The GST collection has been showing an upward trend on an annual basis since its rollout on July 1, 2017, and the average gross monthly mop-up in the current fiscal so far is Rs 1.66 lakh crore, Finance Minister Nirmala Sitharaman said on Monday.
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Finance Minister Nirmala Sitharaman on Tuesday said GST officers have detected 21,791 fake GST registrations and over Rs 24,000 crore of suspected tax evasion during a two-month-long special drive.
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The Thane cyber crime branch arrested a Chartered Accountant (CA) and one other person in the payment gateway firm by hacking into it in which Rs 25 crore was siphoned. The duo aided the primary accused to route money hacked to various countries like China, Hong Kong and Singapore.
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The Institute of Cost Accountants of India (ICMAI) has released an important guidance note on the preparation and filing of the Goods and Services Tax (GST) Form GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement).
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As of the latest update from the GST E-invoice system on December 04, 2023, it has been mandated that a minimum of 6 digits of the HSN code will be compulsory in e-Invoices for taxpayers with an Aggregate Annual Turnover (AATO) of 5 Crore and above. This requirement will come into effect from December 15, 2023.
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The Institute of Chartered Accountants of India (“ICAI”) released the Very Important Technical Guide on GST Reconciliation Statement (Form GSTR 9C), (November 2023).
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Pending taxpayer appeals over Central GST levies have risen by as much as 25% through the first seven months of this financial year, with almost 3,000 new appeals being filed since April, the Finance Ministry informed Parliament on Monday, acknowledging that such appeals have risen significantly in recent times.
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As many as 71 show cause notices have been issued to online gaming companies for alleged GST evasion of over Rs 1.12 lakh crore during financial years 2022-23 and 2023-24, the finance ministry said on Tuesday.
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The Finance Ministry is anticipating that average monthly goods and service tax (GST) revenue collections for the upcoming fiscal 2024-25 will surpass Rs 1.7 lakh crore, on the back of a strong economy and increasingly better compliance.
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India’s online gaming market is expected to grow to Rs 33,243 crore by FY28, but the real money gaming (RMG) segment will be under pressure in the wake of the 28% GST levy on the industry, according to a new report.
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Delhi government’s efforts to check the entry of fake firms in the GST network has started bearing fruits.
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The government has listed 18 bills to be presented, including the first batch of supplementary grants and demand for excess grants during the upcoming winter session starting December 4, 2023.
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Punjab Finance Minister Harpal Cheema on Saturday said the state has achieved 16.61 per cent increase in net Goods and Service Tax (GST) collection up to November, and the revenue from Excise recorded a growth rate of 11.45 per cent during the first eight months of FY 2023-24 against the same period of the last fiscal.
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The Goods and Services Tax (GST) 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 Rs1.66 lakh crore, Finance Minister Nirmala Sitharaman said on December 4 (Monday).
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Odisha registered a phenomenal growth rate of 100.77 per cent in State GST with a collection of Rs 2791.45 crore in November 2023 against a collection of Rs 1390.36 crore in the corresponding month last year, an official said.
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India has adopted the dual GST model because of its unique federal nature. Under this model, tax is levied concurrently by the Centre as well as the States on a common base, i.e. supply of goods or services, or both. GST to be levied by the Centre is called Central GST (Central tax / CGST) and that levied by the States/Union Territories is called State GST (State Tax/SGST)/ UTGST (Union Territory Tax).
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Uttar Pradesh (UP) state assembly on Wednesday, November 29 passed the bill imposing 28% GST on full face value for online gaming (real money), casinos and horse racing as dictated by the Finance Ministry.
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The GSTN issued Advisory No. 616 dated December 01, 2023 for a Pilot Project of Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Andhra Pradesh.
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The Annual Return GSTR-9’s Table 8A ITC computation has been updated, incorporating data from suppliers’ GSTR-1/IFF/GSTR-5 filings until 30th November 2023. The refreshed information is now finalized, and no further changes are expected in Table 8A. Any filings by suppliers after the update date will be considered in the subsequent update.
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The GSTN issued Important Advisory No. 618 dated December 01, 2023 on Two-factor Authentication for Taxpayers to strengthen the login security in the GST portal.
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The Prime Minister, Shri Narendra Modi has said that the GDP growth numbers for Q2 display the resilience and strength of the Indian economy in the midst of such testing times globally.
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