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Searched Tag: gst

Mamata demands to revoke GST on life, MI premiums

August 2, 2024, 01:02 PM - 2 min read

TMC supremo Mamata Banerjee threatens to hit the streets if the Government of India does not roll back GST.

Taxpayers can amend sales return form before GST payment

Sales return form can be edited before GST deposit

June 23, 2024, 07:28 PM - 2 min read

The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details.

In a significant development following the formation of the new government at the Centre, the GST Council has announced crucial tax relief measures affecting various sectors.

Railways, hostels gets GST relief: Sitharaman

June 23, 2024, 08:11 AM - 2 min read

This session marks the first GST Council meeting since October 2023, and precedes the forthcoming full Union budget expected next month. The Council's decisions aim to ease the tax burden on individuals and businesses, targeting sectors such as railways, education, agriculture, and housing. Key exemptions and tax reductions were introduced to support these areas, along with measures to enhance compliance and curb tax evasion.

Finance Minister Nirmala Sitharaman holds pre-Budget meeting.

Sitharaman holds pre-Budget meeting with state FMs

June 22, 2024, 04:34 PM - 2 min read

At the pre-budget meeting with state finance ministers, Sitharaman also nudged states to take advantage of the scheme under which the Centre gives 50-year interest-free loans to states for undertaking specified reforms.

Several states, including Karnataka, Tamil Nadu, and Telangana, have expressed interest in adopting Aadhaar-based authentication for GST registration, according to an official statement on Monday.

Five states eye Aadhaar-based authentication for GST registration

May 14, 2024, 01:01 PM - 2 min read

These states are now evaluating the associated costs, infrastructure requirements, and manpower needs for implementing biometric authentication during registration. Upon assessment, they will present proposals to their respective state Cabinets for approval.

In a recent statement, Union Finance Minister Nirmala Sitharaman stressed on the pivotal role of the Goods and Services Tax (GST) in strengthening cooperative federalism and empowering states.

FM Sitharaman highlights GST's role in cooperative federalism

May 7, 2024, 01:27 PM - 2 min read

She clarified that states receive 100 per cent of the State GST (SGST) collected within their jurisdiction, approximately 50 per cent of the Integrated GST (IGST) on inter-state transactions, and a substantial portion of the Central GST (CGST) based on recommendations from the Finance Commission.

Goods and Services Tax (GST) collections surged to an unprecedented Rs 2.10 lakh crore in April, marking a substantial 12.4 percent year-on-year growth.

GST collections hit record high of Rs 2.10 lakh crore

May 1, 2024, 03:11 PM - 2 min read

Finance Minister Nirmala Sitharaman confirmed on X (formerly Twitter) that there are no outstanding dues pertaining to IGST settlement to the states. Post-refunds, the net GST revenue for April 2024 stood impressively at Rs 1.92 lakh crore, indicating a commendable 17.1 percent growth compared to the same period last year.

Zomato gets Rs 11.82 cr tax demand notice

April 20, 2024, 06:07 PM - 2 min read

"We believe that we have a strong case on merits, and the company will be filing an appeal against the order before the appropriate authority," Zomato stated in a regulatory filing late evening on Friday.

GST evasion cases reached unprecedented levels in the fiscal year 2023-24, with authorities uncovering over Rs 2.01 trillion in evaded taxes, equivalent to nearly 10% of the total GST collections for the period.

GST evasion soars to over Rs 2 trillion in FY24, nearly 10% of total collections

April 6, 2024, 05:50 PM - 2 min read

The Directorate General of GST Intelligence (DGGI), the intelligence arm under the Ministry of Finance's Department of Revenue, reported that a significant portion of the detected evasion was concentrated in sectors such as online gaming and casinos (Rs 83,588 crore), co-insurance/re-insurance (Rs 16,305 crore), and secondment (Rs 1,064 crore).

India's Goods and Services Tax (GST) collections have crossed an impressive attainment of Rs 2 lakh crore for the fiscal year 2023-24.

Surge in GST collections reflects strong Indian economy

April 2, 2024, 04:50 PM - 2 min read

Karnataka leads the pack with a remarkable 26 per cent growth rate in GST collections, closely followed by Maharashtra with a 22 per cent rise. Even Uttar Pradesh, the country’s largest state, has posted a significant 19 per cent jump, matching the performance of Tamil Nadu.

Rahul Gandhi gives clarification on Shakti remark.

Rahul stitches loose ends on ‘Shakti’ remark, brings ED, CBI, EC, GST to dub PM Modi an usurper

March 18, 2024, 07:42 PM - 2 min read

Congress MP Rahul Gandhi accused Prime Minister Narendra Modi of twisting his words and said he was speaking about the power of which Modi was wearing the mask. “Modi ji does not like my words, he always tries to change their meaning by twisting them in some way or the other because he knows that I have spoken a solemn truth…”

Union Finance Minister Nirmala Sitharaman has called for immediate clarity on classification-related issues under the Goods and Services Tax (GST) regime.

FM Sitharaman urges clarity on GST classification issues

March 5, 2024, 12:29 PM - 2 min read

During the conference, Sitharaman urged GST officials to engage with stakeholders to understand their concerns, streamline processes, and enhance compliance. She highlighted the importance of leveraging technology to address loopholes and provide better taxpayer services