Tag: Gst

Delhi Grain Merchant Association President Naresh Kumar Gupta said that this is for the first time when non-branded food items are being brought under the GST and claimed that the decision was not in favour of the general public and traders.

While addressing a press conference, Commissioner of Commercial Taxes and GST, Sushil Kumar Lohani informed about the crime. 

Addressing the media at the conclusion of the two-day meeting of the Goods and Services Tax (GST) Council here, Sitharaman said casinos, horse-racing, and online gaming are all gambling.

The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year, it said.

India is the second-largest footwear manufacturer in the world with 9 per cent of the annual global production, CAIT claimed.

The minister said the GST rate for health insurance is 18 percent, which is as per international standards, and similar to what it was during pre-GST days in the country.

EY India Tax Partner Bipin Sapra said "this change will have an immediate impact on working capital of tax payers who are currently availing credit of 105 per cent of matched credit. The change will also mandate industry to validate that the procurements are made from genuine and compliant vendors."

The OGST collection during the month was Rs 1,157.69 crore against a collection of Rs 681.96 crore during November 2020.

In October 2021, the revenues were Rs 1,30,127 crore, while in April 2021, it was the highest at over Rs 1.41 lakh crore.

India has four primary GST rates of 5 per cent, 12 per cent, 18 per cent, and 28 per cent.

With GST revenue collections making a rebound post the disruptions caused by the second wave of Covid pandemic, the Centre is likely to initiate dialogue with states for inclusion of petroleum products under the new indirect tax fold.

e Centre opened a special borrowing window last year to meet the estimated shortfall of Rs 1.1 lakh crocre in revenue arising on account of implementation of GST.

Rourkela: In a major achievement, the GST intelligence wing unearthed a racket involved in fraudulent GST transactions amounting to crores of rupees in Rourkela today. As per reports, the racket was active since the introduction of GST by the union government and had been causing massive losses to the state exchequer by availing benefits under […]

Bhubaneswar: The Goods and Services Tax (GST) Council today exempted wood meant for construction of idols and chariots of deities under the GST regime. Speaking to media after the GST Council meeting at Vigyan Bhawan in New Delhi, Odisha Finance Minister, Sashi Bhusan Behera said “After a while, the council has finally approved our demands […]

By Dillip Kumar and Pratik Patra 2017 brought many new things. It also renewed, reformed and shed some. The year saw new policies, announcements and reforms. Here’s a list of some big, bold & boastful ones. VAT, GST rollout Preparing the ground for transition to a new taxation regime, the Odisha Assembly unanimously passed the […]