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TMI BlogRECENT DEVELOPMENTS IN GSTX X X X Extracts X X X X X X X X Extracts X X X X ..... RECENT DEVELOPMENTS IN GST - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 15-5-2024 - According to official GOI data, India s core sector growth eased to 5.2% in March, 2024. In March 2023, it was 4.2%. The major sectors of growth are coal, cement electricity. Only refinery and fertilizers showed some contraction. Accordingly to the MOF monthly report, India s growth story s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hould continue. It projects a good monsoon and ease in inflation. Also, India continues to be the fastest growing major economy with positive growth outlook. IMF has revised India s growth outlook for FY 2024 @ 7.8% which is higher than the Government s own forecast of 7.6%. However, it has projected 6.8% growth for FY 2025. According to FM, India has adopted a pro-poor approach while implementing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... GST. Despite lower tax rates, tax revenue as a percentage of GDP has reached pre-covid levels. It is indicative of fact that both, centre and states by way of better tax administration, are able to collect same revenue with lesser burden on taxpayers. States have received 24% more revenue in GST regime than in pre-GST regime. CBIC is understood have developed a common bank audit plan for central ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and state GST officials for auditing the banking entities under GST law across the country. This will ensure common minimum audit plan and consistency in approach. It will also ensure synergy between the central and state tax authorities in implementing indirect tax laws. GSTN has enhanced the GST portal to improve taxpayer experience and navigation. GST tribunals may become functional during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... current financial year after the elections. The President of proposed GST Appellate Tribunal (GSTAT) has since been appointed. Mr. Sanjaya Kumar Mishra, Retd. Chief Justice of Jharkhand high court has been appointed as the first President of GSTAT for a period of four years from the date of his joining. He has been also administered the oath by the Finance Minister. The process of GSTAT functionin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g has now been kicked off and it expected that principal bench of GSTAT may be functional by mid of 2024-25 and most of other state benches by this year end. The appointment of members is under process. Apart from member s appointment, procedures and rules shall be the next priority. GST collection has hit the record highest collection in April, 2024 at 2.10 lakh crore for the first time. GST reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue collection in April, 2024 is highest ever and has breached Rs. 2.10 lakh crore. The growth in GST collection is 12.4% on Y-O-Y basis. Thus also vouches for the economic growth. It may also be higher on account of year-end adjustments. General elections in the country are in progress. The election process will end up with counting on 4 th June, 2024. Till such time new government is formed, all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tax reforms and policy decisions will continue to be on hold. GSTN Advisory on Enhancement in GST portal GSTN s enhanced version of the GST portal shall be available w.e.f. mid-night of 03.05.2024 which will ensure improved user experience, access to information and easy navigation. This would include: news and updates user interface improvements updated website policy A screenshot showcasing som ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of the upcoming modifications can be accessed at https://tutorial.gst.gov.in/downloads/news/screenshots_of_gst_revamped_fo_portal.pdf (Source: GSTN Advisory dated 26.04.2024) Appointment of President for GSTAT Union Government has appointed President of the new GST Appellate Tribunal (GSTAT) being Constituted under the GST law. Justice (Retd) Sanjaya Kumar Mishra, Former Chief Justice of Jharkha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd High Court, has been appointed to the post of President in GSTAT for a period of 4 years w.e.f. dated of assumption of charge of the post or till he attains the age of 70, whatever is earlier. Union Finance Minister has administered the oath of integrity secrecy to Justice Mishra on 06.05.2024. The appointment marks the beginning of operationalisation of GSTAT, a crucial body to resolve GST rel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated disputes and to hear appeals. GSTAT shall consist of Principal bench (to be located at New Delhi) and 31 state benches at various locations across the country. (Source: F.No. 18/10/2024-EO (SM-II) dated 01.05.2024 issued by Ministry of Personnel, Public Grievance Pensions, Government of India) GST Collection in April, 2024 GST revenue collection for April, 2024 is highest ever at Rs 2.10 lakh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore GST collection has breached landmark milestone of Rs. 2 lakh crore for the first time and gross revenue has recorded a 12.4% y-o-y growth Net Revenue (after refunds) stood at Rs.1.92 lakh crore which is a 17.1% y-o-y growth The gross Goods and Services Tax (GST) collection in April, 2024 is at Rs.2.10 lakh crore. (CGST Rs.43,846 crore; SGST Rs.53,538 crore; IGST Rs.99,623 crore, including R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.37,826 crore collected on imported goods; Cess Rs.13,260 crore, including Rs.1,008 crore collected on imported goods). The sates with negative growth in tax collection are J K, Sikkim, Arunachal Pradesh, Nagaland, Meghalaya, Lakshadweep and Andaman Nikobar Islands. Mizoram recorded the highest growth @ 52% followed by Goa, Assam, Tripura, Punjab, Chandigarh, Haryana, Delhi and Bihar (Source: PIB ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Release ID 2019262 dated 01.05.2024) - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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