01 Jan 2024 06:01 PM
New

GST collection in December rises 10% YoY to ₹1.65 lakh crore

Source: https://www.livemint.com/economy/aprildecember-2023-gross-gst-collection-at-rs-14-97-lakh-crore-a-growth-rate-of-12-yoy-11704107004773.html

The government, on Monday, reported a 10 percent year-on-year increase in Goods and Services Tax (GST) collections, totaling ₹1.65 lakh crore, as announced by the Ministry of Finance on January 1.

Although the December GST collections of ₹1.65 lakh crore are 2 percent lower than the ₹1.68 lakh crore recorded in November, it marks the tenth consecutive month where the monthly GST collection has surpassed the ₹1.5-lakh-crore threshold.

01 Jan 2024 05:57 PM
New

Mint Explainer: What to expect from the 16th Finance Commission

Source: https://www.livemint.com/economy/mint-explainer-what-to-expect-from-the-sixteenth-finance-commission-11704092249066.html

The Central government named former vice chairman of Niti Aayog Arvind Panagariya as the chairperson of the 16th Finance Commission. Mint takes a look at what to expect from the new commission, especially when revenue sharing among states is a controversial subject. Panagariya, also a professor at Columbia University, is expected to begin consultations with all states shortly after taking charge.

01 Jan 2024 05:53 PM
New

Asian Paints gets tax demand of ₹13.83 crore, penalty of ₹1.38 cr from Tamil Nadu GST authority

Source: https://www.livemint.com/companies/news/asian-paints-gets-tax-demand-of-rs-13-83-crore-penalty-of-rs-1-38-cr-from-tamil-nadu-gst-authority-11704090545691.html

Asian Paints on Monday said that it has received ₹13.83 crore tax demand, with a ₹1.38 crore penalty from the Deputy Commissioner of State Tax, Chennai, Tamil Nadu.

"An order passed under relevant provisions of the Central Goods and Services Tax Act, 2017 and the corresponding provisions... demanding additional tax on outward supplies, disallowance on account of account of Input Tax Credit (ITC) mismatch between the purchases reported by the supplier in GT return and credit claimed by the company....," Asian Paints said.

30 Dec 2023 06:13 PM

Advisory: Date extension for reporting opening balance for ITC reversal

Source: https://taxguru.in/goods-and-service-tax/advisory-date-extension-reporting-opening-balance-itc-reversal.html

In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electronic Credit and Re-claimed Statement on the GST portal. This ledger serves as a tool for taxpayers to track ITC that has been reversed in Table 4B(2) and subsequently reclaimed in Tables 4D(1) and 4A(5).

30 Dec 2023 06:07 PM

CBIC extends GST dues recovery date

Source: https://www.livemint.com/news/india/cbic-extends-gst-dues-recovery-date-11703873865930.html

New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover dues from businesses for 2018-19 and 2019-20, as the government looks to resolve backlogs and bolster revenues.

30 Dec 2023 05:55 PM

Robust tax mop-up limits fiscal deficit to 50% of FY24 goal

Source: https://www.livemint.com/news/india/robust-tax-mop-up-limits-fiscal-deficit-to-50-of-fy24-goal-11703872362954.html

New Delhi: The central government’s fiscal deficit stood comfortably at ₹9 trillion in the April to November period, about half of the estimated full-year target, as tax revenue grew in twin digits, and spending and subsidy outgo were broadly in line with estimates.

29 Dec 2023 05:30 PM

Grim outlook for real-money gaming

Source: https://www.livemint.com/news/india/grim-outlook-for-real-money-gaming-11703778568252.html

New Delhi: After a disruptive 2023, many real money gaming operators are paring down estimates for 2024 as they prepare for a bleak future. Home to around 400 startups, the sector faces challenges in planning for near term growth due to the double disruptions caused by a new tax regime.

29 Dec 2023 05:27 PM

Zomato gets ₹ 401 crore show-cause notice over delivery charges

Source: https://www.livemint.com/companies/news/zomato-gets-401-crore-show-cause-notice-over-delivery-charges-11703763859683.html

New Delhi: Food delivery giant Zomato has received a ₹ 401.7 crore show-cause notice for delivery charges collected over two and a half years. The notice, dated 26 December, asks why Zomato shouldn't be liable for this tax amount, including interest and penalties, for the period from 29 October 2019 to 31 March 2022.

29 Dec 2023 05:45 PM

GST Council gives extra time to tax officials for recovery of FY19, FY20 dues

Source: https://www.livemint.com/news/india/gst-council-gives-extra-time-to-tax-officials-for-recovery-of-fy19-fy20-dues-11703843325292.html

New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20). This move will allow additional time to central and state tax authorities to address backlogs in tax recovery.

28 Dec 2023 05:48 PM

Budget 2024: From tax benefits to coverage - here's insurance sector wishlist

Source: https://www.livemint.com/budget/budget-2024-from-tax-benefits-to-coverage-heres-insurance-sector-wishlist-11703749997820.html

2023 was not just another year in the archives of the life insurance industry; it was a year of groundbreaking achievements. The industry, leveraging the power of Artificial Intelligence (AI) and other advanced technologies, transformed insurance from a complex necessity to a simple, accessible solution tailored to the diverse needs of the Indian populace.