- 23 Apr 2024 06:56 PM
- New
Mint Explainer: Why India's push for global trade payments in rupees has had limited success
New Delhi: The government's steps to boost the Indian rupee's use in cross-border payments have found limited success so far. It has encouraged large oil exporters to accept the rupee to settle trades, while the Reserve Bank of India (RBI) has allowed banks from 18 countries to open Special Vostro Rupee Accounts (SVRAs) to settle payments in Indian rupees.
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- 22 Apr 2024 06:21 PM
- New
India’s direct tax ramp-up is showing the way
Data released on Sunday showed that its net direct tax collections in 2023-24 hit ₹19.58 trillion, up 17.7% from 2022-23. This could be good news on two counts.
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- 20 Apr 2024 06:35 PM
- New
'22 persons have same money as population of 70 cr': Rahul Gandhi says 'PM Modi brings demonetisation, GST for them'
Lok Sabha election 2024: Congress leader Rahul Gandhi on Saturday claimed that currently, 22 Indians have the same money as the population of the remains 70 crore combined. He claimed that Prime Minister Narendra Modi gave these 22 “all the money of banks" and introduced the GST and demonetisation to help them.
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- 18 Apr 2024 05:39 PM
GST adoption has given India’s north-eastern states a big developmental push
The unprecedented development of India’s Northeast after 2014 has been widely attributed to a significant push by the central government to various infrastructural projects, ranging from roads and railways to new airports. Though these efforts have played a very important role in boosting the region’s economy, another policy measure that has helped the north-eastern states was India’s 2017 introduction of the goods and services tax (GST). The significant rise in their tax collections has equipped them with resources to push developmental initiatives and become actively contributing stakeholders in the Centre’s efforts to build massive infrastructure across the Northeast. According to the Reserve Bank of India’s report on state finances released in January 2023, the country’s north-eastern states have been the biggest beneficiaries of the GST regime, recording a compound annual GST revenue growth rate of 27.5% since implementation in 2017-18 till 2022-23, much higher than for all states. This rate is also higher than the 9% tax revenue growth recorded before the switch to GST.
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- 15 Apr 2024 07:01 PM
Maharashtra, UP, Karnataka, Tamil Nadu lead in imports
New Delhi: Maharashtra, Uttar Pradesh, Karnataka and Tamil Nadu are leading in consumption of imported goods and thus, in garnering the highest tax revenue from integrated GST or IGST levied on imports and inter-state trade, showed official data for FY24 upto February, indicating the consumption power of these major state economies.
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- 12 Apr 2024 06:17 PM
India can maintain 8-9% consistent GDP growth: CII president R Dinesh
New Delhi: India can maintain a consistent 8-9% GDP growth in the coming years, and even reach double-digit annual growth between FY29 and FY31 fuelled by government spending on infrastructure, and private investment, which is expected to increase significantly in the coming years, industry body Confederation of Indian Industry's (CII) President R Dinesh said.
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- 12 Apr 2024 06:22 PM
THIS state is the biggest contributor to GST collection at 19.6%, leads per capita consumption spend
GST Collection: Maharashtra, with a 19.6 per cent share in all-India Goods and Services Tax (GST) collection in fiscal 2024 (April-February), is the top contributor to the GST pool, as per latest data on collections across Indian states, cementing its position as the country's economic powerhouse. A Crisil report released on April 11 reveals that after Maharashtra, Karnataka was the second biggest contributor to the GST pool.
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- 12 Apr 2024 06:29 PM
Representation on deficiency in GST Portal functioning
Source: https://taxguru.in/goods-and-service-tax/representation-deficiency-gst-portal-functioning.html
On the 10th and 11th of April 2024, the All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA), Ahmedabad, encountered significant challenges with the GST portal’s functionality. In this letter addressed to Hon’ble Smt. Nirmala Sitharaman, the Finance Minister, they emphasize the critical nature of the issue and the impact it has on taxpayers and tax practitioners.
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- 11 Apr 2024 05:54 PM
New reporting regime for pan masala to kick in from 15 May
NEW DELHI : Producers of pan masala, certain tobacco types for smoking, and smoking mixtures for pipes and cigarettes will be required to report their production capacity starting 15 May, the Central Board of Indirect Taxes and Customs (CBIC) said in an order issued on Wednesday.
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- 06 Apr 2024 07:15 PM
United Breweries hit with demand order worth ₹264.7 crore from Maharashtra GST dept
United Breweries Ltd (UBL) announced on Friday, April 5, that it had received a tax demand of over ₹263.70 crore, including interest and penalty from the Maharashtra State Goods & Service Tax (GST) Department.
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