New Delhi: India’s gross goods and services tax (GST) collections rose 9.1% on-year to ₹1.83 lakh crore in February, reflecting a rebound in the economy. The growth was primarily driven by domestic transactions, which rose at faster pace of 10.2% to ₹1.41 lakh crore, official data released on Saturday showed. Experts said GST collections could … Read more
GST Network on Sunday said the monthly returns data of July and August 2017, the initial months of the Goods and Services Tax rollout, has been restored on the portal. The GSTN had last week said it is implementing its data policy, as per which data for taxpayers will be retained for seven years only. … Read more
Ahead of the GST Council meeting next week, the states could not come to a consensus on health insurance premium from Goods and Services Tax (GST). According to a report in Moneycontrol, the Fitment Committee, comprising revenue officials from both the state and Centre, has been trying to reach a consensus on the contentious issue … Read more
Finance Minister Nirmala Sitharaman, during a meeting on Friday (August 23), emphasized the importance of addressing tax-related concerns promptly. She urged officers of the Central Board of Indirect Taxes and Customs (CBIC) to be proactive in resolving grievances to ensure efficient tax administration. Addressing a gathering at the inauguration of the new GST Bhawan in … Read more
GST on insurance premiums: Union Finance Minister Nirmala Sitharaman on Wednesday said 18% of Goods and Services Tax (GST) collected from health and insurance premiums is equally shared between the Centre and states. She said of the 9% share that is accorded to the Centre, 41% is further sent to states. Overall, 73-74% of GST revenues … Read more
Students will have to shell out more for hostel accommodation as a 12 per cent GST would be applicable on the rent paid, the Authority of Advance Ruling said in two separate cases. The Bengaluru bench of the Authority of Advance Ruling (AAR) said hostels are not akin to residential dwelling units and hence are … Read more
The Centre has devolved over Rs 3.09 lakh crore to states till July of the Rs 10.21 lakh crore budgeted to be transferred in the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday. “Out of Rs 10.21 lakh crore estimated to be transferred to states for the FY 2023-24, Rs 3,09,521.22 … Read more
Holding of shares of subsidiary companies by holding company is not a “supply” and it will not attract any goods and services tax (GST). The Central Board of Indirect Taxes and Customs (CBIC) Monday came up with a series of clarifications including on the much disputed Input service distributor (ISD) mechanism and the cross charge … Read more
A group of four men was arrested by the Saroornagar police for kidnapping and assaulting two officers from the Central Excise Department when they had reportedly gone to conduct raids on Wednesday. Police rescued them from the gang and nabbed the accused. The officials had reportedly gone to raid the places on information that the … Read more
Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. … Read more