Page 4 - Goods And Services Tax

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: 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

Economic prospects

Interventions needed to support long-term growth

Metal recycling industry calls for policy changes to boost circular economy

Goods and Service Tax, import duty and absence of other initiatives for a circular economy are hindering metal recycling, industry body officials said on Wednesday. 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, aiming at reducing emissions, they said. "There is a wrong message going out to the world that India is not committed to the use of scrap by imposing a duty of 2.5 per cent. Europe, a major exporter of scrap, is now drawing rules and regulations that will make it difficult to import unless India takes proactive steps," said senior vice-president of Material Recycling Association of India (MRAI), Dhawal Shah. He made these remarks on the sidelines of the 11th International Material Recycling Conference.

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

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

Delhi L-G approves Delhi Goods and Services Tax (Second Amendment) Bill

Lt Governor VK Saxena has approved the Delhi Goods and Services Tax (Second Amendment) Bill, 2023, passed by the assembly last month, Raj Niwas officials said on Wednesday. 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. The bill has made amendments in the Delhi Goods and Services Tax Act, 2017, to provide for a reference to the word "goods" and certain time limits and input tax credits, according to recommendations of the GST Council in its meetings. The GST Council -- in its 47th, 48th and 49th meetings -- recommended various amendments in the provisions of the Central Goods and Services Tax Act, 2017, through the Finance Act, 2023. The bill amends sub-section (1) of Section 132 to decriminalise offences and to increase the monetary threshold from Rs 1 crore to Rs 2 crore for launching prosecution for offences under the act, except for those related to the

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

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

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

LIC gets GST notice of Rs 806 crore; insurer says will file an appeal

The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore

India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion

This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion

You may be able to file revised GST returns from April 2025 if...

An official said that allowing updated returns under the GST regime will simplify the process of filing returns

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO

Anuraag Saxena said that the industry is in a 'wait and watch' mode, and the true impact of the GST move will only be known after the period of review is over

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

The 15 per cent Y-o-Y growth in November came despite weak external conditions

Major tax collections, barring personal income tax, decline in October

Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's

Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted

GST officers have busted a syndicate of 48 fake firms which availed fraudulent input tax credit (ITC) of over Rs 199 crore and have arrested three people in this regard, the finance ministry said on Tuesday. The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence, which was further developed through data mining and data analysis. A syndicate of 48 interconnected fake firms availing fraudulent ITC of over Rs 199 crore was busted in the operation, the ministry said. In the first wave of the operation, a total of 48 fake/bogus firms either non-existent or paper firms have been identified that were dealing in bogus invoices. Three persons were apprehended and arrested and subsequently sent to judicial custody remand for two weeks by the Chief Metropolitan Magistrate Court, Patiala House. Other members of the syndicate and the ring leaders have been identified and furt