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The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

<keyword id="19955404" type="General" weightage="20" keywordseo="finance" source="keywords">Finance</keyword> Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> presented the Union <keyword id="19936553" type="General" weightage="100" keywordseo="budget" source="keywords">Budget</keyword> 2024-25 on Tuesday, outlining a detailed financial roadmap aimed at driving economic growth and ensuring fiscal stability. The budget reveals a comprehensive picture of government revenues and expenditures, highlighting major <keyword id="20439675" type="General" weightage="20" keywordseo="allocations" source="keywords">allocations</keyword> to key <keyword id="20353247" type="General" weightage="20" keywordseo="sectors" source="keywords">sectors</keyword> and <keyword id="19915334" type="General" weightage="20" keywordseo="schemes" source="keywords">schemes</keyword>. The <keyword id="19945274" type="General" weightage="20" keywordseo="revenue" source="keywords">revenue</keyword> to the government is generated from multiple sectors. Income tax contributes 19 per cent, borrowings and liabilities stand as the largest source at 27 per cent, and <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> along with other taxes accounts for 18 per cent. Corporation taxes contribute 17 per cent, followed by non-tax receipts at 9 per cent, customs at 4 per cent, excise duty at 5 per cent, and non-debt capital receipts at 1 per cent. On the <keyword id="19936655" type="General" weightage="20" keywordseo="expenditure" source="keywords">expenditure</keyword> side, the budget outlines significant allocations to various public sectors. Interest payments consume 19 per cent of the total expenditure, central sector schemes account for 16 per cent, and states' tax devolution takes up 21 per cent. Subsidies represent 6 per cent of the spending, while defence expenditures stand at 8 per cent. The Finance Commission and other transfers take up 9 per cent, centrally sponsored schemes another 8 per cent, pensions 4 per cent, and other expenses 9 per cent. In terms of sector-specific allocations, defence receives the highest allocation at Rs 4,54,773 crore. Rural development is allocated Rs 2,65,808 crore, reflecting the government's focus on boosting rural economies. Agriculture is set to receive Rs 1,51,851 crore, while home affairs are allocated Rs 1,50,983 crore, underscoring the importance of internal security. Education, a critical sector for future growth, is allocated Rs 1,25,638 crore. The IT and Telecom sector, pivotal for digital transformation, receives Rs 1,16,342 crore. Health is allocated Rs 89,287 crore, emphasising the ongoing commitment to improving healthcare infrastructure. The energy sector is earmarked Rs 68,769 crore, social welfare Rs 56,501 crore, and commerce and industry Rs 47,559 crore. The budget also highlights significant increases in allocations to major schemes. The Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) sees an increase from Rs 60,000 crore in FY23-24 to Rs 86,000 crore in FY24-25, aimed at enhancing rural employment. Nuclear power projects receive a boost from Rs 442 crore to Rs 2,228 crore, while the development of semiconductors sees a substantial increase from Rs 3,000 crore to Rs 6,900 crore, underscoring the push towards technological advancement. Direct Benefit Transfer for LPG is allocated Rs 1,500 crore, up from Rs 180 crore, to support energy access. Solar power allocation doubles from Rs 4,970 crore to Rs 10,000 crore, reflecting the government's commitment to renewable energy. This budget, with its detailed allocations and revenue plans, underscores the government's strategy to foster economic resilience, technological advancement, and sustainable growth.

