01 Jun 2022 02:46 PM
New

May GST collections at ₹1.40 lakh crore, up 44% YoY

Source: livemint.com/news/may-gst-collections-at-rs-1-40-lakh-crore-up-44-yoy-11654071403393.html

The gross GST revenue collected in the month of May 2022 has come above ₹1.40 lakh crore, government data showed on Wednesday. The revenues for the month of May 2022 are 44% higher than the GST revenues in the same month last year of ₹97,821 crore, however, is down 16% from the previous month. GST collection in April had touched an all-time high of over ₹1.67 lakh crore.

31 May 2022 12:00 PM
New

SGST revenue growth slows: study

Source: https://www.livemint.com/news/india/sgst-growth-during-fy18-fy21-lower-than-fy14fy17-11653924502097.html

In a setback for states, the state goods and services tax (SGST) has grown at a slower rate between 2017-18 and 2020-21 compared to growth in the preceding four years for taxes subsumed in GST, before the new indirect tax regime was introduced, a study by India Ratings showed.

31 May 2022 12:37 PM
New

An easier GST registration norm likely for online sellers

Source: https://www.livemint.com/news/india/an-easier-gst-registration-norm-likely-for-online-sellers-11653929390097.html

Small online sellers may soon be exempted from having to register for services tax (GST), a government official aware of the discussions said, marking a structural shift in India’s five-year-old indirect tax regime.

31 May 2022 12:57 PM

Subsuming fuel in GST desirable step: Debroy

Source: https://www.livemint.com/economy/subsuming-fuel-in-gst-desirable-step-debroy-11653936419831.html

NEW DELHI : Subsuming crude oil and fuels, which currently attract excise duty and value-added taxes, into the unified national indirect tax, the GST, sooner than later is desirable in terms of tax reform and will incidentally aid in inflation management as well, Bibek Debroy, chairman of Prime Minister Narendra Modi’s Economic Advisory Council (EAC-PM) said.

31 May 2022 03:21 PM

GST has not boosted states' tax collections: Ind Ra

Source: https://economictimes.indiatimes.com/small-biz/gst/gst-has-not-boosted-states-tax-collections-ind-ra/articleshow/91907102.cms

From June this year, the Centre will stop giving states any compensation for tax collection shortfall. GST compensation for a five-year period was part of the agreement between states and the central government at the time of the roll-out of the new indirect tax regime in 2017.

30 May 2022 12:10 PM

Probe begins against UP businessman who stashed ₹200 cr cash, 23-kilo gold

Source: https://www.livemint.com/news/india/probe-begins-against-up-businessman-piyush-jain-who-stashed-rs-200-cr-cash-23-kilo-gold-11653794111793.html

Last year in December, the Directorate General of GST Intelligence (DGGI) had recovered over ₹194.45 crore in cash, 23 kg gold, and 600 kg sandalwood from the factory premises of Kanpur based perfume businessman Piyush Jain

30 May 2022 01:38 PM

‘GST audits won’t be burden for biz

Source: https://www.livemint.com/politics/policy/gstaudits-won-t-be-burden-for-biz-11653850203671.html

NEW DELHI : The Central Board of Indirect Taxes and Customs (CBIC) will ensure that the growing number of GST audits meant to improve the quality of GST returns filed does not become burdensome to businesses, the board’s chairman Vivek Johri said.

30 May 2022 01:49 PM

Updated schedule of CGST rates on goods as on 01.05.2022

Source: https://taxguru.in/goods-and-service-tax/updated-schedule-cgst-rates-goods.html

The GST rates on certain goods have under gone changes since the introduction of GST. The rate changes are given effect through amending notifications issued from time to time.

30 May 2022 02:41 PM

Latest GST Ready Reckoner – 2022 by CA Raman Singla

Source: https://taxguru.in/goods-and-service-tax/gst-ready-reckoner-2022-ca-raman-singla.html

We are pleased to introduce a short, crisp and problem-solving addition of our GST Book titled ‘GST Ready Reckoner – 2022’. This new version would not only facilitate the apparent needs but also addresses the inherent challenges and complexity of this law in the most simplified manner for its users.

30 May 2022 03:21 PM

How stock markets fared during 8 years of Modi government

Source: https://www.livemint.com/market/stock-market-news/how-stock-markets-fared-during-8-years-of-modi-government-11653898090288.html

In last eight years of Narendra Modi government, various steps like demonetisation, Goods and Services Tax (GST), Make in India, Digital India, Startup India, vocal for local, etc. have been taken by the central government that changed business and investment dynamics in India to a great extent. According to stock market experts, after demonization and GST implementations, unorganised business shifted towards organised mode through digitisation. They went on to add that programs like Make In India, vocal for local, Startup India, etc. helped Indian produce chemical and other sector products that it used to import earlier.