Tag: Goods and Services Tax

Should States get special packages outside Finance Commission allocations?

July 11, 2024 admin

In the run-up to the Union Budget, Nitish Kumar and Chandrababu Naidu, the Chief Ministers of Bihar and Andhra Pradesh, respectively, who are in a position to decide the political fate of the National Democratic Alliance (NDA) government at the Centre, have demanded special financial packages for their respective States. These packages could potentially increase…

Business

GST still far from simple: Arvind Subramanian

July 4, 2024 admin

Former CEA Arvind Subramanian. File | Photo Credit: The Hindu Revenues from the seven-year old Goods and Services Tax (GST) had not lived up to expectations, having attained pre-GST levels only now, and the objective of a ‘Good and Simple Tax’ remains elusive, former Chief Economic Advisor Arvind Subramanian averred on Thursday, terming the lack…

Business

Next government must urgently fix ‘unnecessarily complex’, counter-productive GST: 13th Finance Commission chair

April 7, 2024 admin

Chairman of the Thirteenth Finance Commission Vijay Kelkar has called upon the country’s next government to undertake urgent reforms in the “unnecessarily complex” GST regime, such as switching to a single tax rate of 12%. Image for representation. File | Photo Credit: The Hindu A key architect of India’s tax reforms and the chairman of…

Business

Gross GST revenues hit their second-highest level of ₹1,78,484 crore in March

April 1, 2024 admin

India’s gross GST revenues hit their second-highest level in March. File | Photo Credit: Reuters India’s gross Goods and Services Tax (GST) revenues hit their second-highest level of ₹1,78,484 crore in March, even as the growth rate in tax collections slowed to 11.5% from 12.5% in February. This lifted the total tally from the indirect…

Business

Up 12.5%, February GST kitty is fourth highest ever

March 1, 2024 admin

February’s GST revenue growth reflected the third-highest uptick in 2023-24 and lifted the total collections so far this year to ₹18.4 lakh crore. File | Photo Credit: Reuters India’s gross revenues from the Goods and Services Tax (GST) grew at a three-month high pace of 12.54% in February to cross ₹1.68 lakh crore, marking the…

Business

GST collections up 12.54% in February 2024

March 1, 2024 admin

Business

GST collections rise 13% to ₹1.72 lakh crore in October

November 1, 2023 admin

An Indian consumer goods trader shows letters GST representing “Goods and Services Tax” (GST)at his shop in Hyderabad on August 3, 2016. Growth in India’s gross Goods and Services Tax (GST) revenues bounced back in October with tax collections rising 13.4% to the second-highest monthly tally of ₹1.72 lakh crore. | Photo Credit: AFP Growth…

Business

Congress Says Centre Charging 18% GST On Gangajal, Tax Body Refutes Claim

October 12, 2023 admin

The puja items are exempt from GST since 2017, said tax body. (Representative Pic) New Delhi: The Congress on Thursday accused the Narendra Modi government of imposing an 18 per cent GST on the water of the holy Ganga river and termed it the height of “loot and hypocrisy”. The Central Board of Indirect Taxes…

Nation

Centre Launches GST Reward Scheme In 6 States And Union Territories

September 1, 2023 admin

Centre and states has kept Rs 30-crore corpus for this fiscal for the GST reward scheme. Gurugram: The GST lucky draw ‘Mera Bill Mera Adhikar’ scheme was launched in six states and Union Territories on Friday and the Centre and states have set aside a Rs 30-crore corpus for this fiscal for the reward scheme….

Business

GST revenues register three-month high in July

August 1, 2023 admin

Image used for representational purposes only. | Photo Credit: Special Arrangement India’s gross revenues from the Goods and Services Tax (GST) hit a three-month high to cross ₹1.65 lakh crore in July. However, at 10.8%, it was the slowest uptick in collections since July 2021 compared to revenues from the same month last year. Revenues…

Business