GST
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.
Zomato Faces New GST Demand of Rs 9.45 Crore
According to the filing made by Zomato with the BSE, it was for FY 2019-20 and includes a GST of Rs 5,01,95,462, along with an interest component of Rs 3,93,58,743 and a penalty of Rs 50,19,546. The company said it would challenge the order by citing confidence in its case as it plans to file an appeal with the concerned authorities.
Big Boost to Economy | GST collection for May 2024 at Rs 1.73 lakh crore, up 10 per cent YoY
Looking at the broader picture, the gross GST collections for the fiscal year 2024-25, up to May, amounted to Rs 3.83 lakh crore, demonstrating a commendable 11.3 percent year-on-year increase, as disclosed by the Ministry of Finance.
The GST empowered the states and helped the underprivileged: FM Sitharaman
This includes the appointment of the President of the GST Appellate Tribunal, GSTAT and an unprecedented moment, where GST collections are going gross over Rs 2 lakh crore. These milestones are attributed to the increased economic activity in the country.
April Sees Record-Breaking GST Collection of Rs 2.1 Lakh Crore
After accounting for refunds, the net GST revenue for April 2024 is a staggering Rs 1.92 lakh crore, with an impressive 17.1 per cent growth compared to the corresponding period last year.
Zomato Faces Rs 11.81 Crore GST Demand and Penalty
This order comprises Rs 5.9 crore in GST demand along with a penalty of equal amount for the period spanning July 2017 to March 2021.
March Boost: GST Revenue Surges by 11.5% to Reach Rs 1.78 Lakh Crore, Annual Collection Tops Rs 20 Lakh Crore Mark
This surge was predominantly fueled by a notable uptick in GST collection from domestic transactions, soaring by 17.6%. Such a surge indicates a heightened level of economic activity during the month. The GST revenue, excluding refunds, amounted to Rs 1.65 lakh crore in March, showcasing a robust growth of 18.4% compared to the corresponding period last year.
LIC Faces Rs 178 Crore GST Demand Notice
The Life Insurance Corporation of India (LIC) revealed on Tuesday that tax authorities have issued a demand notice amounting to approximately Rs 178 crore for the underpayment of Goods and Services Tax (GST) over two financial years.
February Sees 12.5% Surge in GST Collections, Exceeding Rs 1.68 Lakh Crore
This growth was predominantly fueled by a 13.9 percent surge in GST from domestic transactions, coupled with an 8.5 percent uptick in GST from the import of goods. The net GST revenue, after accounting for refunds, for February 2024 stands at Rs 1.51 lakh crore, marking a notable growth of 13.6 percent compared to the same month last year.
Jan Sees a 10.4% Surge in GST Collections, Reaching Rs 1,72,129 Crore
The government disbursed Rs 43,552 crore to CGST (Central Goods and Services Tax) and Rs 37,257 crore to SGST (State Goods and Services Tax) from the Integrated Goods and Services Tax (IGST) collection.
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