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India's GST collections are below potential: IMF team

Multiple rates, exemptions and implementation challenges are affecting goods and services tax (GST) collections in India, an analysis by an International Monetary Fund (IMF) team has said.

GST collections for February stand at Rs 1.05 lakh crore, fall short of target

It was the fourth consecutive month when GST collections crossed Rs 1 lakh crore

Can’t comply with summons due to coronavirus: Companies, banks, NBFCs tell taxman

Companies claim that senior officials are already working from home and so can't travel to meet the taxman.

Data analytics, Artificial Intelligence helped improve GST collections: Centre

At the GST Council meetings, there was a feedback from State Finance Ministers about various loopholes due to which tax revenue was not accruing to the government, FM said. Elaborating, Revenue Secretary said that a targeted approach was being followed by tapping on data analytics and Artificial Intelligence and it has helped improve GST collections.

GST collection crosses Rs 1.1 lakh crore in January

This is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after high-level meetings with senior officials of the tax department.

Govt revises target for GST collections again

Target has been raised to Rs 1.15 lakh crore over the next two months and Rs 1.25 lakh crore in March.

ETRISE Top MSMEs Ranking: As GST collections slip, compliance cost increases

A slowdown in consumption is also hurting tax collections and a prolong period of economic uncertainty will further pressure.

GST officers to take steps to check export valuation, devise SOP for verification of risky taxpayers

Measures to check export valuation, including capping of value for calculating export benefits and incentives, were also discussed and proposed for further examination.

COVID-19: Hospitality industry seeks PM's help

The Federation of Associations in Indian Tourism and Hospitality (FAITH) has written to prime minister Narendra Modi stating the tourism industry is in dire straits because of the COVID-19 pandemic and is staring at mass unemployment and bankruptcies.

GST collection at Rs 1.03 lakh cr in December

Crossing the Rs one-lakh crore mark for the second time in a row, India’s goods and services tax collections for December is at Rs 1.03 lakh crore. It had risen 6% to Rs 1,03,492 crore lakh crore in November, reversing two months of decline, with experts attributing the increase to festive shopping and better compliance.GST collection at Rs 1.03 lakh cr in December

GST collections grow 9% in December to Rs 1.03 lakh crore

Rise due to festive sales and better compliance a sign of revival: Govt sources

Centre working with states to improve GST collection: FM

In order to spur growth, the government is trying to frontload infrastructure.

No period in Jammu and Kashmir during militancy as peaceful as it is now: Jitendra Singh

Amid opposition members' attack on the Modi government over the detention of former chief ministers Farooq Abdullah, now released, Omar Abdullah and Mehbooba Mufti, Singh hit out at them, saying they are not worried about over 40,000 people who have lost their lives in the last 30 years of militancy there but only bothered about two-three families.

View: Govt needs a carrot-and-stick policy for better GST collections

By the Centre's own estimates, the administration succumbed to Rs 45,682 cr in GST fraud by mid last year.

Bring in more efficient, adaptive tech to further smoothen working of PFMS: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman asked civil accounts officers to focus on bringing in more efficient and adaptive technologies to further smoothen the working of the Public Financial Management System (PFMS). Speaking at a function to mark the 44th Civil Accounts Day, she said there is so much more to be accomplished and officers need to be responsive to the changes.

When is the Government going to respond? Businesses look for assistance as coronavirus starts hurting

With their very existence at stake, many businesses are wondering what’s taking govt so long to provide a bailout.

GST collection crosses Rs 1 lakh crore mark in November

Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. November's GST collection stood at Rs 1,03,492 crore, of which CGST was Rs 19,592 crore, SGST Rs 27,144 crore, IGST collections stood at Rs 49,028 crore (including Rs 20,948 crore collected on imports) and Cess was recorded at Rs 7,727 crore (including Rs 869 crore collected on imports).GST collection crosses Rs 1 lakh crore mark in November

Finally, some good news: November GST collections up 6%

GST collections were Rs 97,637 crore in November last year and Rs 95,380 crore in October this year. The increase in collections was a sign of economic revival, recovery in demand and measures to ease compliance, government officials told ET. After two months of negative growth, GST revenues witnessed an impressive recovery.

Parliamentary panel suggests lower GST rate for auto sector

Amid slowdown in the sector, the committee, among other things, recommended to either suspend or postpone the upfront payment of insurance for 5 years for the time being and reduction in GST rate to a lower slab "at least till the revival of the auto sector". Further, it made a case for introduction of incentive-based scrappage policy for creating purchase demand for new vehicles.

Yes Bank: Some people spreading lies for politics, says Anurag Thakur

The bank's operations are being probed by Enforcement Directorate and Central Bureau of Investigation, and its founder Rana Kapoor was arrested on Sunday on the alleged charges of money laundering. The Reserve Bank of India has imposed a moratorium for 30 days on the capital-starved Yes Bank, capping withdrawals at Rs 50,000 per account.

Fall in GST collection indicates economic slowdown: Congress

In a tweet, senior Congress leader and former Union Minister Jairam Ramesh said, "Slowest tax collection growth in a decade, highest unemployment rate in three years and sharpest slump in core sector output. The Trishul that conclusively establishes economic slowdown. But 'Sab Changa Si' (everything's fine)." He also attached a graph to back his claims.

FinMin sets Rs 1.1 lakh crore monthly GST collection target

Revenue Secretary Ajay Bhushan Pandey had a video conference meeting with top tax officials and impressed upon them to step up measures to achieve direct and indirect tax collection target. The target has been set in the backdrop of the GST collection failing to meet the target for the current fiscal on account of slowdown.

GST collections remain subdued at Rs 95,380 cr in October

Despite improved festive demand, GST collection remained below Rs 1 lakh crore in October. GST collection rose to Rs 95,380 crore in October against Rs 91,916 crore in September, but it was still 5.29 per cent less in comparison to Rs 1 lakh crore collected in the same month last year. This is yet another month in a row when GST mop-up has slipped below Rs 1 lakh crore. Hit by consumption slowdown, the tax collections have been subdued in the last few months. GST collections remain subdued at Rs 95,380 cr in October

April-January fiscal deficit reaches 128.5% of Rs 7.67 lakh crore revised FY20 target

The fiscal deficit is the shortfall in a government's income compared with its spending. It essentially means that the government is spending beyond its means. The government aims to restrict the gap at 3.3 per cent of the GDP or Rs 7,03,760 crore in the year ending March 2020.

Government raises concern over fake invoicing in B2B trade impacting GST collections

"It is not only the government, it is also the industry which also has to play an important role. In GST, we are seeing a lot of fake invoicing and it is from business to business," Thakur said at the annual session of Consumer Electronics and Appliances Manufacturers Association.

Slowdown in three sectors, dip in imports hit GST collection

Auto sector, which has seen sales decline for 11 straight months, led the decline with Rs 3,500 crore, followed by cement (around Rs 1,500 crore) and steel (around (Rs 1,200 crore).

Centre releases Rs 19,950 crore as GST compensation to states and UTs

In December 2019, the Centre had released Rs 35,298 crore to states to compensate for the revenue loss on account of GST rollout.

Positive macro data, fall in commodity prices lifted market: Kunj Bansal

Partner & CIO at Sarthi Group says the abolition of DDT will benefit Indian companies big time.

Not in denial of state of economy, jobs: FM Nirmala Sitharaman

The govt is not in denial over unemployment and the state of the economy, finance minister Nirmala Sitharaman said, adding there were clear indications that employment was rising and economy was looking up.

GST collection remains below Rs 1 lakh crore mark at Rs 95,380 crore in October

This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark.

GST collection fall in Jammu and Kashmir due to poor access to internet

Currently, only BSNL landline broadband service with 2G speed is functional in Jammu while the entire Kashmir region with 10 districts is without net facility.

Start recovering Rs 46K-Cr unpaid interest on delayed GST payments

Tax experts said that the move was likely to trigger litigations with taxpayers challenging the demands, since the government had at the time of migration to the new indirect tax regime waived off interest and penalties for filing their tax returns.

View: Such a missed opportunity, obscured by a ‘bouquet’

The FM should have picked 3-4 programmes that could have generated additional income for the rural poor.

Five structural changes to make GST simple, stable

With the new compliance regulations, including e-invoicing, proposed from April 2020, the revenue collection is likely to improve with real-time tracking of input credits claimed by businesses.

GST collections have grown 4.9 % Y-o-Y: RBI Monetary Policy

According to the Central Bank, the share of SGST collections in total GST revenue has been higher than CGST, attributable to the adjustment for input tax credit.

Economy not in trouble; green shoots visible: FM Sitharaman

India is not in trouble and the economy is moving towards the $5 trillion goal, Sitharaman has insisted.

Edelweiss downgrades ITC to 'hold'

The brokerage added that prices hikes may lead to better GST collections, but its impact on volumes needs to be seen.

