Page 16 - Goods And Services Tax

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...

GST Council to discuss decriminalisation at Council meet on December 17

One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore

GSTN in AA network: Operational costs of banks expected to come down

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

TMS Ep313: GST share of states, China plus one, Markets, FPO

Why do states want a bigger share of GST? Does China plus one strategy mean advantage India? Will the rally in the broader markets continue? What is a follow-on public offer? All answers here

Why do states want a bigger share of GST?

Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?

Centre confident of meeting fiscal deficit target for FY23: Report

Centre expects the gross tax revenue to be "at least" Rs 3-3.5 trillion above the FY23 target of Rs 27.6 trillion

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

CBIC not to file review petition in SC for restoring IGST on ocean freight

Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India

Removing IPC offences from GST Act will be welcome move: Experts

Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say

What are the differences between a game of skill and a game of chance?

The winnings from games of skill attract 18 per cent of Goods and Services Tax (GST), while winnings from games of chance mandate paying 28 per cent GST

HC asks GST dept to drop notices against firm facing audit proceedings

Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department

Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

Business Standard brings you the top headlines this hour

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

Face charge of incorrect declaration to dodge tax

HC issues notice to Maharashtra GST dept for arrest over circular trading

Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading

Fiscal correction: Focus should be on reducing the fiscal deficit

The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Define game of chance, game of skill to decide on taxation: GST law panel

The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations