NAA to wind up, GST anti-profiteering complaints to be taken up by CCI from December 1

All GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority ends this month, an official said on Tuesday. A notification in this regard is expected to be issued by the finance ministry later this month, the official added. The … Read more

Tax revenues may top FY23 Budget Estimate by ₹3-3.5 lakh crore

The government is expecting a ₹3-3.5 lakh crore jump in tax revenue in the current fiscal year as per revised estimates of accounts for FY23 that will be presented in the February budget, officials said. Improved compliance, the post-pandemic economic recovery and high inflation have bolstered collections with both direct and indirect taxes contributing to … Read more

States’ indebtedness to be high at 30-31% of their GDP in FY 2023: Report

The aggregate indebtedness of states – measured by debt to gross state domestic product (GSDP) – is expected to remain at 30-31% of their respective GDP this fiscal, almost at the same levels of FY’22 due to flattish growth in fuel tax and discontinuation of GST compensation according to ratings firm Crisil Besides, sticky revenue … Read more

GST evasion of Rs 55,575 crore detected in last 2 years, 719 persons arrested

GST authorities have detected GST fraud of Rs 55,575 crore over the last two years and arrested over 700 persons for causing loss to the exchequer, an official said on Thursday. Over 22,300 fake GST identification numbers (GSTIN) were detected by the officers of the Directorate General of GST Intelligence (DGGI). The government on November … Read more

gst: October GST collection stands at Rs 1.52 lakh crore, second-highest since implementation

GST collections for the month of October stood at Rs 1.52 lakh crore, according to the data shared by finance ministry on Tuesday. This is the second highest collection since implementation of GST. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last … Read more

gst: GST authorities issuing SCN after investigation will have to complete enforcement action

Tax authorities issuing show-cause notices will have to complete all enforcement and consequential action against the assessee against whom GST evasion was detected, the GST Council has said. Under the GST regime, states administer and control 90 per cent of the assessees with an annual turnover of up to Rs 1.5 crore. Assessees with an … Read more

gst: Packed, frozen paratha ‘quite different’ from roti/chapatti; attracts 18% tax: GST Appellate AAR

Packed frozen ‘Paratha’ is not ‘roti or chapatti’ as it requires further cooking before consumption and despite wheat flour being the ‘common thread’ there are other ingredients used in making parathas, said an order by the Gujarat Appellate Authority for Advance Ruling. Such parathas, whether named Malabar, Mixed vegetable, Onion, Methi, Alu, Laccha, Mooli or … Read more

Karnataka edges Gujarat out to take second place in H1 GST collections

Karnataka has overtaken Gujarat in goods and services tax collections in the first six months of this fiscal year, taking the second place behind Maharashtra among states. Gujarat was second in GST collections during the same period last year, and Karnataka was third. Since May this year, Karnataka has consistently outpaced all big states, including … Read more

GST collection may top Rs 1.5 lakh crore from October: Revenue secretary Tarun Bajaj

The Finance Ministry expects goods and services tax (GST) collections to top the Rs 1.5-lakh-crore-mark from October. Collection from GST has been trending at over Rs 1.4 lakh crore in the past six months consecutively but has not crossed the Rs 1.5-lakh-crore-mark yet on a consistent basis. The August collection of Rs 1.43 lakh crore … Read more