Tweet Buster: Reclassification of midcaps & smallcaps; long-term investing ideas

What are the top investment ideas from top D-Street honchos? Here’s a clue.

GST collection slips below Rs 1 lakh crore mark to Rs 91,916 crore in September

In another sign of slump, GST collection dropped below Rs 1 lakh cr mark to Rs 91,916 crore for September.

Delayed GST payments face Rs 46k cr interest

Apart from a late payment fee of Rs 100 a day for central GST and a matching amount for state GST, the law also provides for a levy of 18% penal interest.

Industry hails Assam budget 2020-21, CM Sonowal terms it as pro people

Sonowal said that the budget will benefit all sections of the people living in all districts. He also said that the budget will stimulate development and lend equal dignity, equal growth to all.

Centre to release another Rs 35,000 cr compensation to states soon

Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16. However, with revenue mop-up from compensation cess falling inadequate, the Centre held back fund transfer to states for revenue shortage beginning August.

Govt has taken steps to address issues without waiting for Budget: Nirmala Sitharaman

Nirmala Sitharaman also said that GST collection, which crossed Rs 1 lakh crore per month mark during the last two months, will remain "good" in coming days. "The government has been regularly taking steps to help sectors which are facing challenges. Without waiting for the Budget, we are taking the steps," the minister said at a press conference here.

GST collections drop below Rs 1 lakh cr to Rs 98,202 cr in August

India's gross GST collections slipped below Rs 1 lakh crore to Rs 98,202 crore in August, according to official data released on Sunday.Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.The August 2019 mop-up was, however, 4.5 per cent higher than the Rs 93,960 crore collected in the same month last year.This is the second time during this year that the revenue collection from the GST has slipped below the Rs 1 lakh crore mark. First, it happened in June when the collection was Rs 99,939 crore.Central GST collections stood at Rs 17,733 crore, State GST Rs 24,239 crore, and Integrated GST Rs 48,958 crore (including Rs 24,818 crore collected on imports) during August this year, a statement said. GST collections drop below Rs 1 lakh cr to Rs 98,202 cr in August

GST collection slips below Rs 1 lakh crore mark to Rs 98,202 crore in August

The numbers are in line with the other disappointing economic indicators. ​​

GST collection slips below Rs 1 lakh crore mark to Rs 98,202 crore in August

The numbers are in line with the other disappointing economic indicators. ​​

What changed for D-Street while you were sleeping

Here’s breaking down the pre-market actions.

GST collection dips below Rs one lakh crore in June

Gross GST collection stood at Rs 1,00,289 crore in May and Rs 1,13,865 crore in April.

Firm global cues propel Sensex 350 points higher; Nifty tops 12,200

BSE Midcap & BSE Smallcap indices dropped 0.21 per cent and 0.11 per cent, respectively.

Rajya Sabha budget debate: Opposition attacks government for ‘ignoring’ SC/ST welfare

Congress leader Kumari Selja says states will lose around Rs 5,000 crore due to GST, demands compensation; BSP’s Veer Singh pushes for reservations in private sector jobs.

North eastern states witness over 30% growth in Apr-Jul GST collection

In absolute terms, the total tax collection during April-July of this fiscal year rose to Rs 3.56 lakh crore, as per the data accessed by .

Union Budget 2020: A year ahead for tax reforms and self-sustainability

Nirmala Sitharaman has followed the globally emerging trend of protecting the domestic industries for self-reliance and accelerate growth. In order to boost the ‘Make in India’ initiative, the Union Budget has proposed several measures including customs duty rationalization.

Congress sceptical of disinvestment plan for LIC

Congress said the budget was devoid of a clear message or memorable idea and alleged the government "has given up on reviving the economy or accelerating the growth rate or promoting private investment or increasing efficiency or creating jobs or winning a greater share of world trade."

How Sensex, gold, 10-year G-sec performed during week ending January 2, 2019

Here's a weekly tracker of returns that will keep you updated on how the stock market index, gold prices and 10-year bond yields have performed. This will give investors an idea of how their investments performed over a long period.

GST compensation fund likely to fall short by Rs 25,000 cr in current fiscal: ICRA

ICRA said the GST compensation fund may see a shortfall of Rs 15,000-25,000 crore for 2019-20. The Centre by law has to pay the states at 14% annually for the first 5 years of the GST regime and the government had earlier projected an 18% growth in collections for this year, while the same has been tepid at a little over 5 per cent till January.

India's auto sector: Traversing a road with many bumps

Auto Inc's been battling high tax and weak sentiments. It is high time for incentive-based scrappage policy.

