Govt losing revenue due to GST: Bibek Debroy

2023-08-22 10:06:24 Economic Advisory Council to the Prime Minister Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce here, he however said that GST has led to a lot … Read more

GST collections for July stood at Rs 1.65 lakh crore

2023-08-01 10:47:28 India Collected Rs 1.65 lakh crore as Goods and Services Tax (GST) in July, up 11% year on year, on the back of stable economic growth and improving compliance. The collections crossed the Rs 1.6 lakh crore mark for the fifth time since the inception of the goods and services tax. States across … Read more

Centre devolves Rs 3.09 lakh cr to states till July

2023-07-25 13:27:17 The Centre has devolved over Rs 3.09 lakh crore to states till July of the Rs 10.21 lakh crore budgeted to be transferred in the current fiscal, Minister of State for Finance Pankaj Chaudhary said on Tuesday. “Out of Rs 10.21 lakh crore estimated to be transferred to states for the FY 2023-24, … Read more

gst: GST helped increase revenue buoyancy of states: FM Nirmala Sitharaman

2023-07-01 13:45:23 Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has helped bring down the taxes for consumers by removing the cascading effect of ‘tax-on-tax’ and added to the revenue buoyancy of states. She said the GST system has seen massive scaling up since its implementation on July 1, 2017, and … Read more

GST evasion of ₹30,000 crore unearthed

2023-06-13 17:35:45 A nationwide crackdown by the Goods and Services Tax authorities uncovered tax evasion to the tune of ₹30,000 crore, allegedly carried out via stolen identities including as many as 18,000 Permanent Account Number (PAN) and Aadhaar cards, people familiar with the development said. The identities of beneficiaries of PM Kisan and other social … Read more

GST kitty swells, factory activity hits 31-month high

2023-06-02 05:13:16 Data released Thursday indicated India’s sustained economic momentum at the start of the new fiscal year, with goods and services tax (GST) collection growing at a rapid clip in May as manufacturing activity hit a 31-month high in the month. Vehicle and fuel sales backed up the trend. Numbers released a day earlier … Read more