 2022-23 presented in Parliament said on Tuesday. Giving a 5-year analysis of tax collection pre and post-GST, the survey said the taxes which were subsumed in the Goods and Services Tax had a buoyancy of one. However, the buoyancy improved to 1.1 after the GST implementation on July 1, 2017. "Improved tax collection efficiency was one of the main arguments in favour of GST. The evidence so far suggests that GST is indeed showing a higher buoyancy than the pre-GST system. This augurs well for future resource mobilisation in the economy," said the Economic Survey. Tax buoyancy refers to an increase in tax collections in proportion to a rise in national income. A higher buoyancy reflects the increased efficiency of the tax system.

GST officers to seek details of all invoices in case of ITC mismatch

The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19

Indian gaming industry needs stable regulatory environment: Sameer Barde

The industry's worry is the "knee-jerk reaction" of states in regulating the industry, Barde said

Rice unfit for humans and used for other purposes to attract 5% GST: AAR

Authority couldn't find adequate rate for the farm produce on the basis of its final product

Handle with care

GST notices should not become a tool for harassment

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

GST Council meet: Decriminalisation of offences, gutkha biz on agenda

The GST Council in its meeting on Saturday is expected to decide on a number of issues like decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses. Besides, GST on online gaming and casinos may come up for deliberations as the Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, submitted its report on the issue to Finance Minister Nirmala Sitharaman on Thursday. "Union Finance Minister Smt. @nsitharaman will chair the 48th GST Council meeting via VC from New Delhi tomorrow. The meeting will be attended by MoS Finance besides Finance Ministers of States & UTs & Senior officers from Union Government & States," the Finance Ministry tweeted. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. With regard to decriminalisation of offences, the law committee of the GST Council, ...

GST Council meet: GoM pitches for 'specific tax levy' on pan masala, gutkha

Proposes levy on 38 such items in the range of 12-69% of retail sale price

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Critical decisions

GST Council is expected to improve business conditions

GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

Defers the classification of crypto assets under GST regime