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GST

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Tax
Realty industry wants tax and policy related relaxations in upcoming Budget
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Credit-Suisse-plummeting-share-price-invites-comparisons-to-2008-global-financial-crisis
Lower global growth could bode well for India which is better positioned
IANS -
"Key trends to watch out for in 2023 are the sustainability of credit growth, equity inflows and solid corporate earnings momentum, which were the key drivers of India's outperformance in 2022. These trends should persist, in our view, and keep India's valuation elevated. We expect moderate returns in 2023 and would selectively buy on dips given our constructive view of the Indian market in the medium term," it said.
GST-collection
Dec 2022 GST collections stand at Rs 1,49,507 crore: Govt
IANS -
However, on year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore. Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row, the figures mentioned. The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).
GST-rationalisation
Traders' body to launch 3-month-long stir, seeks streamlining of e-commerce rules, GST rationalisation
IANS -
"It is a matter of great regret that even after spending more than three years, the Central Government has not been able to bring e-commerce policy and e-commerce rules under Consumer Protection Act whereas the foreign e-commerce companies are bent upon in violating the law and the FDI policy quite openly under the nose of the government and no action has been taken so far," a statement issued by CAIT said.
Gross-tax-revenue
Spike in cesses, surcharges in Gross Tax revenue, 8.16 % in 2011-12 to 28.08% in 2021-22
IANS -
The Ministry said that a major reason is the imposition of GST Compensation Cess, which is entirely used for payment of compensation to the states and flows to states as Grants-in-Aid, in their Receipts Budget. Resources from the other cesses are allocated to different schemes and programmes in the Union Budget, which are implemented by the states and other implementing agencies.
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Tax
No tax increase on any item; GST on biofuel down to 5% from 18%
IANS -
The GST Council has made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. As per the Council recommendations, GST on husk of pulses reduced to nil from five per cent.
G-S-T
GST Council to allow e-commerce for unregistered vendors
IANS -
Appreciating wholeheartedly the major decision of the GST Council to allow small unregistered vendors to sell their goods through e-commerce portals, the Confederation of All India Traders (CAIT) on Saturday thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this "progressive decision" which was demanded by CAIT since last more than two years.
GST-Council
GST Council recommends to decriminalise certain offences
IANS -
Moreover, it also recommended reducing the compounding amount from the present range of 50 per cent to 150 per cent of tax amount to the range of 25 per cent to 100 per cent.Measures for facilitation of trade also included recommendation on decriminalising certain offences including obstruction or preventing any officer in discharge of his duties; deliberate tempering of material evidence and failure to supply the information.
GST
GST collections stood at Rs 1,45,867 cr in Nov, 11% rise year-on-year
IANS -
The gross GST revenue collected in November 2022 were Rs 1,45,867 crore of which CGST was Rs 25,681 crore, SGST Rs 32,651 crore, IGST Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess Rs 10,433 crore (including Rs 817 crore collected on import of goods)
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