Page 3 - Gst

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

Amit Mitra urges FM to call GST Council meeting to address overregulation

The West Bengal government on Friday wrote to Union Finance Minister Nirmala Sitharaman urging her to call a special meeting of the GST Council to address cases of massive overregulation and the current state of the MSMEs that have registered under the GST regime. Dr Amit Mitra, the principal chief advisor to West Bengal Chief Minister Mamata Banerjee as well to the finance department, said in a letter to Sitharaman that the "labyrinthine regulatory structures have engulfed MSMEs in particular, dragging them to an abyss". "I urge you to call a special and exclusive meeting of the GST Council to address the case of massive overregulation and the current state of the MSMEs who have dared to register under the GST regime in their quest to become formal," Mitra wrote in the three-page letter. The former state finance minister's call for the special meeting came a day before the 49th GST Council meeting is scheduled to take place on Saturday in New Delhi. The meeting will be held two ...

Top headlines: GST council meet, non-BFSI Q3 profit shrinks, and more

Business Standard brings you the top headlines at this hour

Labelling of millet-based health products to dictate 5% or nil GST

Issue of tax treatment of MUVs may be deferred at Feb 18 GST Council meet

Exporters need to be receptive towards impact of recession: FM Sitharaman

She also revealed that petrol, diesel can be included in GST once states agree

Petroleum products can be brought under GST if consensus reached: FM

Finance Minister Nirmala Sitharaman on Wednesday said that if states arrive at a consensus, then petroleum products can be brought under the GST regime

All packaged items become expensive in Pakistan after GST hike: Report

The new notification will also apply on make-up products, shaving foam, gel, cream, blade, shampoo, cream, lotion, soap and toothpaste

Bogus GST invoices row: Prosecution starts against e-insurance intermediary

The Directorate General of GST Intelligence had in 2022 detected Rs 824-crore tax evasion by insurance companies

CBIC says won't object to a petitioner going to HC in absence of GSTAT

CBIC says it would like to withdraw earlier plea in matter relating to dispute over refund of a company

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR

One of the first rulings after the rate-change came into effect from July 18 last year

Adani Wilmar's Solan facility raided for alleged GST violations: Report

Adani Wilmar had failed to deposit GST collection for "several years" and this reportedly led to the inspection

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

Will get fitment panel to look into 28% GST for cement: FM Sitharaman

Urges industry to ensure its output is compliant with sustainable development goals, says this is crucial for negotiating non-tariff barriers arising out of environmental concerns around the world

Consulting and services sector urge Centre to revisit GST regime

The consulting and services sector has urged the Centre to re-look at the Goods and Services Tax (GST) collection regime.

Over 50% taxpayers may shift to new tax regime: Revenue secretary

"Goods and Services Tax (GST) growth is estimated at 12 per cent as we expect the economy to do better domestically. However, keeping excise and customs in mind, we lowered the overall target"

Monthly GST revenue at Rs 1.50 trn to be new normal next fiscal: CBIC chief

Monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the new normal' in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net, Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said on Thursday. In an interview to PTI, Johri said the GST and Customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, respectively and the indirect tax collection target set for next fiscal will be achieved. Johri said CBIC has drawn up a strategy to augment GST mop-up by way of stricter audit and scrutiny of tax returns, enforcement action against fake billing and input tax credit claims. We will focus on increasing the taxpayer base. Even though the growth in taxpayer base has been quite good, we have more than doubled the number of taxpayers from the time we started GST, we feel there are some sectors which have much more potential to increase t

Budget 2023: Gaming industry welcomes TDS change, awaits clarity on GST

Budget 2023: The Centre has also made a distinction between 'games of skill' and 'games of chance' in the Finance Bill, signalling that both might get a separate tax structure in future

Budget 2023: Riding on robust collections, govt realistic on tax target

The budget pegs tax revenue at Rs 33.6 trillion, which is higher by 10.4 per cent over Rs 30.4 trillion projected in revised estimates for the current financial year (FY23)