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GST Collection in December 2023 saw a 12% YoY increase in GST revenue
During the April-December 2023 period, gross GST collection witnessed a robust 12% y-o-y growth, reaching ₹14.97 lakh crore, as against ₹13.40 lakh crore collected in the same period of the previous year (April-December 2022).
The first nine months of this year saw an average monthly gross GST collection of ₹1.66 lakh crore, a 12% increase over the ₹1.49 lakh crore average during the same period…
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LUDHIANA DIVISION LEADS IN BOTH COLLECTION AND GROWTH RATE OF GST
LUDHIANA DIVISION LEADS IN BOTH COLLECTION AND GROWTH RATE OF GST
ROPAR DIVISION REMAINS SECOND IN COLLECTION, PATIALA IN GROWTH RATE
Chandigarh, December 25
Maintaining its top position in the collection of Goods and Services Tax (GST), the Ludhiana division leads the state in both collection and growth rate during the first eight months of the current fiscal year. The division registered net GST revenue of Rs. 3354 Crore till November end and a growth rate…
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Why Does Your Business Need Professional Corporate Services?
When a business takes off, we can clearly see the need for professional GST filing Singapore, yet how do we ensure that we enlist one brilliantly? If you recognise yourself while perusing this list, it may be a good time to start looking for the services of a company secretary firm in Singapore.
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GST Council: Stormy discussion around states' compensation likely today
GST Council: Stormy discussion around states’ compensation likely today
The all-powerful GST Council might see a stormy discussion around compensation payout to states, with Opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends on June 30.
Some states ministers wrote to Finance Minister Nirmala Sitharaman on Tuesday seeking a change in the GST revenue distribution formula in case compensation to States is not…
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#compensation on gst#Finance Ministry#FM Sitharaman#GST#GST compensation#GST Council#GST revenue#Nirmala Sitharaman#state finance minister
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Online Company Registration in India | Register a Company in India | Apply Gst Online
An entrepreneur’s enthusiasm can answer questions of finance, resources, target audience, publicity, growth forecast and so on. But the enthusiasm falls short to answer questions cost and time of starting a business, liability – personal or corporate when things do not go as planned. When the business is faced by an unforeseen circumstance or a sudden change in policy, or internal mismanagement. How do we address these questions?
The answer lies in going to and not going back to basics i.e business registration. It is fundamental to consider these questions especially that of liability at the time of starting the business. The current corporate legal fabric of India allows entrepreneurs to consider several types of entities for business registration. Initiation of a business with a company registration is the most common form of business entity chosen by entrepreneurs. A private limited company is registered under the Companies Act, 2013 and has the following key features:
A minimum of 2 directors and a maximum of 7 directors are required for the company registration.
There is no minimum amount of capital requirement.
The private limited company cannot invite members of the general public to subscribe to its shares like in the case of a public company. A private limited company can offer shares only by way of a private placement.
The shares are not freely transferable and can be transferred only as per the provisions of the articles of association.
Except in the instances of fraud, directors of a private limited company do not attract any personal liability.
A Deep Dive into GST Registration
– GST Registration Pointers
– Eligibility
– Voluntary
– Compulsory – Turnover Limit
WHAT IS GOODS AND SERVICES TAX?
The constitution amendment bill for ‘GOODS AND SERVICE TAX’ (GST) was approved in the Parliament Session in August 2016 along with the confirmation by 50 percent of the state legislatures. Hence, all the existing indirect taxes levied by state and center were replaced with the proposed implementation of GST on 1st July 2017.
This move by the Government is the greatest tax reform since independence & is an added benefit to the Indian economy as it strives to eradicate the inefficiencies of the existing tax structure & promotes single tax payment on the supply of all goods and services.
GST has been one of the most-awaited tax reform, improving the ease of doing business for many micro and small businesses in India by reducing compliances. By incorporating multiple taxes into a single tax system, the complexities are bound to be reduced while the tax base would rise substantially.
