- 25 Jul 2023 05:11 PM
- New
State of states: A closer look at their fiscal health, in 5 charts
In the past three years, states have been stressed with their finances—first due to the pandemic and then due to worries over the phaseout of the Centre’s compensation for possible losses from a switch to goods and services tax (GST). However, economic revival has helped states’ finances improve since then. Stable GST collections may also ensure—finally—modest growth in revenue collection this year. Alongside, much touted capital expenditure plans are finally expected to take off, albeit with some help from the Centre. Here’s what states’ finances are looking like, in five charts:
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- 24 Jul 2023 07:08 PM
- New
CGST Lucknow Zone: Fake ITC Racket Busted, Rs.750 Crores Scam
Source: https://taxguru.in/goods-and-service-tax/cgst-lucknow-fake-itc-racket-busted-rs750-crores-scam.html
The Office of the Pr. Chief Commissioner, CGST Lucknow Zone, has reported a major breakthrough in combating tax fraud. The CGST Commissionerate Agra successfully uncovered a fake Input Tax Credit (ITC) racket through precise intelligence gathering and AI tools.
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- 24 Jul 2023 07:04 PM
- New
GST rate rejig off the table for now
Source: https://www.livemint.com/news/india/gst-rate-rejig-off-the-table-for-now-11690137730363.html
NEW DELHI : A proposed revision of goods and services tax (GST) rates, aimed at boosting revenue collections and fixing tax anomalies, is unlikely before the 2024 general elections, as the recent meeting of the GST Council did not reconstitute the key ministerial group responsible for examining the matter.
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- 21 Jul 2023 05:49 PM
GST collection, devolution a success story in North East, says Finance Minister Nirmala Sitharaman in Assam
Assam, Sikkim, and Meghalaya have seen significant increases in tax collections since the implementation of the GST, Nirmala Sitharaman said. She urged officials to improve electronic facilities at Land Customs Stations to combat smuggling.
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- 22 Jul 2023 05:17 PM
Ashneer Grover explain math's of why 28% GST on online gaming will ruin the industry: Watch video
Ashneer Grover claimed that the rise in tax seems like just 10% (from 18% to 28%) but in real terms, it will turn out to be the rise of 1300%
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- 21 Jul 2023 06:13 PM
Appeal to Review the GST Council’s Decision on Online Gaming Taxation
The recent decision by the GST Council to tax online gaming at par with lottery and gambling has sparked controversy and criticism. This Representation by CAIT delves into the catastrophic implications of this change, including its impact on the online gaming industry, employment, and offshore competition. It highlights the inconsistencies with the government’s efforts to regulate and grow the sector, and calls for a review of the decision to protect the Indian Online Gaming industry.
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- 21 Jul 2023 05:44 PM
Franklin Templeton analysts believe global investors should pay closer attention to Indian market; here's why
Franklin Templeton’s analysts are upbeat about India's growth prospects. They think investors should bet on India because of its remarkable growth, supported by government policies, in many sectors including aviation, IT, energy, etc.
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- 21 Jul 2023 05:53 PM
'28% online gaming GST against legal precedents': Peak XV, Tiger Global, and other investors write to PM Modi
Investors in India's online gaming industry have written to Prime Minister Narendra Modi expressing concerns over the imposition of Goods and Services Tax (GST) on online gaming operators.
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- 21 Jul 2023 05:57 PM
GST a success story in northeast India: Sitharaman
There still exists scope to widen the tax base in the northeast if officials focus on bringing more small and medium enterprises, traders and other businesses within the ambit of the GST, the minister said.
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- 21 Jul 2023 06:04 PM
Charging your EV at public charging stations? Get ready to pay GST
In a blow to EV customers, an AAR order says charging electric batteries at public stations amounts to supply service and will attract GST.
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