₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha
4 years, 3 months ago

₹1.51 Lakh Crore GST Compensation Due To States; GDP Contraction, Lockdown, Etc., Reasons For Revenue Shortfall: Centre Tells Lok Sabha

Live Law  

The GST compensation due to states stands at over ₹1.51 lakh crore, said the Union Ministry of Finance on Monday in the Lok Sabha.The Ministry said that the nominal GDP for Q1, 2020-21 shows a contraction of 22.6% which is one of the major reasons for the revenue shortfall in GST. The GST compensation due to states stands at over ₹1.51 lakh crore, said the Union Ministry of Finance on Monday in the Lok Sabha. "The BE estimates for FY 2020-21 of GST in the Union Budget, 2020-21 were projected on the basis of assumption of higher growth of GDP, however as per CSO, MoS&PI press release, the Nominal GDP for Q1, 2020-21 shows a contraction of 22.6% which is one of the major reason for revenue shortfall in GST", the Ministry said in a reply to an unstarred question raised by S Jothimani, Congress MP from Tamil Nadu. @FinMinIndia #GST pic.twitter.com/9EVqAZuIho — Live Law September 15, 2020 The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at ₹22,485 crore, followed by Karnataka, Uttar Pradesh, Gujarat and Tamil Nadu.

Finance Compensation States Lok Sabha Revenue Centre Ministry Lakh Reasons Lockdown Crore Gst Gst Compensation Shortfall Tells Lok Revenue Shortfall  crore  gst  202021  compensation  lakh  sabha  finance  tells  lok  states  shortfall  revenue  reasons  lockdown  ministry

History of this topic

GST Council postpones decision to cut tax on insurance, rate panel defers report submission
Top News
3 days, 10 hours ago

GST Council postpones decision to cut tax on insurance, rate panel defers report submission

The Hindu  

A GST Council meeting on Saturday postponed a decision on reducing taxes on health and life insurance, while the much talked-about GoM recommendation of rate rejig in 148 items was not tabled before the Council. “We will submit the GoM report on rate rationalisation in next meeting of Council,” said Mr. Chaudhary who is the convenor of the panel. The …

Centre Shares Rs 6.42 Lakh Cr GST with States Till November
2 weeks, 1 day ago

Centre Shares Rs 6.42 Lakh Cr GST with States Till November

Deccan Chronicle  

Chennai: The Centre has paid a total of Rs 6.42 lakh crore to states till November as their share of GST collections along with the compensation cess. The gross GST collections till November stood at Rs 14.56 lakh crore. At the end of November, the gross GST collected by the Centre stood at Rs 14.56 lakh crore. Of the gross …

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema
Trending News
3 weeks, 1 day ago

Punjab registers 63% jump in net GST collection: Harpal Singh Cheema

Hindustan Times  

Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said on Sunday that the state witnessed 62.93% growth in net GST collection during November 2024 compared to the corresponding period last year. Punjab finance, planning, excise and taxation minister Harpal Singh Cheema said the total net collection from VAT, CST, GST, PSDT, and excise in November this year is …

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more
3 weeks, 2 days ago

Top News on Dec 1: GST collection rises, Andhra dissolves Waqf board, Kejriwal rules out alliance in Delhi polls, more

Live Mint  

From increase in GST collection to Andhra govt dissolving Waqf board to killing of 7 Maoists to Donald Trump picking loyalist Kash Patel as his new FBI director, here are today's top stories. GST collection for November rises by 8.5% to ₹ 1.82 lakh crore The goods and service tax collection for the month of November rose 8.5 per cent …

GST mopup surges 8.5 per cent to 1.82 lakh crore in November
3 weeks, 2 days ago

GST mopup surges 8.5 per cent to 1.82 lakh crore in November

Deccan Chronicle  

New Delhi: India's gross goods and service tax or GST mopup surged by 8.5 per cent to over Rs 1.82 lakh crore in November on year-on-year basis as compared to Rs 1.68 lakh crore in the same month last year. As per the data released by the finance ministry, the total gross GST revenue grew 8.5 per cent to over …

GST collection reports 8.5 per cent growth to Rs 1.82 lakh cr in November
Trending News
3 weeks, 2 days ago

GST collection reports 8.5 per cent growth to Rs 1.82 lakh cr in November

India TV News  

The gross Goods and Services Tax collections rose 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions. The statement released by the government said the total gross Goods and Services Tax revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in …

