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Top 18 Indian states to record revenue growth of 6-8% in FY24: CRISIL

The growth will be predominantly supported by the Goods and Services Tax (GST) collections, devolutions from the Centre and taxes & duties on liquor sales

GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered

The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations

GST spurts fiscal equality: tax-GSDP ratio higher in poorer states

One reason for their gain is the Centre has transferred them much higher amounts than to bigger states

Centre to come up with pre-filled GST return forms by year-end: Report

The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices

CBIC circular on pre-import violation cases

The circular is useful because it applies not only to the parties who litigated on the pre-import issue but also to those who did not do so

FinMin starts deciding process on convenor of GST rate rationalisation GoM

The finance ministry has started the process of deciding on a new convenor of the GoM on GST rate rationalisation, sources said. The position has been lying vacant following the change of government in Karnataka. Former Karnataka chief minister Basavaraj Bommai was the convenor of the seven-member Group of Ministers (GoM) set up under the GST Council in September 2021. The finance ministry has initiated the process of consultation with other members of the panel. "Karnataka is likely to continue as a member of the GoM. We are not proposing any convenor. It will be selected based on consultation among GoM members," one of the sources told PTI. Besides Karnataka, other members of the GoM are Bihar, Goa, Kerala, Uttar Pradesh, Rajasthan, and West Bengal. Usually, the senior-most member in a GoM is named as the convenor of the panel. Since current Karnakata Chief Minister Siddaramaiah also holds the finance portfolio, he may be named as the new convenor of the GoM on rate ...

Banks wary of liquidity on ahead of the advance tax outflow and GST

VRRR mop-up equals to value of 85% of Rs 2000 notes returned

HC upholds GST rules on taxing intermediary services for clients abroad

Bombay HC didn't make any observation on what type of tax would be levied on such services offered by intermediaries

'Headline management' with GDP numbers can't hide economic distress: Cong

Hitting out at the government, the Congress said on Tuesday that "no amount of headline management" with GDP growth numbers and GST revenues can hide the economic distress faced by a majority of Indians as it cited a surge in the demand for work under the MGNREGA scheme. Congress general secretary (communications) Jairam Ramesh said the only time the demand for work under the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) was more was during the once-in-a-century pandemic, reflecting the economic distress in rural India. "The Modi government does a huge song and dance about 'record GST revenues', which is nothing but an expected mathematical reality...but you won't hear the drum-beaters talk about the record numbers of people demanding MGNREGA work in May -- more than 3 crore households," he tweeted. "No amount of headline management with GDP growth numbers and GST revenues can hide the economic distress faced by majority of Indians," he said. He said the rise in

ED conducts search operations in multiple cities in Rs 122 cr GST fraud

The ED initiated money laundering investigation based on FIRs registered by Bhavnagar Police under various sections of IPC, against Bomar and others

Top Headlines: Approval likely for GST tribunal, S Arabia cuts oil output

Business Standard brings you top headlines at this hour

On the agenda: GST Council likely to approve tribunal blueprint this month

Operational framework to pave the way for the tribunal to be functional at Centre, state levels

Odisha posts 11% YoY growth in collection of GST in May to Rs 4,397 cr

Odisha registered over 11 per cent growth in collection of gross GST in May to Rs 4,397.73 crore, an official said on Thursday. The state had mopped up Rs 3,955.75 crore in the year-ago month. Odisha also posted a 30.28 per cent growth in the state GST and Integrated Goods and Services Tax settlement at Rs 1,675.77 crore in the last month, the official said. The progressive gross GST collection up to May this year stands at Rs 9,433.47 crore as against a mop-up of Rs 8,865.98 crore in the same period last year, recording a 6.40 per cent growth. In May, 20.40 lakh waybills have been generated, up by 18 per cent from 17.26 lakhs in the year-ago month.

CREDAI urges to remove GST on free flats given in redevelopment projects

Realtors' body CREDAI has demanded the government should do away with the GST on flats which are given free of cost to existing occupants in redevelopment projects to make them economically viable, especially in the Mumbai region. A delegation from CREDAI and CREDAI-MCHI has met Union Finance Minister Nirmala Sitharaman and made a formal representation in this regard. In the meeting, they expressed concerns over "the impact of GST being levied on redevelopment projects/ rehab flats which are being built and given back, free of cost, to existing occupants", CREDAI said in a statement. With the regulations for redevelopment in Mumbai Metropolitan Region (MMR) coming under the ambit of DCPR 2034 that encourages such projects with a higher FSI (floor space index) allowed for developers, CREDAI MCHI said the GST being levied on such projects is defeating the very purpose of enhancing real estate value as it puts the financial feasibility of numerous projects under severe risk. "Currentl

Delhi to be leading state for tax admin through AI intervention: Gahlot

Delhi Finance Minister Kailash Gahlot on Wednesday said the collection of GST and VAT in the city was more than Rs 34,000 crores in 2022-23, and claimed Delhi will be a leading state for tax administration through the intervention of artificial intelligence. Trade and Taxes department plays an important role in the government, Gahlot said in a review meeting. "The GST and VAT collection was more than Rs 34,000 Crores in 2022-23. This year we expect remarkable growth in the collection," said Gahlot in a statement. Delhi government wants to constantly evolve while making the system more transparent and efficient. The plan is to have a well-structured system by adopting the best practices from all the leading states across the country, he said. The focus of the government is also to increase the convenience of the taxpayers, by resolving the existing pain points in the system, he said. In the coming few weeks, meetings with market and trade associations through outreach camps will al

'9 saal, 9 sawaal': Congress asks questions as Modi govt completes 9 years

The document which is titled '9 saal 9 sawaal' lists queries on various subjects which include the economy, corruption, Coronavirus management, and China border row among other things

Fake ITCs under GST regime huge challenge for govt: CBIC

The government has implemented validation measures and adopted mandatory physical verification on a risk-based approach

The unsung hero

After five years, it seems GST has begun to show sustained growth even as it has many weaknesses and policy challenges

TDS rules: Online gaming bonus, incentives taxable if withdrawn, says CBDT

Issues clarification on TDS provisions on online gaming

Sebi plan to prune MF costs: New expense slabs, no additional charges

Proposes to bring expenses like brokerage, transaction, and GST within the total expense ratio