Page 30 - Gst

E-commerce firm Meesho says added 25,000 non-GST sellers in 2 months

Company says it is 'committed' to goal of goal of digitising 10 million sellers by 2027

New bills to replace law on customs, excise, age limits of GSTAT members

The other Bill - The Central Goods and Services Tax (Second Amendment) Bill, 2023 - seeks to raise the age limit for president and members of the GSTAT

GST on expat salary: CBIC asks officers not to apply SC order mechanically

Investigation in each case requires a careful consideration of facts, including the terms of contract: CBIC

Tax on expat salaries: Japan firm's India unit gets interim relief on GST

The GST authorities had issued a show cause notice to Kanematsu India, demanding over Rs 2.6 crore on reimbursement of expat employees salaries made by the company to the Japanese parent

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

Global South disappointed over GST draft at COP28; calls for revisions

Developing countries have deplored the latest draft of the global stocktake, the most important document of the ongoing climate conference (COP28) here, calling for major changes, including in the section offering options to slash planet-warming greenhouse gas emissions, negotiators from the Global South said on Tuesday. The latest global stocktake (GST) draft, which will be the centrepiece of the final deal document, does not mention the "phase-out of fossil fuels". However, it includes stronger language on coal usage, which is problematic for heavily coal-dependent countries like India and China. Approximately 40 per cent of global CO2 emissions stem from coal, with oil and gas contributing to the remaining percentage. India, relying on coal for about 70 per cent of its power generation, aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months. India has voiced strong concerns about the specific targeting of coal. Together with other developing ...

States' gross fiscal deficit below Budget Estimate for a 2nd yr: RBI report

The implementation of goods and services tax (GST) has led to increased tax buoyancy for the states," the report said

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

COP28: New GST draft text gives four options for move towards clean energy

A new draft of the Global Stocktake released on Friday here at the COP28 has four options for the move towards clean energy ranging from phase out of fossil fuels to no mention of the phase out at all. The Global Stocktake is a fundamental component of the Paris Agreement of 2015 which is used to monitor its implementation and evaluate the collective progress made in achieving the agreed goals of restricting emission to keep temperature rise to 1.5 degrees Celsius as compared to the pre-industrial era. At the ongoing climate change negotiations, called the Conference of Parties (COP28), the Global Stocktake (GST) text is the most crucial document set to be finalised by the negotiators by the end of this two-week long annual meet. Several contentious issues, including proposals to phase out fossil fuels, triple renewables capacity, and double energy efficiency improvement are still unresolved as negotiations continue in the second week. The four options for the move towards clean .

West Bengal clears bill to impose 28% GST on online gaming, horse racing

The West Bengal assembly on Thursday passed a bill by virtue of which online gaming, horse racing and casinos will be taxed at the highest GST rate of 28 per cent on full face value of the bets involved. Minister of State for Finance Chandrima Bhattacharya said when the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023, will become an Act, it will augment the revenue of the state. West Bengal is one of the states which has advocated taxation of such online gaming and similar activities at the highest rate, she said. Bhattacharya said activities like online gaming, casinos and horse racing are all games of chance and not those of skill, and in these cases, the right to participate and the right to win cannot be separated. The minister, who is a member of the GST Council, said West Bengal has been in favour of taxing such activities at the highest rates. She also alleged that there had been a delay in tabling this Bill in the assembly as the governor was seeking numer

CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19

Central tax officers have sent around 33,000 GST notices to businesses for discrepancies in returns filed and short payment of taxes in 2017-18 and 2018-19 financial years, a CBIC official said on Wednesday. The National Co-ordination Committee of the State and Central GST officers, chaired by the Revenue Secretary, is likely to be held by the end of this month or early January, which among other things would also sensitise tax officers regarding issuance of notices, the official said. Speaking at the Assocham National Conference on GST, Central Board of Indirect Taxes and Customs (CBIC) Member-GST Shashank Priya said the notices sent for 2017-18 and 2018-19 were a "small percentage" of the total returns filed for the two fiscal years. He said the bunching up of demand notices was also on account of extension in the deadline given to taxpayers for filing annual returns for the two years. Goods and Services Tax (GST) was rolled out on July 1, 2017. The last date for filing annual ..

Govt likely to mandate e-invoice for B2C transactions in 2-3 years

The government is likely to make it mandatory for businesses to issue electronic or e-invoice for B2C transactions in the next 2-3 years, an official said on Wednesday. Currently, businesses with a turnover of Rs 5 crore and above are required to generate e-invoice for their Business to Business (B2B) sales and purchases. The government is planning to extend the e-invoice requirement to B2C transactions as well. Central Board of Indirect Taxes & Customs (CBIC) member-GST Shashank Priya said GST systems have to be upscaled and the work is on to bring B2C (business to consumer) transactions under e-invoicing. We are looking at requirement of e-invoice for B2C. GSTN capacities need to be upscaled. Systems will have to be put in place. We have to see which are the sectors we can start first. It is work in progress but we hope in years to come we will be able to take this forward, he said at an Assocham event. Priya further said businesses with turnover between Rs 5-10 crore are not ..

