04 Apr 2023 05:36 PM
New

The case for an inequality boom in India is greatly exaggerated

Source: https://www.livemint.com/opinion/columns/debating-india-s-inequity-problem-the-perils-of-using-income-tax-data-during-the-pandemic-and-the-need-for-a-comprehensive-approach-11680543233133.html

The editorial published in Mint on 16 March 2023, ‘India’s inequity boom is staring undeniably at us’ (bit.ly/3UjjTmF) deserves a counter view on the interpretation of latest income-tax data placed before Parliament recently. It is undeniable that the pandemic has profoundly impacted people’s lives, especially their economic status. The impact has been particularly severe on vulnerable sections of society, including daily- wage earners and informal-sector workers. There should be no attempt to trivialize their suffering.

03 Apr 2023 04:03 PM
New

Businesses can revoke GST registration cancellation by paying taxes and penalty before June 30

Source: https://www.livemint.com/news/india/businesses-can-revoke-gst-registration-by-paying-taxes-and-penalty-before-jun-30-11680419861891.html

The government has permitted businesses to apply for the revocation of GST registration cancellation by June 30, 2023, after paying the outstanding taxes, interest, and penalty.

03 Apr 2023 04:07 PM
New

2nd GST Invoice Registration Portal (IRP) by National Informatics Centre

Source: https://taxguru.in/goods-and-service-tax/2nd-gst-invoice-registration-portal-irp-national-informatics-centre.html

NIC is happy to introduce eInvoice2 portal. It is second portal of NIC – IRP (National Informatics Centre – Invoice Registration Portal), this is in addition to the existing eInvoice1 portal. Eligible tax payers can register their invoices either on the eInvoice1 portal or on the eInvoice2 portal.

03 Apr 2023 04:12 PM

GST revenues clock 13% growth Year-on-Year

Source: https://taxguru.in/goods-and-service-tax/gst-revenues-clock-13-growth-year-on-year.html

The gross GST revenue collected in the month of March 2023 is ₹1,60,122 crore of which CGST is ₹29,546 crore, SGST is ₹37,314 crore, IGST is ₹82,907 crore (including ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including ₹960 crore collected on import of goods). It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.

01 Apr 2023 06:00 PM

GST collection grows 13% to ₹1.60 lakh crore in March, second highest ever

Source: https://www.livemint.com/news/india/gst-collection-grows-13-to-rs-1-60-lakh-crore-in-march-second-highest-ever-11680346165803.html

This happened for the fourth time in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore, marking the second-highest collection ever

01 Apr 2023 06:08 PM

March GST collection crosses ₹1.6 trillion

Source: https://www.livemint.com/economy/march-gst-collection-crosses-rs-1-6-trillion-11680346916714.html

Monthly GST revenue of the Centre and states has remained above ₹1.4 lakh crore for 12 months in a row now

29 Mar 2023 07:05 PM

15% increase in GST Collection Year-on-Year (Y-o-Y)

Source: https://taxguru.in/goods-and-service-tax/15-increase-gst-collection-year-on-year-y-o-y.html

There has been an increase of 15% in GST Collection in the month of December (FY 2022-23) as compared to the month of December (FY 2021-22).

27 Mar 2023 06:15 PM

Centre caps maximum GST cess rate on pan masala, tobacco

Source: https://www.livemint.com/news/india/centre-caps-maximum-gst-cess-rate-on-pan-masala-tobacco-11679812862061.html

The capping of maximum GST cess rate has been brought as part of amendments to the Finance Bill 2023, which was passed by the Lok Sabha on Friday.

27 Mar 2023 06:18 PM

Cabinet to consider price caps on gas to stave off rates rising to USD 10.7 per mmBtu

Source: https://www.livemint.com/news/india/cabinet-to-consider-price-caps-on-gas-to-stave-off-rates-rising-to-usd-10-7-per-mmbtu-11679844697717.html

The Union Cabinet is likely to soon consider imposing caps or a ceiling on price for majority of natural gas produced in the country to keep input costs for users ranging from CNG to fertilizer companies in check, sources said.

27 Mar 2023 06:23 PM

GST reimbursement, assured supply likely for coal gasifiers

Source: https://www.livemint.com/news/india/gst-reimbursement-assured-supply-likely-for-coal-gasifiers-11679850649921.html

In 2020, Centre announced an ambitious plan to gasify 100 million tonnes of coal by 2030, but it is yet to gain momentum because companies do not see it as economically viable.