Page 4 - Gst

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

Top headlines: IndOS vs iOS, Oxfam's 'Survival of Richest' report & more

Business Standard brings you the top headlines at this hour

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

GST would apply if a rented residential building is sublet as hostel: AAAR

Residential properties taken on rent by families or individuals for own use exempted

Cut down on sugar

Multiple levers are available to improve public health

GST collection in Karnataka over Rs 10,000 crore: CM Basavaraj Bommai

Chief Minister of Karnataka Basavaraj Bommai on Wednesday said the monthly collection of goods and services tax (GST) in the State has crossed Rs 10,000 crore for three months in a row. He said Karnataka is behind Maharashtra in emerging out of the impact of the COVID-19 pandemic. Karnataka's monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy, Bommai tweeted. According to data given by the Chief Minister, Maharashtra was in number-one spot with Rs 23,598 crore in December, Karnataka in second with Rs 10,061 crore and Gujarat third with Rs 9,238 crore followed by Tamil Nadu with Rs 8,324 crore.

Delhi govt's GST collection increases 22% to Rs 41,351 cr in Apr-Dec

The Delhi government's goods and services tax (GST) collection increased 22 per cent to Rs 41,351 crore for the first three quarters (April-December) this fiscal, officials said on Tuesday. In 2021-22, the government's GST collection in the first three quarters was recorded at Rs 33,691 crore. The tax collection of the Delhi government plummeted during the last two fiscals due to interruptions of the COVID pandemic. "There was a negative growth in tax collection in 2020-21 due to the lockdown. Next year (2021-22), the situation improved and this year collections are good as economic activities have revived," one of the officials said. The Delhi government has projected a total receipt of Rs 47,700 crore as tax revenue in its budget for 2022-23. With the average monthly collection now hovering around Rs 4,500 to Rs 4,600, officials said an increase of 15-20 per cent in revenue collection than the estimated amount is expected by the end of the financial year.

GST collection in Himachal rises 25% to Rs 4,052 cr till Dec this fiscal

The Goods and service tax (GST) collections in Himachal Pradesh increased by 25 per cent to Rs 4,052 crore till December this fiscal from Rs 3,172 crore in the year-ago period, an official spokesperson said here on Monday. In a release issued here, he said that the State Taxes and Excise Department collected Rs 341 crore under GST in December 2022, and attributed the growth in GST collections during the current financial year to strengthened enforcement and improved taxpayer compliances. "The department continues to focus on improvement in return filing, speedy scrutiny of returns and timely completion of GST audits with strong enforcement measures. The department has verified 10 lakh e-way bills during road checkings conducted in the current financial year," he added. The department remains committed to improving voluntary compliance with time-bound redressal of the issues of the stakeholders under the 'Tax Haat Programme'. "The department continues to focus on capacity building o