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GST collections: March GST collection up 11.5% YoY at Rs 1.78 lakh cr, FY24 mop-up crosses Rs 20 lakh cr

In March 2024, Goods and Service Tax (GST) collection surged 11.5% year-on-year to Rs 1.78 lakh crore, marking the second-highest since GST's inception in July 2017. For FY24, GST collection soared by 11.7% to Rs 20.14 lakh crore, with average monthly collection rising to Rs 1.68 lakh crore from the previous year's Rs 1.5 lakh crore.

Service-tax , Finance-ministry , Gst-collections , March-gst , Gst-news , Gst-collection , March , Goods-and-service-tax ,

Union Budget news: Union Budget 2024: Will FM Sitharaman address the complexities in India's tax system?

Budget 2024: India's indirect tax landscape is in need of significant changes to promote economic growth and a more business-friendly environment. The Goods and Services Tax (GST) is a key component of the tax reform journey, but its complexity often leads to confusion and compliance challenges. The inclusion of petroleum products and real estate under the GST would simplify the tax structure, promote transparency, and reduce the cascading effect of taxes.

India , Thornton-bharat , Services-tax , One-nation , One-tax , Production-linked-incentive , Equalisation-levy , Krishan-arora , Indirect-tax , Grant-thornton-bharat , Union-budget-news , Budget-2024-news

Gross GST collections drop to three-month low of Rs 1.64 lakh crore in December

In December, the government settled Rs 40,057 crore to Central GST and Rs 33,652 crore to State GST from Integrated GST. As a result, the total revenue for the month post settlement was Rs 70,501 crore for the Centre and Rs 71,587 crore for State GST.

Himachal-pradesh , India , Manipur , Uttar-pradesh , Chhattisgarh , Vivek-jalan , Abhishek-jain , Ministries-at-centre , Partner-national-head , Deloitte-india , National-head , Indirect-tax

Gaming company GST: Govt serves online gaming companies tax notices worth Rs 1 lakh crore

Indian tax authorities have served notices worth about 1 trillion rupees ($12.03 billion) to online gaming companies, a government official said on Wednesday

Gaming-company-gst , India-gst , Gst-news , Delta-corp-gst , India-economy-news , Delta-corp ,

GST council meeting: GST Council's fitment committee rejects rate cut on over dozen items; defers call on uniform cess on tobacco products

The Fitment Committee of goods and services tax (GST) Council has recommended exempting powdered millet from GST when sold in loose form, with 70% millet content. The fitment committee, which comprises revenue officials from both the Centre and states also deferred decision on imposing uniform cess on cigarettes and bidi, as the industry said that the current cess system is not uniform.

Services-tax , Gst-council-meeting , Gst , Gst-council , Gst-news , Goods-and-services-tax-gst-council , Tobacco-gst , Millets-gst ,

Online gaming cos to collect 28% on full bet value, offshore platforms to be GST registered from Oct 1

New Delhi, Sep 30 (PTI) From October 1, online gaming companies will charge 28 per cent GST on full value of bets, while offshore platforms too would be required to have GST registration to operate in India.

India , Saurabh-agarwal , Supreme-court , Partner-saurabh-agarwal , Business-news , Gst , Gst-news , Online-gaming-gst , Gst-on-online-gaming ,

GST news: GSTN looking for consultancy firm to prepare roadmap for transitioning IT systems to GST 2.0

With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for the selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0.

India , Microsoft , Associates-senior-partner-rajat-mohan , Law-committee , Services-tax , Wipro , Service-provider , Application-service-provider , Infosys , With-infosy , Tech-mahindra

28% GST on online gaming: Rajeev Chandrasekhar says will go back to GST Council to review

India's Minister of State for Electronics and Information Technology, Rajeev Chandrashekhar, has said that the ministry will ask the GST Council to reconsider the decision to impose a 28% tax on funds collected by online gaming companies

India , Aaditya-shah , Services-tax-council , Group-of-ministers-go , Bloomberg-india , Gst , Online-gaming , Rajeev-chandrasekhar , Gst-council , Gst-news ,

GST collections rise 11.5% in May

Experts said the double-digit growth is likely to continue for next few months with more anti-evasion measures such as the drive against fake registrations being taken by the indirect tax authorities.

India , Karnataka , Delhi , Madhya-pradesh , Jammu , Jammu-and-kashmir , Manipur , Uttar-pradesh , Vivek-jalan , Abhishek-jain , National-head , Tax-connect-advisory

To boost GST compliance, Govt lowers B2B e-invoice threshold

Amid rising instances of GST frauds and cases of fake invoices, these changes are expected to broaden the compliance mandate for more businesses, especially small and medium enterprises and also help boost the GST revenue collections.

Vivek-jalan , Nirmala-sitharaman , Mahesh-jaising , Finance-minister-nirmala-sitharaman , Central-board , Indirect-taxes , Finance-ministry , Tax-connect-advisory , Gst-news , St-b2be-invoice-news , 2be-invoice