(Like Income Tax, GST, Dividends from PSU’s & Banks ,Interest on Government Lending Etc.)
|14,35,233 Cr.||17,29,682 Cr.||19,77,693 Cr.|
(Recovery of Loans, Funds Raised from PPF, small saving deposits etc.)
|7,06,742 Cr.||7,27,553 Cr.||8,06,507 Cr.|
(Revenue + Capital)
|21,41,975 Cr.||24,57,235 Cr.||27,84,200 Cr.|
(Like Salaries to Government Employees, Pension, Subsidies, Grants, interest payments on loans taken by the Government of India)
|18,78,835 Cr.||21,40,612 Cr.||24,47,907 Cr.|
(Like Expenditure on building Roads, Flyovers, Hospitals, factories Etc.)
|2,63,140 Cr.||3,16,623 Cr.||3,36,293 Cr.|
(Revenue + Capital)
|21,41,975 Cr.||24,57,235 Cr.||27,84,200 Cr.|
|Revenue Deficit||4,43,602 Cr.||4,10,930 Cr.|| 4,70,214 |
Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) arrests two businessmenin a case of fraudulent issuance of Input Tax Credit (ITC) invoices without actual supply of goods, involving evasion of approximately Rs. 79.21 crore on the taxable value of concocted supplies of Rs.450 crore.
Gurugram Zonal Unit of the Directorate General of GST Intelligence (DGGI) have arrested two businessmen, namely, Sh. Vikas Goel, Director of M/s Mica Industries Ltd, Delhi and Bhiwadi& M/s. Satellite Cables Pvt Ltd., Bhiwadi and Sh. Raju Singh Proprietor of M/s Galaxy Metal Products on 14.09.2018 in a case of fraudulent issuance of Input Tax Credit invoices without actual supply of goods, involving evasionof approximately Rs. 79.21 crores on the taxable value of concocted supplies of Rs. 450 crores.This quantum
The Initial Public Offering (IPO) of CPSE IRCON has been subscribed 9.5 times. In the IRCON IPO, the Government is selling 10.5 percent stake or about 99.05 lakh equity shares, including 5 lakh shares to employees. The Government is expected to raise Rs 466 crore from the issue. The issue received bids for 9.4 crore shares against the issue size of 99.05 lakh shares worth Rs 466 Crore. The segment meant for Qualified Institutional Buyers (QIBs) was subscribed 12 times, Non-Institutional Investors 4.9 times, while the Retail Investors Segment was subscribed over 9 times. Price band for the issue has been fixed at Rs 470-475 per share, with a discount of Rs 10 for Retails Investors and Employees.Read More
Justice Ranjan Gogoi appointed as next Chief Justice of India
The President of India has appointed Justice Ranjan Gogoi as the next Chief Justice of India. He will assume the office of Chief Justice on 3rd October, 2018 after the retirement of the current Chief Justice, Justice Dipak Misra.
Born on 18th November, 1954, Justice Gogoi was enrolled as an advocate in 1978. He practised in the Gauhati High Court on constitutional, taxation and company matters. He was appointed as a Permanent Judge of the Gauhati High Court on 28th February, 2001. On 9th September, 2010, he was transferred to the Punjab & Haryana High Court. He was appointed as Chief Justice of Punjab & Haryana High Court on 12th February, 2011. He was appointed as a Judge of the Supreme Court
An advance ruling helps the applicant in planning his activities, which are liable for payment of GST, well in advance. It also brings certainty in determining the tax liability, as the ruling given by the Authority for Advance Ruling is binding on the applicant as well as Government authorities. Further, it helps in avoiding long drawn and expensive litigation at a later date. Seeking an advance ruling is inexpensive and the procedure is simple and expeditious. It thus provides certainty and transparency to a taxpayer with respect to an issue which may potentially cause a dispute
Government of India is celebrating the 1st Anniversary of the Goods and Services Tax (GST) coming into force, here tomorrow. GST was launched on the 1st July, 2017 in a majestic ceremony held in the Central Hall of Parliament on the midnight of 30th June, 2017. The first year has been remarkable both for the sheer variety of challenges that its implementation has thrown up and for the willingness and ability of policy makers and tax administrators to rise up to these challenges and respond befittingly.
But more importantly, the first year of GST has been an example to the world of the readiness of the Indian taxpayer to be
GST Revenue Collections for the Financial Year 2017-18
Total Revenue of Rs. 7.19 lakh crore collected under GST in the period between August 2017 and March 2018 . During 2017-18, total revenue collected under GST in the period between August 2017 and March 2018 has been Rs. 7.19 lakh crore. This includes Rs. 1.19 lakh crore of CGST, Rs. 1.72 lakh crore of SGST, Rs. 3.66 lakh crore of IGST (including Rs. 1.73 lakh crore on imports) and Rs. 62,021 crore of cess (including Rs. 5702 crore on imports). For this eight months, the average monthly collection has been Rs. 89,885 crore.
While the tax on domestic supplies in a month is collected through the process of returns and gets collected in the next month, IGST and cess on
E-way bill operations are available for inter-state movement of goods. Presently, e-way bill operations are not available for intra-state (within the state) movement of goods, except for Karnataka State. E-way bill operations for intra-state (within the state) will be made available in a phased manner, as and when instructed by GST Council.
The e-way Bill System for Inter-State movement of goods across the country is being introduced from 01st April 2018. Department has issued few clarifications regarding the new e-way bill system are as follows:
Enforcement Action for Fraud in GST Mumbai – Two Businessmen arrested by Officers of CGST, Mumbai for creating fictitious invoices and availing ineligible credit.
Officers of CGST Mumbai have arrested two businessmen for creating fictitious invoices and availing ineligible credit. The persons have been arrested for availing input tax credit on the basis of fraudulent invoices against which no actual goods were bought or sold.
The power to arrest is provided under Section 69 of the CGST Act, 2017 and is to be exercised by the Commissioner in cases of outright fraud where the amount of tax evaded or the amount of input tax credit wrongly availed exceeds Rs. 2 crore.
The Government wants to assure taxpayers that compliant taxpayers do not run the risk of facing such punitive action in carrying-out their day
GST Statistics of Jan 2018 – GST Revenue Collections stand at Rs.86,318 crores for the month of January 2018 (received in January/February upto 25th February 2018).
More than 10 Million Dealers registered till 25th February 2018 – As per data provided by PIB, 1.03 crore taxpayers have been registered under GST so far till 25th February, 2018. So far 17.65 lakh dealers got registered as composition dealers.
Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of January 2018 was 20thFebruary 2018. The total Revenue received under GST for the month of January 2018 (received in January/February up to 25thFebruary,2018) has been Rs. 86,318 crores. 1.03 crore taxpayers have been registered under GST so far till