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.
The Goods and Services Tax (GST) is a successor to VAT used in India on the supply of goods and services. The highest-ever GST collection was recorded at Rs 1.87 lakh crore in April 2023.
A news is going viral on Facebook that 18% GST will be charged on sending 'Good Morning' message. When India TV conducted a Fact Check on this news, it came to light that it was written as a satire in a Hindi newspaper six years ago.
Donations to political parties are tax-exempt, provided they are directed towards political parties recognised by the Election Commission.
DGGI, the investigative arm under the GST regime, said head offices of foreign airlines providing services like ental, maintenance of aircraft and crew salaries are taxable under the reverse charge mechanism. It has sought clarification from ten foreign airlines.
ACB filed an FIR under Section 7 of the Anti-Corruption Act which deals with an offence relating to public servant being bribed.
Finance Minister Nirmala Sitharaman highlighted the doubling of the GST taxpayer base and monthly revenues since its launch in her budget speech.
The Budget announced the withdrawal of outstanding small tax demands dating back to 1962, up to Rs 25,000 till 2014-15.
The finance minister proposed to retain the same direct and indirect tax rates, including import duties.
Notably, this is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more. The government has settled Rs 43,552 crore to CGST and Rs 37,257 crore to SGST from the IGST collection.
The highest-ever monthly GST collection was recorded in April 2023 at Rs 1.87 lakh crore.
The government is considering expanding the Production-Linked Incentive (PLI) scheme in the upcoming interim budget, aiming to boost the manufacturing sector and employment. Sectors like garments, jewellery, and handicrafts may be included in the PLI scheme, currently available for 14 sectors.
Union Budget 2024: The budget is expected to include various financial indicators, including inflation, fiscal deficits, capital expenditures, revenue receipts, bad loans, and more.
The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23.
Zomato has been asked by the tax authorities to pay penalties and interest from October 2019 to March 2022.
Mamata Banerjee highlighted the cessation of funds for the rural roads program, a joint venture between the state and the Centre. Banerjee pointed out that the Centre collects money through GST, and the state has a rightful share in the funds.
Minister of State for Finance Chandrima Bhattacharya said that West Bengal is one of the states which has advocated taxation of such online gaming and similar activities at the highest rate.
Goods and Services Tax (GST) collections have jumped 15 per cent to over Rs 1.67 lakh crore in November, the Finance Ministry informed on Friday.
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