Gst Reveunes

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

GST collection up 11% more than Rs 1.45 trn in Nov, gains from imports

GST revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period, the Finance Ministry said on Thursday. This is the ninth straight month when collections from Goods and Services Tax (GST) has remained above Rs 1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST is Rs 25,681 crore, State GST is Rs 32,651 crore, Integrated GST is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was Rs 1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during t

Amit Mitra asks FM Sitharaman to urgently call GST Council meeting

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

Aiming for cooperative federalism, govt created Centre-states mistrust

There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues

GST tweak on food items to plug revenue leakages, says CBIC chief

Says it will build a robust tax system without being intrusive

GST Council: Stormy discussion around states' compensation likely today

States will demand an extension of the compensation period or a change in the GST revenue distribution formula

GST Council tilts towards rate hikes, drops exemptions for many items

Okays removing the exemption on mass consumption items

At least 1% GST dues to be paid in cash if monthly sales top Rs 5 mn

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

GST compensation shortfall: Centre to borrow Rs 1.1 trn on behalf of states

This may come as a victory of sorts for opposition-ruled states, including Punjab, West Bengal, and Chhattisgarh, which have insisted that the Centre should do the borrowing

13 states submit borrowing option to Centre to fund GST shortfall

These 13 states include Bihar, Odisha, Andhra Pradesh, Gujarat, Uttarakhand and Meghalaya

In absence of GST compensation, states may cut FY21 capex by Rs 3 trn: ICRA

The borrowing alternative offered by the Centre to make up for the shortfall in the promised compensation will lead to the states' fiscal deficits widening to 4.25 - 5.52 per cent

GST mop-up over Rs 1 trn in Dec, revenue from domestic transactions up 16%

In December 2018, the GST collection was Rs 97,276 crore

Top biz headlines: Govt to sell stake in PSUs, labour law reforms, and more

From financial relief to telcos to states considering legal action against Centre for delay in GST dues, Business Standard brings you the top business headlines for the day

GST collection dips 19-month low at Rs 91,916 cr, reflects weak demand

The revenue collection in the same month a year ago stood at Rs 94,442 crore

Confident of hitting tax-collection target, says FM Nirmala Sitharaman

Sitharaman, however, was confident that the target would be achieved without any harassment to taxpayers

Revenue dept to look at quarterly GST revenues average for trend analysis

The provisions are expected to boost tax collections by clamping down on trade that currently happens on cash basis