- 01 Jul 2022 05:09 PM
- New
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.
Read More
- 01 Jul 2022 05:15 PM
- New
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.
Read More
- 01 Jul 2022 05:24 PM
- New
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.
Read More
- 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.
Read More
- 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.
Read More
- 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.
Read More
- 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.
Read More
- 01 Jul 2022 05:53 PM
GST collection surges by 56% YoY to Rs 1,44,616 crore in June
The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.
Read More
- 01 Jul 2022 06:00 PM
5 years of GST: Has it done enough to propel Make in India?
In line with industry expectations, GST has had a positive impact on the manufacturing sector by removing the cascading effect of taxes resulting in the reduction of manufacturing costs.
Read More
- 01 Jul 2022 06:07 PM
The need to make GST reporting standardised, less cumbersome for taxpayers and administrators
There is no doubt that the Government has put in its best efforts to clarify the issues to avoid confusion prevailing among taxpayers, however, there are many disputes that need prompt addressing so that litigation/disputes can be avoided.
Read More