- 01 Jul 2022 04:33 PM
- New
Critics are wrong, GST has strengthened federalism
Today, 1 July 2022, marks five years since India’s introduction of the goods and services tax (GST). I have tracked the passage of the GST from its rocky start, with a matching voucher requirement too demanding for a shaky portal to handle, and fearsome penalties for not submitting forms by the stipulated deadlines.
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- 01 Jul 2022 04:50 PM
- New
GST changes to lift prices, hit household spending
The Goods and Services Tax Council’s decision to levy tax on several exempted items and raise tax rates on others would drive up inflation and dampen household spending, economists said, besides prompting consumers to switch from unbranded to branded items. Moreover, the burden may fall more on the lower-middle-income class, as most of these items form a significant part of their consumption basket, they added.
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- 01 Jul 2022 04:59 PM
- New
The road after the end of GST compensation
Source: https://www.livemint.com/economy/the-road-after-the-end-of-gst-compensation-11656615799711.html
A five-year constitutionally-guaranteed compensation to states to ensure a compound annual growth rate of 14% in revenues under the Goods and Services Tax (GST) regime came to an end on Thursday, leaving several states in dire need of funds. An attempt to get a last-minute extension at the GST Council meeting earlier this week by representatives of as many as 12 states did not yield the desired results, at least for now.
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- 01 Jul 2022 05:09 PM
In charts, the GST’s five-year report card
Source: https://www.livemint.com/economy/gst-5-not-there-yet-11656616186499.html
Five years ago, the goods and services tax (GST) was launched as one of India’s biggest reforms in recent years, with the purpose of making indirect taxes “good and simple". This is far from being achieved and the indirect tax regime remains complicated, with too many tax brackets and exemptions. Some progress has been made in stabilizing the technology and getting businesses to adapt to the structure through various changes.
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- 01 Jul 2022 05:15 PM
Data recap: Credit card spends, shrinkflation
Source: https://www.livemint.com/news/india/data-recap-credit-card-spends-shrinkflation-11656612188850.html
Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read visual charts, to help you delve deeper into the stories reported by Mint in the week gone by. Despite high inflation and rising interest rate, India’s credit card spending has been strong, while consumers are also seeing grammage cuts in day-to-day products. Covid cases are on a continuous rise.
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- 01 Jul 2022 05:24 PM
Small online intra-state traders to get TCS relief
Small traders who will be allowed to sell through online platforms without goods and services tax (GST) registration from January will be spared the need for a 1% tax to be collected at source, said a person familiar with the fine print of the decision taken earlier this week by the GST Council.
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- 01 Jul 2022 05:30 PM
‘Changes in GST to curb toxic tax credits’
Source: https://www.livemint.com/economy/changes-in-gst-to-curb-toxic-tax-credits-11656608645358.html
NEW DELHI : Changes to the indirect tax system approved by the Goods and Services Tax (GST) Council this week, aimed at making GST registration foolproof, will curb the “toxic tax credits" that get passed on among errant businesses and improve the revenue productivity of the indirect tax system, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri said.
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- 01 Jul 2022 05:35 PM
GST collections jump to ₹1.44 lakh crore in June
GST collections were up 56% to over ₹1.44 lakh crore in June, news agency Press Trust of India reported, citing finance minister Nirmala Sitharaman. In May, the GST collection number was at ₹1,40,885 crore, an increase of 44% year-on-year. This is only the fifth time the monthly GST collection crossed ₹1.40 lakh crore mark since inception of GST and fourth month at a stretch since March 2022.
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- 01 Jul 2022 05:40 PM
Centre, states collect ₹1.45 trillion in GST receipts in June
New Delhi: Central and state governments have collected ₹1.45 trillion in Goods and Services Tax (GST) in June, finance minister Nirmala Sitharaman said on Friday. GST revenue collection in June shows a 56% jump from what was collected in the same time a year ago.
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- 01 Jul 2022 05:44 PM
PM Modi hails GST for furthering 'ease of doing business' in 5 years. Read here
NEW DELHI : GST collections were up 56% to over ₹1.44 lakh crore in June, news agency Press Trust of India reported, citing finance minister Nirmala Sitharaman on Friday.
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