Government tax winners and losers

Government tax winners and losers

New Jersey State Capitol Building in Trenton Photo: Getty Images/iStockphoto If American states are laboratories of democracy, then too many have spent decades running the same tax-and-spend experiment expecting different results. The Tax Foundation last month released its 2023 State Business Tax Climate Index, which deserves wider coverage as evidence of which states are serious … Read more

GST Collection 2nd Highest in October 2022: Festive Sales to Higher Imports – Here are Top 5 Factors, Expert List

GST Collection 2nd Highest in October 2022: Festive Sales to Higher Imports – Here are Top 5 Factors, Expert List

GST Collection: According to economists and other experts, the revival in the rural economy and Christmas sales have contributed the most to GST collection in October 2022.

GST collection in October tops Rs 1.51 lakh cr

GST collection in October tops Rs 1.51 lakh cr

GST collections stood at over Rs 1.51 lakh crore in October, the finance ministry said on Tuesday. This is the second highest collection recorded after April and has been above Rs 1.4 lakh crore for eight consecutive months. The collection was 16.59 percent higher than in October 2021 and 6.4 percent higher than in September … Read more

Good time for amnesty scheme under GST

Good time for amnesty scheme under GST

GST was introduced in July 2017. It is a known fact that there were lots of irregularities, interpretation problems, system problems etc. which have led to defaults by the industry. GST has been a rollercoaster ride for those involved. There have been numerous changes, notices and circulars issued time and again by the authorities, some … Read more

New British Chancellor Jeremy Hunt tears up Truss’ entire agenda – POLITICO

New British Chancellor Jeremy Hunt tears up Truss’ entire agenda – POLITICO

LONDON – Britain’s new chancellor, Jeremy Hunt, on Monday burned through 32 billion pounds in tax cuts and massively slashed Britain’s energy subsidy scheme as he sought to reassure markets that Britain’s finances can be returned to a stable footing. Hunt said the energy price guarantee, the flagship policy of Prime Minister Liz Truss’s debut … Read more

Letters to the editor dated October 7, 2022

Letters to the editor dated October 7, 2022

This refers to the editorial ‘Current concerns’ (October 7). With an exploding trade deficit, India’s current account deficit is also growing. According to reports, India’s current account deficit likely widened to the highest in nearly a decade in the April-June quarter, driven by rising global commodity prices and the biggest capital outflows since the global … Read more

Gaming and GST – The Hindu BusinessLine

Gaming and GST – The Hindu BusinessLine

The Indian online gaming sector represents one of the fastest growing sectors in the media and entertainment space. Favorable demographics, technology, smartphone penetration with immersive graphics, affordable data services have given a turbo boost to the sector. As the sector draws on massive growth potential, there are regulatory and fiscal challenges against the backdrop of … Read more

Major states recorded high double-digit growth in GST revenue in July-September

Major states recorded high double-digit growth in GST revenue in July-September

Major states like Maharashtra, Gujarat and Karnataka have registered double-digit growth in GST revenue during the first three months after the end of the compensation period on June 30, 2022. Overall, all the three months had a total GST revenue of over ₹ 1 .43 lakh crore every month. With this, the voice to resume … Read more

DGGI issues clear notice on GST claim of over INR 21,000 crore to Gamescraft

DGGI issues clear notice on GST claim of over INR 21,000 crore to Gamescraft

The Directorate General of Goods and Services Tax Intelligence (DGGI) has issued a tax demand notice of over Rs 21,000 crore to a Bengaluru-based online gaming company. This is probably the biggest claim in the history of indirect taxation. Sources confirmed to Business line that the company is Gamescraft. It runs platforms like Rummy Culture, … Read more

Can the southern states maintain the robust revenue growth in the 1st quarter?

Can the southern states maintain the robust revenue growth in the 1st quarter?

All the five southern states registered robust revenue growth in the first quarter of the current fiscal. Growth was driven by a strong recovery in economic activity, increased consumption and high inflation, which led to higher realizations from fiscal and non-fiscal sources. The revenue of the states includes three components: tax revenue, non-tax revenue and … Read more