05 Apr 2023 05:50 PM
New

Coaching sector misappropriates Rs. 14 crores GST collected from students

Source: https://taxguru.in/goods-and-service-tax/coaching-sector-misappropriates-rs-14-crores-gst-collected-students.html

Acting upon specific intelligence, the officers of Division – VIII, Mumbai East CGST Commissionerate have detected a new modus of tax evasion in the coaching sector. A private limited company M/s Rao Edusolutions Pvt. Ltd., operating under the brand name Rao IIT Academy, has been suspected of collecting GST at 18% on the tuition fees from its students, but declaring unrelated and exempt services in the returns filed with the department. The tuition fees thus collected is believed to have been misappropriated in favour of the company.

04 Apr 2023 05:30 PM
New

ITC's cigarettes biz growth prospectus intact despite new tax; brokerage Sharekhan finds stock attractive

Source: https://www.livemint.com/companies/news/itc-s-cigarettes-biz-growth-prospectus-intact-despite-new-tax-brokerage-sharekhan-finds-stock-attractive-11680527851658.html

FMCG major, ITC emerged as the top underperforming stock on Monday. The stock snapped its 2-days gaining spree and plunged by more than 1% on BSE Sensex. ITC has been in focus after the amendments in the finance bill 2023 on tobacco products. However, brokerage Sharekhan expects the taxation amendments may not have any material impact on tax rates on cigarettes. The brokerage believes ITC's growth prospectus remains intact. Hence, it finds ITC's stock attractive and has recommended buying.

04 Apr 2023 05:33 PM
New

Direct tax receipts after refunds in FY23 grow 18%

Source: https://www.livemint.com/news/india/govt-collects-16-61-trillion-in-direct-taxes-in-fy23-a-17-6-growth-over-the-previous-year-cbdt-reports-11680543172279.html

Gross direct tax collections for FY23 before adjusting for tax refunds stood at ₹19.68 trillion, a growth of 20.33%, CBDT said.

04 Apr 2023 05:36 PM

The case for an inequality boom in India is greatly exaggerated

Source: https://www.livemint.com/opinion/columns/debating-india-s-inequity-problem-the-perils-of-using-income-tax-data-during-the-pandemic-and-the-need-for-a-comprehensive-approach-11680543233133.html

The editorial published in Mint on 16 March 2023, ‘India’s inequity boom is staring undeniably at us’ (bit.ly/3UjjTmF) deserves a counter view on the interpretation of latest income-tax data placed before Parliament recently. It is undeniable that the pandemic has profoundly impacted people’s lives, especially their economic status. The impact has been particularly severe on vulnerable sections of society, including daily- wage earners and informal-sector workers. There should be no attempt to trivialize their suffering.

03 Apr 2023 04:03 PM

Businesses can revoke GST registration cancellation by paying taxes and penalty before June 30

Source: https://www.livemint.com/news/india/businesses-can-revoke-gst-registration-by-paying-taxes-and-penalty-before-jun-30-11680419861891.html

The government has permitted businesses to apply for the revocation of GST registration cancellation by June 30, 2023, after paying the outstanding taxes, interest, and penalty.

03 Apr 2023 04:07 PM

2nd GST Invoice Registration Portal (IRP) by National Informatics Centre

Source: https://taxguru.in/goods-and-service-tax/2nd-gst-invoice-registration-portal-irp-national-informatics-centre.html

NIC is happy to introduce eInvoice2 portal. It is second portal of NIC – IRP (National Informatics Centre – Invoice Registration Portal), this is in addition to the existing eInvoice1 portal. Eligible tax payers can register their invoices either on the eInvoice1 portal or on the eInvoice2 portal.

03 Apr 2023 04:12 PM

GST revenues clock 13% growth Year-on-Year

Source: https://taxguru.in/goods-and-service-tax/gst-revenues-clock-13-growth-year-on-year.html

The gross GST revenue collected in the month of March 2023 is ₹1,60,122 crore of which CGST is ₹29,546 crore, SGST is ₹37,314 crore, IGST is ₹82,907 crore (including ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including ₹960 crore collected on import of goods). It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.

01 Apr 2023 06:00 PM

GST collection grows 13% to ₹1.60 lakh crore in March, second highest ever

Source: https://www.livemint.com/news/india/gst-collection-grows-13-to-rs-1-60-lakh-crore-in-march-second-highest-ever-11680346165803.html

This happened for the fourth time in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore, marking the second-highest collection ever

01 Apr 2023 06:08 PM

March GST collection crosses ₹1.6 trillion

Source: https://www.livemint.com/economy/march-gst-collection-crosses-rs-1-6-trillion-11680346916714.html

Monthly GST revenue of the Centre and states has remained above ₹1.4 lakh crore for 12 months in a row now

29 Mar 2023 07:05 PM

15% increase in GST Collection Year-on-Year (Y-o-Y)

Source: https://taxguru.in/goods-and-service-tax/15-increase-gst-collection-year-on-year-y-o-y.html

There has been an increase of 15% in GST Collection in the month of December (FY 2022-23) as compared to the month of December (FY 2021-22).