Sgst Law

Adani Dharavi project's biz units to get SGST refund post redevelopment

Business units in Dharavi will be able to enjoy a slew of benefits, including State GST refunds, once the redevelopment of the financial capital's largest slum is complete. The Dharavi Redevelopment Project (DRP), a joint venture between Adani Group and the Maharashtra government, on Monday said this is a move to formalize local businesses and the tax sops are as per the tender conditions for the ambitious project. In a statement, DRP said eligible industrial and commercial units in redeveloped Dharavi will get SGST refunds for five years from the date of receipt of occupation certificate of the newly constructed buildings. A DRP spokesperson said the multi-thousand crore redevelopment project is set to transform the informal nature of businesses and added that the tax benefits will help both existing and new businesses become more competitive. SGST will be reimbursed by the state government's finance department and the business units will have to provide SGST payment details as pr

State revenue grows 5% till Nov against 17.4 budgeted for FY24: Report

The growth rate of the combined revenue receipts of the 16 largest states has fallen by almost 80 per cent to 5 per cent during April-November from the budgeted 17.4 per cent for the current fiscal, according to a report. The states have so far borrowed over 37 per cent more than they did last fiscal and given these poor numbers, they will have to borrow heavily this fiscal to service their debt and pay salaries and pensions. The plunge is due to a contraction in sales tax and lower-than-budgeted growth of state goods and services tax collections (SGST), excise duty and stamps and registrations during the period, restricting the growth of states own tax revenue (SOTR) to 11 per cent. Another reason for the poor numbers is the steep decline in Central grants, Icra Ratings said in a report. The agency, though, expects an upside in tax devolution in the fourth quarter, its quantum may not be adequate to fully offset the shortfall in grants. Moreover, even if a sizeable portion of the

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Uttar Pradesh tax mop-up may zoom 40% to Rs 2.62 trillion in FY24

Together, the state's composite tax and financial resources add up to Rs 5.46 trillion in FY24, up more than 17 per cent compared to the corresponding figure of Rs 4.65 trillion in FY23

From SGST waivers to cheaper land, EVs rev up states' policy wars

States are competing hard to capture a larger share of investments in this fast-growing business

Issue of GST on intermediary services to foreign clients may get resolved

However, there could be issues in claiming input tax credit by these intermediaries

Will bumper GST collections weaken states' case for compensation?

The GST compensation remains a bone of contention between the Centre and states. So, as the GST collections continue to soar, will it hit the states' case which has been demanding its extension?

UK-based yeast maker AB Mauri plans to invest Rs 400 crore in UP

The company has already submitted a proposal with the UP government seeking an early allotment of nearly 65 acres of land

Odisha registers over 13% growth in SGST collection in July to Rs 794 crore

The negative growth rates of the SGST collection were recorded in April, May and June this year

Green shoots of recovery? GST mop-up improves in June, crosses Rs 90,000 cr

However, the rate of decline has come down considerably to just 9.02 per cent from 38.17 per cent in May and 71.63 per cent in April

June GST collections at Rs 90,917 cr, up from Rs 62,009 cr mopped up in May

The government had allowed a relaxed time schedule for filing of Goods and Services Tax (GST) returns

Expectations vs reality: SGST is a victim of irrational estimates

Wide variations in growth estimates for state GST raise serious questions about the assumptions on which the projections were made

Two years of GST: How the states are doing

There are some common trends observed among states with a large shortfall

Economic slowdown hits states' GST revenues more than Centre, shows data

The picture becomes sharper if we look at how Central GST (CGST) and State GST (SGST) collections have grown or contracted in FY20

West Bengal Assembly passes SGST Bill, CM says ordinance forcefully issued

Centre could feed many poor with the money that gone for creating awareness about GST: Mamata

Seven states yet to pass GST laws even as roll out deadline nears

With less than a month left for GST rollout, seven states, including West Bengal, Tamil Nadu and Jammu & Kashmir, are yet to pass their legislations required for implementing the new indirect tax regime. So far, 24 states and Union Territories, including Delhi, Odisha and Puducherry, have passed the State Goods and Services Tax (SGST) Act in their respective legislative assemblies. However, seven states -- Meghalaya, Punjab, Tamil Nadu, Kerala, Karnataka, Jammu & Kashmir and West Bengal -- are yet to pass the SGST law. Baring Jammu & Kashmir where BJP is an alliance partner of PDP, all are non-BJP ruled states. The government plans to roll out the Goods and Services Tax (GST), which will subsume 16 different taxes, from July 1. West Bengal wants the Centre to delay roll out of the GST by a month and the issue was raised by state Finance Minister Amit Mitra at the meeting of the GST Council last week. Mitra said that implementation of the GST from ..