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Some states have achieved great success collecting record GST revenue. Madhya Pradesh, Karnataka, and Uttar Pradesh have reported the highest growth rate in GST revenue. The growth is marked in the first four months of the current fiscal year compared to the same period of time in the previous fiscal year. In the mentioned states, […]
What is RCM Liability Under GST Section 9(3)? Various supplies under section 9(3) would have been notified where the tax is liable to get paid via the receiver under RCM. This article attempts to analyze the application of RCM to the purchase of goods from vendors whose turnover is below the registration requirement. Let’s say […]
GST revenue in July of Tamil Nadu and Karnataka has outdone the other states in average GST collection. The states are doing well in their growth in GST collection in the first four months of this fiscal year. On the contrary, Telangana has shown a decline by a single digit in its year-on-year growth rate […]
In July, an e-way bill generation would have increased to 8.79 compared to the month of June which stands at 8.61, illustrating the rise in demand. On the GST collection, the same can have a positive influence that depicts a 3rd all-time high of Rs 1.65 lakh cr in the month of July. The GST […]
As the ongoing sales over the e-commerce platforms ahead of Independence Day, the GST collection by Goa has been revealed. Goa’s GST collection grew 25%, over a period of three years, namely from 2019-20 to 2022-2023, as per the state government. The data was disclosed in the state legislative assembly, the GST revenue from e-commerce […]
India’s Gross Goods and Services Tax (GST) revenue collection for the month of July 2023 has surpassed a whopping ₹1,65,105 crore, representing an outstanding 11% year-on-year rise. This significant milestone marks the fifth time that GST collection has topped the 1.6 lakh crore threshold since its implementation. The country’s economic resiliency and the successful implementation […]
Sanjay Malhotra, Revenue Secretary in an Interview said that the due date for filing income tax returns (ITRs) is July 31, 2023, and the government has no intention of extending it. As of July 2023, the Income Tax Department has already claimed that more than 2 crore ITRs had been filed. As per the announcement […]
Bengal is among the 10 states which have not submitted the accountant general’s report to settle GST compensation, said the finance ministry officials. The other states they mentioned were Andhra Pradesh, Goa, Kerala, Mizoram, Nagaland, Punjab, Sikkim and Uttarakhand, and the Union Territory of Jammu and Kashmir. Finance Minister Nirmala Sitharaman, after the GST Council […]
Last week, the Government included the Goods and Services Tax Network (GSTN), an IT branch that manages the GST Portal, with several agencies including the Financial Unit (FIU), an authority under the Prevention of Money Laundering Act (PMLA), to share information with. According to the list, the FIU, a national agency for receiving, processing, and […]
