Page 2 - Gst Reveunes

FinMin launches amnesty scheme for filing appeals against GST demand orders

The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on or before March 31, 2023, according to the Central Board of Indirect Taxes and Customs (CBIC). The CBIC issued a notification with respect to the scheme on Thursday. So far, the GST law allowed an assessee to file an appeal against an assessment order seeking taxes within three months of the tax officer passing such a demand order. This can be extended by one more month. In its last meeting on October 7, the GST Council had approved this amnesty scheme for filing appeals. The entities willing to avail of the scheme will have to pre-deposit 12.5 per cent of the tax demand, against 10 per cent currently. The move will facilitate a large number of taxpayers, who could not file an appeal in t

Showcause to egaming companies in line with legal provisions: CBIC

E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on Thursday, adding that the tax demanded is based on analysis of data. He also said that the government is fully prepared to implement from October 1 the amended provisions for levying a 28 per cent tax on online gaming, casinos and horse racing along with mandatory registration of offshore online gaming platforms. In its meetings in July and August, the GST Council had approved amendments in law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent Goods and Services Tax (GST) on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's decision. Since then, online gaming companies like Dream11 and casino operator Delta Corp have ...

Higher compliance has boosted monthly GST collections: CBIC chief

CBIC chief Sanjay Kumar Agarwal on Thursday said increased monthly GST collections are mainly on account of higher compliance, and the GST Council's decision to tighten return filing and registration process would help reduce fake ITC claims in evasion prone sectors, including iron and steel. Agarwal said the Central Board of Indirect Taxes and Customs (CBIC) has received suggestions regarding streamlining tax rates in evasion-prone sectors and all that is being discussed. The Goods and Services Tax (GST) collection was Rs 1.87 lakh crore in April and in the first four months of the current fiscal, the collections have averaged Rs 1.67 lakh crore. "The buoyancy of revenue is 1.43 of nominal GDP growth meaning thereby revenue collection is not entirely on account of growth in GDP, but a major contribution is made by increased compliance level," the CBIC chief said at the Ficci Cascade event here. Tax buoyancy explains the relationship between changes in government tax revenue growth

Govt stands firm on its decision to levy 28% GST on e-gaming, casinos

The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance

GST collection hits an all-time high of Rs 1.87 trillion in April

April 2023 also saw the highest ever tax collection on a single day. "On April 20, Rs 68,228 crore was paid through 9.8 lakh transactions," the ministry said in a release

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

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

GST collection up 11% more than Rs 1.45 trn in Nov, gains from imports

GST revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period, the Finance Ministry said on Thursday. This is the ninth straight month when collections from Goods and Services Tax (GST) has remained above Rs 1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during t

Amit Mitra asks FM Sitharaman to urgently call GST Council meeting

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

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

Aiming for cooperative federalism, govt created Centre-states mistrust

There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues

GST tweak on food items to plug revenue leakages, says CBIC chief

Says it will build a robust tax system without being intrusive

GST Council: Stormy discussion around states' compensation likely today

States will demand an extension of the compensation period or a change in the GST revenue distribution formula

GST Council tilts towards rate hikes, drops exemptions for many items

Okays removing the exemption on mass consumption items

At least 1% GST dues to be paid in cash if monthly sales top Rs 5 mn

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

GST compensation shortfall: Centre to borrow Rs 1.1 trn on behalf of states

This may come as a victory of sorts for opposition-ruled states, including Punjab, West Bengal, and Chhattisgarh, which have insisted that the Centre should do the borrowing

13 states submit borrowing option to Centre to fund GST shortfall

These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya

In absence of GST compensation, states may cut FY21 capex by Rs 3 trn: ICRA

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

GST mop-up over Rs 1 trn in Dec, revenue from domestic transactions up 16%

In December 2018, the GST collection was Rs 97,276 crore

Top biz headlines: Govt to sell stake in PSUs, labour law reforms, and more

From financial relief to telcos to states considering legal action against Centre for delay in GST dues, Business Standard brings you the top business headlines for the day