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New Delhi, The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and <keyword id="4742340" type="General" weightage="80" keywordseo="integrated-goods-and-services-tax" source="Orion">Integrated Goods and Services Tax</keyword> (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend their individual GST legislations separately. If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST council</keyword> meeting held earlier this month. It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could bemade in the tax structure after that. Friday being the last day of the monsoon session of Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed. Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1. --IANSans/dpb

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

<keyword id="4943720" type="General" weightage="20" keywordseo="GST-collection" source="Orion">GST collection</keyword> in May rose 12% to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross <keyword id="2484610" type="General" weightage="20" keywordseo="good-services-tax" source="Orion">Good &amp; Services Tax</keyword> (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods). "The revenues for the month of May 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said in a statement. During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year. <keyword id="6359833" type="General" weightage="80" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/tvs-motor-hikes-prices-of-ev-scooter-by-17000-22000/articleshow/100677697.cms">TVS Motor hikes prices of EV scooter by ₹17,000 - ₹22,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-to-shut-3rd-party-notes-lists-integration-on-assistant-app/articleshow/100678872.cms">Google to shut 3rd-party Notes, Lists integration on Assistant app</a>

GST collection rises 12% to ₹1.57 lakh crore in May

New Delhi [India], December 13 (ANI): A bill to align provisions of the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> with the <keyword id="12034100" type="General" weightage="50" keywordseo="tribunal-reforms-act" source="Orion">Tribunal Reforms Act</keyword> to initiate the administrative process for operationalisation of the <keyword id="6359833" type="General" weightage="100" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> Appellate Tribunals was introduced in <keyword id="6355187" type="General" weightage="50" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> on Wednesday. The Central Goods and Services Tax (Second Amendment) Bill, 2023 was introduced in Lok Sabha by Finance Minister <keyword id="129243" type="General" weightage="50" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>. The Bill seeks to amend the Central Goods and Services Tax Act, 2017. According to the statement of objects and reasons of the Bill, Section 109 of the Central Goods and Services Tax Act, 2017 (12 of 2017) provides for Constitution of Goods and Services Tax Appellate Tribunal, which is the second appellate authority within the Goods and Services Tax framework for hearing appeals against the orders passed by the Appellate Authority under the Central Goods and Services Tax Act, 2017 and the State Goods and Services Tax Acts. It said that non-constitution of the Goods and Services Tax Appellate Tribunals is denying the taxpayers of second appellate remedy and consequently the taxpayers are seeking relief directly from the High Court, thereby burdening the High Courts. The amendments to sections 109 and 110 of the Central Goods and Services Tax Act, 2017 for enabling the creation of the Central Goods and Services Tax Appellate Tribunals were notified in July this year. "During the process of operationalisation of said Tribunal, it was observed that certain provisions of the Central Goods and Services Tax Act, 2017 need to be aligned with the Tribunal Reforms Act, 2021 (33 of 2021). The provisions of the Central Goods and Services Tax Act, 2017 are being aligned with the Tribunal Reforms Act, 2021, to initiate the administrative process for operationalisation of the Goods and Services Tax Appellate Tribunals at the earliest," it said. (ANI)

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="20791743" type="General" weightage="20" keywordseo="gross-goods-and-services-tax" source="keywords">Gross Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword>) revenue collections for February rose by a robust 12.5 per cent year-on-year in February to Rs 1,68,337 crore, according to figures released by the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">Finance Ministry</keyword> on Friday. The growth was driven by a 13.9 per cent rise in GST from domestic transactions and 8.5 per cent increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6 per cent over that for the same month last year. As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7 per cent higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 works out Rs 1.67 lakh crore, exceeding the corresponding figure of Rs 1.5 lakh crore for the previous year. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0 per cent over that for the same period last year. Breakdown of February 2024 Collections: *Central Goods and Services Tax (CGST): Rs 31,785 crore *State Goods and Services Tax (SGST): Rs 39,615 crore *Integrated Goods and Services Tax (IGST): Rs 84,098 crore, including Rs 38,593 crore collected on imported goods *Cess: Rs 12,839 crore, including Rs 984 crore collected on imported goods.

