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Uttar Pradesh records increase in revenue collection in major departments  The Uttar Pradesh government’s revenue collection increased by Rs 1,220 crore in August 2023 as compared to the corresponding period last year. Even the excise department registered revenue increase of around Rs 300 crore as it collected around Rs 3,300 crore in August 2023 as compared to around Rs 3,000 crore in August last year. Clarifying on treasury data showing a loss of Rs 18.26 crore, Finance Minister Suresh Khanna said since the data was available only till August 30...
Uttar Pradesh records increase in revenue collection in major departments
Uttar Pradesh records increase in revenue collection in major departments
Source: IANS
7/09/2023 2:56:00 PM
GST collections surge 11% to Rs 1.59 lakh crore in August The Finance Ministry has said that Goods and Services Tax (GST) collections grew by 11 per cent to over Rs 1.59 lakh crore in August 2023, on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season. It stated the gross GST revenue collected in August 2023 is Rs 1,59,069 crore of which Central GST is Rs 28,328 crore, State GST is Rs 35,794 crore, Integrated GST is Rs 83,251 crore (including Rs 43,550 crore collected...
GST collections surge 11% to Rs 1.59 lakh crore in August
GST collections surge 11% to Rs 1.59 lakh crore in August
Source: Accord Fintech
4/09/2023 10:31:11 AM
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary   Even as the goods and services tax collections figures for August 2023 are to be released on Friday, the Centre has said that GST revenues for the month have shown 11 per cent growth over August 2022. Revenue secretary Sanjay Malhotra told reporters in Gurugram on the sidelines of an event, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion. The GST collections were Rs 1,43,612 crore in August 2022. ...
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary
GST revenue likely to be 11% higher in August on year-on-year basis, says revenue secretary
Source: IANS
2/09/2023 9:28:24 AM
Government launches invoice incentive scheme to improve tax compliance Government on Friday launched the "Mera Bill Mera Adhikaar" invoice incentive scheme, under which consumers will be encouraged to demand a GST invoice to improve tax compliance. "After being introduced on 1st July 2017, Goods and Services Tax #GST has become a gamechanger in India’s indirect tax system. As part of the overall scheme of things in #GST, #Mera_Bill_Mera_Adhikaar Invoice Incentive Scheme has been launched from TODAY to encourage the customers to ...
Government launches invoice incentive scheme to improve tax compliance
Government launches invoice incentive scheme to improve tax compliance
Source: IANS
1/09/2023 1:54:33 PM
There is global optimism in Indian economy, says PM Narendra Modi Prime Minister Narendra Modi on Thursday while virtually addressing the G20 trade and investment ministers’ meeting in Jaipur, said that there is "global optimism and confidence in the Indian economy. India is seen as a combination of openness, opportunities and options". "During the last nine years, India has become the fifth largest global economy. This is the result of our sustained efforts. We embarked on the journey of ‘Reform, Perform, and Transform’ ...
There is global optimism in Indian economy, says PM Narendra Modi
There is global optimism in Indian economy, says PM Narendra Modi
Source: IANS
24/08/2023 10:21:21 AM
PHDCCI submits recommendations related to housing, banking, foreign trade to RBI The PHD Chamber of Commerce and Industry (PHDCCI) has submitted several recommendations on issues related to the housing sector, banking and foreign trade to RBI Governor Shaktikanta Das. Amidst global economic challenges and ongoing pandemic impact, it made a strong case for lowering housing sector interest rates to stimulate growth. It said lower rates can invigorate investments, bolster consumption, enhance competitiveness, and aid industries facing headwinds. The chamber highlighted se...
PHDCCI submits recommendations related to housing, banking, foreign trade to RBI
PHDCCI submits recommendations related to housing, banking, foreign trade to RBI
Source: Accord Fintech
23/08/2023 11:29:58 AM
28% tax on online gaming, casinos: Centre to seek introduction, passage of bill to amend GST Act The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and Integrated Goods and Services Tax (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the Central Goods and Services Tax Act will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend the...