GST Council To Meet In Jaisalmer On Dec 21; Key Decisions On Insurance And Rate Cuts Likely
1 month ago

GST Council To Meet In Jaisalmer On Dec 21; Key Decisions On Insurance And Rate Cuts Likely

ABP News  

The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman, is scheduled for December 21 in Jaisalmer, Rajasthan. The council, comprising state finance ministers, is expected to deliberate on major tax policy changes, including a decision on exempting or reducing GST rates on health and life insurance policies. Following discussions last month, the GoM has proposed …

GST Council to meet in Jaisalmer on Dec 21; may decide on insurance levy, rate rationalisation
1 month ago

GST Council to meet in Jaisalmer on Dec 21; may decide on insurance levy, rate rationalisation

Deccan Chronicle  

New Delhi: The GST Council will meet on December 21 in Jaisalmer, in which the much-awaited decision on exemption or lower GST rate on health and life insurance is likely to be taken. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, may also take up some rate rationalisation exercise and reduce tax rates on …

GST collections hit a 40-month low in September 2024
2 months, 3 weeks ago

GST collections hit a 40-month low in September 2024

The Hindu  

Growth in India’s Gross Goods and Services Tax collections slumped to a 40-month low of 6.5% in September, with revenues at ₹1,73,240 crore, about 1% lower than the tally in August. Gross domestic revenues were up 5.9% in September, with the uptick moderating 4.5% higher after adjusting for refunds, provisional numbers from the Central Board of Indirect Taxes and Customs …

GST Council to deliberate on taxation of insurance premium, report on online gaming
3 months, 2 weeks ago

GST Council to deliberate on taxation of insurance premium, report on online gaming

New Indian Express  

NEW DELHI: The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and …

GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report
4 months ago

GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report

Live Mint  

The Centre is likely to give some GST relief to corporates, including IT major Infosys, foreign airlines and foreign shipping lines, amid growing concerns over ease of doing business, CNBC-TV18 reported, citing sources. It added that the Directorate General of GST Intelligence's spree of notices to Infosys, foreign airlines, and shipping lines is also in focus. Group of Ministers meets …

GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24
4 months, 2 weeks ago

GST receipts on health cover surged to nearly ₹10,000 crore in 2023-24

The Hindu  

Goods and Services Tax collections on health insurance premium payments by consumers have risen by more than 54% between 2021-22 and 2023-24, yielding ₹8,262 crore last year, with health reinsurance levies delivering nearly another ₹1,500 crore, according to data shared by the Finance Ministry in Lok Sabha on August 5. Over the last three financial years, GST levies on health …

Infosys gets ₹3,898 crore partial GST tax relief for FY 2017-18 out of the ₹32,403 crore tax notice for 2017-22
4 months, 2 weeks ago

Infosys gets ₹3,898 crore partial GST tax relief for FY 2017-18 out of the ₹32,403 crore tax notice for 2017-22

Hindustan Times  

Infosys Ltd has been given a tax relief of ₹3,898 crore for the financial year 2017-18, the IT major wrote in a company filing to the exchanges on Saturday. Infosys Ltd has been given a tax relief of ₹ 3,898 crore for the financial year 2017-18 “The Company had received and responded to a pre-show cause notice issued by DGGI …

GST mop-up in July up 10.3% to Rs1.82 lakh crore
4 months, 3 weeks ago

GST mop-up in July up 10.3% to Rs1.82 lakh crore

Deccan Chronicle  

New Delhi: India’s gross goods and services tax collection in July recorded a 10.3 per cent rise to over Rs 1.82 lakh crore. Total refunds stood at Rs 16,283 crore in July and net GST collection was Rs 1.66 lakh crore, showing a growth of 14.4 per cent. “The gross revenues from domestic activities grew 8.9 per cent to Rs …

GST receipts’ growth rebounds to 10.3%; July kitty third-highest ever
4 months, 3 weeks ago

GST receipts’ growth rebounds to 10.3%; July kitty third-highest ever

The Hindu  

India’s Gross Goods and Services Tax collections hit their third-highest monthly level in July to cross ₹1.82 lakh crore, with revenue growth recovering to 10.3% from a three-year low of 7.6% in June. Gross revenue from domestic transactions grew 8.9% in July, easing from 9.4% recorded in June, but growth in taxes collected on imports bounced 14.2% from just 2.4% …

GST collections surge by 10.3 per cent in July, cross Rs 1.82 lakh crore mark
4 months, 3 weeks ago