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

<keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) <keyword id="2298" type="General" weightage="20" keywordseo="collections" source="Orion">collections</keyword> in February, 2023 stood at Rs 1,49,577 crore, lower than Rs 1,55,922 crore collected in January. Out of the Rs 1,49,577 crore collected through GST revenue in February, CGST was Rs 27,662 crore, SGST was Rs 34,915 crore and <keyword id="6360947" type="General" weightage="50" keywordseo="igst" source="Orion">IGST</keyword> was Rs 75,069 crore (including Rs 35,689 crore collected on import of goods) while cess was Rs 11,931 crore (including Rs 792 crore collected on import of goods). February's GST collections were marginally higher than December 2022 collections, which were Rs 1,49,507 crore. Monthly GST <keyword id="6398283" type="General" weightage="20" keywordseo="revenues" source="Orion">revenues</keyword> have been more than Rs 1.4 lakh crore for 12 straight months in a row. The government has settled Rs 34,770 crore to CGST and Rs 29,054 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in the month of February 2023 is Rs 62,432 crore for CGST and Rs 63,969 crore for the SGST. In addition, the Centre had also released a balance GST compensation of Rs 16,982 crore for the month of June 2022 and Rs 16,524 crore to States/UTs which have sent AG-certified figures for the previous period. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/the-love-for-ready-to-move-in-homes-is-going-up-says-basic-home-loan-survey/articleshow/98332513.cms">The love for ready-to-move-in homes is going up says Basic Home Loan Survey</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/the-lifestyle-of-the-super-rich-rare-whiskey-handbags-watches-amp-more/slidelist/98334667.cms">The lifestyle of the super rich: Rare whiskey, handbags, watches &amp; more</a>

GST collections slide month-on-month to ₹1.49 lakh crore in February

<ul><li>The <keyword id="6557524" type="ORGANIZATION" weightage="20" keywordseo="central-board-for-indirect-taxes-and-customs">Central Board for Indirect Taxes and Customs</keyword> is proposing to tax earnings from cryptocurrency transactions at 18%. </li><li>Under the regulator’s proposal cryptocurrencies are to be designated as “intangible goods”. </li><li>This should a welcome relief for <keyword id="6354947" type="UNKNOWN" weightage="20" keywordseo="bitcoin">Bitcoin</keyword> traders and miners. By bringing digital currencies into the tax net, the government is legitimising trade in them. </li></ul>After months of confusion over their legal status, it seems the Indian government is planning to regulate the trading of digital currencies like Bitcoin and Ethereum under the Goods and Services Tax (GST) regime. The logic is simple - if people are making money from it, it is a taxable event. Anonymous sources told Bloomberg that profits from digital currency transactions could soon fall <a href="https://www.bloombergquint.com/gst/2018/05/23/india-mulls-gst-on-trading-of-virtual-currencies#gs.aaNCbqA">under the 18% tax slab</a> - the same rate as software and electrical devices - if the Central Board for Indirect Taxes and Customs (CBITC) has its way. This is a little less than the tax rate in the US, where traders are expected to pay 20% on their earnings if they’ve held their digital currency for longer than a year. Barring the tax level, details on how the trade of these currencies would be regulated in India weren’t revealed. And there is no clarity on their status as legal tender. However, the CBITC’s draft framework contained a number of key proposals. Firstly, cryptocurrencies are to be designated as “intangible goods” while the processes involving their mining, storage and transfer will be designated “services”. As a result, cryptocurrency exchanges will have to pay taxes on commissions earned. Secondly, the value of a cryptocurrency will primarily be denominated in rupees. Thirdly, transactions that involve a party outside India will designated as imports in the case of a purchase and exports in case of a sale. Finally, trading profits could be liable for retrospective <keyword id="6383566" type="UNKNOWN" weightage="20" keywordseo="taxation">taxation</keyword> from the date of the GST’s implementation - July 1st, 2017. This could result in quite a revenue haul for the government. In January, Reuters reported that trading volumes in India were increasing by about <a href="https://www.reuters.com/article/us-markets-bitcoin-india-taxes/india-sends-tax-notices-to-cryptocurrency-investors-as-trading-hits-3-5-billion-idUSKBN1F8190?utm_campaign=trueAnthem:+Trending+Content&amp;utm_content=5a63607f04d3013aee752148&amp;utm_medium=trueAnthem&amp;utm_source=twitter">₹20 billion every month.</a> A step in the right direction The news is likely a welcome relief for Bitcoin traders and miners. By bringing digital currencies into the tax net, the government is legitimising trade in them. It could also encourage more people to take part in the trading of these currencies. The next step after taxation, however, is preventing the misuse of digital currencies and tax evasion. Last month, the <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> cracked down on cryptocurrency transactions, <a href="https://rbidocs.rbi.org.in/rdocs/PressRelease/PDFs/PR264270719E5CB28249D7BCE07C5B3196C904.PDF">barring any regulated entities like banks from facilitating them</a> after three months. The move was in response to concerns that money was being laundered through digital currency trades and the profits from such trades could be used to finance illegal activities. The order is currently <a href="https://www.bloombergquint.com/law-and-policy/2018/04/22/rbi-circular-barring-banking-service-for-virtual-currencies-challenged-in-court#gs.3TQyKdU">being challenged in court</a>. Should the proposal to tax cryptocurrency trading under the GST regime be approved by the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword>, then it will likely cause the RBI to revoke its outright ban. This would be a win for the government, because if the formal banking system were to embrace cryptocurrency trading, it would bring these transactions right under regulators’ noses and away from the peer-to-peer unregulated market.

