- 02 Sep 2024 06:39 PM
- New
Top news: Market cap of top 8 firms surges, GST collections, Andhra Rains
IPO flurry set to continue with 6 new public issues, 11 listings scheduled for next week; check full list here
In the mainboard segment, the Gala Precision Engineering IPO will open for subscription on September 2. Meanwhile, the Baazar Style Retail IPO, which is currently ongoing, will close on September 3.
- 02 Sep 2024 06:53 PM
- New
Gross and Net GST revenue collections for the month of August, 2024
Source: https://taxguru.in/goods-and-service-tax/gross-net-gst-revenue-collections-month-august-2024.html
Summary: The GST collections for August 2024 showed significant growth, with gross revenue increasing by 10% compared to August 2023. The total gross GST revenue for the month amounted to ₹1,74,962 crores, up from ₹1,59,069 crores in the same period last year. This increase is driven by both domestic and import revenues, which saw growth rates of 9.2% and 12.1%, respectively. Net GST revenue, after adjusting for refunds, also grew by 6.5%, reaching ₹1,50,501 crores. Domestic revenue components, including CGST, SGST, IGST, and CESS, all experienced positive growth, contributing to an overall increase in the year-to-date (YTD) revenue collections by 10.2%, reaching ₹8,06,475 crores. State-wise data reveals that most states observed growth in GST collections, with Maharashtra, Karnataka, and Uttar Pradesh among the top contributors. However, a few states, including Arunachal Pradesh, Nagaland, and Chhattisgarh, saw a decline in their collections compared to August 2023. The figures provided are provisional and may be subject to final adjustments.
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- 02 Sep 2024 06:50 PM
- New
CBI Files Chargesheets in Two High-Profile Bribery Cases of Tax Officers
The Central Bureau of Investigation (CBI) filed a chargesheet against a former Assistant Commissioner of CGST, GST Commissionerate, Guwahati, in a bribery case. The charges were filed on August 27, 2024, following a complaint by a private businessman alleging that the Assistant Commissioner demanded a bribe to pass favorable orders related to civil works he had completed. The accused allegedly demanded Rs. 2 lakh but later agreed to accept Rs. 50,000 after negotiations. A trap was set by the CBI, and the accused was caught red-handed while accepting the bribe. The accused was arrested, and searches were conducted at his official and residential premises in Guwahati and Hyderabad.
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- 30 Aug 2024 06:10 PM
Top news on August 29: Markets hit record highs, Reliance AGM 2024 announcements, LIC gets GST demand penalty notice
Stock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter
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- 30 Aug 2024 06:14 PM
How India’s GST revenues can sustain their incline
Globally, one of the widely tracked economic metrics is the tax-to-GDP ratio. Taxes comprise direct and indirect taxes. In India, the Centre’s gross tax revenue-to-GDP has increased and the share of indirect taxes in tax collections has decreased over the last decade.
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- 29 Aug 2024 06:48 PM
Shipping Corporation of India receives ₹160 crore GST demand notice for FY2020
Shipping Corporation of India received a ₹160 crore goods and service tax (GST) demand notice from the Deputy Commissioner of State Tax, Government of Maharashtra, for the financial year 2019-20, on Thursday, August 29.
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- 29 Aug 2024 06:44 PM
Mint Explainer: Why Tiger Global’s win against the taxman is a major victory for Indian companies
The Delhi High Court on Wednesday overturned the Authority of Advance Rulings’ order denying Tiger Global Management the benefits of grandfathering provisions under the India-Mauritius Double Tax Avoidance Agreement (DTAA) when it sold its investments in Flipkart in 2018.
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- 28 Aug 2024 06:14 PM
Unified Pension Scheme will not be rolled back, says government official in response to trade union demand
No major decision on tax rate rationalization is expected in the upcoming GST Council meeting, slated to be held in New Delhi on 9 September
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- 28 Aug 2024 06:17 PM
ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority
The company will challenge the GST demand notice with the Commissioner (Appeals) within the prescribed timeframe, according to the statement. In addition to the GST demand, the notice also includes interest and penalties, as noted in the post-market exchange filing.
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- 26 Aug 2024 06:18 PM
Follow-up on Unscrupulous practices by SGST Officials to harass stakeholders
Chartered Accountants Association (CAAS) of Surat has expressed continued concern over the unscrupulous practices of SGST officials in Gujarat, which persist despite previous representations and assurances of corrective actions. In a follow-up communication, CAAS highlighted ongoing issues with delayed registrations, refunds, and high-pitched assessments, all of which are allegedly manipulated by officials seeking bribes. Despite the implementation of mechanisms to expedite processes, stakeholders across Gujarat report widespread delays, arbitrary rejections, and unnecessary hurdles. CAAS points out that these delays not only hinder business operations but also violate citizens’ fundamental rights under Article 19(1)(g) of the Constitution. The association also criticized the backlog of appeals, which they claim is a deliberate attempt by the SGST department to pressure taxpayers into paying bribes instead of pursuing litigation. Furthermore, the CAAS highlighted the misuse of discretionary powers in assessments, where officers pass inflated tax orders without proper consideration of submissions, urging the department to address the incompetence and deliberate malpractice of officials. The association warned that without immediate corrective action, they would seek constitutional remedies to protect the rights of stakeholders.
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