GST – The News Desk

Ex-finance commission panel chiefs raise key economic issues

8Apr

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Business

Ex-finance commission panel chiefs raise key economic issues

NEW DELHI: Two former finance commission chiefs N K Singh and Vijay Kelkar have raised key issues that policymakers need to address in the coming years to deal with changes in the economy.Kelkar, who headed the 13th Finance Commission, underlined the need to rationalise the GST structure and move to a single rate mechanism, something that was recommended by the panel ahead of the key tax reform.Besides, he has recommended sharing GST receipts with the third tier - panchayats and municipal bodies - while also calling for the secretariat to be made independent of the finance ministry.While rationalisation of rates has been discussed in the GST Council in the past, the current thinking is not in support of a single rate structure. A discussion on the issue is expected to take place after the...

GST collections rise 10% to Rs 1.64 lakh cr in December

1Jan

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GST collections rise 10% to Rs 1.64 lakh cr in December

NEW DELHI: Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago.During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday.The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added."The gross GST revenue collected in the month of December, 2023 is Rs 1,64,882 crore out of which CGST is R...

Yes Bank faces penalty of Rs 3 crore by Tamil Nadu GST department

1Jan

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Yes Bank faces penalty of Rs 3 crore by Tamil Nadu GST department

Yes Bank, the private sector lender, on Monday received a tax receipt worth Rs 3 crore from the Tamil Nadu Goods and Services Tax (GST) department on December 31, 2023, on account of various GST issues. As per the exchange filing, the private sector lender was fined Rs 3,01,50,149 by the department. However, the bank does not expect any material impact on its financial or other operational activities due to the order. Further, the bank also added that it would pursue legal options against the order. Recently, the bank had received two separate tax notices from the Bihar GST department for Rs 20,000 and Rs 1,38,584, respectively, in December. Yesterday, the private bank announced that it has received Rs 150 crore from a single trust in the Security Receip...

Zomato: Zomato shares drop 5% following Rs 402 crore GST tax notice; know the details

28Dec

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Zomato: Zomato shares drop 5% following Rs 402 crore GST tax notice; know the details

Zomato shares today: Shares of the food delivery platform, Zomato, have experienced a 5% decline, reaching Rs 120.7 on the Bombay Stock Exchange (BSE). The downturn was triggered by the issuance of a Rs 402-crore show-cause notice from the Goods and Services Tax (GST) authorities, citing unpaid dues.Why GST authority sent the notice to Zomato According to ET, the notice, issued on December 26 under Section 74(1) of the Central Goods and Services Tax Act, 2017, originated from the Directorate General of GST Intelligence, Pune Zonal Unit.Zomato is obligated to furnish a response elucidating why the purported tax liability of Rs 401.7 crore, coupled with interest and penalties for the period spanning October 29, 2019, to March 31, 2022, should not be imposed on the company.What the company s...

Step Closer: Bill brings setting up of GST Tribunals a step closer

18Dec

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Step Closer: Bill brings setting up of GST Tribunals a step closer

MUMBAI: The Central Goods and Services Tax (Second Amendment) Bill, 2023 aims to raise the previous age limits of 67 and 65 years to 70 years for the president and members of the GST appellate tribunals (GSTAT).An advocate could be appointed as a judicial member of the GSTAT if they have ten years of substantial experience in indirect tax litigation before the appellate tribunal.The amendment states that the president and the judicial and technical members of GSTAT will serve in their roles for four years, or until the president turns seventy-seven or sixty-seven years old, whichever comes first.Gunjan Prabhakaran, Partner & Leader, Indirect Tax, BDO India states, that “The CGST Amendment Bill has proposed amendments in the CGST Act to give an effect to the decisions made regarding ap...

