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Govt adopted pro-poor approach in GST implementation: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has adopted "a pro-poor approach" while implementing Goods and Services Tax, and despite lower taxes rates the revenues as a percentage of GDP have reached the pre-GST level. In a post on X (formerly Twitter), Sitharaman said without GST, states' revenue from subsumed taxes from FY 2018-19 to 2023-24 would have been Rs 37.5 lakh crore. With GST, states' actual revenue amounted to Rs 46.56 lakh crore. "Despite the GST rate being less than the prescribed Revenue Neutral Rate and COVID-19 affecting the revenues, GST collections (as a percentage of GDP) have now reached the levels they were before GST (both net and gross). "This demonstrates that the Centre & States, collectively, through better tax administration, are able to collect the same revenue with a lower burden on our taxpayers," she said. GST, which was rolled out on July 1, 2017, had subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby ...

FM Sitharaman swears in Justice (Retd) Mishra as 1st President of GSTAT

Finance Minister Nirmala Sitharaman on Monday administered the oath of office to Justice (Retd) Sanjaya Kumar Mishra as first President of the GST appellate tribunal (GSTAT). Mishra's appointment marks the beginning of the operationalisation of the GSTAT, a crucial body for resolving GST-related disputes. "Union Minister for Finance and Corporate Affairs Nirmala Sitharaman administered the oath of integrity and secrecy to Justice (Retd.) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT), in New Delhi, today," an official statement said. Mishra was a former Chief Justice of the Jharkhand High Court and was selected by a Search-cum-Selection Committee headed by the Chief Justice of India. The GSTAT is the Appellate Authority established under the Central Goods and Services Tax Act, 2017, to hear various appeals under the said Act and the respective State/Union Territories GST Acts against the orders of the first appellate authority. It consists of a princip

SC asks Centre to furnish details on notices, arrests done under GST Act

The Supreme Court has asked the Centre to furnish details of issuance of notices and arrests done under the provisions of the Goods and Services Tax, saying it may interpret the law and lay down appropriate guidelines to avoid any harassment of citizens by depriving their liberty. A special bench of Justices Sanjeev Khanna, MM Sundresh and Bela M Trivedi, which is hearing a batch of 281 petitions challenging various provisions of the GST Act, Customs Act and the provisions of PMLA, voiced concern over the ambiguity in section 69 of the GST Act that deals with the powers of arrest. The bench said it would interpret the law to "strengthen" the liberty, if need be, but not allow citizens to be harassed. "You furnish the data on notices issued and arrests made under the GST Act for alleged defaults of Rs 1 crore to Rs 5 crore respectively for the past three years. There can be harassment of people and we won't permit that. If we find there is ambiguity in the provision, we will set it .

Manpasand Beverages scam: How Sebi exposed the Rs 40-crore GST fraud

The Vadodara-based Manpasand Beverages has been at the centre of controversy since Deloitte resigned as its auditor in May 2018

Rs 10,000 cr transactions, bogus firms: How police busted multi-cr GST scam

The Dhingra family duped the government of around Rs 68 crore by fraudulently claiming input tax credit on behalf of nine bogus firms

Gross GST collection in April shoots past Rs 2 trn to record high

Net GST collections rise by 17%

YES Bank receives GST demand orders levying penalty worth Rs 6.87 lakh

Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh. The penalty levied by the Manipur and Punjab GST departments amounts to Rs 5.05 lakh and over Rs 1.81 lakh, respectively. "the bank has received two orders from the Goods and Services Tax (GST) Department, Manipur and Punjab...on April 30, 2024, raising demand for reversal of input tax credit (ITC) along with interest and levy of a penalty of Rs 5,05,940 and Rs 1,81,623, respectively," Yes Bank said in a regulatory filing. It said the tax and interest demand is below the material threshold limit currently applicable to the bank. "The bank does not expect any material impact on financial, operation or other activities of the bank due to the said orders," it said. The bank will pursue an appeal against these orders, it added.

GST mop-up hits record on good economic momentum, efficient collections: FM

Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark. "GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said. Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023. Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth

Gujarat High Court rules mango pulp attracts 12% GST since July 2017

The court said that the item is covered by the category-mangoes other than sliced and dried

Patanjali Foods gets show cause notice for GST dues worth Rs 27 crore

Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. The Yoga guru Ramdev-led Patanjali Ayurved Group firm, which is mainly into the edible oil business, has received the notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit, according to a regulatory filing made by the company on April 26. "A show cause notice is received by the company... requiring the company, its officers and authorised signatories to show cause as to why input tax credit amounting to Rs 27,46,14,343 should not be recovered (along with interest), and why penalty should not be imposed...," the company said. The department has cited Section 74 and other applicable provisions of the Central Goods and Services Act, 2017 and Uttarakhand State Goods and Services Act, 2017 read with Section 20 of the Integrated Goods and Services Tax (IGST) Act, 2017. "As

GST, China imports emerge as major poll issues among lock industry traders

High GST rates, pandemic effect and Chinese locks the triple whammy undercutting the livelihoods of thousands of workers and traders in Uttar Pradesh's famed Tala Nagri' has emerged as a major concern this election and voters are looking for a candidate who will pull the lock industry out of the slump. The Rs 4,000 crore industry of Aligarh, where lock making is likened to an art dating back to the Mughals, is not so robust anymore with shifting global market dynamics taking their toll. With Lok Sabha elections just two days away, the clamour for decisive action that will save the livelihood of the estimated one lakh people dependent on the lock industry is growing. And at the centre of the problems, say industry insiders, are high GST rates, which in turn have led to a surge in Chinese lock imports. "The steep GST rates have made it increasingly challenging for us to compete with Chinese locks flooding the market at significantly lower prices," said Omvir Singh, owner of a cottage

Channapatna's eroding toy story sees a beacon of hope amid Karnataka polls

Ahead of the general elections in Karnataka, artisans who work at these toy factories are demanding the upcoming govt to create a conducive business environment for them and save their "dying" art

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

AAR observed that this clarification was given to a specific SEZ unit and is not a circular but there is no bar in borrowing the rationale of the clarification

Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal

Facing a GST demand for export services to subsidiaries from July 2017 to March 2021, Zomato plans to challenge the Rs 11.81 crore penalty and demand in appellate court

GST scores big for sports goods makers in West UP; pharma feels the pain

The BJP's manifesto, titled 'Modi ki Guarantee 2024', promises to simplify GST compliances and laws, provide digital credit, and streamline the tax portal for MSMEs

Small businesses in Uttar Pradesh happy with GST; timely payments a concern

Apart from payment delays, the rising cost of raw materials was a worry for a brass and iron manufacturer in the city

A trillion dreams: Is this realistic, or are four states chasing a chimera?

The exchange rate will play a crucial role in this calculation and some assumptions must be made on this front

Reforming GST

It should be a priority after the elections

GSTN says GSTR-1 filing due date for March to be extended till Apr 12

The GST Network (GSTN) on Thursday said the due date for filing return for outward supplies or GSTR -1 for March will be extended till April 12. In a post on X (formerly Twitter), the GST Tech said the GSTN has noticed that taxpayers are facing difficulties in filing GSTR-1 intermittently since Wednesday due to technical issues leading to slow response on the portal. "GSTN has accordingly recommended to @cbic_india that the due date for filing of GSTR-1 for the monthly taxpayers be extended by a day ie till 12/4/24," the GST Tech said. The due date to file GSTR-1 for a given tax period is 11th day of the succeeding month in case of taxpayers filing it monthly and the 13th day of month succeeding the end of every quarter in case of taxpayers filing quarterly.