28% tax on online gaming, casinos: Centre to seek introduction, passage of bill to amend GST Act
28% tax on online gaming, casinos: Centre to seek introduction, passage of bill to amend GST Act
Source: IANS
11/08/2023 9:59:14 AM
FADA seeks GST reduction on entry-level two-wheelers to 18% Automobile dealers' body Federation of Automobile Dealers Associations (FADA) has sought Goods and Services Tax (GST) reduction on entry-level two-wheelers to 18 per cent from 28 per cent currently. A delegation of the FADA submitted a letter to Minister of Road Transport and Highways (MoRTH) Nitin Gadkari in this regard. FADA President Manish Raj Singhania said ‘with two-wheelers accounting for over 75 per cent of the volume and over 70 per cent of this stemming from the entry-l...
FADA seeks GST reduction on entry-level two-wheelers to 18%
FADA seeks GST reduction on entry-level two-wheelers to 18%
Source: Accord Fintech
10/08/2023 2:29:46 PM
28% GST on casinos, online gaming, racing to increase revenue collection: Nirmal Sitharaman Finance minister Nirmala Sitharaman has said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach $1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic & Extended Reality sector in India prepared by the Information and Broadcasting Ministry. Sitharaman said casinos are cur...
28% GST on casinos, online gaming, racing to increase revenue collection: Nirmal Sitharaman
28% GST on casinos, online gaming, racing to increase revenue collection: Nirmal Sitharaman
Source: Accord Fintech
9/08/2023 10:39:25 AM
Niti Aayog looking at tax-related issues of engineering, leather and textiles sector Government think-tank Niti Aayog is looking at tax-related issues, including inverted duty structure in three sectors of engineering, leather, and textiles. The issues are likely to be taken up with higher authorities for their resolution to promote the growth of these sectors. Industry representatives of leather and engineering sectors said that they have shared a list of GST (Goods and Services Tax) and inverted duty structure-related issues with the Niti Aayog. The leather sector has re...
Niti Aayog looking at tax-related issues of engineering, leather and textiles sector
Niti Aayog looking at tax-related issues of engineering, leather and textiles sector
Source: Accord Fintech
8/08/2023 12:50:21 PM
Taxing GST on deposits will wipe out 80% of online gaming industry As the 51st GST Council meeting stayed firm on taxing online gaming at 28 per cent on gross value collected, industry players on Thursday once again criticised the decision, saying that taxing GST on deposits rather than the technology platform commission charged by the companies will make the unit economics unviable, wiping out 80 per cent of the industry. Most of the fatalities will be concentrated in MSMEs and startups that house new age business models, according to them. “Thi...
Taxing GST on deposits will wipe out 80% of online gaming industry
Taxing GST on deposits will wipe out 80% of online gaming industry
Source: IANS
3/08/2023 11:46:01 AM
GST council to take final call on 28% levy on online gaming, casinos & horse racing today The GST council will on Wednesday take a final call on levying 28 per cent GST on online gaming, casinos, and horse racing, amid requests from the gaming industry to revoke the decision, claiming that it will hurt the nascent sector's growth. The meeting of the GST council, which is headed by Finance Minister Nirmala Sitharaman, will be held virtually. On July 11, the GST council decided that there will be a 28 per cent GST levy on full value of gaming, horse racing and casinos. ...
GST council to take final call on 28% levy on online gaming, casinos & horse racing today
GST council to take final call on 28% levy on online gaming, casinos & horse racing today
Source: IANS
2/08/2023 10:58:27 AM
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry The finance ministry has said that Gross Goods and Services Tax (GST) collection rose 11 per cent to over Rs 1.65 lakh crore in July 2023 compared to the same month last year, crossing the Rs 1.6 lakh crore mark for the fifth time since the rollout of the indirect tax regime.  It stated that Gross Goods and Services Tax (GST) revenue collected last month was Rs 1,65,105 crore of which CGST was Rs 29,773 crore, SGST was Rs 37,623 crore, IGST was Rs 85,930 crore (including Rs 41,239 cro...
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry
GST collection rises 11% to over Rs 1.65 lakh crore in July: Finance ministry
Source: Accord Fintech
1/08/2023 4:38:30 PM
Gaming industry proposes new GST levy formula to government The online gaming industry has suggested a new formula to the government for levy of 28 per cent GST on its activities, mainly seen as a measure to protect its interests, as per reports. On July 11, the GST Council, headed by Finance Minister Nirmala Sitharaman, had decided to levy the highest slab of 28 per cent GST on the full value of money paid by users to play skill-based games, without any differentiation between games of skill and chance. As of now, there is an 18 per cent GST le...
