India’s online gaming industry has received show-cause notices amounting to Rs. 1 lakh crore say sources. The notices come even as the industry has raised concerns on the applicable GST Rates. The government has asserted that a 28 percent GST rate should have been in place starting from October 1, as per the law. In … Read more
Fiscal year-end closing coupled with better compliance and improved consumption pushed e-WAY bill generation to an all time high of 10.35 crore in March, data collected by GST Network (GSTN) showed. This could have some impact on GST collection in April for which data will be out on May 1. Also read:E-way bill generation in … Read more
Improved compliance coupled with a spur in economic activity pushed GST collection to ₹1.78-lakh crore in March, the Finance Ministry reported on Monday. It is 11.5 per cent higher than March 2023 collection number of ₹1.60-lakh crore. This is the second all-time high collection after ₹1.87-lakh crore in April last year. Collection in March is … Read more
A road-map must be drawn up for rationalising GST slabs says C Rangarajan, former Chairman, Economic Advisory Council to the Prime Minister and former RBI Governor GST was intended to provide a system of taxation which was the same for goods and services, in which the Centre and the State participate, and share the revenue. … Read more
Finance Minister Nirmala Sitharaman will inaugurate, on Monday, a conference of enforcement chiefs of all State and Central GST officers to tackle tax evasion. In the conference, Goods and Services Tax (GST) formations will deliberate on combating GST evasion, including examining current challenges and delving into successful methods adopted by central and state tax enforcement … Read more
Better consumption, improved compliance and good collection in majority of States helped mop-up from GST to ₹1.68-lakh crore in February. This is 12.5 per cent higher than February of 2023. However, there is no indication about rate rationalisation in near term. Although on a sequential basis the collection is 2.2 per cent lower than January, … Read more
The Indian Auto LPG Coalition (IAC) has urged the central government to reduce the goods and services tax (GST) on auto LPG from 18 per cent to 5 per cent. The industry body pointed out that Andhra Pradesh’s recent reduction of Value-Added Tax (VAT) on natural gas from 24.5 per cent to 5 per cent … Read more