GST Council
GST Council to allow e-commerce for unregistered vendors
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 recommends to decriminalise certain offences
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 collection rises 28% in August: Here's what experts say
The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), it said.
GST collections stood at Rs 1,43,612 cr in Aug
According to figures released by Finance Ministry on Thursday, GST collections in August 2021 were Rs 1,12,020 crore. Out of the total collections, CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore (including Rs 42,067 crore collected on import of goods), while the cess stood at Rs 10,168 crore (including Rs 1,018 crore collected on import of goods).
Revenue of states may grow a modest 7-9% this fiscal: CRISIL
The rise in revenue can be witnessed on back of healthy tax buoyancy, with Goods and Services Tax (GST) collections and devolutions from the Centre, together comprising 43-45 per cent of the states' revenue, expected to show robust double-digit growth this fiscal. The above mentioned India's top 17 states, accounts for 85-90 per cent of aggregate gross state domestic product.
India still fastest growing economy, no sign of recession: FM on price rise defence
Speaking during a debate on the issue of price hike in the Lok Sabha, Sitharaman said the global agencies have ranked India's economy higher than most countries and there is no sign of recession in the country. While comparing India with neighbouring countries such as China, Sri Lanka, Pakistan, Bangladesh as well as the US and European countries, she said that on the basis of various parameters and data, India is in a much better state than most other countries at the global level.
GST collection in July second highest ever
For five months in a row, the monthly GST revenues have been more than Rs 1.4 lakh crore "During the month, revenues from import of goods was 48% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year," the ministry said.
No GST on food items when sold loose, clarifies Sitharaman
The Finance Minister released a list of items that will not attract any GST, when sold loose, and not pre-packed or pre-labeled. In a series of tweets, she said: "Recently, the GST Council in its 47th meeting recommended to reconsider the approach for imposition of GST on specified food items like pulses, cereals, flour, etc.
Explained: How GST rates will affect the monthly budget
As per the available data it is estimated that household budgets are likely to increase by more than Rs 1,000 per month. Flour, rice, dals to be costlier. For example a 20 kg bag of flour will cost Rs 630 to Rs 650 which was earlier Rs 600 per bag, and refined flour will cost Rs 5 to Rs 6 per kg. Similarly rice which cost Rs 1300 to Rs 1600 for a 25 kg bag will cost Rs 1400 to Rs 1800.
Curd, lassi, cheque books, ink among things to turn costlier
Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from the exemption list. Writing, printing, or drawing ink will also become costlier. The rate rationalisation decision was taken at the two-day 47th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman, that started in Chandigarh on Tuesday.
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