GST from domestic transactions grew 10.6 per cent to Rs 1.42 lakh crore, while tax on imports rose about 4 per cent to Rs 45,096 crore during October 2024.
Goods and Services Tax is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and some goods attract cess on top of the highest 28 per cent
Last month, domestic revenue grew 5.9 per cent to about Rs 1.27 lakh crore. Revenue from import of goods was up 8 per cent to Rs 45,390 crore.
An amount of Rs 24,010 crore of suspected tax evasion was detected during the first special drive last year. The second all-India drive against fake registration began on August 16 and will continue till October 15.
In 2021, it was found that fraudulent GST refunds were approved by the GST officer without verification of input tax credit and around 500 non-existent firms were doing business activities just to claim bogus GST refunds.
There has been a widespread demand to remove the 18 per cent GST on health insurance premiums so that the extra burden is not imposed on the insured, thereby increasing the ambit of coverage.
The Fitment Committee, comprising the Centre and state tax officials, on Monday presented a report giving data and analysis and implications of GST reduction on life, health and reinsurance premiums.
Delhi Minister Atishi confirmed that the demand raised by her government, along with AAP and the Punjab govt, was accepted by the Central govt in the GST Council Meeting.
The victim has been identified as Ashwani Kumar, a resident of Barsu Village in the Ratanpuri police station area in Muzaffarnagar. The fraud e-way billing scheme involving Rs 250 crore.
Surprisingly, Union Minister Nitin Gadkari also wrote to Finance Minister Nirmala Sitharaman urging her to consider withdrawing the GST which, he said, amounted to taxing uncertainties of life and restricting the industry's growth.
Mamata Banerjee said that the imposition of GST on insurance premiums increases the financial burden on the common people and urged Union Finance Minister Nirmala Sitharaman to withdraw the Centre's recent move in the Union Budget.
In a positive economic development, the government announced that July's Gross Goods and Services Tax (GST) collections have surged by 10.3%, reaching over Rs 1.82 lakh crore. This marks a significant improvement from the same period last year.
In over 77 years of India's independence, the nation has taken giant leaps to become the fifth-largest economy in the world. As the country awaits what the budget brings, here are some of the most significant events that changed the course of our economy.
Insurers are calling for increased tax benefits for health insurance, relaxed payment norms for MSMEs, and incentives for the agri-tech sector in the upcoming Union Budget 2024-25. FM Nirmala Sitharaman is set to present the budget on July 23, which will outline the new government's economic agenda.
The actions against individuals - Mayur alias Mani Nagpal and his wife Charu Nagpal were part of a follow-up of the FIRs which were lodged last year in the matter related to GST fraud.
The Goods and Services Tax (GST) Council reportedly failed to address the gaming industry's demands for a revised tax structure as the companies proposed a 28 per cent GST levy on Gross Gaming Revenue (GGR) instead of the current system that taxes the full value of bets placed in online games.
GST council meeting: In another taxpayer-friendly measure, the GST Council has decided to introduce Form GSTR 1A to enable taxpayers to add information they have missed when filing Form GSTR 1.
Nirmala Sitharaman chaired the GST Council meeting on Saturday and made big announcements at a press conference. She listed out what will become cheaper.
The Union Finance Minister Nirmala Sitharaman will chair the 53rd Goods and Services Tax Council meeting, with finance ministers from states, among others in attendance.
Goods and Services Tax (GST) collections soared to a new peak of Rs 2.10 lakh crore in April, marking a 12.4% increase from the previous year.
Top News
Latest News
