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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
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities RBI Governor Shaktikanta Das on Monday chaired the meeting of the sub-committee of the Financial Stability and Development Council (FSDC), which reviewed the major global and domestic macroeconomic and financial developments. It resolved to remain vigilant against any build-up in vulnerabilities in all segments of the Indian financial system as well as in the broader economy. It also focussed on preserving the financial system stability for attaining strong, sustainable and inclusive gr...
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities
Financial Stability and Development Council resolves to remain vigilant against fiscal vulnerabilities
Source: IANS
29/08/2023 9:29:52 AM
3 crore Income Tax Returns filed till July 18, says I-T Department  Around three crore Income Tax Returns (ITRs) have been filed till July 18, the Income Tax (I-T) Department said on Wednesday. "Grateful to our taxpayers & tax professionals for having helped us reach the milestone of 3 crore Income Tax Returns (ITRs), 7 days early this year, compared to the preceding year!" the Department said in a Twitter post. Over 3 crore ITRs for assessment year 2023-24 have already been filed till July 18  as compared to the 3 crore ITRs fi...
3 crore Income Tax Returns filed till July 18, says I-T Department
3 crore Income Tax Returns filed till July 18, says I-T Department
Source: IANS
19/07/2023 1:48:06 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
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
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
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
India will not merge GST tax rates in 2023/24 - government official  India will not overhaul its Goods and Services Tax (GST) regime in the next fiscal year, a senior official said on Monday, delaying a move it has been considering for more than a year to simplify its tax structure and reduce the burden on consumers. The country currently has five tax rates for GST, which was introduced in 2017, bringing numerous state taxes under one umbrella. They range from 0% to 28%. In 2021, the government considered overhauling the tax by merging two of the t...
India will not merge GST tax rates in 2023/24 - government official
India will not merge GST tax rates in 2023/24 - government official
Source: Reuters
6/02/2023 4:32:12 PM
Government has tried to simplify taxation regime in budget: Revenue secretary Government has tried to simplify the taxation regime in the budget, be it corporate tax or personal tax, Revenue Secretary Sanjay Malhotra said on Thursday. Addressing a post-budget discussion organised by industry body FICCI, Malhotra further said that the government's thrust is on improving trust, having tax rates without increasing the tax cuts and on certainty and stability. Central Board for Direct Taxes (CBDT) chairperson Nitin Gupta, who was also present on the occasion, said...
Government has tried to simplify taxation regime in budget: Revenue secretary
Government has tried to simplify taxation regime in budget: Revenue secretary
Source: IANS
3/02/2023 11:10:09 AM
Know the architects of Union Budget As the day for the presentation of Union Budget 2023-24 nears, Finance Minister Nirmala Sitharaman and her team of officials are burning the midnight oil to unveil the nation's record of income and expenses on February 1. IANS takes a look at the nine individuals who are the brains behind the annual exercise. * Nirmala Sitharaman, Finance Minister Nirmala Sitharaman will be presenting her fourth Union Budget on February 1. She has helmed the Finance Ministry during the two tumult...
Know the architects of Union Budget
Know the architects of Union Budget
Source: IANS
17/01/2023 10:28:35 AM
Sanjay Malhotra takes over as Revenue Secretary Senior IAS officer Sanjay Malhotra on Thursday took charge as Secretary in the Department of Revenue of the Finance Ministry. Prior to this assignment, Malhotra was Secretary in the Department of Financial Services. He is a 1990-batch IAS officer of THE Rajasthan cadre and is an IIT-Kanpur alumnus. Malhotra has a Masters degree in public policy from the Princeton University. He has also been additional secretary in the Power Ministry. Malhotra took over as Revenue Secretary aft...
Sanjay Malhotra takes over as Revenue Secretary
Sanjay Malhotra takes over as Revenue Secretary
Source: IANS
1/12/2022 3:12:02 PM