Gaming industry proposes new GST levy formula to government
Gaming industry proposes new GST levy formula to government
Source: IANS
29/07/2023 8:51:07 AM
GST Council expected to finalise taxing rules on online gaming on August 2 The Goods and Services Tax (GST) Council, which is expected to meet on August 2, 2023, will finalise draft rules on taxing online gaming, casinos, and horse racing. The council representing finance ministers of states will take a final call on whether the tax will be levied on entry-level or on each bet.  In its 50th meeting earlier this month, the Council headed by Finance Minister Nirmala Sitharaman decided to levy the maximum 28 per cent tax on the full face value of bets in online...
GST Council expected to finalise taxing rules on online gaming on August 2
GST Council expected to finalise taxing rules on online gaming on August 2
Source: Accord Fintech
27/07/2023 10:16:05 AM
Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance Minister of State (MoS) for Finance Pankaj Chaudhary has said that the Centre has devolved over Rs 3.09 lakh crore to states till July of the Rs 10.21 lakh crore budgeted to be transferred in the current fiscal (FY23). He said there is no pendency on part of devolution payable to states. The minister said of the Rs 3.09 lakh crore net proceeds of shareable union taxes and duties distributed to the states, Central GST collection devolution stood at Rs 94,368 crore till July. Part of the CGS...
Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance
Centre devolved over Rs 3.09 lakh crore to states till July: MoS Finance
Source: Accord Fintech
26/07/2023 12:29:35 PM
GST revenue collections enormously increased in Tripura too, says Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Friday said that like other states, GST revenue collections enormously increased in Tripura too. Before the GST was introduced, Tripura received only Rs 4.21 crore as Central Sales Tax (CST) in FY 2016-17, whereas the state collected Rs 982.50 crore IGST in FY 2022-23 from inter-state trade, she said after inaugurating the newly-built GST Bhawan here. She emphasised the importance of good infrastructure which can be leveraged to serve taxpaye...
GST revenue collections enormously increased in Tripura too, says Nirmala Sitharaman
GST revenue collections enormously increased in Tripura too, says Nirmala Sitharaman
Source: IANS
22/07/2023 9:35:47 AM
Top investors urge Prime Minister Narendra Modi to reconsider 28% GST on online skill gaming An influential group of global and Indian investors like Tiger Global, DST Global, Peak XV Partners, Kalaari Capital, Matrix Partners India, and Kotak Private Equity have urged Prime Minister Narendra Modi to reconsider the decision to levy 28 per cent GST on online skill gaming. The group of investors wrote a letter to PM Modi, saying the current GST proposal will set up the most “onerous tax regime” for the gaming sector globally, which will lead to “a potential write-o...
Top investors urge Prime Minister Narendra Modi to reconsider 28% GST on online skill gaming
Top investors urge Prime Minister Narendra Modi to reconsider 28% GST on online skill gaming
Source: IANS
21/07/2023 6:00:02 PM
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Friday said the Goods and Services Tax (GST) collection and devolution in the northeastern states has been a success, Addressing the Investiture Ceremony of the Central Board of Indirect Taxes and Customs (CBIC), she said that the eight states in the region have seen a compounded yearly GST increase of 27.5 per cent, according to the 2023 RBI assessment on state budgets. “Four days after it passed, Assam became the first state to ratify...
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Tax collection in Assam increased 12 times after GST adoption: Finance Minister Nirmala Sitharaman
Source: IANS
21/07/2023 2:02:03 PM
GST officials search UpGrad offices, edtech unicorn says 'routine survey' Goods and Services Tax (GST) Department officials made searches at Ronnie Screwvala-founded edtech unicorn upGrad offices on Wednesday. The company said that it was a “routine survey”. In a statement to IANS, Koell Hemdev, Head of Legal at upGrad, said that it is a “routine survey” and “we are fully compliant and cooperating with the GST Department”. Backed by investors such as Temasek, James Murdoch’s Lupa Systems, and World Bank’s Intern...
GST officials search UpGrad offices, edtech unicorn says 'routine survey'
GST officials search UpGrad offices, edtech unicorn says 'routine survey'
Source: IANS
19/07/2023 5:53:16 PM
Government issues clarification on input tax, levy of tax on subsidiary company`s shares The government on Monday issued a clarification regarding taxability of services provided by an office of an organisation in one state to the office of that organisation in another state. In a circular issued by the Central Board of Indirect Taxes (CBIC), it was clarified that in respect of common input services procured by the head office from a third party but attributable to both head office and branch offices or exclusively to one or more branch offices, the head office has the option ...