GST collections surge by 10.3 per cent in July, cross Rs 1.82 lakh crore mark

India TV News  

Goods and Services Tax collections for July reached Rs 1,82,075 crore, marking a 10.3% year-on-year increase. 2024 year-to-date: Total GST collections have been Rs 7.38 lakh crore, up 10.2% from Rs 6.70 lakh crore in the same period of 2023. 2023–24 Fiscal year: Gross GST collections totalled Rs 20.18 lakh crore, an 11.7% increase from the previous fiscal year. The …

GST relief may hit state finances
5 months ago

GST relief may hit state finances

Deccan Chronicle  

Hyderabad: The GST Council’s decision to provide relief to taxpayers in Telangana could have serious consequences for state finances. The most hard-hitting decision taken at the 53rd meeting of the Council was the relief extended to taxpayers for the financial years 2017-18 to 2019-20 waving interest and penalty on tax demands under Section 73. This step will benefit tax payers …

53rd GST Council meeting: Co-living firms welcome proposal to exempt GST on accommodation services
6 months ago

53rd GST Council meeting: Co-living firms welcome proposal to exempt GST on accommodation services

Hindustan Times  

Providing relief to students and working professionals, the GST Council has recommended exempting accommodation services having a value of supply up to ₹20,000 per person per month from goods and services tax. Providing relief to students and working professionals, the GST Council has recommended exempting accommodation services having a value of supply up to ₹ 20,000 per person per month …

FM Proposes Minimum Threshold Monetary Limit For GSTAT, High Courts And Supreme Court: 53rd GST Council Meet
6 months ago

FM Proposes Minimum Threshold Monetary Limit For GSTAT, High Courts And Supreme Court: 53rd GST Council Meet

Live Law  

The 53rd GST Council meeting happened on June 22, 2024, in New Delhi, nearly eight months after the last one. Nirmala Sitharaman, chaired the 53rd GST Council.The Union Finance Minister, Niramala Sitharam, has proposed the Minimum Threshold Monetary Limit for Goods and Service Tax Appellate Tribunal, High Courts, and. The Union Finance Minister, Niramala Sitharam, has proposed the Minimum Threshold …

Move ahead: On GST and reform
6 months ago

Move ahead: On GST and reform

The Hindu  

Revenues from the Goods and Services Tax, which completes seven years at the end of this month, hit a record high of ₹2.1 lakh crore in April that typically sees higher inflows due to a year-end compliance rush. Although gross revenues from domestic transactions grew 15.3%, accelerating from a 13.4% rise a month earlier, revenues from goods imports dipped for …

GST collection rises 10% to ₹1.73 lakh crore in May
6 months, 3 weeks ago

GST collection rises 10% to ₹1.73 lakh crore in May

The Hindu  

The country's gross GST collections rose to ₹1.73 lakh crore in May, growing 10% year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday. After accounting for refunds, the net GST revenue for May 2024 stood at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year. The gross …

GST collection records 10 per cent year-on-year growth to Rs 1.73 lakh crore in May
6 months, 3 weeks ago

GST collection records 10 per cent year-on-year growth to Rs 1.73 lakh crore in May

India TV News  

In a latest development, India’s gross GST collections rose to Rs 1.73 lakh crore in May, registering a 10 per cent year-on-year growth driven by augmented revenues from domestic transactions, the finance ministry stated on Saturday. The 10 per cent year-on-year growth in May collection is driven by a strong increase in revenues from domestic transactions amid slowing of imports, …

GST collection in Odisha hits record high in April
7 months, 3 weeks ago

GST collection in Odisha hits record high in April

New Indian Express  

BHUBANESWAR: Gross GST collection in Odisha hit a record high in April with an overall tax revenue of Rs 5,902.25 crore registering a growth rate of 17.21 per cent against the national average of 13 per cent. The gross GST collection including CGST, SGST, IGST and Cess, was Rs 5,035.74 crore in Odisha in April last year. Odisha has also …

Broaden GST net, cut cesses to reduce tax burden
7 months, 3 weeks ago

Broaden GST net, cut cesses to reduce tax burden

New Indian Express  

Goods and services tax collection crossed the landmark of Rs 2.1 lakh crore for the first time in April. Truth be told, April has always seen higher collections, thanks in part to year-end adjustments in tax assessments. But what sets apart the latest haul is that a part of the 12.4 percent increase over last year was led by a …

