TAG: GST
Online gaming: Understanding the tangled web of taxes
The taxability of online gaming services under goods and services tax (GST) has always been tricky, hinged on the distinction of whether they are classified as 'gambling' or 'skill-based' activities. While gambling activities such as betting and casino ga...
5 months ago
GST has given a boost to tax buoyancy: FM Sitharaman
The Goods and Services Tax (GST) has improved tax buoyancy, which has increased to 1.22 and thus has also improved the revenue for states despite the end of the five-year compensation period, Finance Minister Nirmala Sitharaman said on May 6.“GST has impr...
5 months ago
Flavour of department has changed from enforcement to taxpayer centric: CBDT chairman
The central board of direct taxes has become more focused on the taxpayer rather than enforcement, said Ravi Agrawal, CBDT chairman, at the Confederation of Indian Industry session on July 26.“The flavour of the department has changed from being an enforc...
2 months ago
GST collections up 10.3% at Rs 1.82 lakh crore in July; net revenue up 14.4%
India’s goods and services tax (GST) collections rose 10.3 percent to Rs 1.82 lakh crore in July as compared to Rs 1.74 lakh crore in the previous month, according to data released on August 1.The pace of growth of GST climbed back above double digits, af...
2 months ago
Economy momentum continues in July with some mixed signals
The Indian economy continued its momentum at the start of the second quarter, with high frequency data released on August 1 throwing some mixed signals.Gross GST collections rose 10.3 percent to a three-month high of Rs 1.82 lakh crore compared with Rs 1....
2 months ago
GST notices to foreign airlines may dampen India's strong aviation potential: IATA
Global airlines' grouping IATA on Tuesday raised concerns over show cause notices issued to some foreign airlines operating to India with respect to Goods and Services Tax (GST), saying the issue can dampen and risk the country's strong aviation potential...
2 months ago
Online gaming drives economic growth, boosts GST collections
Online gaming has grown into a sector of significant economic and social impact. In his post-budget interviews, CBIC Chairman Sanjay Agarwal highlighted the growth in the government’s GST revenue and emphasized the online gaming industry’s contribution to...
2 months ago
Additional 1.5% of GDP can be raised by simplifying GST rates further, says IMF's Gita Gopinath
Structural reforms need to be a continuous process, Gita Gopinath, Deputy Managing Director of International Monetary Fund (IMF) said, highlighting that India needs to further rationalise and simplify the Goods and Services Tax regime to increase revenues...
1 month ago
Exclusive: GoM on rate rationalisation not in favour of merger of GST slabs
The Goods and Services Tax (GST) group of ministers (GoM) on rate rationalisation chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is not in favour of merger of the tax slabs and feels the current four rates need to be maintained, sources said.The...
1 month ago
GST Council likely to deliberate on exemption of health, life insurance on Sept 9
The Goods and Services Tax (GST) Council is likely to discuss the issue of exemption of health and life insurance from the 18 percent levy when it will meet on September 9, two people familiar with the development said.The proposal is under examination by...
1 month ago
Carbon tax best solution to make up for revenue loss from fossil fuel transition, says CSEP study
Carbon taxes are the best option to make up for the loss in revenue caused by transition away from fossil fuels as India targets net zero, a study by policy think-tank Centre for Social and Economic Progress (CSEP) has said.The government is staring at a...
1 month ago
GST Council likely to discuss cess, status of rate rationalisation on September 9: FM Sitharaman
The upcoming GST Council meeting on September 9 is expected to focus on two crucial issues - the status of rate rationalisation and the future of the compensation cess, Union finance minister Nirmala Sitharaman said.“In the September 9 meeting, the office...
1 month ago
Council could heed to Gadkari’s call to exempt life insurance from GST; Rs 200 cr revenue loss likely
In a significant development, the Goods and Services Tax (GST) Council is likely to exempt life insurance from GST during its upcoming meeting on September 9.The move, which has garnered widespread support, could lead to a revenue loss of Rs 200 crore ann...
1 month ago
GST Council likely to exempt term life insurance from tax, no change in investment-linked plans
The GST Council is expected to exempt term life insurance policies from the goods and services tax (GST) while continuing to tax insurance policies with an investment component, a decision that could boost demand for pure protection policies.The decision...
1 month ago