Government issues clarification on input tax, levy of tax on subsidiary company`s shares
Government issues clarification on input tax, levy of tax on subsidiary company`s shares
Source: IANS
18/07/2023 9:55:49 AM
Indian online skill gamings stakeholders come together to save industry: 1m Indian jobs, 400m Indian users, $2.5b investments More than 120 CEOs/founders of online skill gaming companies and game developers along with all the industry bodies have written to the PMO and relevant ministries in the interest of protecting the online skill gaming industry. On Tuesday, the GST Council announced to impose a 28 per cent tax on online gaming at the full-face value, shocking the industry and leaving them in significant distress. Currently, the industry is paying 18 per cent GST on GGR/ Platform Fee. The letter highlight...
Indian online skill gamings stakeholders come together to save industry: 1m Indian jobs, 400m Indian users, $2.5b investments
Indian online skill gamings stakeholders come together to save industry: 1m Indian jobs, 400m Indian users, $2.5b investments
Source: IANS
15/07/2023 12:52:13 PM
28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra Revenue Secretary Sanjay Malhotra has said the exchequer will get an estimated additional revenue of Rs 20,000 crore annually following the decision of the GST Council to levy 28 per cent tax on full bet value on online gaming. He said the GST Council has unanimously decided to impose 28 per cent tax on online gaming, casino and horse racing etc.  Further, he said that the government will pursue all cases in the Supreme Court for recovery of erstwhile tax demands. He stated the online...
28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra
28% GST on online gaming to yield Rs 20,000 crore annually: Sanjay Malhotra
Source: Accord Fintech
14/07/2023 10:02:42 AM
Markolines Pavement Technologies zooms on bagging work order worth Rs 47.98 crore Markolines Pavement Technologies is currently trading at Rs. 118.00, up by 5.15 points or 4.56% from its previous closing of Rs. 112.85 on the BSE. The scrip opened at Rs. 113.00 and has touched a high and low of Rs. 125.00 and Rs. 110.50 respectively. So far 60800 shares were traded on the counter. The BSE group 'M' stock of face value Rs. 10 has touched a 52 week high of Rs. 207.00 on 07-Nov-2022 and a 52 week low of Rs. 95.25 on 18-Jul-2022. Last one week high and low of t...
Markolines Pavement Technologies zooms on bagging work order worth Rs 47.98 crore
Markolines Pavement Technologies zooms on bagging work order worth Rs 47.98 crore
Source: Accord Fintech
13/07/2023 3:59:08 PM
GST Online Gaming Quote By Suman Bannerjee, Hedonova Below Quote On GST - Online Gaming By Suman Bannerjee, CIO, Hedonova, a US based Hedge Fund    The decision of charging 28% GST will have a negative impact on the overall gaming industry. Online gaming companies and gamers will get affected the most. I feel this a good step taken by GST council. GST on things like gambling and horseracing should be as high as possible. These are sins of society which people should not indulge in, especially the poor and the midd...
GST Online Gaming Quote By Suman Bannerjee, Hedonova
GST Online Gaming Quote By Suman Bannerjee, Hedonova
Source: PR Agency
13/07/2023 9:18:32 AM
India revenue secretary says no need to consult gaming industry on tax India's decision to impose a 28% tax on funds that online gaming companies collect from their customers, will not need further consultation and an early review is unlikely, the country's revenue secretary told local television channels on Wednesday. The government's decision, announced late on Tuesday, created an uproar in the $1.5 billion industry, with shares of casino operator Delta Corp and other online gaming firms plunging in Wednesday trade. Revenue Secretary Sanjay M...
India revenue secretary says no need to consult gaming industry on tax
India revenue secretary says no need to consult gaming industry on tax
Source: Reuters
12/07/2023 6:06:12 PM
Delta Corp drops as Goverment slaps 28% GST on online gaming Delta Corp is currently trading at Rs. 191.00, down by 55.80 points or 22.61 % from its previous closing of Rs. 246.80 on the BSE. The scrip opened at Rs. 222.15 and has touched a high and low of Rs. 222.15 and Rs. 178.20 respectively. So far 3011022 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 259.95 on 28-Jun-2023 and a 52 week low of Rs. 172.30 on 12-Jul-2022. Last one week high and low of the scrip stood ...
