GST

Out of the Rs 1,62,712 crore GST collections for September, CGST was Rs 29,818 crore, SGST was Rs 37,657 crore, IGST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods).

“We are fully prepared to bring it into effect from October 1. As per the decision taken in the last meeting of the GST council, the related notifications are under process,” the CBIC chairman told media persons.

Delta Corp received an intimation for payment of shortfall tax under Section 74(5) of the CGST Act, 2017 and Goa SGST Act, 2017 from the Directorate General of GST Intelligence, Hyderabad, on Friday.

The figure was, however, 11 per cent higher than the GST collections of August 2022, which were Rs 1,43,612 crore.

Revenue secretary Sanjay Malhotra told reporters in Gurugram on the sidelines of an event, that GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion.

The meeting of the GST council, which is headed by Finance Minister Nirmala Sitharaman, will be held virtually. On July 11, the GST council decided that there will be a 28 per cent GST levy on full value of gaming, horse racing and casinos. The decision had led to disappointment in the gaming industry, which had even written to the finance ministry, urging it to revoke the decision.

As per Finance Ministry data, in 2020-21, as many as 12,596 cases of GST evasion were detected, while in 2022-23, the cases rose by 23.5 per cent to 15,562. Also, in 2020-21, Rs 49,384 crore worth of GST evasion was detected, which rose by a humungous 166 per cent to Rs 1,31,613 crore in 2022-23.

These 5,000-odd cases have led to the detection of Rs 27,426 crore of GST evasion. However the recovery has only been worth of Rs 922 crore in the past six years. These figures pertain to the period between July 1, 2017 (commencement of GST regime) and June 30, 2023.

Backed by investors such as Temasek, James Murdoch’s Lupa Systems, and World Bank’s International Finance Corporation, upGrad has raised $600 million to date, and was valued at $2.25 billion last year.

In a circular issued by the Central Board of Indirect Taxes (CBIC), it was clarified that in respect of common input services procured by the head office from a third party but attributable to both head office and branch offices or exclusively to one or more branch offices, the head office has the option to distribute input tax credit (ITC) in respect of such common input services.