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<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

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

<keyword id="176732" type="COMPANY" weightage="20" keywordseo="State-governments">State governments</keyword> will get a period of one year to implement the provisions of <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">goods and services tax</keyword> (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>) after it comes into effect from April 2016. GST is meant to replace all indirect taxes levied on goods and services by both, the Central and state governments, and create a <keyword id="2664438" type="UNKNOWN" weightage="20" keywordseo="single-tax-system">single tax system</keyword> across the country. 
 
“The one-year grace period is only a transitory provision and all states will have to finally implement it. States are on board. This would “take care of any inconsistency which may arise with respect to any law relating to tax on goods or services or on both in force in any State on the commencement of the provisions of the Act,” a senior official said. 
 
Some states like West Bengal and TamilNadu are against the imposition of GST without agreement on revenue neutral rates, compensation methodology etc. 
 
As far as the compensation to states to make up for loss of revenue, if any, due to GST, the Centre will provide 100% compensation in the first three years, 75% in the fourth year and 50% in the fifth year. 
 
Image: thinkstock

State Govts Will Get One Year To Implement GST

New Delhi, <keyword id="45663" type="ORGANIZATION" weightage="20" keywordseo="Revenue">Revenue</keyword> from <keyword id="6359833" type="UNKNOWN" weightage="20" keywordseo="Goods-and-services-tax">Goods and Services Tax</keyword> (GST) stood at over ₹1.04 lakh crore in November as against ₹1.05 lakh crore collected in the previous month, <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the Finance Ministry</keyword> said in a statement. This is the second straight month in the current fiscal when GST revenue has topped ₹1 lakh crore. The collection in November 2020 is 1.4 per cent higher than in November 2019 when the GST mop-up was ₹1,03,491 crore. "In line with the recent trend of recovery in the GST revenues, the revenues for the month of November 2020 are 1.4 per cent higher than the GST revenues in the same month last year. "During the month, revenues from import of goods were 4.9 per cent higher and the revenues from domestic transaction (including import of services) are 0.5 per cent higher than the revenues from these sources during the same month last year," the ministry said in a statement. The gross GST revenue collected in November 2020 is ₹1,04,963 crore, of which Central GST is ₹19,189 crore, <keyword id="3517717" type="COMPANY" weightage="20" keywordseo="state-gst">State GST</keyword> is ₹25,540 crore, IGST is ₹51,992 crore (including ₹22,078 crore collected on import of goods) and Cess is ₹8,242 crore (including ₹809 crore collected on import of goods), the Finance Ministry said. GST revenue had topped ₹1 lakh crore in 8 out of 12 months of 2019-20. However, in the current fiscal, the revenue has taken a hit due to the lockdown and the consequent slowdown in the economy. Revenue in April was ₹32,172 crore, May (₹62,151 crore), June (₹90,917 crore), July (₹87,422 crore), August (₹86,449 crore), September (₹95,480 crore), October (₹1,05,155 crore) and November (₹1,04,963 crore). SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/kunal-shah-cred-raises-80-million-valuation-doubles-to-800-million-for-the-just-two-year-old-startup/articleshow/79502864.cms">Kunal Shah’s CRED raises $80 million – valuation doubles to $800 million for the just two-year old startup</a> <a href="https://www.businessinsider.in/science/space/news/new-technology-to-create-fuel-and-oxygen-on-mars-could-help-humans-explore-the-deep-sea-here-on-earth/articleshow/79504876.cms">New technology to create fuel and oxygen on Mars could help humans explore the deep sea here on Earth</a>

November GST collection stands at ₹1.04 lakh crore

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

The government wants to get everything under the tax ambit and now is planning to bring barters and exchanges under the <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST). 
 
So, if the bill gets passed in Rajya Sabha, exchanging smartphones and vehicles with new ones will no more be an advantage. 
 
If barters come under GST, consumers will have to pay tax on the full value. 
 
The government wants to put a clean chain without disruption in payments to ensure tax credit flows seamlessly. 
 
"It would have an impact on consumer electronics and automobile sectors, wherein old items or cars are exchanged with a new product at a reduced price. It would need to be seen how goods under barter or exchange would be valued," Pratik Jain, partner, KPMG India, told ET. 
 
But for this, government will have to mention clear guidelines. 
 
Reportedly, GST will be levied on supply of goods and services as against provision of service, sale or manufacture of goods presently. Supply will include barter, exchange and licences such as those for mining or spectrum.

GST will make sure everything is taxed, even exchange of smartphones, vehicles

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

Lot of money in <a href="http://www.businessinsider.in/searchresult.cms?query=service+tax+refunds">service tax refunds</a> is stuck, hurting the cash flow of companies. But, the issue won’t be there any longer as the government is going to expedite refunds. 
 