Fund allocations to key sectors and schemes hiked in budget

Gross Goods and Services Tax (<keyword id="19951327" type="General" weightage="100" keywordseo="gst" source="keywords">GST</keyword>) collections surged to a <keyword id="19953076" type="General" weightage="20" keywordseo="record-high" source="keywords">record high</keyword> of Rs 2.10 lakh crore in the month of April. The GST collection has also registered a 12.4 per cent year-on-year growth. According to a statement by the <keyword id="19908390" type="General" weightage="20" keywordseo="Ministry-of-Finance" source="keywords" meta.keywordsubtype="org" meta.entityname="Ministry of Finance" meta.hostid="261" meta.entityid="Ministry of Finance">Ministry of Finance</keyword>, the growth was propelled by a robust uptick in both <keyword id="20791652" type="General" weightage="20" keywordseo="domestic-transactions" source="keywords">domestic transactions</keyword>, which rose by 13.4 per cent, and <keyword id="19933566" type="General" weightage="20" keywordseo="imports" source="keywords">imports</keyword>, witnessing an 8.3 per cent spike. After accounting for refunds, the net GST revenue for April 2024 stood at Rs 1.92 lakh crore, showcasing an impressive 17.1 per cent growth compared to the corresponding period last year. The breakdown of April 2024 collections reveals positive performance across various components. Central Goods and Services Tax (<keyword id="20793046" type="General" weightage="20" keywordseo="CGST" source="keywords">CGST</keyword>) recorded collections of Rs 43,846 crore, while State Goods and Services Tax (<keyword id="20025648" type="General" weightage="20" keywordseo="SGST" source="keywords">SGST</keyword>) collections amounted to Rs 53,538 crore. Integrated Goods and Services Tax (<keyword id="20025649" type="General" weightage="20" keywordseo="IGST" source="keywords">IGST</keyword>) collections totaled Rs 99,623 crore, including Rs 37,826 crore collected on imported goods. Additionally, cess collections reached Rs 13,260 crore, which included Rs 1,008 crore collected on imported goods. Furthermore, the inter-governmental settlement process saw the central government disbursing Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collected. This resulted in total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST for April 2024 after regular settlement. During the financial year 2023-24 the total gross GST collection recorded at Rs 20.18 lakh crore, exceeding Rs 20 lakh crore with a 11.7 per cent increase compared to the previous fiscal year. The average monthly collection for this fiscal year, that ended in March 2024 stood at Rs 1.68 lakh crore, surpassing the previous year's average of Rs 1.5 lakh crore. The surge in recent GST collections reflects a positive trajectory for India's economy, underscoring robust domestic consumption and buoyant import activity. The figures bode well for the country's fiscal health and economic recovery efforts, signaling resilience amidst global uncertainties. The Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. (ANI)

GST revenue collection for April 2024 highest ever at Rs 2.1 lakh crore

India’s <keyword id="23445999" type="General" weightage="100" keywordseo="carbonated-soft-drinks" source="keywords">carbonated soft drinks</keyword> (CSD) segment has hit a roadblock, unable to expand and reach its full potential, largely due to the high tax burden under the Goods and Services Tax (GST) regime. A recent report from PTI, originally attributed to the economic think tank ICRIER says that despite the government’s initiatives like ‘Make in India’ and ‘Aatmanirbhar Bharat’, the CSD industry is struggling to scale up due to the steep taxation. According to the report, India imposes one of the highest tax rates on sugar-sweetened beverages (SSBs), with a total tax rate of 40% as of 2023. This figure is significantly higher than that of over 90% of the countries that tax SSBs, based on comparative data compiled by the World Bank. The report also added that global and domestic consumers are increasingly opting for low-sugar and zero-sugar varieties. Manufacturers around the world are reformulating their products to cater to health-conscious consumers, offering options like low-sugar, fruit-flavored, and zero-calorie drinks. In India, however, companies face an uphill battle. The high tax of 40%, irrespective of sugar content, is preventing firms from innovating and scaling their low-sugar or fruit-based CSD offerings. The report also highlighted that India, a leading global producer of fruits like mangoes and bananas, has untapped potential for incorporating these ingredients into the CSD sector. Yet, the country’s CSD industry lags behind other developing nations, such as Thailand and the Philippines, in terms of product variety and revenue generation. Despite generating $18.25 billion in revenue in 2022 and growing at a compound annual growth rate (CAGR) of 19.8% from 2017 to 2022, the sector remains underdeveloped. The report also underscored that India’s CSD market could be a major driver for investment and job creation, particularly in Tier 2 and 3 cities. However, the high tax rates, seen as a lucrative source of revenue for the government, are acting as a deterrent to the sector’s growth, preventing it from becoming a global competitor and unlocking its full economic potential. (With PTI inputs)

Indian consumers shifting towards low-sugar beverages, high GST rates stalling growth in carbonated soft drinks market

