Ninety per cent of India’s Goods and Services Tax (GST) collections are paid by the top 22% businesses having a turnover above ₹50 crore, Finance Minister Nirmala Sitharaman said on March 21, 2023, dismissing an Oxfam report’s conclusions that the richest 10% contribute a fraction of the GST kitty, while the poorest 50% contribute two-thirds of the revenues.
Source: thehindu.com
Latest Posts in "India"
- GST on Hotel Rooms ≤ Rs 7,500: 5% Rate, No ITC for Hotels or Business Travellers
- GSTN Releases Key FAQs on GSTR 9/9C Filing for Financial Year 2024-25
- Supreme Court: VAT Credit Cannot Be Denied Due to Supplier’s Tax Default
- Trickiest countries in which to achieve compliance
- India announces changes in the Invoice Management System