Delta Corp drops as Goverment slaps 28% GST on online gaming
Delta Corp drops as Goverment slaps 28% GST on online gaming
Source: Accord Fintech
12/07/2023 4:05:14 PM
GST waived off on cancer treatment drugs, special medicines The GST Council in its 50th meeting on Tuesday, presided over by Union Finance Minister Nirmala Sitharaman, exempted cancer treatment drugs, special medicines, and food for medical purpose from levy of the Goods and Services Tax. Addressing a press conference after the marathon eight-hours-long meeting, Sitharaman said that tax exemption has also been extended to satellite launch services provided by private parties. The Council also decided that GST on food and beverages served in cine...
GST waived off on cancer treatment drugs, special medicines
GST waived off on cancer treatment drugs, special medicines
Source: IANS
12/07/2023 11:17:23 AM
GST Council approves 28% tax on online gaming; clarifies on taxation of utility vehicle The Goods and Services Tax (GST) Council has decided to levy the maximum 28 per cent tax on the full face value of bets in online gaming, casinos and horse racing, lowered tax on food and beverages sold in multiplexes, and tweaked the definition of utility vehicles for the levy. The Council also exempted GST (Goods and Services Tax) on import of cancer drug Dinutuximab, and medicines used to treat rare diseases and food used in Food for Special Medical Purposes (FSMP), besides satellite launc...
GST Council approves 28% tax on online gaming; clarifies on taxation of utility vehicle
GST Council approves 28% tax on online gaming; clarifies on taxation of utility vehicle
Source: Accord Fintech
12/07/2023 10:39:41 AM
India to impose 28% tax on turnover of online gaming firms India on Tuesday decided to impose a 28% indirect tax on the turnover of online gaming companies, a state minister said, in a major setback to the country's $1.5 billion industry. Foreign investors such as Tiger Global and Sequoia Capital have backed Indian gaming startups like Dream11 and Mobile Premier League, hugely popular for fantasy cricket. The GST Council, comprised of state finance ministers and chaired by the federal finance minister, had earlier formed a panel to look int...
India to impose 28% tax on turnover of online gaming firms
India to impose 28% tax on turnover of online gaming firms
Source: Reuters
11/07/2023 8:06:26 PM
Toy industry bats for resolution of GST anomaly, roll-out of PLI scheme With an aim to boost the growth of the sector, the toy industry has recommended that the government should resolve a Goods and Services Tax (GST) anomaly and also suggested immediate roll-out of the production linked incentive (PLI) scheme. Toy Association of India (TAI) Senior Vice-President and Little Genius Toys CEO Naresh Gautam said that besides PLI and GST, the industry has urged for resumption of Credit Linked Capital Subsidy Scheme (CLCSS). He further noted that the PLI is the need...
Toy industry bats for resolution of GST anomaly, roll-out of PLI scheme
Toy industry bats for resolution of GST anomaly, roll-out of PLI scheme
Source: Accord Fintech
11/07/2023 1:23:49 PM
Small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration: GTRI Think tank Global Trade Research Initiative (GTRI) has said that small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without Goods and Services Tax (GST) registration if their turnover does not exceed the threshold. The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will ki...
Small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration: GTRI
Small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration: GTRI
Source: Accord Fintech
11/07/2023 11:39:57 AM
GST council likely to discuss taxation under ONDC during meeting next week  The Goods and Services Tax (GST) council, which is set to meet on July 11, is likely to give clarity on whether tax collected at source (TCS) should be deducted by the buyer or the e-commerce platform, from whom the product has been purchased under the open network for digital commerce (ONDC) platform. The GST council, which is headed by Finance Minister Nirmala Sitharaman, is expected to discuss the ONDC in the meeting. Under ONDC, a buyer places an order with an e-commerce platf...
GST council likely to discuss taxation under ONDC during meeting next week
GST council likely to discuss taxation under ONDC during meeting next week
Source: IANS
9/07/2023 3:16:27 PM
GST authorities so far cancelled over 4,900 GST registrations: CBIC member The Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said Goods and Services tax (GST) authorities have so far cancelled over 4,900 GST registrations and detected tax evasion of over Rs 15,000 crore during the ongoing two-month drive to weed out fake GST Identification Numbers (GSTINs) which will end on July 15, 2023. He also said the large number of fake registrations unearthed during the drive underlines the need for policy changes to tighten GST registration and ret...