In fresh high, gross GST revenues shoot past ₹2.1 lakh crore in April
7 months, 3 weeks ago

In fresh high, gross GST revenues shoot past ₹2.1 lakh crore in April

The Hindu  

Year-end compliances lifted India’s gross Goods and Services Tax revenues past a record ₹2.1 lakh crore in April, reflecting a 12.4% growth over the previous highest tally of ₹1.87 lakh crore in the same month last year. Finance Minister Nirmala Sitharaman attributed the ₹2 lakh crore-plus GST revenues in April to “the strong momentum in the economy and efficient tax …

Lok Sabha polls | For MSMEs, GST is a concern that parties must address this election season
8 months, 2 weeks ago

Lok Sabha polls | For MSMEs, GST is a concern that parties must address this election season

The Hindu  

More than six years since the Narendra Modi regime rolled out the Goods and Services Tax, the issue remains a bone of contention in several MSME clusters in different parts of the country, including in Tamil Nadu. “If these units do well, all those who depend on it will benefit,” Sudhir Jha, national convenor, All India Manufacturers Organisation and vice …

A reform window: On the GST trajectory
8 months, 3 weeks ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

Maharashtra, Karnataka, UP lead in GST cess collections
9 months, 1 week ago

Maharashtra, Karnataka, UP lead in GST cess collections

Live Mint  

New Delhi: Maharashtra, Karnataka, Uttar Pradesh, Odisha and Tamil Nadu are leading in collecting Goods and Services Tax cess levied mainly on sale of cars, helping the Centre pay off the market loans taken to give liquidity to states during the pandemic, showed data available from the GST Council for this fiscal up to January 2024. Largest state economy Maharashtra …

Karnataka’s GST collection increased owing to guarantee schemes: Siddaramaiah
9 months, 1 week ago

Karnataka’s GST collection increased owing to guarantee schemes: Siddaramaiah

The Hindu  

Chief Minister Siddaramaiah has claimed that the collection of Goods and Services Tax in Karnataka has increased on account of the implementation of guarantee schemes of the Congress government in the State. Addressing a gathering of beneficiaries of various guarantee schemes of the State government in Chamarajanagar near here on Tuesday, Mr. Siddaramaiah said the GST collection in Karnataka had …

GST collections up 12.54% in February 2024
9 months, 3 weeks ago

GST collections up 12.54% in February 2024

The Hindu  

India’s gross revenues from the Goods and Services Tax grew at a three-month high pace of 12.54% in February to cross ₹1.68 lakh crore, marking the fourth-highest monthly collections from the tax. February’s GST revenue growth reflected the third highest uptick in 2023-24 and lifted the total collections so far this year to ₹18.4 lakh crore, 11.7% above the same …

BJP Government Did Not Rectify Injustice Meted out To Karnataka Alleges CM In His Budget
10 months, 1 week ago

BJP Government Did Not Rectify Injustice Meted out To Karnataka Alleges CM In His Budget

Deccan Chronicle  

Bengaluru: Chief Minister Siddaramaiah pointed out that Central Government led by Bharatiya Janata Party had meted out three injustices to States including Karnataka such as “unscientific” implementation of Goods and Services Tax, increase in Cesses and Surcharges and change in allocation of formula in tax devolution and grants-in-aid, adversely affected the financial strength of the State. Siddaramaiah accused the previous …

'Separatist mindset': FM Sitharaman on Karnataka govt's discrimination charge against Centre
10 months, 2 weeks ago

'Separatist mindset': FM Sitharaman on Karnataka govt's discrimination charge against Centre

Hindustan Times  

Finance Minister Nirmala Sitharaman on Wednesday lashed out at the Congress government in Karnataka, accusing it of harbouring a "separatist" mindset and spreading a "false narrative" on the issue of fund allocation by the Centre to states. While giving a point-by-point rebuttal to the claims made by the state government, the finance minister, who was joined by fellow Karnataka MP …

Will stage stir in Delhi against Centre’s injustice on Feb 7: Siddaramaiah
10 months, 2 weeks ago

Will stage stir in Delhi against Centre’s injustice on Feb 7: Siddaramaiah

Hindustan Times  

Chief minister Siddaramaiah announced on Monday that the state government, along with all MPs and MLAs, will protest in New Delhi on Wednesday against the “injustice” by the Centre to the state in tax devolution and grants-in-aid. CM Siddaramaiah and deputy CM DK Shivakumar address a joint press conference on budget “On February 7, all the ministers, MPs and all …

