GST Council meeting: Earlier the Ministry of Finance had said that the gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore. The monthly revenue is 10 per cent higher than the collection the same month the previous year.
According to the finance ministry, the revenue in September 2023 was 10 per cent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year.
The government has convened a Special Session of Parliament from September 18 to 22. The session began with PM Narendra Modi's address to the Lower House.
Sitharaman introduced the Central Goods and Services Tax (Amendment) Bill, 2023, and The Integrated Goods and Services Tax (Amendment) Bill, 2023 in Lok Sabha amid protests and uproar by the Opposition over the suspension of Congress leader Adhir Ranjan Chowdhury from the House.
So far this year, a total of Rs 12,322.71 crore has been mobilized, which is 11.65 per cent higher as compared to the revenue collected during the year-ago period.
From August 1, 2023, various changes linked to GST, payments system, bank transactions will come into effect that will directly impact the common man.
The panel, headed by the Union finance minister and comprising representatives of all states and UTs, also lowered the service tax levied on food and beverages consumed in cinema halls to 5 per cent.
The government has announced key changes in the existing GST tax slabs of various goods and services after the 50th GST Council meeting chaired by Finance Minister Nirmala Sitharaman. Here's what has become cheaper and costlier.
The GST Council, which held its 50th meeting under the chairmanship of Union Finance Minister Nirmala Sitharaman, decided to remove the distinction of game of skill and chance in case of online gaming.
FM Sitharaman released a short film titled 'GST Council - 50 steps towards a journey' on the occasion of 50th meeting of GST Council in New Delhi.
GST network brought under anti-money laundering law to plug tax evasion.
The Compensation Cess was supposed to end on June 30, 2022, five years after the introduction of the single tax on July 1, 2017, but the Indian government extended it until March 31, 2026.
Over 69,600 GST Identification Numbers (GSTINs) have been chosen for actual confirmation, of which 59,178 have been checked by field officials during the continuous container India unique drive.
Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain.
Nirmala Sitharaman on GST: Finance Minister added that many common-use items and services have been exempted from GST for the benefit of the people.
The revenues for the month of June 2023 are 12 per cent higher than the GST revenues in the same month last year.
CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies.
The minister also called for a nation-wide campaign to explain the objectives of the special drive to weed out the fake entities.
The GST collections in May saw a rise of 12 per cent which indicates a bullish trend in the Indian economy amid global challeges.
The gross Goods and Services Tax (GST) revenue collection grew by 12 per cent in April to Rs 1.87 lakh crore.
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