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Business Standard
08-07-2025
- Business
- Business Standard
CBIC may free up importers' IGST credits to address payment issues
Short payments of IGST on imports are usually discovered during internal audits or regulatory checks, and tend to arise due to valuation differences, classification errors, or other discrepancie Monika Yadav New Delhi Listen to This Article In a bid to facilitate importers who may have underpaid Integrated Goods and Services Tax (IGST) dues, the Central Board of Indirect Taxes and Customs (CBIC) is likely to issue a standard operating procedure (SOP) to enable them to claim input tax credit (ITC) on IGST payments made to rectify shortfalls flagged after Customs clearance. This new protocol for GST field formations could potentially unlock several hundreds of crores worth of input tax credits of importers that are currently stuck, straining their working capital flows, two government officials aware of the development told Business Standard.
Time of India
01-07-2025
- Business
- Time of India
Andhra logs 'highest-ever' GST collection in first quarter of FY-26 at Rs 8,860 cr, says govt
Andhra Pradesh achieved its 'highest-ever' net GST collection of Rs 8,860 crore in the first quarter (Q1) of the current financial year, reflecting a growth rate of 3.40 percent, officials said on Tuesday. A Babu, Chief Commissioner ( state taxes ), Commercial Taxes Department , said the total tax revenue for Q1 stood at Rs 13,361 crore, indicating a growth of over 2 percent. For three consecutive months-April, May, and June 2025-the state has recorded the highest-ever net GST collections for each of these months when compared with any other previous financial year, Babu said in a press release. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Indonesia: New Container Houses (Prices May Surprise You) Container House | Search ads Search Now Undo "In June 2025 alone, Andhra Pradesh collected Rs 2,591 crore in net GST-the highest for any June since the GST Act was rolled out in 2017," said Babu. While the net GST tax collection of June 2024 was Rs 2,419 crore, net collection during June 2025 was Rs 2,591 crore, he added. Live Events Total tax collections from all sectors rose to Rs 4,167.66 crore in June 2025, from Rs 3,910.47 crore logged in June 2024, reflecting a growth of 6.58 percent. Integrated Goods and Services Tax (IGST) settlement for June stood at Rs 1,365 crore. The State attributes this spike to strong compliance, enforcement, and rising commercial activity across sectors. Professional tax collections rose by 70 percent in June 2025, while the Value Added Tax (VAT) collections on petroleum products also increased, indicating economic resurgence and enhanced compliance in fuel distribution, said Babu. Key measures taken to increase tax collections included increased return compliance, enhanced monitoring and enforcement, stronger investigation mechanisms, and conducting targeted investigations. Other measures included addressing credits locked in IGST reversals through focused reconciliation and corrective actions, launching a compliance drive, identifying assets and bank accounts of defaulters and initiating prompt recovery proceedings, monitoring officers' performance, and utilising data analytics and AI tools. "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," said Babu.
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Business Standard
30-06-2025
- Business
- Business Standard
Hindustan Zinc contributes ₹18,963 cr to govt exchequer in FY25, shows data
Hindustan Zinc Limited, a Vedanta Group company, contributed ₹18,963 crore to the government exchequer in the financial year 2024-25 (FY25), according to the company's Tax Transparency Report. The FY25 contribution of ₹18,963 crore by Hindustan Zinc included ₹4,154 crore in government royalties, ₹3,619 crore as corporate dividend to the government, ₹5,963 crore in indirect taxes, and ₹3,385 crore in taxes on income. The government holds a 27.92 per cent stake in the company. The company's total contribution in FY25 also included payments to the Rajasthan state government, the District Mineral Foundation (DMF), and the National Mineral Exploration Trust. These payments represent 56 per cent of the company's revenue from operations. The FY25 contribution registered a 44 per cent increase over the previous financial year's contribution. The company's cumulative contribution to the exchequer over the past 5 years stands at ₹87,616 crore. Hindustan Zinc's indirect tax contribution in the last five financial years stood at ₹27,500 crore, which includes Central Goods and Services Tax, State Goods and Services Tax, and Integrated Goods and Services Tax collected from the sale of goods. The company has contributed an average of ₹3,600 crore per year to the Rajasthan government. "Despite volatility in global markets and fluctuating metal prices, the company has demonstrated unwavering focus on fiscal discipline. Hindustan Zinc takes great pride in providing voluntary disclosures about its tax contributions which supports India's robust growth and socioeconomic development," the company said in the report. Operational data The company reported mined metal production of 1,095 kilotonnes (KT) and refined metal production of 1,052 KT in FY25. It recorded a four-year lowest zinc cost of production at $1,052 per million tonnes (MT).
The Hindu
21-05-2025
- Business
- The Hindu
₹956.16 cr. cut from Kerala's IGST share, says Finance dept.
Systemic issues in the Integrated Goods and Services Tax (IGST) settlement mechanism has cost Kerala ₹956.16 crore, according to the Finance department. Finance Minister K.N. Balagopal said here on Wednesday that the Centre slashed IGST shares of all States on the grounds that excess amounts had been credited to them. Under this decision, Kerala's IGST share was reduced by ₹956.16 crore. However, there was a lack of clarity regarding the excess settlements, he said. Levied on the interstate supply of goods and services, IGST is collected by the Centre. The accounts are settled periodically and the revenue is shared between the Centre and the States. In July 2024, the Kerala Public Expenditure Review Committee had advised the Kerala government to closely monitor IGST inflow as the present system resulted in revenue loss for it. Talking to reporters here, Mr. Balagopal alleged that the Centre also slashed ₹3,300 crore from the State's borrowing limit in the name of the Guarantee Redemption Fund. The Centre had set a condition that a corpus equivalent to 5% of the government guarantee to financial institutions should be set aside for the fund. Failure to do so would result in a reduction from its borrowing limit equivalent to 0.25% of the GSDP. The open market borrowing limit of the State for the first nine months of the 2025-26 fiscal (April-December) had been pegged at ₹29,529 crore. On the charge that Kerala was plunging towards a debt trap, Mr. Balagopal said that the debt-GSDP ratio of the State had in fact witnessed a steady decrease since 2020-21 from 38.47% to 33.9% in 2024-25. Replying to a question, Mr. Balagopal said formal discussion had not been held yet on the formation of the new pay revision commission.
