Latest news with #Goods&ServicesTax
Hans India
12-07-2025
- Business
- Hans India
CM wants state to be role model in GST collections
Vijayawada: Chief Minister N Chandrababu Naidu on Friday stressed that Andhra Pradesh should become a role model for the country in GST collections. He instructed officials to take strict measures to prevent tax evasion. A coordination meeting of Central and state GST officials was held at the Chief Minister's camp office, chaired by him. State finance special chief secretary Piyush Kumar, state taxes chief commissioner Babu A, and GST officials from both Centre and state attended the meeting. Speaking on the occasion, the Chief Minister stressed the use of technologies like data analytics to prevent tax evasion. He said that efficient tax collection would contribute to national wealth, which should be used for public welfare and development. Underlining the need for proper coordination between Central and state GST officials for the better realization of Goods & Services Tax (GST) in the state, the Chief Minister added that there should be a competitive action plan to match neighboring states in GST collections. He said tax data should be analysed using data analytics, and even factors like electricity consumption should be considered to detect evasion. The Chief Minister stressed that there should be no errors in GST registrations. The state government will soon build a data lake combining all departmental information in one place, which will also be shared with Central GST officials, he added. He explained that if the state receives its rightful share of resources, there will be no need to approach the Centre for every small issue. He directed officials to work with organisations like Confederation of Indian Industry (CII) to raise awareness and prevent tax evasion, and to act strictly if evasion continues. Officials informed the Chief Minister that GST collections in the state increased by 3.4 per cent. They said that the upcoming GST tribunals in Visakhapatnam and Vijayawada will help resolve tax disputes. Central GST officials requested the Chief Minister to allot five acres of land in Amaravati for constructing the Central GST Zonal Office and residential quarters.
Time of India
13-06-2025
- Business
- Time of India
India's inefficient tax collection methodology – a review is needed!
Homeyar Jal Tavaria is a professional accountant with interest in the science of accounts and audit, observer and commentator on macro economic commercial, financial and economic events, occasional blogger'. LESS ... MORE The main heads of tax collection in India are Income Tax, Goods & Services Tax (GST), excise duty, customs duty, and securities transaction tax (STT). There is enough empirical data to show that our tax collection mechanism is faulty and there is definitely serious tax evasion at both the direct tax (income tax) and indirect tax ends (mainly GST). For the purpose of better understanding, we need to break up the 2 main heads of tax collection (income tax on sources of income – different income heads) and GST tax – on consumption of goods and services. We are all aware of the anomalies and failures of income tax. Certain types of income (agriculture income) are fully exempt, significant number of PAN Card holders do not file income tax returns. Also, one can be reasonably sure that the maximum payment of income tax (% of income tax payable to taxable income) is in the middle tier. The bottom tier % of income tax paid will be low because of progressive taxation rates and allowed tax deductions, while the upper tier manages the taxability of income very well, exploiting the exemptions and set offs extremely well. Similarly, we seem to be having some issues with GST collection. The geographical states spread across India and GST collections from those states linked with the Gross State Domestic Product (GSDP – cumulative being national GDP) are giving surprising results. Note – there is not much available in the public domain on GST collection details in terms of applicable years and geography (state contribution). However, whatever data is available is raising plenty of issues on the quality of GST tax collection and the need to really