Goods And Services News

Granular data from the Goods and Services Tax Network (GSTN) provides valuable insights into business composition and tax contributions. This data reveals that a majority of GST-registered businesses are concentrated in a few states, with larger enterprises contributing significantly to sales invoices. While a small percentage of companies drive the majority of GST collections, micro, small, and medium enterprises (MSMEs) collectively play a substantial role in the economy. Intra-state movement of goods is higher than inter-state movement, as evidenced by e-way bill figures. Compliance levels have improved over time, with tax-return filing and GST collections steadily increasing, particularly post-pandemic. The coming festive months are expected to sustain healthy GST collections.

The Indian Parliament has approved legislative changes to implement the Goods and Services Tax (GST) Council's proposal to impose a 28% tax on the full value of deposits made by individuals to online gaming platforms, casinos, and horse racing clubs. The amendments will come into effect from October 1st. The changes make a clear distinction between casual online games and those involving a wager, with only the actionable claims offered by 'online money games' being subject to the 28% tax. The amendments also offer relief by allowing valuation based on the amount paid or deposited by players, excluding previous winnings. The online gaming industry has expressed concerns about the increased tax burden resulting from these amendments.

The 50th GST Council meeting brought significant changes, including tax exemptions on cancer drugs and rare disease medicines. The GST rate was reduced to 5% for snack palettes, fish soluble paste, LD slag, and imitation zari thread. However, online gaming faced a setback with a 28% GST rate imposed. The meeting also addressed concerns about ED interference in GSTN. This video explores the key highlights of the meeting, showcasing the latest updates and their implications on various sectors of the Indian economy.

Under the Foreign Trade Development and Regulation Act, 1992, the government is required to formulate, implement and monitor trade policies to boost exports, facilitate imports and maintain a favourable balance of payments. The government has finally unveiled its new Foreign Trade Policy (FTP) which came into force on 1 April.

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. In this video, let us explains how becausebecasue of GST how some states gained but others didn’t.

During the financial year 426 persons, including 14 professionals such as CAs, Lawyers and masterminds, beneficiaries, directors etc., were arrested in ITC fraud cases

The GST regime will complete its fourth year on July 1 this year

GST revenue has stayed above the ₹1 lakh crore-mark for eight months in a rowGST collections stayed above the ₹1 lakh crore-mark despite lockdowns and other restrictions by states in view of the second Covid wave

Govt plans to borrow under a special RBI window and lend the same to states to bridge revenue deficit

The borrowings will be shown as debt in the books of states and the Centre’s fiscal deficit will be unaffected, it said in a statementCentre will borrow a total of ₹4.88 trillion for the period starting 19 October to 31 March, said an official statement