Under the new GST process, all entities that are involved in buying or selling of goods or providing any services or both are encouraged to obtain GST registration. Entities without the registration of GST will not be permitted to collect GST from a customer or claim the input tax credit of GST paid. Also, the GST registration is mandatory once an entity crosses the minimum threshold turnover.
According to the GST Council, business entities situated in the Northeastern and hill states having an annual turnover of Rs. 10 lakhs and above would be required to attain GST registration. For all the other business entities in the rest of India would be required to obtain GST registration, only if the annual turnover crosses Rs.20 lakhs.
Entities required to obtain GST registration as per the regulations must file for the registration within 30 days from the date on which the entity becomes liable for obtaining the GST registration. The average time taken to obtain GST registration is about 5 – 10 working days, subject to government processing time and submission of client documents.
#taxplanning#gstindia#gst revenue#trademark#private limited company incorporation#private limited company registration
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The UBL Academy is starting providing the tally and GST courses
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Assessee tries to Drag GST Proceedings: Madras HC refuses to quash Notice for Attachment and Sale of Immovable Property
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Assessee tries to Drag GST Proceedings: Madras HC refuses to quash Notice for Attachment and Sale of Immovable Property
The Madras High Court has dismissed a plea seeking to quash the notice for the attachment and sale of immovable property by observing that the assessee is trying to drag the GST proceedings.
The petitioner, Tvl.G.Sankar Timber Depot filed a writ petition before the Court challenging the Form GST DRC-16 contending that had proceeded to issue the notice for attachment and for sale of the immovable property under Section 79 of the GST Act, 2017 in Form GST DRC -16 by attaching various properties in this schedule to the said notice.
Earlier, the petitioner approached the Single bench wherein the Court quashed the proceedings and directed the department to pass fresh orders on merits and in accordance with law after giving an opportunity to the petitioner to raise objections and after granting personal hearing within a period of 12 weeks from the date of payment of the conditional amount imposed under the impugned orders
Mr. Justice C. Saravanan observed that Form GST DRC-16 is belated and therefore, the writ petition is liable to be dismissed.
“That apart, in Form GST DRC-16 merely attaches immovable properties. There is no attachment of any bank accounts. The petitioner appears to be interested in dragging on the proceeding though the petitioner appears to be in arrears of huge amount of tax for these assessment years. Since the matter has been remitted back, it is not open for the petitioner to now seek for quashing of the Form GST DRC-16. It is sufficient to state that the petitioner should participate in the proceedings before the respondent in terms of the notice dated 14.02.2022 for these assessment years. Since the matter has been remitted back, it is not open for the petitioner to now seek for quashing of the Form GST DRC-16. It is sufficient to state that the petitioner should participate in the proceedings before the respondent in terms of the notice dated 14.02.2022,” the Court said.
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Essential GST Compliance Checklist for Your Business to Ensure You Avoid Penalties and Fines
Businesses in India must comply with the Goods and Services Tax (GST), rolled out from 1st July 2017 onwards. For every economic activity, GST is expected to impact the prices of commodities, investments, and business operations. Businesses that do not comply with GST are bound to pay heavy penalties.
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https://ortezinfotech.in/blogs/effects-of-gst-on-hospitality-industry
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Celebrating Success: Indirect Tax Collection Surpasses Expectations in FY24
In a recent announcement, the Central Board of Indirect Taxes and Customs (CBIC) has revealed that the indirect tax collections for the Financial Year 2023–24 have surpassed the Revised Estimates (RE) by a significant margin. This achievement, attributed to the diligent efforts of tax officials, has been lauded by CBIC Chairman Sanjay Kumar Agarwal, who described it as a testament to professionalism, teamwork, and perseverance within the CBIC community.
Exceeding the revised estimate of Rs 14.84 lakh crore, the indirect tax collection for FY24 has been described as exceeding expectations. This remarkable feat was made possible by a record Goods and Services Tax (GST) mop-up, marking a milestone in revenue generation for the government.