India might charge goods and services tax for cryptocurrency dealings

The <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> revealed that the government collected Rs 92,150 crore as <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> from 42.91 lakh businesses last month. September was the third month of <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> roll-out. Of 92,150 crore, Rs 14,042 crore is on account of Central GST, while State GST is to the tune of Rs 21,172 crore. Integrated GST collections stood at Rs 48,948 crore, of which Rs 23,951 crore was on account of imports. Collection under compensation cess stood at Rs 7,988 crore, of which Rs 722 crore is compensation cess from imports in September. Till yesterday 42.91 lakh business entities had filed initial GSTR-3B returns for September. As per the data available, GST collections for the maiden month of July were over Rs 95,000 crore, while for August the figure was over Rs 91,000 crore.

This is how much the government earned from GST in September

<keyword id="6355261" type="POSITION" weightage="60" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has promised a reasonable and rational tax policy in order to further boost the financial sentiments. He also said that India will pursue an aggressive reforms policy in the upcoming months in order to attract investors bring the country back on the path of growth. 
 
"Government has its plate full with respect to reforms for the next few months. Aggressive reforms will help India to grow faster... Hope India will get back on the investors' radar," he said. 
 The government is also looking to amend the land acquisition Act and the constitutional amendment bill for the <keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST) may also come up during the Winter Session of Parliament. The government has already started making changes in labour policy and has deregulated fuel prices. 
 
"Economy was and is in a challenging situation and one of the principal challenges before us is to restore the confidence in the Indian economy, to expand economic activity and move towards increasing the growth rate," he said. 
 Jaitley also expressed hope that the <keyword id="68997" type="UNKNOWN" weightage="80" keywordseo="insurance-bill">insurance bill</keyword> to increase foreign direct investment limit will be passed in the upcoming session.

