08 May 2023 06:22 PM
New

Firms get more time to comply on e-invoices

Source: https://www.livemint.com/news/india/gstn-defers-new-e-invoicing-rule-by-3-months-for-businesses-in-new-delhi-to-prepare-for-compliance-11683482429007.html

GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of ₹100 crore or more, has been deferred by three months.

08 May 2023 06:26 PM
New

Open banking is helping revolutionize access to credit

Source: https://www.livemint.com/opinion/columns/how-data-democratization-and-open-banking-can-bridge-india-s-msme-lending-gap-and-drive-socioeconomic-development-11683484024830.html

Despite India’s micro, small and medium enterprises (MSMEs) contributing about a third of the country’s gross domestic product and employing over 110 million people, they struggle to access and afford credit. This credit gap is estimated to be as large as ₹20-25 trillion. MSMEs are overlooked by traditional lenders such as banks because they lack collateral and are unable to produce audited financial data such as balance sheets, income statements or credits in a current account, which renders them unable to prove their creditworthiness. Often, this leads to a vicious debt cycle created by borrowing from informal credit channels, including acquaintances and money lenders, at interest rates that are sometimes twice as high as the formal market’s. This severely hurts the growth of these small businesses and the socioeconomic development of the local communities these businesses are part of.

06 May 2023 05:45 PM
New

Grounded airlines and sky-high GST collections: Best of the Week

Source: https://www.livemint.com/weekend/grounded-airlines-and-sky-high-gst-collections-best-of-the-week-11683293298909.html

Bangalore as a city is known for its pleasant weather. That wasn't the case since at least February — staying on the top floor means the roof got baked, and I had to live with sweltering heat. Thankfully, this week brought with it rains – Mango showers – that led to the pleasantness that the IT hub is known for

06 May 2023 05:49 PM

Text your tax returns: GSTN’s advice to cos with no tax outgo

Source: https://www.livemint.com/economy/gstn-advises-nil-tax-businesses-to-file-returns-via-sms-to-streamline-it-system-reduce-queue-11683307587070.html

GSTN’s advice comes in the context of close to a million GST-registered businesses filing ‘nil’ returns on the last day of the last return filing cycle on 20 April, slowing down the system.

06 May 2023 05:53 PM

Two-month campaign to eliminate fake invoice issuers starts on May 16

Source: https://www.livemint.com/news/india/twomonth-campaign-to-eliminate-fake-invoice-issuers-starts-on-may-16-11683355329715.html

Once identified, both central and state indirect tax administrations will take appropriate action, according to an individual familiar with the matter

05 May 2023 05:50 PM

Fuel under GST: Fears of a revenue hit are exaggerated

Source: https://www.livemint.com/opinion/columns/bringing-oil-under-gst-benefits-outweigh-losses-time-for-reform-sbi-economists-11683226448191.html

GST revenue set another record this April, reaching ₹1.87 trillion, beating the mop-up of ₹1.67 trillion in April 2022. This increase in GST revenue reflects better compliance, besides higher economic activity. The best thing is that even in real terms, India’s GST growth is 8%. With GST revenue reaching normalcy, isn’t it an opportune time to bring oil under the GST regime?

03 May 2023 06:09 PM

GST Collection In April, 2023 At Record High

Source: https://taxguru.in/goods-and-service-tax/gst-collection-april-2023-record-high.html

April, 2023 has registered a revenue collection (GST) at Rs. 187 lakh crore, which is the highest ever since introduction of GST in July, 2017. GST revenue for April, 2023 are 12 percent higher than April, 2022. Also, this April saw the highest single-day collection of Rs. 68,228 crore through 9.8 lakh transaction on the 20th, the due date for filing the GSTR-3 return Form (which shows actual tax payment after deducting input tax credit or ITC from gross tax liability. Prime Minister commented an this feat stating that “Great news for the Indian economy! Rising tax collection despite lower tax rates shows the success of how GST has increased integration and compliance”. This indicates economic recovery, better discipline amongst taxpayers and improved compliance.

03 May 2023 05:51 PM

What to make of record GST collections in April

Source: https://www.livemint.com/economy/does-april-gst-set-the-trend-for-the-full-year-11683046509947.html

The April data is for transactions that took place in March, and thus benefits from high year-end economic activity and compliance-related measures. A better metric is year-on-year growth, which doesn't paint a rosy picture.

03 May 2023 05:58 PM

BL Kashyap bags ₹238 crore order from Embassy Constructions for Bangalore project

Source: http://www.gstclub.in/news/987/What-to-make-of-record-GST-collections-in-April

This new contract brings the company's total order book to a robust ₹2,518 crore, excluding GST.

03 May 2023 06:02 PM

“Online gaming expected to attract investment once tax policy is finalised”, says FM Sitharaman

Source: https://www.livemint.com/technology/tech-news/online-gaming-expected-to-attract-investment-once-tax-policy-is-finalised-says-fm-sitharaman-11683110760806.html

According to the minister, the GST Council is engaged in discussions at the ministerial level regarding different aspects of online gaming, such as taxation and regulation.