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The falling GST revenue collections will be hard to contemplate for the finance minister in order to reduce down the fiscal deficit target of 3.3 percent this year.
The government has limited the further reduction in rates observing the revenue shortfall in GST collection in the first quarter of the fiscal of above Rs 40,000 crore.
The GST was introduced to boost tax revenue in India. But the first year of GST has been so far a mixed bag in terms of tax revenue. 31 out of the 34 Indian States/UT’s have reported revenue shortfall.
Recently in the research done by an economic survey which was also presented in the Parliament, Stated About formed structural positiveness in the second thought
The Income Tax Appellate Tribunal (ITAT), Mumbai, has delivered an important ruling on the treatment of Goods and Services Tax (GST) for non-resident taxpayers. According to the tribunal’s decision, GST collected by a non-resident assessee must be excluded from ‘gross receipts’ when determining presumptive income under Section 44BB of the Income-tax Act, 1961. This clarification […]
The Forum for Internet Retailers, Sellers & Traders (FIRST India), an association representing more than 300 online platforms focused on micro, small, and medium enterprises (MSMEs), has reached out to Finance Minister Nirmala Sitharaman for clarification on the Goods and Services Tax (GST) regulations. Their communication highlights concerns surrounding the ambiguity in classifying intra-state and […]
The Delhi Sales Tax Bar Association, a well-established group of tax professionals in India, has approached the Union Finance Minister with an important request. They are asking for the quick setup of the GST Annual Return (Form GSTR-9) and Reconciliation Statement (Form GSTR-9C) for the financial year 2024-25 on the GST online platform. This will […]
In India, the Goods and Services Tax (GST) system represents a significant step in easing the collection of taxes on goods and services. An update has been launched by the government called GST 2.0, which revises the way taxes are structured to make the system simpler to comprehend, transparent, and effectively suited to the requirements […]
The Gujarat Chamber of Commerce and Industry has urged Finance Minister Nirmala Sitharaman, in a letter, to ease the GST framework by issuing industry-specific guidance notes, as the government is working on next-generation GST reforms. Nayan Sheth, chairman of the indirect tax committee of the GCCI, cited that the devotion of the government to lessen […]
