The central government has witnessed growth in revenue receipts during the first five months (April-August) of financial year 2023-24, as per data released by the Controller General of Accounts. Total receipts of the government in April-August 2023 stood at Rs 10.3 trillion, a 21.3% increase over the same period last year. This accounts for 38.8% […]
The Directorate General of GST Intelligence (DGGI) has arrested a Delhi-based businessman for issuing fake invoices that were then used to claim input tax credits by the those who received those invoices. Under India’s Goods and Services Tax regime, tax does not have to be paid on the same material multiple times. In other words, […]
The government has detected fake GST refunds of Rs 1,926 cr since the new system was introduced in 2017, ministry of finance said on Monday. GST refunds are issued by the government when an entity, such as a business, has paid more tax than it was required to under the Goods and Services Tax regime. […]
Finance minister Nirmala Sitharaman today said her ministry has not had ‘enough discussions’ about changing GST slabs, but did not rule out the possibility of such a move coming about soon. “I don’t think we have had enough discussion even within the ministry, yet, on this slabs and rates,” she said at the India Economic […]
Ajay Singh, Chairman of Spicejet and the man who came up with the slogan ‘Abki Bar Modi Sarkar’, today blasted the government’s approach towards the aviation sector. Speaking at the 12th International Conference-cum-Awards on Civil Aviation & Cargo by FICCI, Singh was unsparing in his criticism of government’s taxation policy towards his industry. “There is […]
The government has cut the Goods and Services Tax rate on under-construction estate properties to 1% from 8% for affordable housing, and to 5% from 12% on non-affordable housing projects. In both cases, the buyer cannot take advantage of input tax credits — the GST already paid by the builder on various expenses incurred in […]
Last Week’s clarification by the Union Finance Ministry that GST exemption is available only for properties with completion certificate is likely to hit real estate developers, a prominent consultancy firm said. The ministry had last week said that buyers have to pay Goods & Services Tax on any new flat that did not come with […]
The price of petrol charged to the dealers, before taxes and deal commission, is Rs 36.68 per liter in India as of July 16, while that of diesel was Rs 39.77, ministry of petroleum and natural gases has revealed. However, on that day, petrol was being sold at Rs 84.22 per liter in Mumbai and […]
In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the GST regime, any company can get a reduction in the tax they have to pay if they produce receipts of raw material purchase, to the […]
The Goods and Services Tax Council is planning to take up a proposal to give a discount in the tax imposed on a transaction, if the payment for the same is made in electronic mode, the government said. “An agenda note, proposing certain concession in GST rate on supplies made to end consumers, for which […]
Apparel Export Promotion Council of India has sounded alarm on the continued decline in apparel production in India and said India won’t be able to meet the garment export target of $20 bln this year. “If the capital blockage continues and the cost competitiveness of the industry is not restored, the slippage in exports will […]
The government can heave a sigh of relief as the Goods and Services Tax collection for January have come in slightly stronger than what many expected. The final number for January is Rs 88,929 cr, an increase of 6.3% over Rs 82,716 cr recorded in the previous month. The declines were a matter of concern […]
The government has reduced the Goods and Services Tax on amusements parks and events such as circus, pageants, drama, functions and concerts. While the GST rate on amusements parks has been reduced to 18% from 28%, all ticket sales of up to Rs 500 each for events has been made GST free. The new rate […]
The government has cut the GST rate of ‘affordable houses’ covered by the ‘Credit Linked Subsidy Scheme’ to an effective rate of 8% from an effective rate of 12%, and also said that most customers should not have to pay any GST on such flats at all. The reduction in GST has been made to […]
The Goods and Services Tax is turning out to be quite effective in ensnaring more and more people into the tax net compared to the previous excise and VAT system. Out of the 93.33 lakh individuals and businesses registered under the new tax system as of the end of last month, a whopping 31% are […]
Adi Godrej, chairman of one of India’s largest manufacturing and real estate groups, said most of the complaints about the new Goods and Services Tax is coming from businesses that have been built on a model of tax evasion. “The complaints about the GST are mainly coming from people who used to evade taxes in […]
Jagran Prakashan reported disappointing results for the September quarter, continuing the trend of print and newspaper companies struggling in recent quarters. Total revenue from operations fell to Rs 566.55 cr for the three months ended September, down from 591.33 cr in the previous three months. However, compared to the same period a year ago, operating […]
Hindustan Unilever, the country’s largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors. “Early part of SQ’17 (July-September 2017) was affected by various myths in trade,” the company said at Arisaig Consumer Symposium today. […]
Fitch Ratings said the new Goods and Services Tax regime will hurt the oil & gas, pop-and-mom retail and small and medium enterprise segments, while benefiting auto, cement and organised retail sectors. However, it said it won’t revise it ratings due to this at this point. In a report titled “Varying Impact of India’s GST […]
The Indian rupee is likely to give up some of the gains it has made in recent weeks going forward, Angel Broking said, adding that the currency is likely to move towards the 65.30 level against the US dollar. The rupee has risen around 5% in the last six months due to various factors, including […]
