Page 32 - Gst

GST mop-up grows 12.5% to over Rs 1.68 trillion in February: FinMin

The average monthly gross collection for the current fiscal stood at Rs 1.67 lakh crore, exceeding Rs 1.5 lakh crore in the last fiscal

Bihar traders offered 'one-time settlement' for pre-GST era tax liabilities

The NDA government in Bihar on Thursday came out with a 'one-time settlement' initiative for the benefit of traders with tax liabilities dating back to the pre-GST era. The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly by Deputy Chief Minister Samrat Chaudhary, who also holds the finance portfolio. The Bill was passed in the assembly through voice vote, and, according to Choudhary, once notified, "it will bring great relief to traders with pre-GST tax liabilities". "The Bill provides traders with an opportunity to settle their pre-GST tax liabilities through the one-time settlement scheme. It would require traders to pay 10 per cent of the penalty and the remaining 90 per cent will be waived. In addition, traders will have to pay 35 per cent of the disputed tax amount to get a waiver of the remaining 65 per cent," said Choudhary. "Traders will have to pay both 10 per cent of the interest and penalty and 35 per cent of the disputed tax to avail this ...

'GST Council may soon clarify on exemption of tax to Rera bodies'

The GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. RERA was set up in different states to ensure transparency in real estate projects, protect the interest of consumers and to establish an adjudicating mechanism for speedy dispute redressal. The official said that after discussions with RERA functionaries about the nature of their function it was decided that GST is not applicable on them. The official further said that RERAs are funded by respective state governments and hence levying GST would mean taxing state governments. A meeting of GST Council, chaired by Union Finance Minister and comprising state ministers, is likely to be held before the

DDA to hold e-auction on March 5 for Phase III of special housing scheme

The Delhi Development Authority will on March 5 hold an e-auction for Phase III of its Diwali Special Housing Scheme, offering 257 flats in various categories, officials said on Friday. This phase of the scheme was launched on February 19. It offers 257 flats in the penthouse, high-income and middle-income group categories in different sectors of Dwarka. According to a February 16 official circular on the e-auction of flats, two penthouses and 123 high-income group category flats are in Sector 19B while 132 middle-income group category flats are in Sector 14. The tentative reserve prices for them will be Rs 5 crore, Rs 2.02 crore to Rs 2.19 crore and Rs 1.25 to Rs 1.42 crore, respectively. The last date to register for the e-auction and submit an online earnest money deposit (EMD) is February 28. The e-auction will be held on March 5, the DDA said. The deposit for middle-income group category flats is Rs 10 lakh, high-income group flats Rs 15 lakh and penthouses Rs 25 lakh. ...

Biocon receives a penalty of over Rs 3 crore in GST related issues

Biocon Ltd on Friday said it has been imposed a penalty of over Rs 3 crore over GST-related issues. The company has received an order of adjudication imposing a penalty of Rs 3,03,78,465 dated February 22, 2024, from the office of Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, Biocon Ltd said in a regulatory filing. The demand is related to input tax credit reporting error in GST monthly returns, denial of input tax credit on sales and promotional expenditures, valuation issue GST under corporate guarantee, and denial of exemption on export of services, it added. Biocon further said it is "in the process of taking appropriate actions, including but not limited to, filing of the necessary appeal with the appellate authority in this regard". There is no material impact on the financials, operations or other activities of the company, the filing said.

Govt permits GSTN to share data with RBI's frictionless credit platform

The government has permitted GST Network to share data about GST-registered businesses, based on their consent, with the Reserve Bank's 'Public Tech Platform for Frictionless Credit'. The move will help entities get loans faster on the basis of shared Goods and Services Tax (GST)-related information. The platform, created by the Reserve Bank of India (RBI) subsidiary Reserve Bank Innovation Hub, is intended to enable seamless flow of necessary information to lenders to help in disbursing credit. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) has said "the Central Government, on the recommendation of the Council, notifies 'Public Tech Platform for Frictionless Credit' as the system with which information may be shared by the common portal based on consent...". The platform has been developed for the operation of a large ecosystem of credit, to ensure access of information from various data sources digitally. The financial service providers and multiple da

Tax reforms, reskilling of elderly needed in senior care: NITI Aayog

Protection of elderly from financial frauds needs to be ensured, says NITI

Orissa High Court asks AAAR to revisit GST levy on Go Cool outlets

The case relates to a company called Pioneer Bakers, which operates its outlets under the brand name of Go Cool

SC issues notice to central govt on GST anti-profiteering provisions

Petitioner appeals against Delhi HC order upholding provisions; more companies may approach apex court

CBIC cautions against fake GST summons, asks to check communications

The CBIC on Saturday cautioned against fraudsters issuing fake GST summons and asked taxpayers to check the veracity of any communication received from GST authorities. In a statement, the Central Board of Indirect Taxes and Customs (CBIC) said the Directorate General of GST Intelligence (DGGI) has recently noticed that some individuals with fraudulent intent are creating and sending fake summons to taxpayers who may or may not be under investigation by the DGGI. "The fake summons that are being sent out might look real because they have a Document Identification Number (DIN), but these DIN numbers are not issued by DGGI in the case of these entities. To deal with this issue, DGGI has been taking serious steps by informing and filing complaints with the Police against those involved in creating and sending fake and fraudulent summons," an official statement said. Taxpayers can verify the genuineness of any communication (including summons) from the department by using the 'VERIFY ..

Centre impartial in distribution of funds to state govts: Nityanand Rai

Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief. Replying to a question on flood relief to Tamil Nadu, Rai dismissed the allegations that the non-BJP-ruled states were being discriminated against while disbursing disaster relief funds. "In fact, Prime Minister Narendra Modi is very sensitive to the need of the state governments during any natural disaster and the central government provides all kinds of help during any crisis," he said, dismissing the allegation that Tamil Nadu was being discriminated against. He also informed that Rs 2013 crore was still lying with the Tamil Nadu government under SDRF which it is free to spend for flood relief. He said under the present government, inter-ministerial central team is being dispatched even before a request from the state government comes. Rai said a total provision of Rs 33581 crore was made

GST officials detect 14,597 tax evasion cases in Apr-Dec: Govt informs LS

GST officers are using data analytic and artificial intelligence tools like Business Intelligence and Fraud Analytics to identify risky taxpayers suspected of passing or availing fake input tax credits, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said a total of 14,597 cases of Goods and Services Tax (GST) evasion have been registered by central tax officers during April-December 2023. A maximum number of such cases was registered in Maharashtra (2,716), followed by Gujarat (2,589), Haryana (1,123) and West Bengal (1,098). "Various data analytic and artificial intelligence tools such as NETRA (Networking Exploration Tools for Revenue Augmentation), BIFA (Business Intelligence and Fraud Analytics) & ADVAIT (Advanced Analytics in Indirect Taxation) are being used to identify risky taxpayers, suspected of passing or availing fake input tax credit, including in the State of Andhra Pradesh," Chaudhary said. GST .

System in place to fix reconciliation row over tax payments: Revenue secy

Malhotra speaks of the Paytm probe, goods and services tax on online gaming companies, and revenue projections

FinMin's DGGI busts 1,700 fake Input Tax Credit cases, nabs 98 fraudsters

GST intelligence officers have detected fake Input Tax Credit (ITC) cases worth Rs 18,000 crore from April to December in the current fiscal and arrested 98 people, the finance ministry said on Saturday. In the current financial year, the Directorate General of GST Intelligence (DGGI) has laid special emphasis to identify and apprehend the masterminds of fake Input Tax Credit (ITC) and disrupting syndicates, operating across the country. "In the current financial year (up to December 2023), 1,700 fake ITC cases involving Rs 18,000 crore have been detected and 98 fraudsters/masterminds have been apprehended," a statement said. DGGI has unravelled cases using data analysis aided by advanced technical tools, leading to the arrest of tax evaders. These tax syndicates often use gullible persons and enticed them with jobs/commission/bank loan, etc, to extract their Know Your Customers (KYC) documents, which were then used to create fake/shell firms/companies without their knowledge and .

Govt aims to collect $1.7 billion revenue from online gambling tax in FY25

The government in October imposed a 28% tax on funds that online gaming companies collect from their customers for every bet, shocking a nascent $1.5 billion industry that is backed by global investor

Average monthly GST collection may touch Rs 1.7 trn in FY25: CBIC chairman

Customs duty collection may go up if global activities improve but targets can be pegged on the basis of trends only, he says

Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy

The government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year, Revenue Secretary Sanjay Malhotra said on Friday. In a post-Budget interview with PTI, Malhotra also said the incorporation date for startups to avail of tax benefits for three years out of 10 have been extended by a year till March 31, 2025. He also said the customs duty cut in mobile spare parts and components to 10 per cent is intended to simplify tax structure, reduce classification disputes and should further spur investment in mobile manufacturing. Finance Minister Nirmala Sitharaman in her 2024-25 interim Budget speech had said the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly Goods and Services Tax (GST) collection has crossed Rs 1.70 lakh crore in three months this fiscal, taking the average monthly mop-up to Rs 1.67 lakh crore in current fiscal. "GST collections are expected to g

Interim Budget: 'Fiscally prudent, growth-promoting pronouncement'

The underlying nominal GDP growth assumption of 10.5 per cent for the Budget and tax collection estimates are realistic

GST collections to drive FY25 gross tax revenue to Rs 38.31 trillion

The government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 lakh crore in the next fiscal, buoyed by 11.6 per cent growth in GST collections. Goods and Services Tax (GST) collection in 2024-25 is estimated to rise to Rs 10.68 lakh crore, an increase of Rs 1.1 lakh crore or 11.6 per cent. Of the total tax collections, Rs 21.99 lakh crore is estimated to come from direct taxes (personal income tax + corporate tax), and Rs 16.22 lakh crore from indirect taxes (customs + excise duty +GST). In the current fiscal, the government estimates gross tax revenue to exceed the budget estimated by about Rs 76,000 crore. The budgeted tax revenue for current fiscal was Rs 33.61 lakh crore, while the revised estimate pegs it at Rs 34.37 lakh crore, as per the Interim Budget 2024-25. Even though the corporate tax collections remained as per the FY24 budget estimates, the personal income tax collection is expected to overshoot budget estimates by over Rs 1.20 lakh crore in cur

January GST collection rises 10.4% to Rs 1.72 trn, second-highest ever

RE for CGST may be higher than BE in the interim Budget today