review the entire tax collection and tax payment system. For the year 2024/25, the Top 10 GST paying states of India and the GSDP generated by them for the year 2023/24 are as under. Note that the data years are different, but the issue of concern being raised does not get really impacted. Details are as under: State Rank Name of State GST collected / GSDP values – % GST collected – Rs Billions 2024/25 GSDP generated – Rs Billions 2023/24 1. Maharashtra 7.88 3184.97 40443.00 2. Gujarat 7.94 1749.38 22034.00 3. Karnataka 5.72 1430.23 25007.00 4. Tamil Nadu 4.13 1124.56 27216.00 5. Uttar Pradesh 4.15 1057.89 25479.00 6. Haryana 9.98 982.34 9841.00 7. West Bengal 5.72 876.54 15318.00 8. Rajasthan 5.64 765.43 13579.00 9. Telangana 4.99 654.32 13118.00 10. Andhra Pradesh 4.16 543.21 13035.00 Notes: GST being a consumption-based tax, one would have thought that the states GST collected and GSDP generated % would largely be in one narrow band as percentages. That is not the case per the data above. There are 3 percentage bands coming up – More than 7.5% (GST / GSDP %) – states contributing Maharashtra, Gujarat, Haryana Between 5% to 7.5% – states contributing are Karnataka, West Bengal, and Rajasthan Below 5% – states contributing being Tamil Nadu, Uttar Pradesh, Telangana, Andhra Pradesh. The Western India states of Maharashtra and Gujarat are in the top contributors, while surprisingly, the Southern India states of Tamil Nadu, Telangana, Andhra Pradesh are the laggards. Such a big differential in GST contribution % needs to be looked into. The North India and East India states need to shake off their lethargy and become worthwhile indirect tax (GST) contributors. It would help to analyse why certain states have such low GST contributions as % of GSDP. There is a mine available to be exploited. India has to significantly upgrade its GST tax collection mechanism. The above collection % differential highlights that the tax collection structure needs a review. India cannot be sanguine that the direct and indirect tax collections are buoyant. The buoyancy is on a weak foundation base, and the tax structure needs a major relook to keep the buoyancy going and ensure that all are caught in the tax net so that the taxes can be called fair and equitable taxes. Fair and equitable taxes ensure that businesses are operating on a level playing field. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Hans India
11-06-2025
- Business
- Hans India
Nation achieved excellent growth in NDA rule: Kishan
Vijayawada: Union Minister for Coal and Mines G Kishan Reddy on Tuesday said India achieved excellent growth and the country's reputation went up globally under the leadership of Prime Minister Narendra Modi during the last 11 years. Kishan Reddy along with state party president Daggubati Purandeswari addressed the media in a private function on Tuesday marking the completion of 11 years of the National Democratic Alliance (NDA) rule in the country. Recounting the country's achievements under Modi's rule, he said a golden era started for India in 2014 and the country became the fourth largest economy in the world surpassing Japan, from 10th place 11 years ago. The Union Minister further said 25 crore people came out of poverty and per capita income increased from Rs 68,572 in 2013-24 to Rs 1.14 lakh by the end of 2024-25. The BJP leader said the Central government has been distributing free rice to 81 crore people. According to him, path-breaking tax reforms like Goods & Services Tax (GST) helped the economy and increased revenues for the states. Referring to food policy and production of food grains, he said the Centre increased minimum support price (MSP) for many crops and a total amount of Rs 3.7 lakh crore was directly deposited into the bank accounts of 11 crore farmers since the launch of PM Kisan scheme. Kishan Reddy further said that PM Modi had given top priority for the defence sector and stated Operation Sindoor was conducted to destroy the terrorist camps in Pakistan Occupied Kashmir. He also said the central government launched the 'Make in India' scheme to boost the manufacturing sector. Later, Kishan Reddy released a book on the achievements of the NDA rule in the last 11 years.