In its next meeting, slated for 9th September, the GST (Goods and Services Tax) Council may decide over imposing an 18% charge on <keyword id="20157806" type="General" weightage="20" keywordseo="payment-aggregators" source="keywords">payment aggregators</keyword> (PAs) like <keyword id="20290089" type="General" weightage="20" keywordseo="Razorpay" source="keywords">RazorPay</keyword>, Stripe, PayU, Pine Labs, and more. Reportedly, these charges will be levied on small value transactions of up to Rs 2,000, which are made via <keyword id="22719132" type="General" weightage="20" keywordseo="debit-and-credit-cards" source="keywords">debit and credit cards</keyword>. Until now, all payment aggregators were exempt from GST on all transactions up to Rs 2,000. We decode what it means for you, and how it will impact your pockets. What's happening? The <keyword id="22666613" type="General" weightage="20" keywordseo="fitment-committee" source="keywords">fitment committee</keyword>, which is made up of revenue officials from both center and states, is considering levying an 18% GST on payment aggregators. This is because officials feel that PAs are mere facilitators and intermediaries for card-based transactions, unlike banks, and thus, should be brought under GST purview. At present, they are exempt on paying GST on transaction of value less than Rs 2,000. But, if the proposal goes through in the 54th <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> meeting, every transaction you make through your credit or debit cards going ahead via such PAs will become costlier. Who are payment aggregators? PAs are essentially third-party service providers that let customers pay, and allow businesses to collect payments made via UPI, credit/debit cards or more. They are the interface between the customers and the merchants, allowing customers to opt for multiple, secure payment options, and also letting merchants manage and track fund collections and refunds. For their services, PAs levy a payment gateway fee, which ranges between 0.5% to 2% for each transaction. Post demonetisation in 2016, when currency notes of Rs 500 and Rs 1,000 were discontinued with immediate effect, the government had waived off taxes on credit and debit card transactions of up to Rs 2,000, in order to boost digital payments. If GST is levied, PAs are likely to pass on this cost to merchants. Will UPI be affected? No. Currently, UPI does not currently have a MDR, or merchant discount rate. UPI will continue to remain a lucrative option for PAs and merchants, especially for transactions under Rs 2,000, since they will not attract GST. PAs charge MDR to businesses for processing credit and debit card transactions on their behalf. What will change? The move is likely to affect small businesses the most, who thrive on multiple, low value transactions. Think of this. Say you make a payment of Rs 1,500 via your credit card on Razorpay. If the PA sets its fee at 1% of each transaction, the business will have to pay Rs 15 to the PA. But now, with the potential additional 18% GST applicable, the business will have to pay Rs 2.7 more, or about Rs 17.7 to these PAs. This might not seem much at first, but compounded over multiple transactions, might snowball into a significant cost for small businesses.

GST Council mulling 18% GST on low value transactions made via RazorPay, PayPal and more. Here's how it will impact you

The 54th <keyword id="19994390" type="General" weightage="100" keywordseo="GST-council" source="keywords">GST Council</keyword> meeting, scheduled for today, could bring a pivotal change to the taxation of <keyword id="20971977" type="General" weightage="20" keywordseo="health-insurance-premiums" source="keywords">health insurance premiums</keyword>, with the possibility of reducing the current GST rate. As per an <keyword id="23091874" type="General" weightage="20" keywordseo="ANI-report" source="keywords">ANI report</keyword>, the Council is considering a substantial <keyword id="20158303" type="General" weightage="20" keywordseo="reduction" source="keywords">reduction</keyword> in the GST applied to health insurance premiums, a move expected to benefit both individuals and the elderly. At present, these policies are subject to an 18% GST. Discussions within the Council's fitment committee, composed of both central and state <keyword id="19987671" type="General" weightage="20" keywordseo="tax" source="keywords">tax</keyword> authorities, took place on Sunday, weighing the potential advantages and drawbacks of such a reduction. Today, a detailed report concerning the GST levied on life, health, and reinsurance premiums will be tabled, highlighting its revenue implications. Following the presentation, the Council will debate the merits of adjusting the GST rate on health insurance premiums. According to the ANI report, a source said that the Council is leaning towards removing the 18% GST on individual health insurance premiums entirely. However, group health insurance policies are likely to retain the existing tax rate. Additionally, there is a proposal under consideration to introduce a tax on online payments exceeding Rs 2,000. Currently, transactions made via online payment platforms remain untaxed. Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> leads the GST Council, with state ministers serving as members. In a previous meeting, the Group of Ministers tasked with reviewing GST rates discussed potential reforms in the health insurance sector. Bihar’s Deputy Chief Minister, Samrat Chaudhary, who heads this group, indicated that suggestions for changes in insurance tax rates were actively being examined. West Bengal’s Finance Minister, Chandrima Bhattacharya, also advocated for reducing the 18% GST rate on life and health insurance, noting that the fitment committee was assessing the request. During the Council's last meeting in June, Finance Minister Sitharaman introduced several key reforms, including Aadhaar-based biometric integration and exemptions in railway services.

