Page 51 - Gst

GST raids in UP stopped for 3 days as traders' protests turn aggressive

UP Chief Minister Yogi Adityanath on Tuesday asked officials to stop GST raids on traders for three days

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

Online gaming industry agrees for 28% GST only on GGR not on entry amount

Online skill-based gaming industry is fine with the government raising GST on online gaming from 18 per cent to 28 per cent but it should be levied only on gross gaming revenue (GGR) and not on contest entry amount as could hit the USD 2.2-billion sector, say industry players. There are reports that upcoming GST Council may consider imposing a 28 per cent Goods and Services Tax (GST) on the total amount rather than the current practice of 18 per cent on GGR. GGR is the fee charged by an online skill gaming platform as service charges to facilitate the participation of players in a game on their platform while Contest Entry Amount (CEA) is the entire amount deposited by the player to enter a contest on the platform. "As an industry, we are united on our ask that GST continues to be levied on the gross gaming revenue and not on the contest entry amount. The increase from 18 per cent to 28 per cent GST on the gross gaming revenue already increases tax revenue for the exchequer by aroun

Best of BS Opinion: Greening of GST, hard truths about soft power & more

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

'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...

Greening of the GST

The environmental dimension of taxes must rank high in any rate rationalisation exercise

Companies see gain in CSR, want GST on initiatives removed: Report

Legally mandated measure seen helping business in improving labour productivity

Cut excise duty on CNG till gas is included in GST: Kirit Parikh panel

The Union government should moderate the excise duty it levies on CNG till such time that the environment-friendly natural gas is included in the one-nation-one-tax GST regime, Kirit Parikh Committee has recommended. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT and central sales tax -- continue to be applicable on the fuel. While the central government does not levy excise duty on natural gas when sold in gaseous form, it charges a 14 per cent tax on compressed natural gas (CNG). States levy VAT as high as 24.5 per cent on gas. The Parikh Committee, which was formed to recommend fair price of gas to the end consumer and a "market-oriented, transparent and reliable pricing regime", in its report to the Oil Ministry last week suggested that "gas should be brought under the GST regime". "The committee recognise that this requires consensus among the states," it said. "To obtain this, if need be the states may be ...

GST superstructure lacks some basic features even after 5 years

Currently, there is no appellate mechanism in place for rulings by the GST authorities and a group of ministers is deliberating on it

State GST team raids several places of UP, Noida amid loss of revenue

The state GST department has taken action in various places in Uttar Pradesh including Noida on the complaint of loss of revenue by tax evasion

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

TMS Ep313: GST share of states, China plus one, Markets, FPO

Why do states want a bigger share of GST? Does China plus one strategy mean advantage India? Will the rally in the broader markets continue? What is a follow-on public offer? All answers here

Why do states want a bigger share of GST?

Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Naveen Patnaik urges Sitharaman to withdraw 18% GST on Kendu leaf

Odisha Chief Minister Naveen Patnaik on Saturday urged the Centre to withdraw GST being imposed on kendu leaf trade in the interest of livelihoods of about eight lakh poor people. Patnaik dashed a letter to Union Finance Minister Nirmala Sitharaman, barely three days after announcing a special package for the welfare of kendu leaf pluckers. "Imposition of GST (18%) on kendu leaves is adversely affecting the trade. As a result, it affects the livelihoods of Kendu leaf pluckers, binders, and seasonal workers and the implementation of social security and welfare schemes for them," Patnaik said in the letter. The CM said kendu leaf, a minor forest produce (MFP), is the financial backbone of about eight lakh leaf pluckers, binders, and seasonal workers of Odisha and they mostly belong to the tribal community and poorest of the poor of the society. He said tribals collect the leaves as part of their right defined under the Scheduled Tribals and Other Traditional Forest Dwellers (Recognit

Top headlines: Rs 20K-cr Adani FPO, sunflower oil shipments to India & more

Business Standard brings you the top headlines at this hour

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

Telangana HC slams 'mechanical way' of issuing GST show cause notice

Court says notice for cancelling registration should not be sent out in cavalier manner