Page 16 - Goods And Services Tax

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

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23

Duty cuts on edible oil, petro products to blame; may not hit overall collection

RBI steps up fund infusion as system liquidity 'almost neutral'

Rates on CPs, CDs surge; pressure mounts on banks to raise deposits

CBIC seeks details on digital assets from India's top crypto bourses

Crypto exchanges have been asked to furnish details this month itself

RBI's liquidity infusion largest since April 2019 as surplus cash dries up

Lack of repo suggests RBI tolerance of higher money mkt rates: Analysts

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Odisha AAR says separate registration must for construction work in state

The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification