Page 32 - Gst

Odisha's GST collections rise by 10.81% to Rs 4,176 crore in October

Odisha's GST collections increased by 10.81 per cent to Rs 4,176.94 crore in October, officials said on Wednesday. The state had collected a gross GST revenue of Rs 3,769.44 crore in the same month last year, they said. The OGST collection during the month was Rs 1,306.47 crore, as against Rs 1,058.38 crore during October 2022, a growth of 23.43 per cent, they said. At the national level, GST collections increased 13 per cent to Rs 1.72 lakh crore in October, the second highest-ever, helped by momentum in the economy, efforts of taxmen in checking evasion and festive demand. "GST revenue collection for October 2023 is second highest ever, next only to April 2023, at Rs 1.72 lakh crore; records increase of 13 per cent Y-o-Y," the Finance Ministry said in a statement.

GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever

Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday

Delhi govt's GST, VAT collections rose by 17% in first half of FY24

The Delhi government's GST and VAT collections rose by 17 per cent in the first half of the current fiscal 2023-24 to more than Rs 19,100 crore, compared to the corresponding period last year, officials said on Tuesday. The total Goods and Services Tax (GST) and value-added tax (VAT) collected by the Delhi government in the first half of 2022-23 was Rs 16,352 crore, they said. "With this increase, the GST and VAT collections are likely to cross the estimated collection targets this year," said a senior government officer. According to official figures, the Delhi government collected Rs 19,101 crore from GST and VAT in the first two quarters of 2023-24 (April-June and July-September) as compared to Rs 16,352 crore in the first half of FY 2022-23. "The GST and VAT collections are likely to register a major jump with festival season leading to a shopping boom in the coming months," said the officer. According to official figures, the month-wise collection of GST and VAT was Rs 3,886

Best of BS Opinion: No place for women, Unnecessary restriction & more

Here is the best of Business Standard's opinion pieces for today

GST tribunal: Off to a good start

The appellate tribunal currently being constituted should draw upon past experiences to ensure speedy and timely resolution of disputes

Online gaming companies get Rs 1 trn GST show cause notices so far

GST authorities have issued show cause notices worth Rs 1 lakh crore to online gaming companies for tax evasion so far, a senior official said on Wednesday. The official, however, said that there is no data yet of foreign gaming companies registering in India since October 1. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1. The GST Council had in August clarified that 28 per cent Goods and Services Tax (GST) would be levied on full value of bets placed on online gaming platforms. "Online gaming companies served notices worth about Rs 1 lakh crore by GST authorities so far," the official said. A host of online gaming, like Dream11, and casino operator, like Delta Corp, have received GST show cause notices last month for alleged short payment of taxes. Separately, a show cause notice was sent to GamesKraft in September last year for alleged GST evasion of Rs 21,000 crore. While the Karnataka High

GST enforcement action likely to fetch over Rs 50,000 crore in FY24

Could be highest recovery ever in a year

Delhi HC directs govt to refund Rs 7.12 crore IGST to Vodafone-Idea

On the issue of limitation, the court said the controversy whether the petitioner had made the claims within the period of limitation is no longer a contentious issue

GST to be paid on gold coins, white goods given as incentives, rules AAR

Input tax credit can be claimed as such items are not gifts, says Telangana authority

GST intelligence detects tax evasion of Rs 1.36 trillion so far in FY24

Between Apr 2020- Sep 2023, over 6,000 fake ITC cases reported

India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances

Tax demands for 18% GST range from Rs 1 crore to Rs 150 crore

Dabur receives Rs 320 crore GST demand; company to challenge notice

The company intends to challenge the notice based on 'strong merits' in front of the relevant authorities and has ensured this does not impact the overall financials or operations going forward

Dabur receives GST demand notice of Rs 320.60 cr, firm to challenge matter

Homegrown FMCG and Ayurvedic products maker Dabur on Tuesday said it has received a Goods and Service Tax (GST) demand notice of Rs 320.60 crore. The company will challenge the same based on strong merits by filing its reply before the relevant authorities, Dabur India said in a regulatory filing. "The Company has received intimation of tax ascertained as being payable under Section 74(5) of CGST Act, 2017, wherein GST short paid / not paid amounting to Rs 320.60 crore has been advised to be paid by the Company along with the amount of applicable interest and penalty... failing which Show Cause Notice will be issued," Dabur informed. However, the company -- which owns power brands like Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur PudinHara, and Dabur Lal Tail -- said it will have "no impact on the financial, operation or other activities of the company. "The impact will be limited to the extent of final tax liability as may be ascertained along with interest and penalty, i

Rising economic activities lead to surge in personal income tax in H1FY24

Corporation tax grows moderately, growth in GST collections decelerates but the new normal is above Rs 1.55 trillion a month now

'Prior export proceeds realisation must for refund on export of services'

If you want to re-import the exported goods under the notification 158/95-Cus dated 14th November 1995 that would not be possible as the one year time limit is already over

Delta Corp plunges 9% on Rs 6,384 crore notice for short payment of GST

Shares of Delta Corp plunged nearly 9 per cent on Monday after the company received a GST notice for short payment of tax to the tune of Rs 6,384 crore. The stock tanked 8.79 per cent to settle at Rs 127.70 apiece on the BSE. During the day, it fell 11 per cent to Rs 124.60 -- its 52-week low. On the NSE, it plummeted 8.17 per cent to end at Rs 128.55 per piece. On the volume front, 28.26 lakh shares of the company were traded on the BSE and over 2.93 crore shares were traded on the NSE during the day. In another blow to the company, Delta Corp has received a GST notice for short payment of tax to the tune of Rs 6,384 crore, taking the overall tax demand on the firm to over Rs 23,000 crore. The company said that the tax demands are arbitrary and contrary to law, and added it will challenge them. DGGI (Directorate General of GST Intelligence) Kolkata on October 13, 2023 has served an intimation notice on Deltatech Gaming, a subsidiary of Delta Corp, seeking GST of Rs 6,236.8 crore

Expanding OIDAR scope: Foreign firms asked to comply with GST norms

Intimation notices to 70 online gaming, edtech, ad companies

Tight spot: Ministry of Railways, DFCC on parallel tracks over GST

Ministry of railways, DFCC planning revenue model for latter as current apparatus has put an 18% GST on the corporation

Delta Corp receives additional notices of GST shortfalls of Rs 6,384 crore

Three weeks earlier, Delta corp had received a similar notice from govt to pay tax of $1.34 bn along with interest and penalty for period July 2017 to March 2022

16th Finance Commission's political challenge

There are fundamental issues to harmonious inter-governmental fiscal relations that the Centre must take into account when constituting the Commission