The government wants to start afresh for <a href="https://www.google.co.in/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=3&amp;cad=rja&amp;uact=8&amp;ved=0CCgQFjACahUKEwjOiPvLqsHIAhVIjo4KHVRIAuY&amp;url=http%3A%2F%2Fwww.businessinsider.in%2FGST-Means-India-Is-Keen-On-Adopting-Global-Practices%2Farticleshow%2F45757825.cms&amp;usg=AF">goods and services tax</a>. 
 For this, the apex indirect taxes body, <keyword id="6361265" type="ORGANIZATION" weightage="20" keywordseo="Central-Board-of-Excise-and-Customs">Central Board of Excise and Customs</keyword>, is also working on an overhaul of the refund mechanism for the <a href="http://www.businessinsider.in/searchresult.cms?query=BPO">BPO</a>, IT and ITES sectors. 
 
Reportedly, indirect tax collections shot up 35.8% to Rs 3.24 lakh crore in the first six months of the current financial year. 
 
This is over 50% of the budgeted estimate as the government expected Rs 6.47 lakh crore collections from indirect taxes in 2015-16. 
 
When <a href="http://www.businessinsider.in/searchresult.cms?query=Narendra+Modi">Narendra Modi-led government</a> stormed into power, it had promised a stable tax regime and keeping back refunds was against that spirit. 
 The <keyword id="888634" type="UNKNOWN" weightage="20" keywordseo="Service-tax-refunds">service tax refunds</keyword> that are stuck are hurting the cash flow of companies. 
 
Exporters can claim refunds on duties paid on imported inputs used to manufacture goods. 
 
"Very encouraging move...This would aid liquidity for exporters and thereby their business," said Ajay Sahai, Director General and CEO of the Federation of Indian Export Organisations. 
 
(Image: Indiatimes)

Government wants clean slate for GST, to end pending service tax refunds

India’s <a href="http://www.businessinsider.in/searchresult.cms?query=startup&amp;sortorder=effectivedate">startup</a> ecosystem has long faced abuse at the hand of the country’s draconian <a href="http://www.businessinsider.in/searchresult.cms?query=tax+structure&amp;sortorder=effectivedate">tax structure</a>. The industry, especially <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> is looking forward to having a unified tax regime, and the government heard them. 
 
11 years on, late on August 3rd, 2016, the Rajya Sabha passed the <a href="http://www.businessinsider.in/searchresult.cms?query=Goods+and+Services+Tax&amp;sortorder=effectivedate">Goods and Services Tax</a> (GST), a cental tax system that will replace the 17 state and federal taxes that can unintentionally kill innovation, and hamper <a href="http://www.businessinsider.in/searchresult.cms?query=logistics&amp;sortorder=effectivedate">logistics</a>. 
 
Here’s how India’s startup leaders reacted to the biggest tax reform India has had since its independence around 70 years ago: 
<a href="http://img.etimg.com/photo/51034052/2.jpg">Image Source</a>

India's Startup Biggies react to the GST Bill

<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

The <a href="http://www.businessinsider.in/searchresult.cms?query=Indian+government&amp;sortorder=effectivedate">Indian Government</a> is planning to introduce all kinds of taxes for <a href="http://www.businessinsider.in/searchresult.cms?query=tobacco&amp;sortorder=effectivedate">tobacco </a>products under <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>) regime. 
 The government wants to you to consume less <keyword id="6361871" type="ORGANIZATION" weightage="20" keywordseo="tobacco">tobacco</keyword> products and in this regard, the government might introduce 28% tax all such products, including bidis. 
 
The<a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate"> Arun </a><a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Jaitley</a>-led <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> has already put aerated drinks, tobacco products, luxury cars and pan masala in the 'demerit goods' category, which is attract higher taxes in GST. The health ministry suggested the cess levied under the GST should be high enough to make these products unaffordable over a period of time. 
 
The health ministry, in its memorandum, suggested that exemptions from the high taxation norms should not be extended to industries with low turnover such as bidi manufacturers as this will allow them to manipulate norms. 
 
"Taking advantage of this exemption, bidi manufacturers closed bigger units and started producing on small scale under different names in a clandestine manner, resulting in huge tax evasions," the memorandum said. 
 
As per government estimates, merely the health cost on account of tobacco consumption is pegged at over Rs 10,40,500 crore in 2011 for people aged between 35 to 69 years. Every year, about 10 lakh Indians die from tobacco-related diseases.

You Searched For "crorestate goods and services tax" and got 12 results

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

IANS

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

State Govts Will Get One Year To Implement GST

BI India Bureau

November GST collection stands at ₹1.04 lakh crore

PTI

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

ANI

GST will make sure everything is taxed, even exchange of smartphones, vehicles

BI India Bureau

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

BI India Bureau

Government wants clean slate for GST, to end pending service tax refunds

BI India Bureau

India's Startup Biggies react to the GST Bill

Saikat Pyne

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

IANS

Government wants you to ditch tobacco by making it costlier

BI India Bureau

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