GST Current Affairs, GK & News

GST revenue up 28% year-on-year in August

The Gross GST Revenue collected in the month of August 2022 is ₹ 1,43,612 crore which is 28% higher than the GST revenue of ₹ 1,12,020 crore in the corresponding month of the previous year. Highlights During the month, revenue from domestic transactions (including import of services) and import of goods grew by 57%, up ..

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SC: GST Council Recommendations not binding on Centre, States

The Supreme Court recently ruled that recommendations of the Goods and Services Tax (GST) Council are not binding on the Centre and states. What are the highlights of the judgment of the Supreme Court? The Supreme Court held that recommendations of the GST Council only have a persuasive value and are not binding in nature. ..

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All-time high GST collections in April 2022

India’s gross Goods and Services Tax (GST) revenues hit a new high of ₹1.68 lakh crore in April 2022. For the first time, gross GST collection has crossed the ₹1.5 lakh crore mark. Is the growth in collection uniform across all states? There were wide variations in growth trends across States. While Tamil Nadu’s collections ..

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States vs Centre on fuel taxes

The Centre and the states are at loggerheads over taxes and duties on petrol and diesel. What is the argument of the Centre? Centre feels that some states are not reducing Value added tax (VAT) on petrol and diesel in line with the Centre’s cut in excise duty. Recently, Prime Minister Narendra Modi said Maharashtra, ..

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GST Revenues in February

The February 2022 collection of GST (Goods and Services Tax) stood at Rs. 1,33,026 crores which is 18 per cent higher than February 2021. This year’s collection was higher by 26 per cent in comparison to the GST collection in February 2020. Overview: For the fifth time GST collection has crossed the mark of Rs ..

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AAR Ruling: GST on Guest Lectures

The Authority for Advance Ruling (AAR) of the Karnataka bench has ruled that 18 percent GST will be levied on the income that is earned from providing guest lectures. Overview: The petitioner contacted the AAR to obtain clarification as to whether income earned from guest lectures will attract any form of taxation. In passing the ..

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