Page 4 - Latest Updates on Goods and Services Tax
31 million jobs created in real estate under Modi government: Report
The measures taken, it says, can catapult the size of the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030
 "31 million jobs created in real estate under Modi government: Report")
March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin
The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23
 "March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin")
GST disputes persist due to conflicting interpretations of goods, services
Classification of items for GST rates was done on the basis of harmonised system of nomenclature codes. The codes contain 21 sections. These are divided into 99 chapters, which have 1,244 headings
 "GST disputes persist due to conflicting interpretations of goods, services")
GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong
The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures
 "GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong")
Centre impartial in distribution of funds to state govts: Nityanand Rai
Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief
 "Centre impartial in distribution of funds to state govts: Nityanand Rai")
Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy
The government expects average monthly GST collections to touch about Rs 1.85 trn in the next fiscal, up from about Rs 1.66 trn this year
Budget 2024: Where does the Centre receive money from, where does it go?
Interim Budget: It always interests the common man to know where the government gets its money from and where it spends it, here's what the Budget document says
 "Budget 2024: Where does the Centre receive money from, where does it go?")
Budget 2024: Here's what FM Nirmala Sitharaman said about income tax
Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year
The post-May 2024 dilemma
Even if we have a majority government, economic performance will be sub-optimal without political consensus on reforms
 "The post-May 2024 dilemma")
Economic prospects
Interventions needed to support long-term growth
 "Economic prospects")
Metal recycling industry calls for policy changes to boost circular economy
With more headwinds expected from scrap-exporting countries in near future, the country needs to remove ambiguity to showcase India's commitment to a circular economy, VP of MRAI said
 "Metal recycling industry calls for policy changes to boost circular economy")
Budget 2024: What do the online gaming and esports industries expect?
Interim Budget 2024: Online gaming and esports industries have had an eventful 2023 owing to the GST Council's decision to impose a blanket 28% tax. Here's what the industries expect in the Budget
 "Budget 2024: What do the online gaming and esports industries expect?")
Employees' payment for canteen services will not attract GST: AAR
GST and input tax credit applicable for company's payment to canteen service provider not recovered from employees
Helmet makers demand cut in GST as 2W accidents claim goodslives in India
Two-wheelers account for 42 per cent of accidents and 41 per cent of fatalities due to road accidents in India
 "Helmet makers demand cut in GST as 2W accidents claim goodslives in India")
Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs
Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs
 "Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs")
Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal
The board of Hindustan Zinc is scheduled to meet on January 19 to approve and announce the financial results for the October-December quarter
 "Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal")
Delhi L-G approves Delhi Goods and Services Tax (Second Amendment) Bill
The bill passed by the Delhi Legislative Assembly aims at ensuring uniformity between central and state legislations on provisions of the Goods and Services Tax, they said
 "Delhi L-G approves Delhi Goods and Services Tax (Second Amendment) Bill")
Winzo joins hands with IITs to develop model for determining games of skill
Winzo said that it started the study amid concerns about the independence of the proposed self-regulatory bodies in India's online gaming sector
 "Winzo joins hands with IITs to develop model for determining games of skill")
LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office
In October 2023, LIC had filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore
 "LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office")
GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec
Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23
 "GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec")
