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.
11 Sep 2023The 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.
21 Aug 2023North-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.
8 Feb 2023GST Council meet: The goods on which GST has been lowered to 18 per cent from 28 per cent at present include pulleys, transmission shafts and cranks, gear boxes, retreaded or used tyres, power banks of lithium ion batteries, digital cameras, video camera recorders and video game consoles
4 min read23 Dec 2018GST Council meet: Seven items go out of 28% tax slab; taxes on power banks, video camera recorders, video game consoles also cut; Council to review 12% levy on under-construction flats
4 min read22 Dec 2018GST Council meets today: Electronic items like air conditioners, power banks, computer monitors and dish washing machines will be cheaper as the GST on these products is likely to be pared, said a PTI report
1 min read22 Dec 2018GST Council Meeting Today: Council set to discuss tax reduction on items in the highest slab of 28%, including cement, cameras and dish washers; decision on disaster cess unlikely
2 min read22 Dec 2018As several companies and traders have huge unsold stocks of pre-GST goods , the government extended the deadline to sell them by three months till December-end
1 min read29 Sep 2017West Bengal CM Mamata Banerjee in a Facebook post says Trinamool Congress MPs will not attend the 30 June event at Parliament to mark the GST rollout
1 min read29 Jun 2017Goods and service tax council decides to continue tax exemption on 83 services including health, education, 13 services including travelling by road, air in economy class will attract 5% tax
1 min read20 May 2017The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared