ROLE OF GST
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
Most of top-level executives have positive perception of GST: Deloitte survey
A Deloitte survey shows growing confidence in India's GST among C-suite executives, with 84% perceiving it positively in 2024, up from 72% in 2023. Key reforms suggested include rationalizing tax rates, improving dispute resolution, and enhancing automation and technology. The survey also highlights the need for further simplification and support for MSMEs.
Auto industry body seeks cut in two-wheeler GST; SIAM suggests three-level slabs based on fuel types
Society of Indian Automobile Manufacturers (Siam) has requested a reduction in GST rates on two-wheelers in India. They proposed different slabs for different types of two-wheelers to lower the rates. Siam also wants the removal of the 3% cess on high cubic capacity bikes.
IGL is the only preferred play in CGD pack: Harshvardhan Dole
I think there is possibility of earnings upgrade across the sector which includes upstream companies, downstream companies, and to an extent some of the gas entities. So, we are quite positive on the whole sector to begin with.
Realty hopes reforms, infra development continuity as Modi 3.0 takes charge
Industry players and experts are emphasizing the need for tax rationalization and reduced approval costs to foster a more conducive environment for investment and development.
Congress leaders condole BJP leader Sushil Modi's demise
Congress president Mallikarjun Kharge and party's General Secretary Jairam Ramesh have condoled the death of veteran BJP leader Sushil Kumar Modi. Kharge expressed condolences to the family and supporters of Modi, who had made a significant contribution to the GST Council. Ramesh praised Modi for his political contributions, including chairing the Council of State FMs and working constructively with Pranab Mukherjee and P. Chidambaram. Modi also contributed to the creation of the National Rural Livelihoods Mission (Aajeevika) and his well-argued speeches in the Rajya Sabha.
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Supreme Court admits petition on imposition of GST on joint development pacts
The Supreme Court admits a petition challenging GST imposition on transfer of development rights in joint development agreements, impacting real estate projects nationwide. Notices issued to government bodies for replies. Argument centers on whether such transfers constitute a taxable supply under GST law, potentially leading to double taxation. Decision could reshape real estate dynamics.
Government adopted pro-poor approach in GST implementation, revenues reached pre-GST levels: Nirmala Sitharaman
Sitharaman's efficient tax administration highlighted in maintaining stable revenues with a pro-poor approach in GST implementation. Despite lower tax rates, revenues reached pre-GST levels, benefiting states. The turnover threshold rose, tax submissions reduced, and tax buoyancy improved post-GST implementation.
How GST ensured fast credit growth to MSMEs
In January 2024, credit to the industry expanded by 7.8% y-o-y, down from the 8.7% growth recorded in January 2023.
Madras HC stays Rs 80 cr GST demand on Hyundai seconded employees pay
The company had challenged the December 23, 2023 tax demand notice from the GST authorities, which had considered the entire salary amount paid to seconded employees as taxable. Secondment, a common practice among global companies, is a temporary arrangement in which an employee transitions from one role to another, typically within the same group of companies, within or outside the country for a specified duration.
FM Sitharaman asks GST officers to leverage tech to plug loopholes, better taxpayer services
Finance Minister Nirmala Sitharaman urged GST officers to leverage technology, share best practices, and ensure seamless coordination across states at the National Conference of Enforcement Chiefs of the State and Central GST Formations. She emphasized the need for clarity on the classification of related issues and stakeholder engagement.
Coal sector contributes over Rs 70,000 cr every year to Centre, states: Govt
"Coal production generates substantial revenue for both Centre and state governments, with royalty collections reaching Rs 23,184.86 crore in the fiscal year 2022-23," the statement said. Coal is the single-largest contributor to railway freight, with an average share of nearly 49 per cent of the total freight income amounting to Rs 82,275 crore in 2022-23 alone. This revenue contribution has surpassed 33 per cent of total railway earnings.
Realty redevelopment projects GST ruling likely to hit cost dynamics across markets
Telangana High Court dismisses a legal challenge by a real estate developer regarding the GST on transfer of development rights; real estate projects involving redevelopment and rehabilitation are crucial for Mumbai's property market due to the shortage of vacant land parcels.
Interim Budget 2024: MSMEs want to see execution of policies, express cautious optimism on announcements
Among some of the measures announced include the establishment of a corpus of Rs 1 lakh crore to give interest-free loan for tech-savvy youth to spur innovation.
Union Budget 2024: Will FM Sitharaman address the complexities in India's tax system?
Budget 2024: India's indirect tax landscape is in need of significant changes to promote economic growth and a more business-friendly environment. The Goods and Services Tax (GST) is a key component of the tax reform journey, but its complexity often leads to confusion and compliance challenges. The inclusion of petroleum products and real estate under the GST would simplify the tax structure, promote transparency, and reduce the cascading effect of taxes.
Bajaj Auto to launch CNG bikes in FY25, will be priced higher than petrol vehicles
Bajaj Auto is developing a range of CNG motorcycles, set to launch in FY25. The company urges the government to reduce GST on CNG bikes to 12% to promote their adoption. These motorcycles will target mileage-conscious consumers and will have a special tank for both petrol and CNG fuel options. Bajaj Auto acknowledges the need for an extensive network of CNG filling stations for the success of these bikes. The company is also actively promoting electric vehicles alongside CNG options.
Interim Budget 2024: Simplified GST structure tops logistics industry wish list
Industry leaders expect the government to prioritise the completion of several components of the National Logistics Policy, Gati Shakti, multi-modal hubs and inland waterways.
Navigating the path of progress: E-commerce and logistics expectations from Budget 2024-25
As the budget approaches, the logistics/e-commerce sector is anticipating significant developments from the government that will shape its course in the coming years.
Mutual funds' collects Rs 63,854 crore through NFOs in 2023
Usually, NFOs come during a surging market when investor sentiments are high and optimistic. The NFOs were floated to capitalise on the mood of investors and attract their investment as they were willing to invest at that time.
Budget 2024: The indirect tax changes the government should look to introduce
From the advent of GST, the Government has time and again tried to iron out the complexities, compliance hiccups and anomalies with respect to various issues, however, there are still plethora of issues on which industry seeks government intervention.
Restaurants' body seeks restoration of input tax credit, higher GST rate of 12 pc
The National Restaurant Association of India (NRAI) has called for the government to restore input tax credit to restaurants and increase the GST rate to 12% from the current 5%, ahead of the upcoming Union Budget. The association believes that balanced policies and regulations are needed to ensure a level playing field for restaurants, delivery partners, and consumers.
How data and emerging technologies can play a pivotal role in bringing down cost of logistics in India
Going beyond infrastructural issues, India’s logistics sector has a lot to grapple with. One easy solution could be digital integration.
Time ripe for Indian companies to play offensive globally: FICCI Chief Anish Shah
India Inc is well poised with continued growth momentum and armed with robust balance sheets, it can go out and play offense across the world, Federation of Indian Chambers of Commerce & Industry (Ficci) president Anish Shah said on Monday.
Pepperfry FY23 report card; Microsoft’s Ahmed Mazhari on India’s role in AI adoption
Omnichannel furniture retailer Pepperfry narrowed losses slightly to Rs 187.6 crore in FY23 from a year ago while operating revenue grew modestly. This and more in today’s ETtech Top 5.
GST council’s role only recommendatory, not binding, asserts Madras High Court
This decision is significant as it provides support to taxpayers facing GST demands solely based on council discussions or clarificatory circulars. However, the court highlighted that the government retains the authority to make changes, including adjustments to GST rates, through legal amendments or notifications.
It’s raining GST notices. Are you prepared?
Most notices seem to be based on assumptions and surmises. Taxpayers must be proactive in collating supporting documents and advancing appropriate justifications to defend the notices.
Finance Minister Nirmala Sitharaman to chair the 52nd GST Council Meeting today
Finance Minister Nirmala Sitharaman will chair the 52nd Goods and Services Tax (GST) Council meeting in New Delhi. The meeting will be attended by Union Minister of State for Finance, MP Poonia, along with finance ministers from various states and union territories. The council discusses matters related to the GST regime, including tax rates and administrative issues.
GST Council Meet: GST rate on millet-based products slashed to 5%
The Goods and Services Tax (GST) Council has decided to reduce the GST on millet flour food preparations from 18% to 5%. The fitment committee of the GST Council had previously recommended the exemption for powdered millets but had refused to provide incentives for prepared produce made from millet. India is focusing on promoting the production and consumption of millets in 2023.
The Winning Edge Communication Strategies for Leaders at IIM Ahmedabad
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