GST collection of states rises to Rs 5.18 lakh cr in FY19

In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance.

Govt will keep intervening to make India a $5-trillion economy: Nirmala Sitharaman

"I am in constant touch with the industry and various sections seeking out interventions. I expect to be on track for $5 trillion target. We need to address the challenges and difficulties. I am not comparing our numbers today to what it should be but focussing on moving towards achieving the target," Sitharaman said.

Record India GST collection an exception rather than the rule

India let fiscal deficit widen for a second straight year as Narendra Modi, who’s seeking a second term in office in elections currently underway, tried to win over voters through cash handouts for farmers and tax cuts for the middle class.

Why it may be premature to cheer the surge in April GST collection

Most leading indicators show production and demand conditions have remained weak.

What changed for D-Street while you were sleeping

Amid all these negatives, Nifty futures in Singapore hinted at a rebound for domestic stocks.

Expect 18-20% rise in GST collection between FY20 and FY21: Mahesh Nandurkar, CLSA

The slowdown is the lagged impact of weak investment cycle and weak housing market.

ESIC payroll data shows over 19 lakh additions in November

The net addition to the ESIC, after excluding those who ceased paying their contribution during the month, was 6.97 lakh, the highest for any month in the current fiscal year.

Fewer new jobs in FY'20: Report

While the EPFO data suggests that annualised new enrolments could be 106.2 lakh crore for FY’20, the SBI research team calculations show that actual annualised net new payroll could be 73.9 lakhs, about 21 per cent or 15.8 lakh lower than actual net new pay roll generated in FY’18.

GST collection records Rs 1.06 lakh cr in March

The government collected highest ever GST for the month of March crossing the Rs One lakh crore mark. The government mopped up Rs 1,06,577 crore of which CGST is Rs 20,353 crore, SGST is Rs 27,520 crore, IGST is Rs 50,418 crore (including Rs 23,521 crore collected on imports) and Cess is Rs 8,286 crore (including Rs 891 crore collected on imports). GST collection records Rs 1.06 lakh cr in March

Auto sector needs sops to reverse structured degrowth: SIAM president

Rajan Wadhera, President, SIAM points out that in the past also, the government has extended support in 2009 and 2014 at times of degrowth. Also, we are hopeful that the finance minister will consider giving more money to people by reducing the income tax rates in the Budget.

Central GST falls short of budget estimate by 40pc in April-November

CGST collection during Apr-Nov stood at Rs 3.28 lakh crore against budgeted estimate of Rs 5.26 crore.

Government releases Rs 35,298 crores GST compensation to states

Under fire over delay in GST compensation, the government today released Rs 35,298 crore to states.

GST collections in May cross Rs 1 lakh crore, up 6.67% YoY

The Goods and Services Tax (GST) collection for the month of May rose 6.67 percent to Rs 1,00,289 crore from a year ago period staying above Rs 1 lakh crore in monthly revenue mop-up. The collection is, however, lower compared to April when the gross revenue had touched all time high of Rs 1,13,865 crore. This figure is about 6.67% higher on a yearly basis but lowers on a monthly basis.GST collections in May cross Rs 1 lakh crore, up 6.67% YoY

What is tax-to-GDP ratio & where does India fare on this indicator?

A low tax-to-GDP ratio poses significant challenges for the government to spend money on creating necessary infrastructure in the economy and raise investment.

GST rates may go up for various items to meet revenue shortfall

The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on December 18 in the backdrop of lower-than-expected GST collection. As of now, there are four slabs under the GST regime -- 5, 12, 18 and 28 per cent. Goods and services under the 28 per cent category also attract cess over and above the rate.

AI, data analytics to track GST evaders, boost compliance

“The revenue secretary will hold a day-long meeting on January 7 with tax commissioners to discuss ways to streamline the GST system and plug leakages due to fraud,” said a person aware of the development.

GST collection drops to Rs 97,247 crore in February

The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.

GST collection drops to Rs 97,247 crore in February

The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.

This Budget won’t let FM sleep all through FY21. Here’s why

The FY21 divestment target, if met, will be a record.

Market Movers: What changed for D-Street while you were sleeping

Here’s breaking down the pre-market actions.

Govt taking steps to boost consumption: Nirmala Sitharaman

The FM said the government has expedited payments to those who have rendered services especially the MSMEs.

SMEs move HC against cess on exempted exporters

Some small and medium enterprises have dragged the government to court over levying cesses on firms exempted from customs duty even as the revenue department scrambles to boost tax collections.

