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Increased tax slab may yield ₹1.50 lakh crore annual revenues

The GST council plans to increase the tax slab to 8% from 5%. Furthermore, the increase in tax slab may yield ₹1.50 lakh crore annual revenues.  The council aims to create a GST 3-tier structure instead of a 4-tier structure with revision rates at 8%, 18%, and 28%, respectively.  A panel of state finance ministers

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Commodities & Currency Economic & Finance Laws & Taxes

₹1.33 trillion collected in GST revenue by the centre and state

In February, the centre and state govt collected ₹1.33 trillion in GST revenue. According to the ministry, this represents the recovery of automobile sales.  Revenue stayed above ₹1.3 trillion in the second consecutive month of February.  Furthermore, before the pandemic disrupted economic activities, GST receipts crossed ₹1.39 trillion in April 2021. Centre and state govt

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Economic & Finance Laws & Registration Laws & Taxes

Delhi: ₹347 crore fake GST scam exposed across 11 Firms, 1 held

The Delhi State GST Department exposed a ₹347 crore fake GST scam across 11 firms. The proprietor of Super Steel India, Mayank Jain, believed to be one of the kingpins, was arrested on January 1, 2022.  What is the ₹347 crore fake GST scam? The ₹347 crore fake GST scam exposed across 11 firms used

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