GST authorities so far cancelled over 4,900 GST registrations: CBIC member
GST authorities so far cancelled over 4,900 GST registrations: CBIC member
Source: Accord Fintech
6/07/2023 11:35:49 AM
High GST collection reflects India`s upbeat economic trend Reflecting the vibrancy of the Indian economy, the gross Goods and Services Tax (GST) revenue collected in the month of June, 2023 was Rs 1,61,497 crore, which is 12 per cent higher than last year. The GST regime was rolled out by the Indian government six years back. Of the total Rs 1.61 lakh crore collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (includin...
High GST collection reflects India`s upbeat economic trend
High GST collection reflects India`s upbeat economic trend
Source: IANS
6/07/2023 9:32:04 AM
Government intends to double turnover of auto industry to Rs 15 lakh crore: Nitin Gadkari Union Minister for Road Transport and Highways Nitin Gadkari has said that the government intends to double the turnover of the automobile industry to Rs 15 lakh crore. At present, the turnover of the automobile industry is Rs 7.55 lakh crore, and four and a half crore have got jobs in the sector. This industry gives maximum GST to the government. He also said the industry will generate 10 crore jobs.  Gadkari stated that India has beaten Japan in automobile manufacturing and has come...
Government intends to double turnover of auto industry to Rs 15 lakh crore: Nitin Gadkari
Government intends to double turnover of auto industry to Rs 15 lakh crore: Nitin Gadkari
Source: Accord Fintech
5/07/2023 11:23:16 AM
Indian Bank launches e-BG and several other new digital services Indian Bank, launched new digital services under its ongoing digital transformation initiative “Project WAVE”. These new services were launched by Shri S.L Jain, MD & CEO, at Chennai, in the presence of Executive Directors of the Bank, Shri Imran Amin Siddiqui, Shri Mahesh Kumar Bajaj and Shri Ashutosh Choudhury, along with other Senior Officials of the Bank. In collaboration with National E-Governance Services Limited (NeSL), electronic bank guarantee (e-BG) service h...
Indian Bank launches e-BG and several other new digital services
Indian Bank launches e-BG and several other new digital services
Source: PR Agency
2/07/2023 4:05:34 PM
Centre plans to make geotagging, biometrics mandatory to identify fake business entities To curb the practice of fake GST invoices and bogus entities, the central government is planning to make geotagging of addresses of all companies mandatory. Also there are plans to make biometric authentication mandatory for entities found to be risky, finance ministry sources said. This exercise will help strengthen the GST system, they added. Also verification of new entities during their registration needs to be more diligent, to weed out fake entities, the ministry officials have...
Centre plans to make geotagging, biometrics mandatory to identify fake business entities
Centre plans to make geotagging, biometrics mandatory to identify fake business entities
Source: IANS
2/07/2023 1:24:53 PM
Jammu&Kashmir witnesses 58% growth in GST revenue in June Union Ministry of Finance on Saturday said the GST revenue collected in Jammu and Kashmir in the month of June has registered substantial growth of 58 per cent compared to June of previous financial year. This growth percentage is more than three times the National Average and the best in the country among medium and large jurisdictions. The gross GST revenue collected in June 2023 was 588.68 crore compared to 371.83 crore in June 2022. Pertinently, India’s gross GST revenue fo...
Jammu&Kashmir witnesses 58% growth in GST revenue in June
Jammu&Kashmir witnesses 58% growth in GST revenue in June
Source: IANS
2/07/2023 8:44:16 AM
GST collections rise 3% in June to Rs 1,61,497 crore  The gross GST revenue collected in June witnessed a meagre 2.80 per cent rise to Rs 1,61,497 crore, compared to Rs 1,57,090 crore collected in May. Out of the GST collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods). The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGS...
