GST

Delhi minister Atishi, who holds the Finance portfolio, told reporters outside Vigyan Bhavan, where the GST council is currently meeting under Union Finance Minister Nirmala Sitharaman. Even Punjab Finance Minister Harpal Singh Cheema told reporters during a break in the proceedings, that bringing GST under PMLA's ambit may even lead to tax terrorism. 

The 50th GST Council has announced its decision to levy a 28 per cent GST on online gaming, along with horse racing and casinos which comes as a drawback to online gaming companies. The GST will be applicable to gross revenue/total prize pool.

This will give more power to the Enforcement Directorate (ED), the anti-money laundering agency, to act against tax evasion within GSTN.The government through a gazette notification, notified the exchange of information between ED and GSTN.

The GST regime was rolled out by the Indian government six years back. Of the total Rs 1.61 lakh crore collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess is Rs 11,900 crore (including Rs 1,028 crore collected on import of goods).

Out of the GST collected in June, CGST was Rs 31,013 crore, SGST was Rs 38,292 crore, IGST was Rs 80,292 crore (including Rs 39,035 crore collected on import of goods) and cess Rs 11,900 crore (including Rs 1,028 crore collected on import of goods). The government has settled Rs 36,224 crore to CGST and Rs 30,269 crore to SGST from IGST. 

The GST Council is scheduled to meet on July 11. Chairman of Central Board of Indirect Taxes and Customs (CBIC), Vivek Johri said this while speaking to reporters at the sidelines of an event. He further informed that the finance ministry may consider imposing countervailing duty on steel imports from China.

These include supply-side policy reforms such as a build up in infrastructure, formalisation of the economy via GST and IndiaStack, massive change in real estate regulations, digitalisation of social transfers making them leak proof, a new bankruptcy law coupled with a sharp decline in corporate balance sheet leverage.

Out of the total GST collections of Rs 1,57,090 crore for May, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST was Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess was Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

In the module, discrepancies on account of risks associated with a return are displayed to the tax officers, who are provided with a workflow for interacting with the taxpayers through the GSTN common portal for communication of discrepancies. Implementation of this automated return scrutiny module has commenced with the scrutiny of GST returns for 2019-20, and the requisite data for the purpose has already been made available on the officers' dashboard, official sources said.

The gross GST collection in April 2023 is also an all-time high and is Rs 19,495 crore more than the previous highest collection of Rs 1,67,540 lakh crore, which was recorded in April 2022. Also for the first time, gross GST collections have crossed Rs 1.75 lakh crore mark, official sources said.