GST
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India's Fiscal Deficit for 2024-25 Reaches 52.5% of Annual Target in First 8 Months
This reflects a strong macroeconomic financial position as the fiscal deficit is well under control with the government sticking to the consolidation path.
Popcorn at Movie Theatres to Attract 5% GST
On the other hand, if popcorn is clubbed together and sold with a cinema ticket, the supply will be treated as a composite supply and taxed according to the applicable rate of the principal supply, which in this case is the ticket.
GST Council Issues Clarification on Popcorn Taxation
There is no change in the tax rate of popcorn and the GST Council has only agreed that the Central Board of Indirect Taxes and Customs (CBIC) will issue a circular clarifying the present taxation regime of popcorn.
GST Collections Rise by 8.9% Year-on-Year to Rs 1.87 Lakh Crore in October
The data released by the government showed that all CGST, SGST, IGST, and cess were up in the last month. Central GST (CGST) collected Rs 33,821 crore in October while State GST (SGST) collection was at Rs 41,864 crore. The government also collected Integrated GST (IGST) at Rs 99,111 crore and cess amounting to Rs 12,550 crore.
Infosys Announces Withdrawal of GST Notice by Karnataka Authorities
The country's second-largest IT company made headlines on Wednesday when GST authorities issued a notice of ₹ 32,403 crore for services the company availed from its overseas branches for a five-year period starting in 2017. Infosys explained that this is a 'pre-show cause' notice and reiterated that GST should not be applied to these expenses.
GST Collections for July Rise 10.3% to Reach Rs 1.82 Lakh Crore
The gross GST collections have been Rs 7.39 lakh crore for the first four months of the current fiscal—up 10.2 per cent over the comparative period last year. In July, domestic GST collections were up 8.9 per cent, while revenues from imports rose 14.2 per cent, quite substantially.
Infosys Faces Rs 32,403 Crore GST Demand Notice from Authorities
In a filing to the stock exchange, Infosys referred to the notice as a ‘pre-show cause’ notice and asserted that GST does not apply to these expenses.
India's Goods and Services Exports Surge 8.6% to Exceed $200 Billion in Q1 2024-25
The data indicates that merchandise exports grew by 2.55%, amounting to $35.20 billion in June, compared to $34.32 billion in June 2023. The cumulative merchandise exports for April-June 2024 reached $109.96 billion, reflecting a 5.84% increase from $103.89 billion during the same period last year.
June Sees GST Collection Surge to Rs 1.74 Lakh Crore, Up by 7.7%
This becomes time synchronization of steady GST collection with strong economic growth and improved country's tax compliance. This regime, on completion of seven years of its implementation, has substantially helped most of the households with a reduction in taxes on essential items such as household appliances and mobile phones; it begs attention toward the finance ministry. The theme of 7th GST Day, "Sashakt Vyapar Samagra Vikas", itself empowers trade for overall growth, underlining the impact on economic resilience by it.
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