GST collections surge to second highest ever at 1.72 lakh crore in January
10 months, 3 weeks ago

GST collections surge to second highest ever at 1.72 lakh crore in January

India TV News  

Goods and Services Tax collections in January surged by 10.40 per cent to exceed Rs 1.72 lakh crore, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This marks the second-highest monthly collection ever, with three months in the current fiscal year recording Rs 1.70 lakh crore or more in collections. The finance ministry …

January records 2nd highest monthly GST revenue at ₹1.72 L cr
10 months, 3 weeks ago

January records 2nd highest monthly GST revenue at ₹1.72 L cr

Hindustan Times  

Goods and Services Tax revenues surpassed ₹1.72 lakh crore in January, the second highest monthly collection and the third over the ₹1.70 lakh crore threshold, data released on Wednesday showed, with experts attributing the high number to the resilience of the Indian economy and better tax compliance. On average this financial year, the monthly GST collection has been above ₹ …

GST revenues rev up to second-highest ever in Jan.
10 months, 3 weeks ago

GST revenues rev up to second-highest ever in Jan.

The Hindu  

India’s Goods and Services Tax regime delivered its second-highest monthly revenues of ₹1,72,129 crore in January, as per data collected by Wednesday evening and shared by the Finance Ministry. In April 2023, GST collections had crossed a record ₹1.87 lakh crore aided by year-end compliances, while October had clocked a tad over ₹1.72 lakh crore which was the second-highest monthly …

Growth signals: On GST revenues
11 months, 3 weeks ago

Growth signals: On GST revenues

The Hindu  

The Goods and Services Tax has yielded close to ₹1.65 lakh crore in gross revenues in the last month of 2023. The first nine months of 2023-24 have clocked a 12% rise in GST collections, with the monthly intake averaging ₹1.66 lakh crore, from ₹1.49 lakh crore in 2022-23. The Budget had factored in monthly GST revenues of around ₹1.59 …

LIC receives ₹806 crore notice from Maharashtra, faces ₹400 cr penalty if…
11 months, 3 weeks ago

LIC receives ₹806 crore notice from Maharashtra, faces ₹400 cr penalty if…

Hindustan Times  

Life Insurance Corporation of India has received a hefty GST notice from the Maharashtra deputy commissioner of state tax, imposing a penalty of ₹404 crore on the firm for various shortcomings in tax-related compliances in FY2017-2018. Life Insurance Corporation of India receives GST notice worth ₹ 806 crore. The Maharashtra tax department sent LIC a GST notice of ₹806.4 crore, …

GST revenue growth dips to a 3-month low in December
11 months, 3 weeks ago

GST revenue growth dips to a 3-month low in December

The Hindu  

India’s Goods and Services Tax revenues crossed ₹1,64,800 crore in December 2023, with year-on-year growth slowing to a three-month low of 10.3% from a 15.1% rise in the previous month. December’s GST kitty, for transactions undertaken in November 2023, is about 1.8% lower than the nearly ₹1.68 lakh crore collected a month earlier, which marked the third highest monthly receipts …

Gross GST collection rises by 12% to Rs 14.97 lakh crore in during April-December 2023 period
11 months, 3 weeks ago

Gross GST collection rises by 12% to Rs 14.97 lakh crore in during April-December 2023 period

India TV News  

Gross GST collection: The gross GST collection has jumped up by 12 per cent to Rs 14.97 lakh crore in the April-December 2023 period, the Finance Ministry informed on Monday. "During the April-December 2023 period, gross GST collection witnessed a robust 12 per cent y-o-y growth, reaching Rs 14.97 lakh crore, as against Rs 13.40 lakh crore collected in the …

Over 70 GST notices issued to online gaming firms, ₹1.1 tn due
1 year ago

Over 70 GST notices issued to online gaming firms, ₹1.1 tn due

Live Mint  

New Delhi: Online gaming companies have been issued 71 show cause notices relating to Goods and Services Tax in FY23 and in the current financial year up to October, minister of state for finance Pankaj Chaudhary informed the Rajya Sabha on Tuesday. However, since these notices are pending adjudication, the respective GST demand is not yet determined under the provisions …

Average monthly GST mop-up at ₹1.66 lakh crore so far this fiscal: Finance Minister Nirmala Sitharaman
1 year ago

Average monthly GST mop-up at ₹1.66 lakh crore so far this fiscal: Finance Minister Nirmala Sitharaman

