GST
Righteous GST implementation to bolster online skill gaming sector in India
India's share is currently at 1-2 per cent of the global gaming market with a market size of $1.8 billion of which Real-Money gaming has the largest constituent of revenue pool driven by higher user paying propensity (around 20 per cent of total market size). The total number of users of gaming services are close to 433 million and is expected to touch 650 million by 2025. However, apart from fine-tuning the regulatory mechanism, there's an urgent need to look at the GST levied on the sector.
March GST collection at record high of over Rs 1.42 lakh crore
"The gross GST revenue collected in the month of March 2022 is Rs 1,42,095 crore of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods)," the Finance Ministry said.
CAIT urges Centre to rationalise BIS standards, GST slab on footwear
"India is a land of diversity where consumers range from an ordinary person to most affluent class and their purchase behaviour is more as per their economic strata and therefore they can't be governed by a single yardstick, and therefore any policy or tax imposition should be levied accordingly in order to provide equitable strength to everyone ," said Secretary General of the traders' body Praveen Khandelwal.
Feb GST collection rises 18% YoY to over Rs 1.33 lakh cr
India's GST collection rose 18 per cent in February 2022 on a year-on-year basis to Rs 133,026 crore, official data showed on Tuesday.However, on sequential basis, last month's collections were slightly lower than those of January 2022. In January 2022, the collection had stood at Rs 138,394 crore. Notably, this is the fifth time that the GST collection has crossed the Rs 1.30 lakh crore mark.
Extension of key dates under GST to help seasonal businesses
While major policy decisions in Goods and Service tax take place only through GST council, Union Budget 2022-23 has provided the much-needed changes in the statute, said Smita Singh, Partner, Indirect Taxes, Customs and Trade Laws, S&A Law Offices.
Extension of key dates under GST to help seasonal businesses
As per industry demands, the time limit for availment of input tax credit has been extended for a particular financial year from six months to nine months from the end of the financial year. The time limit for issuance of credit notes has also been extended to nine months, implying that credit notes for a particular financial year may be issued up to 30th November of the subsequent financial year instead of earlier limit of 30th September.
January 2022: GST collection rises 15% YoY to over Rs 1.38 lakh crore
"The revenues for the month of January 2022 are 15 per cent higher than the GST revenues in the same month last year and 25 per cent higher than the GST revenues in January 2020," a Finance Ministry statement said. "During the month, revenues from import of goods was 26 per cent higher and the revenues from domestic transaction (including import of services) are 12 per cent higher than the revenues from these sources during the same month last year."
Lowering taxes, more R&D will stablise consumer electronics sector, say players
"India can become the world's third-biggest market for televisions, leading to an estimated growth of 15 per cent in the market size, increasing to up to 16 million units annually. We would like to urge the government not to change custom duties, as the industry is moving towards a stable condition," Avneet Singh Marwah, CEO, Super Plastronics Pvt Ltd (SPPL) he said.
Hike in premium exemption, indication on GST cut on premium budget expectations of insurers
Senior industry officials also urged the government to take steps to increase insurance penetration in the country. Even though the GST rates do not form part of the union budget, insurers want an indication towards slashing of the rates on insurance premiums in Finance Minister Nirmala Sitharaman's budget speech.
Centre releases Rs 95,082 cr to states as tax devolution
Poll bound states of Uttar Pradesh will receive Rs 17,056.66 crore, Uttarakhand Rs 1,063.02 crore, Punjab will receive Rs 1,718.16 crore and Goa is going to get Rs 367.02 crore along with all other states. The Government of India had released the first advance instalment of tax devolution amounting to Rs 47,541 crore to states on November 22, 2021.
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