GST council meeting today: Tax on health insurance premiums expected to be reduced, says report

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved the proposal for the 3rd batch of ascending <keyword id="22338892" type="General" weightage="20" keywordseo="e-auctions" source="keywords">e-auctions</keyword> for 730 <keyword id="22951451" type="General" weightage="100" keywordseo="FM-radio-channels" source="keywords">FM radio channels</keyword> in 234 new cities, with an estimated reserve price of Rs. 784.87 crore under the <keyword id="22950610" type="General" weightage="20" keywordseo="Private-FM-Radio" source="keywords">Private FM Radio</keyword> <keyword id="22657617" type="General" weightage="20" keywordseo="Phase-III-Policy" source="keywords">Phase III Policy</keyword>. According to the official statement, the Cabinet also approved a proposal to set the <keyword id="22951452" type="General" weightage="20" keywordseo="Annual-License-Fee" source="keywords">Annual License Fee</keyword> (ALF) for FM channels at 4 per cent of <keyword id="20406587" type="General" weightage="20" keywordseo="Gross-Revenue" source="keywords">Gross Revenue</keyword>, excluding Goods and Services Tax (GST). This will apply to the 234 new cities and towns. The expansion of Private FM Radio to these 234 new locations will address the existing demand for FM radio services in areas still uncovered by private broadcasters, providing access to new and local content in <keyword id="20520759" type="General" weightage="20" keywordseo="regional-languages" source="keywords">regional languages</keyword>. This initiative will create new <keyword id="19972727" type="General" weightage="20" keywordseo="employment-opportunities" source="keywords">employment opportunities</keyword>, promote local dialects and culture, and support the 'vocal for local' initiative. Many of the approved cities and towns are located in Aspirational districts and areas affected by Left-Wing Extremism (LWE). The introduction of Private FM Radio in these regions will further strengthen the Government's outreach efforts. The evolution of India's Private FM Radio Policy marked a shift from <keyword id="22951453" type="General" weightage="20" keywordseo="medium-wave" source="keywords">Medium Wave</keyword> (MW) broadcasting to Frequency Modulated (FM) waves, driven by a need to enhance the quality and variety of radio programming, improve broadcast standards, and modernize outdated equipment. The journey began with the approval of the FM Phase-I Policy in July 1999, which aimed to revitalize the radio industry by introducing open auctions for selecting successful bidders. However, the initial phase met with limited success, with only 21 channels becoming operational across 12 cities. Recognizing the need for a more robust framework, the government introduced the improved FM Phase-II Policy in July 2005, following recommendations from the Dr Amit Mitra Committee and the Telecom Regulatory Authority of India (TRAI). This policy was well-received by stakeholders and resulted in significant growth in the FM radio industry, creating new employment opportunities and expanding the reach of private FM radio. Despite this success, many cities, particularly those with populations below three lakh and border areas, remained outside the private FM radio network. The necessity for further expansion led to the introduction of the FM Phase-III Policy, which sought to address the unmet demand for FM radio in uncovered cities. This policy recognized the strategic importance of extending FM radio services to border areas, such as Jammu &amp; Kashmir, the North Eastern states, and island territories, where private broadcasters had been reluctant to enter due to concerns about viability. The policy also aimed to incentivise the development of FM radio in these regions to counter cross-border propaganda and ensure that Indian radio channels had a wider reach. Additionally, the Phase-III Policy acknowledged the presence of 97 vacant channels from Phase-II that could not be auctioned for various reasons and emphasized the need for better utilisation of the frequency spectrum allocated for FM broadcasting.

Cabinet approves Rs 784.87 cr e-auctions for 730 FM radio channels across 234 new cities

New Delhi, The <keyword id="4914195" type="General" weightage="20" keywordseo="gst-revenues" source="Orion">GST revenues</keyword> for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="80" keywordseo="gst" source="Orion">GST</keyword>) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore. He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent. "GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection efficiency. Tax evasion and avoidance is low.

