Page 33 - Gst

Budget wishlist: Mercedes-Benz India expects long-term GST plan on EVs

Currently, all electric vehicles (EVs) benefit from a concessional GST rate of five per cent, while vehicles running on internal combustion engines (ICE) are charged a 28 per cent GST

GST collections rise 10.4% to Rs 1.72 trn in January, second highest-ever

Goods and Services Tax (GST) collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, the finance ministry said on Wednesday. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. "The gross GST revenue collected in the month of January 2024 (till 05:00 PM of 31.01.2024) is Rs 1,72,129 crore, which shows a 10.4 per cent y-o-y growth over the revenue of Rs 1,55,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023)," the ministry said. During the April 2023-January 2024 period, cumulative gross GST collection witnessed 11.6 per cent year-on-year growth (till 05:00 PM of 31.01.2024), reaching Rs 16.69 lakh crore against Rs 14.96 lakh crore collected in the same period of the previous year(April 2022-January 2023). The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.

GST on health insurance must be cut in Budget: Niva Bupa Health Insurance

Krishnan Ramachandran, Managing Director and Chief Executive Officer, Niva Bupa Health Insurance, told ANI that 18 per cent GST rate "does not make the product more affordable."

Delhi HC upholds validity of anti-profiteering provisions under GST

The court held that anti profiteering provisions pertain to commensurate reduction of prices when gst rates are reduced or due to input tax credit and hence these provisions are in public interest

Cos to submit bank details to GST officers in 30 days of registration: GSTN

Businesses will be required to submit valid bank account details to GST authorities within 30 days of grant of GST registration to avoid suspension, the GST Network has said. In an advisory to GST-registered businesses, GSTN said all registered taxpayers are required under the Goods and Services Tax (GST) law to furnish details of their bank account/s within 30 days of the grant of registration or before the due date of filing GSTR-1/IFF, whichever is earlier. GSTR-1 filed by a company contains statement of outward supplies, while Invoice Furnishing Facility (IFF) can be availed by businesses opting for Quarterly Returns with Monthly Payment (QRMP) scheme under GST. "Taxpayers are therefore advised to promptly furnish their bank account details, who have not provided it so far if 30 days period is shortly going to expire to avoid disruption in business activities and the subsequent suspension of GSTIN," it said. GSTN further said that a new functionality is being developed as per .

Games24x7 thrives amid new GST, explores innovative business models: CEO

'Despite GST, 2023 was best year for our fantasy sports, rummy platforms,' says Games24x7 CEO

Best of BS Opinion: GST cess as opportunity, the rural push & more

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

GST cess as an opportunity

India's economy should benefit from an early termination of the compensation cess

Tax buoyancy may give headroom for higher social sector budget: Report

The increased tax buoyancy as reflected in both income tax and GST monthly collection data will provide headroom to the government to allocate more funds for farmers and social sector schemes in the forthcoming interim budget, without sacrificing fiscal prudence, sources said. The focus in the interim budget, which will be the last major economic document of the Modi 2.0 Government ahead of the general elections, is likely to be on the issues being faced by poorer sections of the society, especially in rural areas. According to sources, collections from income and corporate taxes have been showing buoyancy in the current fiscal, and the total direct tax mop-up is likely to exceed budget estimates by about Rs 1 lakh crore. The government had budgeted to collect Rs 18.23 lakh crore from direct taxes in this fiscal. Till January 10, the mop-up stood at Rs 14.70 lakh crore, which is 81 per cent of budget estimates. On the Goods and Services Tax (GST) front, Central GST revenues are ...

Employees' payment for canteen services will not attract GST: AAR

GST and input tax credit applicable for company's payment to canteen service provider not recovered from employees

Helmet makers demand cut in GST as 2W accidents claim goodslives in India

Two-wheelers account for 42 per cent of accidents and 41 per cent of fatalities due to road accidents in India

Restaurants' body seeks restoration of ITC, higher GST rate of 12%

The National Restaurant Association of India on Monday urged the government to restore input tax credit to restaurants while increasing the GST rate to 12 per cent from the current 5 per cent, ahead of the upcoming Union Budget. In a letter to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India (NRAI) also called for an equitable and fair e-commerce policy, saying balanced policies and regulations are required to enable a level playing field, where platforms can continue to innovate, while restaurants, delivery partners and consumers are protected from potentially exploitative practices. The restaurant industry was one of the sectors that suffered the most during the pandemic but showed great resilience to survive and has since been on a steady path of recovery. If the sector gets a certain amount of policy and budgetary support in the upcoming Budget, it will propel the sector towards an accelerated pace of growth, NRAI said in a statement. Seeking ...

Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal

The board of Hindustan Zinc is scheduled to meet on January 19 to approve and announce the financial results for the October-December quarter

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Vodafone Idea imposed Rs 13.16 cr penalty by addl commissioner in GST case

GST additional commissioner's office in Chandigarh has imposed a Rs 13.16 crore penalty on Vodafone Idea, the company said in a regulatory filing on Thursday. According to the filing, the order was passed on January 10 against the debt-ridden telecom firm for alleged "wrongful transition of CENVAT credit to Goods and Services Tax (GST) regime". "Order passed u/s 74 of Central Goods and Services Tax Act, 2017, inter-alia, levying a penalty of Rs 13,16,53,661," Vodafone Idea (VIL) said in the filing. The company said the maximum financial impact is to the extent of the tax demand, interest and penalty levied. "The Company does not agree with the Order and will take appropriate legal action(s) for rectification/ reversal of the same," VIL said. The order was issued by the Office of the Additional Commissioner, Central Goods & Service Tax in Chandigarh.

GST intel unit detected over Rs 1.98 trn worth tax evasion cases in 2023

The GST intelligence unit detected tax evasion of more than Rs 1.98 lakh crore last year and arrested 140 masterminds who were involved in defrauding the exchequer, the finance ministry said on Thursday. In 2023, the Directorate General of GST Intelligence (DGGI) detected significant GST evasion in diverse sectors like online gaming, casinos, insurance and secondment (import of manpower services). "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore. 140 masterminds involved in GST evasion were arrested," the ministry said in a statement. This is a significant improvement as compared to 2022 wherein 4,273 cases were detected, amounting to duty of Rs 90,499 crore, and voluntary payment of Rs 22,459 crore and 97 arrests were made. There was a 119 per cent increase in the year-on-year amount of duty evasion detected by DGGI an

Online gaming co Delta Corp disputes GST demand, posts profit decline in Q3

The company, which is also a casino operator, reported a 59 per cent year-on-year decline in its consolidated net profit for the quarter ended December 2023 at Rs 34.48 crore

SC seeks govt's response on pleas by online gaming cos challenging 28% GST

The bench, led by Chief Justice of India DY Chandrachud, issued notice in pleas by online gaming companies such as Head Digital Works, Games 24/7, and Dream 11 challenging the government's decision

SC seeks Centre's reply to plea against levy of 28 % GST on online gaming

The Supreme Court on Monday sought responses from the Centre and others on a plea of the E-gaming Federation against the levy of 28 per cent Goods and Services Tax (GST) on all forms of online real-money gaming. A bench comprising Chief Justice D Y Chandrachud and Justices J B Pardiwala and Manoj Misra took note of the submissions of senior advocate Harish Salve, appearing for the federation, and Additional Solicitor General N Venkataramani before issuing notices on the plea. The Directorate General of Goods and Services Tax Intelligence has also been asked to respond to the plea within two weeks. The top court took note of the submissions of both the counsel that several high courts are seized of similar petitions and are passing orders. The petitioners also include Dream 11, Games 24x7, and Head Digital Works. The GST council had, in one of its meetings in July last year, recommended that online gaming along with casinos and horse racing be taxed at a uniform rate. The GST coun

GST officers detect over 29,000 bogus firms involved in fake ITC claims

The government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In the October-December quarter, 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036 crore were detected. As many as 2,358 of these bogus firms were detected by the Central GST Authorities. Maharashtra topped the list with 926 bogus firms detected, followed by Rajasthan (507), Delhi (483) and Haryana (424). The detection during the December quarter protected revenue of Rs 1,317 crore of which Rs 319 crore has been realised and Rs 997 crore has been protected by blocking ITC. As many as 41 persons were arrested in these cases while 31 of these arrests were made by Central GST Authorities, the finance ministry said. "Since the initiation of the special drive against fake registrations in mid-May 2023, a