04 Jul 2023 06:38 PM
New

GST 50th meeting on 11 July- A look at key decisions at previous meeting

Source: https://www.livemint.com/economy/gst-50th-meeting-on-11-july-a-look-at-key-decisions-at-previous-meeting-11688459509009.html

The 50th GST Council meeting is scheduled to take place on 11 July. Six years ago, the Modi government rolled out the biggest indirect tax reform in India. A nationwide GST, which subsumed 17 local levies like excise duty, service tax, and VAT, and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. The members of the Council, the apex decision-making body with regard to policy making and GST rate decisions, include finance ministers from all states and UTs, besides the Minister of State in the Union Finance Ministry.

03 Jul 2023 06:11 PM
New

Over 12,000 fake entities in GST registration, CBIC plans for biometric authentication and geo-tagging

Source: https://www.livemint.com/news/india/cbic-tracks-12-000-fake-gst-registrations-plans-for-pan-india-biometric-authentication-and-geotagging-11688287221907.html

In the ongoing drive against fake registration, GST officers tracked 12,000 bogus entities across India. To curb rampant fraud cases, CBIC is planning to implement pan-India biometric authentication and geo-tagging of GST registered firms

03 Jul 2023 06:04 PM
New

Nirmala Sitharaman on GST called as 'Gabbar Singh' tax rates, says common-use items lower from pre-GST rates

Source: https://www.livemint.com/news/india/nirmala-sitharaman-on-gst-called-as-gabbar-singh-tax-rates-says-common-use-items-lower-from-pre-gst-rates-11688230164366.html

On the 6th anniversary of GST, Finance Minister Nirmala Sitharaman said that tax rates have been lower on common-use items under GST compared to pre-GST rates. She refuted the nickname 'Gabbar Singh' tax rates and highlighted the reduction in taxes for consumers.

03 Jul 2023 06:08 PM

GST brought relief to common citizens: Nirmala Sitharaman

Source: https://www.livemint.com/economy/gst-brought-relief-to-common-citizens-nirmala-sitharaman-11688231034284.html

Finance Minister Nirmala Sitharaman stated that the introduction of GST in 2017 has reduced tax rates on common use items, providing relief to citizens. Under GST, taxes on items like milk, tea, sugar, spices, and footwear priced up to ₹500 are now 5%, compared to the previous 6-10%

03 Jul 2023 06:14 PM

50th GST Council meeting on 11 July: Here's what is expected

Source: https://www.livemint.com/economy/50th-gst-council-meeting-on-11-july-heres-what-is-expected-11688362887643.html

The 50th GST Council meeting will be held on 11 July in New Delhi. The council is expected to discuss measures to tighten tax evasion and fraud, the GoM report on online gaming, and the establishment of GST Appellate Tribunals

03 Jul 2023 06:23 PM

Impressive Growth in India’s GST Collection in June 2023

Source: https://taxguru.in/goods-and-service-tax/impressive-growth-indias-gst-collection-june-2023.html

In June 2023, India’s gross GST revenue hit ₹1,61,497 crore, indicating a 12% year-on-year growth. This marks the fourth instance where the gross GST collection has surpassed the ₹1.6 lakh crore mark since the implementation of the GST regime. It also marks the 16th consecutive month where the collections have been more than ₹1.4 lakh crore and the 7th time that the collections have exceeded ₹1.5 lakh crore.

03 Jul 2023 06:17 PM

More businesses to be brought under e-invoicing scheme from 1 August

Source: https://www.livemint.com/economy/more-businesses-to-be-brought-under-e-invoicing-scheme-from-1-august-11688384585361.html

New Delhi: More businesses will be brought under the e-invoicing scheme, meant to track business-to-business sales, from August, and small businesses will be allowed to sell through e-commerce platforms without a Goods and Services Tax (GST) registration from October, said an official on Monday.

03 Jul 2023 06:26 PM

10 days Advanced GST Certificate Course (Virtual) from 10th July 2023

Source: https://taxguru.in/goods-and-service-tax/10-days-advanced-gst-certificate-virtual-10th-july-2023.html

Join the 10-day Advanced GST Certificate Course (Virtual) from 10th July 2023 to 21st July 2023 and enhance your expertise in Goods and Services Tax (GST). Organized by ACAE in association with AIFTP, IDTPF, STAR and Taxguru, this course is designed to provide comprehensive knowledge and insights into the intricate aspects of GST and allied laws.

01 Jul 2023 06:53 PM

GST collection grows 12% to over ₹1.61 lakh crore in June

Source: https://www.livemint.com/economy/goods-and-services-tax-gst-grows-12-percent-to-over-rs-1-61-lakh-crore-in-june-11688203312000.html

In June 2023, India's gross GST revenue reached ₹1,61,497 crore, a 12% increase from the previous year. CGST collected ₹31,013 crore, SGST collected Rs38,292 crore, IGST collected ₹80,292 crore, and cess collected ₹11,900 crore

01 Jul 2023 06:58 PM

The ‘Good and Simple Tax’ has broadly achieved its goals

Source: https://www.livemint.com/opinion/online-views/the-good-and-simple-tax-has-broadly-achieved-its-goals-11688116457031.html

The ‘Good and Simple Tax’, which completely revamped India’s indirect tax structure, completes six years on 1 July. At the time of its inception, some of the objectives envisaged were: Removing the multiplicity of taxes, mitigating their cascading effects through a seamless flow of credit, widening the tax base, reduction of the cost of goods and services to consumers, simplification of the compliance mechanism, and bringing efficiency as well as transparency with the help of increased use of technology.