India’s gross Items and Providers Tax (GST) collections have doubled over the previous 5 years to achieve a document ₹22.08 lakh crore within the monetary 12 months 2024–25, up from ₹11.37 lakh crore in FY21, based on authorities information launched on Monday. The collections in FY25 signify a 9.4% year-on-year development in comparison with ₹20.18…
In a serious aid for Infosys, the Director Normal of GST Intelligence has closed pre-show trigger discover proceedings in opposition to the corporate for monetary years 2018-19 to 2021-22 involving a staggering ₹32,403 crore in GST dues. The most recent transfer successfully ends almost a year-long GST saga for India’s second-largest IT providers agency. Mid-last…
NEW DELHI: The federal government has directed Items and Companies Tax (GST) officers to not demand pointless paperwork from candidates and requested them to grant registrations in seven working days, the finance ministry mentioned on Friday. FILE PHOTO: A commuter walks previous the constructing of India’s Ministry of Finance throughout nightfall in New Delhi (REUTERS)…
The Public Accounts Committee (PAC) has really helpful that the Union finance ministry undertake “a complete evaluate of the GST framework” to simplify the Items and Providers Tax regime whereas calling for a revamped GST 2.0. Parliament’s audit watchdog has additionally requested the federal government to “remove pointless procedures and necessities” that complicate compliance. The…
Gross GST collections grew 9.1% to about Rs 1.84 lakh crore in February. GST collections for January reached Rs 1.96 lakh crore, marking a 12.3% improve in comparison with the identical interval final 12 months. In December, GST collections stood at Rs 1.77 lakh crore, reflecting a 7.3% year-on-year rise. This was a slowdown from…
Picture for illustration solely | Picture Credit score: PTI The Supreme Court docket on Friday (January 10, 2025) stayed showcause notices issued by GST authorities value over ₹1 lakh crore to on-line gaming corporations and casinos over alleged tax evasion. A bench of Justices J.B. Pardiwala and R. Mahadevan mentioned the issues required listening to…
The fifty fifth assembly of the Items and Providers Tax (GST) Council, chaired by Finance Minister Nirmala Sitharaman, concluded on December 21, 2024, in Jaisalmer, Rajasthan, unveiling important reforms aimed toward simplifying the tax construction and addressing essential points throughout a number of sectors. From modifications affecting electrical automobiles (EVs) to readability on popcorn taxation,…
GST council has sanctioned a charge enhance to 18% from 12% for transactions involving the sale of previous and used vehicles. GST Council Assembly Highlights: The fifty fifth GST council assembly, chaired by Finance Minister Nirmala Sitharaman, introduced a number of vital tax reforms on Saturday. The council accredited GST exemption for cost aggregators dealing…
Congress chief Rahul Gandhi on Saturday mentioned whereas the Narendra Modi authorities is mountaineering the charges of the earnings tax and different taxes for the frequent man, it’s giving concessions to billionaires, and claimed that it’s set to introduce one other slab of the GST to burden individuals. Gandhi mentioned the Congress will proceed to…
GST Assortment dips to Rs 1.82 trillion in November from Rs 1.87 trillion in October India’s Items and Providers Tax income assortment for the month of November stood at Rs 1,82,269 Crore, marking a 8.5 per cent improve from Rs 1,67,929 Crore in November of 2023. Earlier month in October, India recorded a month-to-month GST…