Time of India
29-05-2025
- Business
- Time of India
Leena Tiwari: Meet the reclusive billionaire owner of India's costliest flats
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Mumbai: Glycomet , Ecosprin and Roseday are medicine brands familiar to millions of patients of diabetes or heart condition in India. But not much is known about Leena Tewari , the reclusive chairperson of USV , the Mumbai-based drugmaker that sells those drugs, among many name bounced into news and social circles after she purchased two sea-facing luxury duplex apartments in Mumbai's upscale Worli area for a whopping '639 crore, making it the country's costliest residential broke the news online on the evening of May transaction shook the property market observers, financial circles, and public at large as it set a record for the most expensive deal concluded in India over '2.83 lakh per sq ft on carpet basis, the record-breaking deal involves a total area of 22,572 sq ft, spanning the 32nd to 35th floors of a 40-storey super-premium tower overlooking the Arabian Sea on Worli Sea not all. Tewari paid over '63.9 crore towards stamp duty and the Goods & Services Tax alone for the registration of the transaction. After accounting for these charges, she has paid a total of nearly '703 crore for the stealth move to buy the plush property resonates remarkably with her demeanour. Few may even know that Leena Tewari is among the closest friends of Nita Ambani. Her husband Prashant Tewari, MD at USV, has a similar temperament and is mostly seen as a quiet and long-term strategic thinker. She is among India's richest women, with Forbes estimating her current net worth at $3.9 decades, the family-run company has braved fierce competition while many of its peers sold out or took on board private equity players to grow their business, or even went for a public listing to raise USV has remained owner-driven and grown its revenues to '4,840 crore in FY24, according to data from Tracxn. Industry executives say Leena Tewari shows no rush and prefers a step-wise approach than stray into risky zones. "She has a core team of 10-12 loyal USV executives to oversee the operations. She has a good sense of timing and does not follow hype," a veteran executive told singular focus can be seen from the value of USV's top brands. The anti-diabetes drug Glycomet, for instance, is the second leading product in the Indian pharmaceutical market with sales of '806 crore, ranking next to antibiotic drug Augmentin of GSK, which grossed sales of '820 crore over the last twelve-month period. In blood thinners, USV's Ecosprin and its variants commands a dominant position while Roseday is another popular brand to lower cholesterol in heart challenges loom for the future. Glycomet is seeing increasing rivalry from new generation anti-diabetes drugs. USV is looking at a strong position in the insulin business in India. Sources say the company is also keen to develop copies of semaglutide, the material that goes into blockbuster weight-loss brands Ozempic and Wegovy.
Time of India
29-05-2025
- Business
- Time of India
USV's chairperson buys two duplexes in Mumbai's Worli for ₹639 crore
Leena Gandhi Tewari, chairperson of multinational pharmaceutical and biotechnology company USV Ltd has acquired two sea-facing luxury duplex apartments in Mumbai 's plush Worli locality for Rs 639 crore. The record-breaking deal involves a total area of 22,572 sq ft spanning the 32nd to 35th floors of 40-storey super-premium tower Naman Xana overlooking the Arabian Sea on Worli Sea Face. At over Rs 2.83 lakh per sq ft on carpet basis, the transaction sets a new benchmark as the most expensive residential property sale ever recorded in India. Tewari has paid over Rs 63.9 crore towards stamp duty and the Goods & Services Tax (GST) alone for the registration of the transaction that took place on Wednesday, showed the documents accessed by ET. After accounting for these charges, she has paid a total of nearly Rs 703 crore for the deals. Earlier this month, billionaire banker Uday Kotak set a new national benchmark by finalising the purchase of eight additional apartments, completing the acquisition of an entire residential building on Worli Sea Face for over Rs 400 crore. Some of the transactions concluded by Kotak were closed at a rate of Rs 2.90 lakh per sq ft, but factoring in the inclusion of land rights, given that he now owns the entire building. ET's separate email queries to Tewari's team and the project's developer remained unanswered until the time of going to press. Mumbai, the country's largest and most expensive real estate market, has continued its record-setting spree by scaling yet another peak, registering the highest number of property transactions ever recorded in the month of April. The city continues to dominate the country's real estate market maintaining its streak of record-breaking transactions backed by unwavering demand from buyers despite steady growth in property prices and the government's recently announced hike in ready reckoner (RR) rates from April 1. South and Central Mumbai--home to India's costliest residences--have been at the forefront of this boom, attracting a string of high-value deals involving industrialists, senior corporate leaders, film stars, and sports icons in recent years.
