The Centre has detected goods and services tax (GST) evasion worth Rs 824.14 crore by crypto exchanges, such as Binance, WazirX, CoinDCX, and CoinSwitch Kuber, the Lok Sabha was informed.
CII Eastern Region, today, facilitated an interactive session with Shrawan Kumar, IRS, chief commissioner, CGST & Central Excise Kolkata and Manoj Kumar Kedia, IRS, principal commissioner, CGST & Excise Kolkata, with various industry stakeholders in Kolkata.
The GST Council will hold its next meeting in Rajasthan’s Jaisalmer on December 21, during which it is likely to take a decision on exempting or lowering the GST rate on health and life insurance.
It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark.
The officials from the Kerala Goods and Services Tax (GST) department have seized 104 kg of unaccounted gold valued at around Rs 75 crore in massive raids across gold jewellery-manufacturing units, wholesale outlets and residences in Thrissur district. The raids began on Wednesday and concluded on this morning.
A high-level Parliamentary panel has suggested to the government to look into the possibility of developing a mechanism for online audit in GST, in order to make the process more efficient and less intrusive.
The budget was completely silent on any tax revisions on bidis or smokeless tobacco, which are consumed by most Indian tobacco users. It is pertinent to mention here that cigarettes account for only 15 per cent of tobacco users in India. There are reports which establish that cigarette smokers switch to bidis when cigarettes become exorbitant; this is equally detrimental to health. For public health professionals this negligible tax increase on cigarettes in the Union Budget and leaving taxes on other tobacco products unaffected was a major disappointment
Union Finance Minister Nirmala Sitharaman on Saturday chaired the 49th meeting of the Goods and Services Tax (GST) Council, in Vigyan Bhawan, New Delhi.
The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement.
The total amount of compensation released to the States/UTs so far, including the aforesaid amount, during the year 2022-23 is Rs.1,15,662 crores.
