Page 37 - Gst

West Bengal to reduce intrastate e-way bill threshold to Rs 50,000

West Bengal will reduce the intrastate e-way bill threshold from Rs 1 lakh to Rs 50,000 from December to bring parity with the rest of the country and prevent GST slippage. A recent West Bengal GST notification said that an e-way bill will be required for the movement of goods valued at over Rs 50,000 within the state. The provision will also apply to job work goods. State GST commissioner Khalid Anwar told PTI that there are two main reasons for tweaking the e-way bill threshold. "One is to bring parity with the rest of the country, which is already Rs 50,000 for interstate movement of goods. The Rs one lakh threshold for the intrastate movement was often misinterpreted as applying to interstate movement of goods and traders were penalised," he said. The second reason is that unscrupulous traders are taking advantage of the higher threshold and as a result there is tax slippage. A reduced threshold will help protect tax revenues, he said. Anwar said that the state had initially k

Tax mop-up to digital infra, many positives to cheer up Diwali

The tax collections, and even the non-tax revenues are quite strong, giving the central and state governments more money to spend on infrastructure and social sector projects

Wants to bring petrol under GST: Sitharaman slams Cong on double standards

Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting "double standards" on the issue. The Bharatiya Janata Party and the central government have been in favour of bringing petroleum products under the GST regime from the beginning as it will benefit the people, she told reporters here. "Who are the people who are stopping petrol and diesel from being brought under GST? If Priyanka is in favor of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in the GST Council, the minister said. The media should question the Congress on its "double standards", she added. Congress general secretary Priyanka Gandhi Vadra has been targeting the BJP governments at the Centre and in Madhya Pradesh over inflation during her campaign rallies ahead of November 17 assembly elections in the state. Asked about the impa

Ongoing ethnic violence takes a heavy toll on economy of Manipur

The retail inflation in Manipur remained one of the highest in the country at 9.7 per cent in September

GST exemptions disrupt input tax credit chain, will complex GST: CBIC chief

Indirect tax authorities to send intimation to businesses not complying with e-invoicing rules

GST authorities to start sending advisories to non-complaint businesses

CBIC Chairman Sanjay Kumar Agarwal on Wednesday said the department will soon start sending advisories to businesses that are non-compliant on issuing e-invoices to their B2B customers. The Central Board of Indirect Taxes and Customs (CBIC) has started making e-invoice mandatory for businesses in a staggering manner beginning 2020. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "From August 1, businesses with turnover of over Rs 5 crore are required to issue e-invoices. There I would like to mention that those who had to file e-invoices as per law, there the compliance level is not very high. "We will be sending advisory to such taxpayers to issue e-invoices. We do not want to adopt an approach which is intimidating so we want to initially adopt soft approach and nudge them to issue e-invoices," Agarwal said at a CII event here. The details furnished in e-invoic

October e-way bill generation hits all-time high at Rs 10.3 crore

Signals further boost in GST mop-up in November

India's total tax receipts likely to exceed Budget Estimate in FY24

Monthly GST mop-up in FY25 could be Rs 1.7-1.8 trillion

$8.9 bn in notices! Why India's gaming revenue forecast has been slashed

In the last financial year, gamers in India stood at 568 million, of which 25 per cent were paying users. The number of gamers in India, as per the report, grew by 12 per cent compared to last year

Real estate developers liable to pay GST for over-charging electricity

Real estate developers and RWAs will be liable to pay 18 per cent GST on electricity bills if they charge from flat owners more than the power tariff prescribed by Discoms. The Central Board of Indirect Taxes and Customs (CBIC) has issued a clarification on the applicability of GST on reimbursement of electricity charges received by real estate companies, malls, airport operators etc from their lessees/occupants. As per the clarification, where electricity is supplied by the real estate owners, resident welfare associations (RWAs), real estate developers etc as a pure agent, it will not form a part of the value of their supply. It further said where they charge for electricity on an actual basis that is, they charge the same amount for electricity from their lessees or occupants as charged by the state electricity boards or Discoms, they will be deemed to be acting as 'pure agent' for this supply, and hence GST will not be levied. The CBIC clarification came after doubts were raise

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