Arun Jaitley Promises Aggressive Reforms And Rational Tax Policy

The <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">Goods and Services Tax</a> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>) is not only a tax reform but an opportunity for professionals to showcase their skills and take home hefty packages. At a time when several companies are cutting costs and laying-off people, <keyword id="4510950" type="UNKNOWN" weightage="20" keywordseo="gst-professionals">GST professionals</keyword> are on a roll as they will be taking home huge bonuses and lucrative increments. As India will be adopting the biggest tax reform-GST-the professional services firms are helping several businesses and professionals adopting it. As availability of experienced talent who are well-versed with the tax system is less, this is leading many consultancies to woo in-house professionals from other departments to join the GST teams and cut the load of pending work. Companies such as <a href="http://www.businessinsider.in/searchresult.cms?query=EY&amp;sortorder=effectivedate">EY</a>, PWC, Deloitte, KPMG and Grant Thornton are offering salary increase of 25-30% to executives who agree to get transferred to the GST teams within the same organisation. The executives said members of GST teams have got, on average, 20% jump in salary in addition to mid-term bonuses. Average increments at the Big Four this year was 12% this year. "We have hired a significant number of people and partners. As there is dearth of indirect tax practitioners, we have encouraged practitioners from other parts of services, both tax and non-tax, who may have the desire or aspiration to learn the new and exciting legislation," Vipul Jhaveripartner - Deloitte Haskins &amp; Sells LLP-told ET. As per reports, Deloitte has added 25-30% to GST headcount. "There is an increasing demand from clients to support them in their transition to GST and, therefore, there is need for increasing the strength of skilled people," Sachin Menon, partner and head, indirect tax, KPMG in India, told ET.

These professionals are going to take home hefty bonuses, double digit increment

The gross revenue from <keyword id="6368071" type="General" weightage="80" keywordseo="goods-and-service-tax" source="Orion">Goods and Service Tax</keyword> (GST) in the month of May came in at Rs 140,885 crore, data showed on Wednesday. This is the fourth time the monthly GST <keyword id="6380839" type="General" weightage="20" keywordseo="collection" source="Orion">collection</keyword> crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022. Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, <keyword id="6360947" type="General" weightage="80" keywordseo="igst" source="Orion">IGST</keyword> was Rs 73,345 crore, and cess Rs 10,502 crore. The GST revenues for May 2022 were 44 per cent higher than collected in the same month last year, at Rs 97,821 crore. Notably, the monthly collection had touched a record high of Rs 1.68 lakh crore in April 2022. Besides, the total number of e-way bills generated in the month of April 2022 was at 7.4 crore, which is 4 per cent lesser than 7.7 crore e-way bills generated in the month of March 2022. E-way bill is a document for carrying any consignment of goods of value exceeding Rs 50,000. On Tuesday, the Centre released the entire amount of Goods and Service Tax (GST) compensation payable to states up to May 31, 2022 by releasing an amount of Rs 86,912 crore. The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/india/news/pm-modi-mourns-the-loss-of-singer-kk-who-passed-away-at-53/articleshow/91931110.cms">PM Modi mourns the loss of singer KK who passed away at 53</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/science/health/news/pmbi-crosses-100-crore-in-may-centre-to-increase-the-number-of-janaushadhi-kendras-by-march-2024/articleshow/91921003.cms">PMBI crosses ₹100 crore in May; Centre to increase the number of Janaushadhi Kendras by March 2024</a>

You Searched For "Goods and services tax" and got 10 results

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

IANS

GST collection rises 12% to ₹1.57 lakh crore in May

PTI

Bill to amend Central Goods and Services Tax Act introduced in Lok Sabha

ANI

GST collections in February rise 12.5% to cross ₹1.68 lakh crore

IANS

GST collections slide month-on-month to ₹1.49 lakh crore in February

IANS

India might charge goods and services tax for cryptocurrency dealings

Dilsher Dhillon

This is how much the government earned from GST in September

BI India Bureau

Arun Jaitley Promises Aggressive Reforms And Rational Tax Policy

BI India Bureau

These professionals are going to take home hefty bonuses, double digit increment

BI India Bureau

GST collections up by 44% at ₹1.4 lakh crore in May

IANS

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