GST revenues grew 11% to about ₹1.6 lakh crore in August: Revenue secretary

New Delhi, Finance minister Nirmala Sitharaman on Tuesday said the 28 per cent GST on full face value of supplies in casinos, race courses and online gaming will result in higher revenues. The online gaming segment grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates referred in the Draft National Policy for Growth of Animation, Visual Effects, Gaming, Comic &amp; Extended Reality sector in India prepared by the Information and Broadcasting Ministry. In a written reply to a question in the Rajya Sabha, Sitharaman said casinos are currently paying 28 per cent GST on Gross Gaming Revenue (GGR). Online gaming industry supplying actionable claims and some horse race clubs are currently paying GST at the rate of 18 per cent on platform fees/commission ranging from 5 to 20 per cent of the full face value, while some horse race clubs are paying 28 per cent on the full face value. Sitharaman said online gaming companies supplying actionable claims and some horse race clubs paying 18 per cent on platform fee/commission are disputing the 28 per cent levy on actionable claims in the form of betting and gambling before various legal fora. "It is anticipated that the levy of 28 per cent on full face value, as recommended in the 50th <keyword id="6355040" type="General" weightage="50" keywordseo="gst-council" source="Orion">GST Council</keyword> meeting, will result in increase of revenue from current levels," Sitharaman added.

28% GST on face value in casinos, online gaming, horse racing will increase revenue collection: FM

Union Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> on Saturday morning chaired a <keyword id="20255269" type="General" weightage="20" keywordseo="pre-budget-meeting" source="keywords">pre-budget meeting</keyword> with Finance Ministers of all States and Union Territories. The Pre-Budget Meeting is organised by the Ministry of Finance and Corporate Affairs with Finance Ministers of all the States and Union Territories (with Legislature) to take suggestions for the upcoming <keyword id="20387181" type="General" weightage="20" keywordseo="Union-Budget-2024-25" source="keywords">Union Budget 2024-25</keyword>. Ministers of State along with other stakeholders are participating in the meeting and visuals showed Uttar Pradesh finance minister Suresh Kumar Khanna, and finance minister of Rajasthan Diya Kumari at the Bharat Mandapam venue before the meeting commenced this morning. The Union Finance Ministry had begun consultations on the budget a few days ago with different stakeholders of economy. Sitharaman has met economists, finance and capital market experts and industry bodies. Sitharaman chaired the first pre-budget consultations with leading economists on June 19. The meeting was attended by Union minister of State for Finance Pankaj Chaudhary, the finance secretary, secretaries of the departments of economic affairs, revenue, financial services and corporate affairs and the chief economic adviser. Meanwhile, Sitharaman will also chair the 53rd <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (GST) Council Meeting scheduled in the second half of the day. This is the first meeting of the <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="GST Council" meta.hostid="261" meta.entityid="GST Council">GST council</keyword> after the formation of the new government. State finance ministers will also be present at the 53rd meeting of the Goods and Services Tax Council. As is the norm, the GST Council gets together to discuss issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges. The Council is a key player in shaping India's indirect tax system, making sure that it facilitates company and citizen tax relief while also being in line with the country's economic objectives. The information on the agenda of Council meeting is not yet in public domain. However, the decisions and recommendations arising from the 53rd GST Council meeting will be closely watched by various stakeholders, including businesses, policymakers, and the general public, as they have the potential to influence taxation, trade, and overall dynamics. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years. Meanwhile, preparation has commenced for the Union budget 2024-25, the first for the third term of the Prime Minister Narendra Modi-led <keyword id="22141478" type="General" weightage="20" keywordseo="National-Democratic-Alliance-government" source="keywords" meta.keywordsubtype="org" meta.entityname="National Democratic Alliance government" meta.hostid="261" meta.entityid="National Democratic Alliance government">National Democratic Alliance government</keyword>.

Union Finance Minister Sitharaman chairs pre-budget meeting with finance ministers of states, UTs; GST Council to meet later today

<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="4938005" type="General" weightage="20" keywordseo="gst-collections" source="Orion">GST collections</keyword> in March grew 11.5 per cent to Rs 1.78 lakh crore, buoyed by domestic transactions, the <keyword id="19900485" type="General" weightage="20" keywordseo="finance-ministry" source="keywords">finance ministry</keyword> said on Monday. The gross <keyword id="19951327" type="General" weightage="20" keywordseo="gst" source="keywords">GST</keyword> collection for the last fiscal (April 2023-March 2024) stood at Rs 20.18 lakh crore, 11.7 per cent higher than the mop-up in the preceding fiscal. The average monthly gross collection for FY24 stood at Rs 1.68 lakh crore, exceeding Rs 1.5 lakh crore in the preceding fiscal. "Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at Rs 1.78 lakh crore, with a 11.5 per cent year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6 per cent," the ministry said in a statement. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023. GST revenue net of refunds for March 2024 was Rs 1.65 lakh crore, 18.4 per cent higher over the same period a year ago.

GST collections hit ₹1.78 lakh crore in March, second highest since roll-out

<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>

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