Q2 GDP: A last-minute look at key barometers of the economy's health

Most of the readings reinforce the prevailing slowdown mood and hint at Q2 numbers falling below those in Q1.

Questions for 2020: Loans become cheaper?

Competing with private companies for limited resources could cap the room for RBI to cut interest rates. Even if it does, market rates won’t ease due to higher government debt. Also, with inflation being predicted to ease by the second half of 2020 towards the target of 4%, prospects for sharp rate cuts diminish.

View: High on rhetoric, with no hope for economic revival

With a crashing GDP, declining consumption and decreasing investments, the nation was expecting a visionary and futuristic budget that would revive business sentiment.

View: Not much to move consumer, business confidence

The mood could change once the fine print is read and numbers are crunched as even lacklustre budgets sometimes hold surprises.

Stake sale in LIC, IDBI to do heavy lifting for meeting Rs 2.1 lakh cr divestment target

For the next financial year, beginning April 1, the government expects a substantial Rs 90,000 crore revenue from disinvestment of government stake in public sector banks and financial institutions. This would be in addition to Rs 1.20 lakh crore estimated to be mopped up from CPSE stake sales in 2020-21.

Food cos write to FM Nirmala Sitharaman as GST fears mount

There is widespread speculation that rate increases will be announced at the GST Council meeting on Dec 18.

GST collection for April scales to record high at Rs 1.13 lakh crore

GST revenue mop-up scaled a monthly record high of over Rs 1.13 lakh crore in April, an increase of 10 per cent over the collection in the year-ago period, on the back of anti-evasion steps taken by tax officers. Total number of summary sales return GSTR-3B filed for the month of March up to April 30 stood at 72.13 lakh. April 2019 is the second consecutive month when Goods and Services Tax (GST) collection exceeded Rs 1 lakh crore. In March, the mop-up was Rs 1.06 lakh crore.GST collection for April scales to record high at Rs 1.13 lakh crore

GST collection jumps to Rs 1.13 lakh crore in April, the highest since its rollout

The GST collections in April jumped to its highest level of Rs 1,13,865 crore since its roll out in 2017.

GST collections top Rs 1 lakh crore in January: Govt

GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said Thursday. "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," the ministry tweeted. This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone.GST collections top Rs 1 lakh crore in January: Govt

GST collections cross Rs 1 lakh crore in January: Finance Ministry

Final figures and details of collections for the entire month will be intimated on February 2.

Gold rate today: Here is how the yellow metal may fare

Bullion counter may trade on a weaker path, said brokerage SMC Global.

ET Online poll: Great job! The factor that'll make India give it up for FM on Budget day

The worsening employment scene is likely to hit Indian economy in a number of ways.

If you’re in FM’s shoes, this is how trapped you would feel this Budget

Out-of-the-box thinking is required this Budget, but the chances of this coming are limited.

GoM on revenue shortfall to study GST collection on services by states

The panel has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of the Goods and Services Tax.

Why we should be concerned about states' fiscal health

Despite a significant increase in central allocation, the fiscal situation of states is a cause for concern.

States seek pruning of GST exemptions

A panel of state and central government officials, set up to suggest measures for revenue augmentation, has also backed rejig in the GST rate structure to shore up revenues besides a tighter administrative hand to improve compliance.

Parliamentary panel asks government to prevent misuse of input tax credit under GST as collection slows

Two years after its launch, the government has begun the review of GST, including a possible resetting of rates along with the slabs, the Standing Committee on Finance headed by Jayant Sinha said in its report tabled in Parliament.

Budget and taxes: How they pinch you?

Here is a lowdown on the taxes that you will get to hear in the Budget speech.

Auto sector slowdown affecting GST compensation cess kitty: Sushil Modi

Sushil Modi, who heads the Group of Ministers (GoM) on GST revenue shortfall, said that the economic slowdown, particularly the muted sales in the automobile sector, is leading to lower collections in the new indirect tax regime. Speaking at an event, he said that the automobile sector is a major contributor to the GST compensation pool.

Stick to valuation or go with the momentum is a million-dollar question: Nilesh Shah

In investing, as long as there is one investor willing to buy without looking at price or valuation, the price can go higher and higher. We saw that during the Harshad Mehta bull run, says the Managing Director of Kotak AMC.

Auto industry seeks bold fiscal measures in the Budget to revive growth

The sector — suffering for a year now — reported its worst-ever sales decline in two decades during 2019.

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