GST Day celebrated in the city
However Mr. Rangarajan citing the country having overcome the implementation stage of the GST, a short list of tax rates with short list of exemptions like Australia would foster easier compliance and enhance ease of doing business. At present the country has four main tax slabs which adds to the complexity of the tax regime as also the need for bringing under GST both the oil and electricity sectors. He also wanted the Central government to go for strategic reform in GST to over one the operational challenges in the age of digital disruptions and new age business models along with operationalising the tribunals.
Ram Niwas, Principal Chief Commissioner of CGST of Tamilnadu and Puducherry zone, said the GST Council has helped in bringing the Central and States together in rationalising the tax regime. While the GST has been successfully implemented one of the serious issues which the officials have come across during audits is the fake input tax credit (ITC) where more than ₹1 lakh crore fake ITC has been detected with hardly 5% recovery done from these fake ITCs. Mr. Niwas also highlighted the need for preventing revenue leakages.
A.R.S. Kumar, Principal Chief Commissioner of CGST and Central Excise of Tamilnadu and Puducherry zone, also spoke on the occasion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
34 minutes ago
- Economic Times
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services are in focus after the firm disclosed a GST show cause notice for alleged wrongful ITC claims worth Rs 81.93 crore for FY19 to FY21. The notice cites mismatches in tax filings and issues with vendors' GST compliance. SBI Cards asserts its claims are valid and expects a favourable resolution. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads SBI Cards share price target Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore.
Time of India
37 minutes ago
- Time of India
SBI Cards shares in focus after GST show cause notice on input tax credit
Shares of SBI Cards and Payment Services will be in focus on Wednesday after the company disclosed that it has received a show cause notice from the Additional Commissioner (East 1), CGST Gurugram , regarding alleged wrongful input tax credit (ITC) claims amounting to Rs 81.93 crore. The notice, dated June 30, 2025, pertains to the assessment period from FY 2018–19 to 2020–21 and was disclosed in a stock exchange filing on July 1. According to the notice, Rs 81.45 crore of the proposed disallowance relates to mismatches between GSTR-2A and GSTR-3B filings. An additional Rs 47.53 lakh pertains to ITC claimed on supplies from vendors whose GST registrations were either cancelled retrospectively or who failed to file GSTR-3B returns. The total demand has been raised under Section 74(1) of the Central Goods and Services Tax Act, 2017, along with corresponding provisions of the SGST and IGST Acts. SBI Cards has been directed to respond within 30 days, explaining why the ITC should not be recovered along with interest under Section 50 and a penalty equal to the amount claimed. Of the disputed ITC, Rs 63.55 crore falls under IGST, Rs 8.89 crore under CGST, and Rs 8.99 crore under SGST. Live Events SBI Cards stated that it has availed ITC in accordance with applicable GST laws and is confident that the demand will not hold. The company stated that it has a strong case on merit and expects a favorable outcome. SBI Cards share price target According to Trendlyne, the average target price for SBI Cards is Rs 903, indicating a 3% downside from current levels. The stock carries a 'Hold' rating based on consensus from 25 analysts. In the previous session, SBI Cards shares closed 2% lower at Rs 932.3. The stock has surged 38% year-to-date and 29% over the past year. The company's market capitalisation stands at Rs 88,715 crore. ( Disclaimer : Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Hans India
an hour ago
- Hans India
AP records highest GST collection in first quarter
Vijayawada: Andhra Pradesh recorded highest net GST collections amounting to 78,860 crore, reflecting a growth of 3.40% in first quarter of financial year. Total tax collections in Q1 (including all sectors) stood at Rs 213,361 crore, compared to Rs 13,096 crore in FY 2024-25, showing a growth of 2.02%, which indicates a sustained and healthy growth trajectory over the same period, according to Commissioner of Commercial Taxes Babu A. For three consecutive months - April, May, and June 2025, the State has recorded the highest-ever net GST collections for each respective month when compared to any previous financial year. This remarkable performance highlights the State's strong economic recovery, effective enforcement actions and the success of targeted policy initiatives aimed at expanding the tax base and enhancing compliance. The steady upward trend in GST collections not only demonstrates the resilience of the State's revenue systems but also the increasing vitality of its commercial and industrial sectors. In June 2025, Andhra Pradesh collected a total tax (all sectors) revenue of Rs 4,167.66 crore, an increase from Rs 3,910.47 crore in June 2024. This reflects a growth of 6.58%. The growth was mainly driven by higher GST collections (Rs 2,598 crore, up from Rs 2,419 crore) and notable gains under VAT on petroleum products and profession tax. The net GST collections for June 2025 stood at Rs 2,591 crore, the highest - ever for the month of June since the implementation of the GST regime in 2017. Compared to June 2024, there was a significant rise in net GST collections, emphasising enhanced tax compliance, streamlined IGST settlements, and an expanding tax base. The rise in revenue from petroleum products over the past two months indicates a boost in economic activity and better compliance in the sector. Professional tax collections experienced an exponential increase in Q1, with a notable 70% growth in June 2025 compared to the same period last year. The notable rise in net GST collections is significant because it shows the actual revenue credited to the State's account after adjustments for IGST settlements and related transfers. Unlike gross GST collections, which include total tax paid across different components, net collections give a clearer and more accurate view of the State's fiscal health. This figure represents the real funds available for Andhra Pradesh to spend on public services, infrastructure and welfare programmes, thus serving as a reliable indicator of the State's economic strength and available resources, according to Commissioner of Commercial Taxes Babu A. This has been achieved by utilising data analytics and Al tools to identify outliers, prevent revenue leakages and curb tax evasion effectively. In this context, the most accurate indicator of the State's financial health is net revenue collection, which has grown by 7.10% under the GST Act and 6.58% under all Acts in June 2025 compared to the previous year. This growth reflects the actual revenue accrued to the State, as it considers the SGST and IGST settlement amounts, providing a more precise picture of the State's fiscal situation.