GST collection in November up 15%, highest this year

2Dec

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GST collection in November up 15%, highest this year

GST collections rose to Rs 1,67,929 crore in November - a 15.1% rise year-on-year - following strong domesticdemand during the festival season and greater focus on compliance. It was the fastest pace of expansion since last December. Central GST accounted for Rs 30,420 crore, state GST for Rs 38,226 crore. The finance ministry said that revenue from domestic transactions, including services imports, was 20% higher on a year-on-year basis.Some experts, however, said tGST department's notices may have resulted in assessees depositing money. At 15%, GST kitty expands at fastest pace in 11 monthsNEW DELHI: Goods and services tax (GST) collections rose 15.1% to Rs 1,67,929 crore in November as strong domestic demand during festival season and the focus on compliance resulted in the fastest pac...

GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

1Dec

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GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane

Highlighting continued hectic activity in the Indian economy, goods and services tax (GST) collection surged 15 per cent year-on-year (Y-o-Y) in November – the steepest for any month of this financial year -- to Rs 1.68 trillion. Positive consumer sentiment was also palpable through the monthly sales figures for cars and two-wheelers as both segments witnessed an annual uptick. The manufacturing sector gathered pace last month on the back of increasing demand and easing of pricing pressure, with the Purchasing Managers Index (PMI) climbing to 56, according to the survey released by S&P Global. Unified Payment Interface (UPI) transactions clocked a fresh peak in value in November by hitting Rs 17.40 trillion, up 1.4 per cent compared to Rs 17.16 trillion in October. ...

GST Collection in November 2023 Jumps 15% YoY To Rs 1.68 Lakh Crore; Highest Growth Ever

1Dec

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GST Collection in November 2023 Jumps 15% YoY To Rs 1.68 Lakh Crore; Highest Growth Ever

GST collections in November 2023. (Photo: Shutterstock)GST collections in November 2023 witness the highest growth rate of 15 per cent YoY to Rs 1,67,929 croreGST collections in November 2023 witnessed the highest-ever growth rate of 15 per cent YoY to Rs 1,67,929 crore, according to the latest official data released on Friday, December 1. Experts said the growth has been recorded on the back of festive season sales and the rise in audits and investigations. They also said the high GST growth also signifies the resilience of the Indian economy.“GST revenue collection for November 2023 at Rs 1,67,929 crore records highest growth rate of 15 per cent Y-o-Y,” the finance ministry said in a statement on Friday.It said the gross GST revenue collected in November 2023 is Rs 1,67,929 crore. Out o...

Sanjay Kumar Agarwal: GST kitty growth due to eco activity: CBIC

9Nov

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Sanjay Kumar Agarwal: GST kitty growth due to eco activity: CBIC

New Delhi: CBIC chairman Sanjay Kumar Agarwal on Wednesday said the growth in October GST collections, which is the second highest ever, is on account of economic activity and not due to show cause notices to online gaming companies.Goods and Services Tax (GST) revenue in October grew 13.4% to over Rs 1.7 lakh crore.GST collection in October is the second highest ever since roll-out on July 1, 2017.In April, the mop-up was highest at Rs 1.87 lakh crore."The growth in October GST collections was riding on economic activity and not because of notices that was sent (to online gaming companies). Growth has come purely on the economic activity which has taken place in the country," Agarwal said. !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCa...

Here’s why India’s war on informal labour is bad for its workers

18Oct

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Here’s why India’s war on informal labour is bad for its workers

By Andy Mukherjee India’s mission to bring its vast workforce into formal jobs is faltering, leaving a majority of nonfarm labour in unincorporated businesses. It isn’t just tax evasion that’s prompting employers to keep workers under the radar. Therefore, putting more transactions under the government’s scanner — via the digital trail of a goods and services levy — may not be the solution it’s cracked up to be. The most recent Periodic labour Force Survey shows that 74 per cent of nonfarm workers are in proprietorships and partnerships, officially classified as informal-sector enterprises. Between July 2020 and June 2021, when India battled multiple waves of Covid-19, the number was three percentage points lower. A reopened economy may have brought back livel...