[ New Delhi: India’s gross Goods and Services Tax (GST) collection hit a record high of Rs 2.10 lakh crore in April, a 12.4 percent increase over the same month last year, according to data released by the Ministry of Finance Wednesday. According to tax analysts, the record-high revenue has been driven by states like … Read more
[ NEW DELHI: Two former finance commission chiefs N K Singh and Vijay Kelkar have raised key issues that policymakers need to address in the coming years to deal with changes in the economy.Kelkar, who headed the 13th Finance Commission, underlined the need to rationalise the GST structure and move to a single rate mechanism, … Read more
[ Do you own an SUV? You may want to check again, since the criteria for determining GST rates on Sports Utility Vehicles are very specific. In India, Sports Utility Vehicles or SUVs have gained immense popularity, constituting every second car sold. However, as per the official SUV definition, they represent only about one-tenth of … Read more
[ New Delhi: Gross Good and Services Tax (GST) revenue for March 2024 stood at ₹1.78 lakh crore, marking the second-highest collection ever and reflecting a robust 11.5% year-on-year growth, a PIB press release stated. The ‘exceptional’ performance was primarily attributed to a significant 17.6% rise in GST collection from domestic transactions. Furthermore, GST revenue net … Read more
[ THERE are many in the country who are calling for the reintroduction of the goods and services tax (GST) but is it all that it’s hyped up to be? KLCA Tax Solutions Sdn Bhd managing director Christine Koh says putting aside political and public concerns, the answer is “yes”. Read original article here Denial … Read more
[ CHANDIGARH: The Goods and Services Tax (GST) collection in Punjab jumped 15.69 per cent to Rs 19,222 crore in the current financial year so far, while the state’s excise revenue rose 11.71 per cent to Rs 8,093.59 crore. The net GST collection up to February in the current fiscal year stood at Rs 19,222.5 … Read more
[ NEW DELHI: An analysis of budget expectations of senior citizens draws attention to their concern over accessible infrastructure and high rates of GST applicable on many of the services and products used by the elderly among other things.The analysis, based on a survey by Agewell Foundation involving interactions with 10,000 elderly persons from across … Read more
[ NEW DELHI: A total of 29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs 44,015 crore have been detected since mid-May 2023, the Finance Ministry said in a statement on Sunday.Union Finance Ministry also stated that a total of 121 arrests have been made in such cases.“Since the initiation of … Read more
[ NEW DELHI: Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago.During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 … Read more
[ NEW DELHI: Asian Paints on Monday informed that it has received a GST demand notice of Rs 13.83 crore and a penalty of Rs 1.38 crore from the Deputy Commissioner of State Tax, Chennai.The demand is for the financial year 2017-18 over mismatch on input tax credit (ITC), the leading paints maker said in … Read more