Chairman Agarwal expressed his appreciation for the relentless efforts of every member of the CBIC, acknowledging their invaluable contributions throughout the year. The gross GST collection for 2023–24 stood at Rs 20.18 lakh crore, representing a substantial increase from the previous year’s figures.
The targets set for central GST, excise duty, and customs were also surpassed, reflecting the robustness of India’s tax revenue system. Despite the challenges posed by the global economic landscape, India’s economy has demonstrated resilience, recording a world-leading growth rate. According to estimates by the National Statistical Office (NSO), India is projected to grow at 7.6% in 2023–24, fueled by domestic consumption and government expenditure.
The consecutive quarters of over 8% growth from April to December underscore the country’s economic momentum. Various agencies, including SBI Research and Moody’s, expect GDP growth for FY24 to be around 8%, while others like Fitch and Barclays have raised their forecasts to 7.8%.
The impressive performance in tax collection reflects the vibrancy of India’s economy and the government’s commitment to fiscal prudence. As we celebrate this success, it’s imperative to recognize the collective efforts that have contributed to this achievement. Moving forward, sustained efforts in tax administration and policy reforms will be crucial in ensuring continued growth and prosperity for the nation.
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GST March tally second highest at Rs 1.8 L cr, Rs 20 L cr + for yr
NEW DELHI: Items and providers tax collections rose 11.5% to Rs 1,78,484 crore in March, the second highest month-to-month mopup, pushing up 2023-24 collections previous the Rs 20 lakh crore mark for the primary time. “FY2023-24 marks a milestone with a gross GST collection of Rs 20.2 lakh crore, an 11.7% increase compared to the previous year. The average monthly collection for this fiscal year…
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#Business news#careers in finance major#Compliance#courses in finance#courses to do in finance#credit (finance)#economic resurgence#finance#finance (industry)#finance 101#finance advice#finance bro#finance bros#finance courses#finance courses to do#finance degree#finance influencers#finance major#finance majors#finance report#finance shorts#finances#GST#GST collections#highest#March#personal finance#revenue#savvy finance#skills in finance
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Punjab registers GST growth of 23 percent during current fiscal year: Cheema
Punjab registers GST growth of 23 percent during current fiscal year: Cheema
Chandigarh, September 1
Punjab Finance, Planning, Excise and Taxation Minister Advocate Harpal Singh Cheema on Thursday said that the state has registered a growth of 23 percent in GST Revenue during the current fiscal year as compared to the first five months of FY 2021-22.
In his tweet, the finance minister stated that the measures taken by the Punjab Government led by Chief…
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#revenue secretary#gst#gst collection#gst registration#gst return filing#narendra modi#modi#bjp4india#bjp
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GST Benefits in Budget 2023 - Cheer to some | Mint Primer | Mint
North-eastern states have recorded a compounded annual GST revenue growth rate of 27.5% so far since the implementation of the GST as against 14.8% for all states, making them the biggest gainers of the new indirect tax regime. The north-eastern states have been the biggest beneficiaries of the five-year-old goods and services tax (GST) regime, according to the Reserve Bank of India (RBI) report on State Finances.
#budget 2023#gst#union budget 2023#budget 2023 news#budget 2023 india#gst return#nirmala sitharaman#gst news#gst benefit#gst benefits for business#fm nirmala sitharaman#revenue growth#goods and services tax#mint#mint primer#igst#budget 2023 income tax#tax saving#union budget 2023-24#2023 budget#income tax#tax#how to save tax#india budget 2023#union budget#national budget 2023#gst 2023#Youtube
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Indirect Tax Reform in India 1947 To GST and Beyond By #YashwantSinha and Vinay K Srivastava @idrvinay This book outlines the impact of the past measures and the present changes, and suggests the future course of action for a better future. #meetdrvinay #Tax #indirecttax #GST #taxreform #reforms #revenue #gdp #india #gstcouncil #cbic https://us.sagepub.com/en-in/nam/indirect-tax-reform-in-india/book272424 (at Delhi, India) https://www.instagram.com/p/CjHhB8Rvs_Z/?igshid=NGJjMDIxMWI=
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