Page 73 - Gst

Odisha records 49% growth in GST collection for fiscal year 2021-22

The Odisha Goods and Services Tax (OGST) collection for the financial year 2021-22 is Rs 12743.01 crore as against Rs 8292.15 crore collected till March '21 with a growth rate of 54 per cent.

Odisha registers 49% growth in gross GST collection in 2021-22

The officials informed that the growth in GST is mostly driven by mining and manufacturing sectors

Brick manufacturing, trading to attract 6% GST without ITC; 12% with credit

Brick kilns can opt for a composition scheme to pay a 6 per cent GST without input tax credit (ITC) beginning Friday, higher than 5 per cent earlier. Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent Goods and Services Tax (GST) with ITC. The government on March 31 notified the GST rates that would be applicable from April 1. As per the notification, building bricks, earthen or roofing tiles, fly ash bricks and blocks, bricks of fossil meals can opt for a composition scheme. So far, manufacturing and trading of bricks were chargeable at 5 per cent GST, and businesses were allowed to claim credit on inputs. The GST Council had in September last year decided to bring brick kilns under a special composition scheme from April 1, 2022. AMRG & Associates Senior Partner Rajat Mohan said India is already witnessing high inflation and at this juncture, any steep increase in tax rates for essential infrastructure items would lead to a ripple

States panel likely to bat for system tracking dealers' transactions

The panel may also suggest integrating the Goods and Services Tax Network with NPCI to curb frauds in tax refunds

11 crypto exchanges found to be evading Rs 81.54 cr in GST, says govt

WazirX, Coin DCX and CoinSwitch Kuber among companies under investigation, Parliament is told

Amitabh Bachchan pays up after DGGI evasion notice on NFT sale

Bachchan had entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, for conversion of his content into NFTs by way of an auction.

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

Govt working to classify cryptocurrency under GST law, 'remove doubt'

The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions

Taxing pizzas, ice cream or vehicles: GST is neither good nor simple

Separate state-wise Appellate Authority for Advance Ruling don't serve a useful purpose: there is a need for a national one.

IndiGo 'in talks with Central govt' to bring aviation fuel under GST ambit

IndiGo's full-time Director and Chief Executive Officer Ronojoy Dutta urged the Central government to bring the Aviation Turbine Fuel (ATF) under goods and service tax (GST) ambit

Centre yet to pay GST dues of Rs 26,000 crore to Maharashtra: Minister

Union government has not yet paid GST dues of Rs 26,000 crore to Maharashtra and if the state gets this money it would be very helpful said Minister of State for Finance Shambhuraj Desai

Maharashtra govt wants Centre to waive GST on 'The Kashmir Files'

Maharashtra Deputy Chief Minister Ajit Pawar on Wednesday rejected the demand of BJP legislators to waive tax on Hindi film "The Kashmir Files"

States yet to get Rs 53,661-crore GST compensation: Finance ministry

According to the data tabled by Sitharaman, the highest amount of GST compensation yet to be released will go to Maharashtra, at Rs 11,563 crore.

GST Council should not be politicised, says FM Nirmala Sitharaman

Sitharaman said that the GST Council should not be politicised as it is a body in which every finance minister from every state sits and decides on how the disbursements happen.

Auditing officers lose adjudicating notice power under GST system

Experts allege that auditing and investigating officers were not adjudicating the notices judiciously and were retaining the demands made in them

Addressing uncertainty

Necessary changes in GST must be made in time

BharatPe ready for preliminary govt probe, to comply with law, say sources

BharatPe has already conducted a thorough internal governance review via Alvarez and Marsal, a leading management consultant and risk advisory firm

GST compensation cess period already extended till March 2026: FM

The Union Minister was responding to a query on Karnataka Chief Minister Basavaraj Bommai's statement requesting the Centre to extend the GST compensation period, which ends in June.

Ashneer Grover, wife Madhuri Jain pay Rs 8.2-cr advance tax for FY23

GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well

GST authorities expand probe into alleged tax evasion by BharatPe

GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover