Page 27 - Goods And Services Tax

States' tax revenues lower than two years ago as demand for spending rises

An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower

Apr-June net GST collections at 26.6% of budget estimates: Govt

The government has achieved 26.6 per cent of the budget estimates for GST collections in the first three months of the current fiscal, Parliament was informed on Monday. In reply to a written question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said net GST collection in the April-June quarter was over Rs 1.67 lakh crore, which is 26.6 per cent of the budget estimate of Rs 6.30 lakh crore for full 2021-22 fiscal. The net GST collections include Central GST+Integrated GST+Compensation cess. In the 2020-21 fiscal, the net GST collection was over Rs 5.48 lakh crore, which was more than the revised estimates (RE) of Rs 5.15 lakh crore. In 2019-20, the net collection was over Rs 5.98 lakh crore, which is 97.8 per cent of the RE. Chaudhary said the government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalisation to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, pena

GST officers detect Rs 4,000 cr of Input Tax Credit fraud in Apr-Jun

GST officers detected over Rs 4,000 crore of Input Tax Credit (ITC) fraud in June quarter 2021-22, Parliament was informed on Monday.

India PMI manufacturing up at three-month high in July as lockdowns ease

Jumps to 3-month high after June contraction; marginal rise in jobs

GST collection recovers to a 3-month high of Rs 1.16 trn in July

On a year-on-year basis, the July GST collection witnessed a 33 per cent jump

Securing India's fiscal health

Govt should prepare for medium-term challenges

Businesses can now self-certify GST returns, instead of mandatory CA audit

GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said

Centre to clear pending GST compensation in instalments: Karnataka CM

Karnataka Chief Minister Basavaraj Bommai has said the Centre has agreed to give last year's pending GST compensation of Rs 11,400 crore at the earliest in instalments.

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Centre frontloads Rs 75,000 crore to states as GST compensation

Move to help state govts spur capex amid pandemic

No FTA with nations you have armed conflict with: Fin secy on RCEP decision

Somanathan said that a dose of carefully calibrated tariff protection for select sectors showing potential may be desirable

SME CHATROOM: Third-party payment allowed for imports subject to conditions

Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received

Banker's Trust: Has crony capitalism hijacked bad loan resolution?

If bankers move fast and preserve the enterprise value of defaulting companies, recovery rate will improve even as the new insolvency law, much like the GST, remains a work in progress

GST probe busts firms for 'fake' input tax credit invoices worth Rs 91 cr

GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.

Covid impact: June GST collection falls below Rs 1 trn-mark after 8 months

With reduction in caseload and easing of lockdowns, the e-way bills generated during June indicates recovery of trade and business, says govt

Change policies to promote industry, manufacturing: Kerala finance minister

We need to promote indigenous industry and indigenous knowledge and translate them into industrial production, says Kerala Finance Minister K N Balagopal

Enhanced GST mop-up of recent months should now be 'new normal': FM

Sitharaman said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal"

GST Council special session will be held on compensation-related issues: FM

She also said that the flow of Covid-19 vaccination across the country will be well managed and all states will be taken care of

View from the edge

The Union government is so fiscally ineffective that it can only spend an incremental 0.4 per cent of GDP on healthcare in a pandemic, against a global average of 1.2 per cent, writes Rathin Roy

Best of BS Opinion: Four years of GST, towards better governance & more

Here are the best of Business Standard's opinion pieces for Thursday