Page 4 - Gst

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)

Hero MotoCorp Chairman Munjal hails Budget; seeks GST cut on two-wheelers

Hero MotoCorp Chairman Pawan Munjal has called for a reduction in GST on two-wheelers to 18 per cent from current 28 per cent, while lauding the Union Budget 2023-24 as the dawn of a new high-growth economy, ensuring India's increased contribution to the global economy. The veteran auto industry leader noted that the two-wheeler segment, which has been witnessing subdued sales over the last few years, needs government support in terms of taxation. "There is a clear case for reducing the GST slab from 28 per cent to 18 per cent for the two-wheeler category, which has been adversely impacted over the past few years. This category is a means of mass mobility and should not be clubbed along with the luxury and sin goods category for GST slabs," Munjal said in a statement. He also said: "Further, now that the GST collections are buoyant, I urge the GST council to take this up since this segment is an income multiplier and its growth will boost the economy." Hero MotoCorp, the country's

Day ahead of Budget, FinMin reports robust GST mop up of Rs 1.56 trn in Jan

The figure amply indicates that tax revenues are likely to remain strong in 2022-23, and may help the Centre retain the 6.4% fiscal deficit target for the current financial year

2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn

Revenues in the current financial year upto January 2023 was 24% higher than the GST revenues during the same period last year

GST led to high tax buoyancy, augurs well for resource mobilisation: Survey

Goods and Services Tax collection is showing a higher buoyancy than the pre-GST system, auguring well for future resource mobilisation in the economy, the Economic Survey 2022-23 presented in Parliament said on Tuesday. Giving a 5-year analysis of tax collection pre and post-GST, the survey said the taxes which were subsumed in the Goods and Services Tax had a buoyancy of one. However, the buoyancy improved to 1.1 after the GST implementation on July 1, 2017. "Improved tax collection efficiency was one of the main arguments in favour of GST. The evidence so far suggests that GST is indeed showing a higher buoyancy than the pre-GST system. This augurs well for future resource mobilisation in the economy," said the Economic Survey. Tax buoyancy refers to an increase in tax collections in proportion to a rise in national income. A higher buoyancy reflects the increased efficiency of the tax system.

Indian gaming industry seeks clear tax regime, duty credit scrips in Budget

Budget 2023: They also suggested that the Centre can also consider levying separate tax slabs for each game category, like casual games, fantasy games and esports

Supplier of two separate contracts to a firm to pay GST on both: Guj AAAR

A company receiving separate orders from the Adani group for inverter duty transformers and supervision services is liable to pay GST on the entire project, ruled Gujarat AAAR

States do Centre a good turn

A sharp reduction in states' deficit augurs well for the Centre's fiscal planning

Mangrove cultivation different from agriculture, will attract 18% GST: AAAR

The Appellate Authority for Advance Rulings (AAAR) has ruled that cultivation of mangroves is different from agriculture and hence would not be exempted from the Goods and Services Tax (GST)

Drawback, GST, RoDTEP refund different levies

Availing of refund under one scheme does not take away the right to claim refund under another scheme. Exporters can contest any attempts to delay or deny such refunds

'Sinking hole of regulations': Mitra calls for simplification of GST system

Mitra underscored his point with the number of times notifications and amendments in laws had been made

Budget 2023: International Road Federation seeks removal of GST on helmets

India accounts for about 11% of the road accident deaths worldwide and the two-wheeler riders, being most vulnerable, constitute almost 31.4 per cent of road accidental deaths

Give specifics of notices to exporters seeking GST relief, says SC

Apex court seeks details from revenue department as it reserves final order

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GST not payable on Govt incentive to banks for promoting RuPay card

Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST, the Finance Ministry said. Last week the Cabinet cleared a Rs 2,600-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. Under the Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay Debit card transactions and low-value BHIM-UPI transactions up to Rs 2,000. The Payments and Settlements Systems Act, 2007 prohibits banks and system providers from charging any amount from a person making or receiving payments through RuPay Debit cards or BHIM. In a circular to chief commissioners of GST, the Ministry said the incentive is in the nature of a subsidy directly linked to the price of the service and the same does not form part of the taxable value of the transaction in view

Apparel, drugs, and leather exporters under scanner for tax scheme misuse

Sources say refunds of 600 entities not being processed