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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An Input Tax Credit (ITC) scam making use of bogus invoices was busted by the Karnataka Commercial Taxes Department. According to officials, scrap dealers had allegedly committed tax fraud against the government.
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The Ahmedabad Municipal Corporation (AMC) has been struggling to lease out plots and built property due to the 18% GST levied on leases.
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Zomato Ltd. and Bundl Technologies Pvt.-operated Swiggy have reportedly come under scrutiny from tax authorities with combined notices worth Rs 750 crore.
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Ahmedabad: The Gujarat Real Estate Regulatory Authority (GujRERA) has unveiled a new portal designed to align with the provisions of the RERA Act and GujRERA rules. The platform also ensures that the Income Tax and GST departments receive accurate information about the project stage.
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The Finance Ministry has come out with a detailed procedure for filing an appeal under the amnesty scheme for GST assesses. Officials expect that this scheme will facilitate a large number of taxpayers who could not file appeals in the past within the specified time period.
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Foreign lenders are urging government intervention to exempt custodian services from the Goods and Services Tax (GST), according to sources familiar with the matter. Custodian services, provided to overseas institutional and portfolio investors, are at the center of this request.
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The Kerala GST Department issued Order No. SGST/6199/2023-PLC1 dated November 03, 2023, authorizing Joint Commissioners of State Tax in the Taxpayer Services District to exercise powers under the proviso to sub-rule (1) of rule 23 of the Kerala Goods and Services Tax Rules, 2017 (“the KGST Act”). This pertains to Notification S.R.O. No. 1062/2023, dated September 30, 2023.
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Generation and quoting of Document Identification Number (DIN/Reference Number (RFN) on any communication issued by the officers of the Delhi Goods and Services Tax Department to tax payers and other persons concerned.
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The GSTN issued an Advisory No. 612 dated November 28, 2023 for the procedures and provisions related to the amnesty for taxpayers who missed the appeal filing deadline for the orders passed on or before March 31, 2023.
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The mechanism of Authority for Advance Ruling (AAR) was set up under the goods and services tax (GST) to provide tax clarity to companies and other assesses. However, conflicting rulings by the state-level AARs in some cases and the state-specific jurisdiction of these orders have not made them an effective way to address the queries of assessees.
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Finance Minister Nirmala Sitharaman assured on Monday that the GST regime is transitioning from ambiguity to clarity on certain matters, addressing global firms’ anxieties regarding ‘tax certainty’ in the face of ongoing tax demand notices and investigations by revenue authorities.
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Punjab Finance Minister Harpal Singh Cheema on Tuesday informed the House that the state government has received Rs 3,670 crore of Goods and Services Tax (GST) compensation from the Centre after it lodged a new claim of Rs 5,005 crore with it.
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The central government is working on a simplified Goods and Services Tax (GST) regime for services industries, including e-commerce and travel, which may not have physical offices in the states they operate.
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