The Hindu  

The Goods and Services Tax collection has been showing an upward trend on an annual basis since its roll-out on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is ₹1.66 lakh crore, Finance Minister Nirmala Sitharaman said on December 4. The average gross monthly GST collection in FY 2023-24 now stands at ₹1.66 …

GST collection crosses Rs 1.6 lakh for 6th time in current fiscal
1 year ago

GST collection crosses Rs 1.6 lakh for 6th time in current fiscal

Deccan Chronicle  

New Delhi: Crossing the Rs 1.6 lakh crore mark for the sixth time in the current financial year, the goods and services tax or GST revenue collections for November 2023 jumped 15 per cent to nearly Rs 1.68 lakh crore on an annual basis. As per the statement, the GST revenue collection for November 2023 at Rs 1,67,929 crore records …

GST collections hit ₹1.68 trillion in November
1 year ago

GST collections hit ₹1.68 trillion in November

Live Mint  

Goods and Services Tax collections touched ₹1.68 trillion in November as festive demand lifted sales, but the figure was lower than October’s receipts of ₹1.72 trillion. A finance ministry statement said that November GST revenue receipts showed a 15% improvement from the year-ago period, the fastest pace of growth the indirect tax has registered since its inception in 2017. The …

GST revenue collection for October 2023 marks significant growth, surpassing Rs. 1.72 lakh crore
1 year, 1 month ago

GST revenue collection for October 2023 marks significant growth, surpassing Rs. 1.72 lakh crore

India TV News  

The Goods and Services Tax collection for the month of October 2023 has achieved a milestone, reaching an impressive ₹1.72 lakh crore. This substantial revenue collection stands as the second-highest ever recorded, following April 2023, and it exhibits a remarkable year-on-year growth of 13%, according to the Ministry of Finance. As the country continues to rebound from the economic challenges …

Online gaming companies get ₹1 lakh crore GST show cause notices so far
1 year, 1 month ago

Online gaming companies get ₹1 lakh crore GST show cause notices so far

The Hindu  

GST authorities have issued show cause notices worth ₹1 lakh crore to online gaming companies for tax evasion so far, a senior official said on October 25. The government has amended the GST law, making it mandatory for overseas online gaming companies to register in India from October 1. "Online gaming companies served notices worth about ₹1 lakh crore by …

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues
1 year, 1 month ago

GST Evasion: Government expecting ₹50,000 crore mop-up on recovery of dues

Live Mint  

The Indian government is expected to recover ₹50,000 crore in evaded Goods and Services Tax in FY24, Business Standard reported. A substantial portion of this recovery is expected to come from incorrect claims of input tax credit by insurance companies, GST payments on expatriate services under the reverse charge mechanism, illicit clearances of tobacco products, and property transactions, the report …

Dabur gets GST demand notice of ₹320.6 crore
1 year, 2 months ago

Dabur gets GST demand notice of ₹320.6 crore

Live Mint  

FMCG major Dabur has received a Goods and Service Tax demand notice of ₹320.6 crore, a regulatory filing stated on October 17, adding that the company is reviewing the intimation and evaluating the next steps in this matter. “The company has received intimation of tax ascertained as being payable under Section 74 of CGST Act, 2017, wherein GST short paid/not …

GST | Circular Does Not Override Statutory Provisions: Allahabad High Court Quashes Demand Of Rs. 235 Crores Against Vivo Mobile
1 year, 2 months ago

GST | Circular Does Not Override Statutory Provisions: Allahabad High Court Quashes Demand Of Rs. 235 Crores Against Vivo Mobile

Live Law  

The Allahabad High Court has quashed demand of Rs. If the law were to be read otherwise, i.e., that the ITC claim may never arise unless the tax is first paid then, the second proviso to section 16 itself would be rendered otiose.” Further, placing reliance on Union of India v. Bharti Airtel Ltd. and Others, wherein the Supreme Court …

Delta Corp gets another GST shortfall notice of ₹6,384 crore
1 year, 2 months ago

Delta Corp gets another GST shortfall notice of ₹6,384 crore

Live Mint  

Delta Corp has received fresh notices of alleged shortfall in the payment of Goods and Services Tax to the tune of ₹6,384 crore, as per a regulatory filing made by the casino chain operator on October 14. This comes nearly three weeks after Delta Corp had received tax shortfall notices amounting to ₹16,822 crore. “The notice advises Deltatech Gaming Ltd …

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