GST collections rise 3% in June to Rs 1,61,497 crore
GST collections rise 3% in June to Rs 1,61,497 crore
Source: IANS
1/07/2023 3:59:04 PM
India`s goods and services tax receipts rise 12% y/y in June India's goods and services tax (GST) collections rose nearly 12% year-on-year to 1.61 trillion rupees ($19.61 billion) in June, a government statement showed on Saturday. The government collected 1.45 trillion rupees as GST in June 2022 and a record 1.87 trillion rupees in April 2023. It expects to garner 9.56 trillion rupees through GST in the current fiscal year that ends in March 2024. The western state of Maharashtra clocked a 17% year-on-year growth in tax receipts to 260.99...
India`s goods and services tax receipts rise 12% y/y in June
India`s goods and services tax receipts rise 12% y/y in June
Source: Reuters
1/07/2023 3:55:41 PM
GST revenue of Rs 1.5 lakh crore every month has become new normal: GTRI co-founder Global Trade Research Initiative (GTRI) co-founder Ajay Srivastava has said that six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. He said to apprehend black sheep, who operate as syndicates and create fake entities on the basis of fo...
GST revenue of Rs 1.5 lakh crore every month has become new normal: GTRI co-founder
GST revenue of Rs 1.5 lakh crore every month has become new normal: GTRI co-founder
Source: Accord Fintech
30/06/2023 3:00:04 PM
FM calls for strengthening GST registration process using technology  Finance Minister Nirmala Sitharaman said on Friday that the Goods and Services Tax (GST) registration process may be further strengthened by using technology to curb the entry of fake entities into the GST ecosystem. The minister also called for a nation-wide campaign to explain the objectives of the special drive to weed out the fake entities. Sitharaman was chairing a review meeting of the ongoing drive against fake billing for GST evasion. The minister was informed that 11,140 ...
FM calls for strengthening GST registration process using technology
FM calls for strengthening GST registration process using technology
Source: IANS
17/06/2023 4:52:35 PM
GST council may mull steps to prevent fake generation of ITC in next meeting The GST Council in its meeting next month, is likely to discuss measures to ensure strict provisions for preventing fake generation of Input Tax Credit (ITC), aiming to prevent tax evasion, a senior official said on Friday. The GST Council is scheduled to meet on July 11. Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event. He further informed that the finance ministry may consider imposing cou...
GST council may mull steps to prevent fake generation of ITC in next meeting
GST council may mull steps to prevent fake generation of ITC in next meeting
Source: IANS
16/06/2023 4:40:01 PM
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24 Domestic rating agency Crisil said the growth in aggregate GST collection for states is likely to moderate to 12-14 per cent in FY24 from 20 per cent in FY23. The agency’s senior director Anuj Sethi said despite the moderation in growth, the GST collections will continue to be the biggest driver of revenue growth for states. He added factors like the resilience of the Indian economy amid global turbulence, moderating inflationary environment, and increasing tax compliance will help the ...
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24
Growth in aggregate GST collection for states likely to moderate to 12-14% in FY24
Source: Accord Fintech
15/06/2023 10:47:29 AM
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry The finance ministry has said Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. The gross Good & Services Tax revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41...
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry
GST collection surges 12% to Rs 1.57 lakh crore in May: Finance ministry
Source: Accord Fintech
2/06/2023 10:23:46 AM
Himachal collected Rs 1,004cr tax till May 31: Official  The Department of State Taxes in Himachal Pradesh has collected Rs 1,004 crore in this fiscal till May 31 against Rs 890 crore collected during this period in the last fiscal, registering a growth of 13 per cent in the first two months of 2023, Commissioner (Taxes and Excise) Yunus said on Thursday. The Department is monitoring the speedy scrutiny of returns, timely completion of GST audits and capacity building of the tax officers to improve GST collection, he said. The Departmen...
Himachal collected Rs 1,004cr tax till May 31: Official
Himachal collected Rs 1,004cr tax till May 31: Official
Source: IANS
2/06/2023 10:09:00 AM
GST collections for May fell 19% to Rs 1,57,090 crore The gross Goods and Services Tax (GST) revenue collections for May fell by 19 per cent to Rs 1,57,090 crore. The figures had touched their highest-ever level of Rs 1,87,035 crore in April. Out of the total GST collections of Rs 1,57,090 crore for May, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST was Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess was Rs 11,489 crore (including Rs 1,057 crore collected on import of goods). The gross GST reven...
GST collections for May fell 19% to Rs 1,57,090 crore
GST collections for May fell 19% to Rs 1,57,090 crore
Source: IANS
1/06/2023 6:56:11 PM