71 show cause notices issued to online gaming firms involving GST: FinMin

As many as 71 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24, the finance ministry said on Tuesday. The total Goods and Services Tax (GST) evasion detected by central GST officers in the current fiscal (till October, 2023) was Rs 1.51 lakh crore, while 154 persons have been arrested. A recovery of Rs 18,541 crore was made so far this fiscal. Giving details of detection of GST evasion, Minister of State for Finance Pankaj Chaudhary said in 2022-23 fiscal, evasion to the tune of over Rs 1.31 lakh crore was detected and 190 persons were arrested. A total of Rs 33,226 crore was recovered during the fiscal. In 2021-22, 2020-21 and 2019-20, GST evasion stood at Rs 73,238 crore, Rs 49,384 crore and Rs 40,853 crore, respectively. To a question in the Rajya Sabha on the amount of tax evasion and number of show cause notices issued to online gaming companies, Chaudhary said: "71 show

21,791 fake GST registrations, tax evasion of Rs 24,000 cr detected: FM

Finance Minister Nirmala Sitharaman on Tuesday said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive. In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of honest taxpayers and avoid extreme hardship to taxpayers, instructions have been issued from time to time, directing officers to exercise due caution and care in the exercise of powers such as summons, provisional attachment of property, blocking of tax credit etc. "A total of 21,791 entities (11,392 entities pertaining to state tax jurisdiction and 10,399 entities pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + Centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive," Sitharaman said. The minister was replying to a question on the number of entities identified as

HC gives interim relief to BMW over GST notice on salaries paid to expats

However, salaries directly paid by Indian companies to expat employees without reimbursement won't attract GST, as expats are then perceived as employees of the Indian company alone

Avg monthly GST mop-up at Rs 1.66 trn so far this fiscal: FM Sitharaman

The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday. In a written reply to a question in the Lok Sabha, she said the GST collection crossed Rs 1.50 lakh crore mark in every month of the current fiscal and had touched a record high of Rs 1.87 lakh crore in April 2023. "GST collection has been showing an upward trend on year-on-year basis since the implementation of GST w.e.f. 1st July, 2017... The average gross monthly GST collection in FY 2023-24 now stands at Rs 1.66 lakh crore and is 11 per cent more than that in the same period in the previous financial year," Sitharaman said. The average monthly Goods and Services Tax (GST) collection in 2022-23 was over Rs 1.50 lakh crore, higher than Rs 1.23 lakh crore in 2021-22. In 2020-21, the average monthly mop-up was Rs 94,734 crore. In reply to

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

The 15 per cent Y-o-Y growth in November came despite weak external conditions

GST collections jump 15% to Rs 1.68 trillion in Nov: Finance Ministry

GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022. "The gross GST revenue collected in the month of November 2023 is Rs 1,67,929 crore, out of which CGST is Rs 30,420 crore, SGST is Rs 38,226 crore, IGST is Rs 87,009 crore (including Rs 39,198 crore collected on import of goods) and cess is Rs 12,274 crore (including Rs 1,036 crore collected on import of goods)," the ministry said in a statement. The November 2023 collections are, however, lower than Rs 1.72 lakh crore mopped up in October -- the second-highest collection ever since the GST rollout. Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.

Odisha registers over 100% growth in GST collection at Rs 2,791 cr in Nov

Odisha registered a phenomenal growth rate of 100.77 per cent in State GST with a collection of Rs 2791.45 crore in November 2023 against a collection of Rs 1390.36 crore in the corresponding month last year, an official said. The progressive collection of State GST (OGST+IGST Settlement) up to the month of November'23 is Rs 14,913.16 crore against a collection of Rs 11,719.64 crore in November '22, registering a growth rate of 27.25 per cent, an official release said. The collection under all Acts monitored by the commissionerate of CT & GST, Odisha, including OGST/ IGST Settlement / VAT/ Entry Tax and Profession Tax during November 2023 is Rs 3,856.72 crore against a collection of Rs 2,308.92 crore during November 2022 with a growth rate of 67.04%, it said. The progressive collection under all Acts up to November 2023 is Rs 22,510.56 crore with a growth rate of 18.91% over corresponding collection till November 2022. With regard to Gross GST collection (CGST+IGST+SGST+Cess), ...