GST revenue in Bengal jumps to 9.5% from 5% last fiscal
Kolkata: Revenue growth through GST in Bengal has jumped to 9.5% this year from about 5% last fiscal.
Shravan Kumar, chief commissioner of central goods and services and central excise, Kolkata zone, said this while addressing a conference — '19th Residential Study Course' — organised by Indirect Tax Committee of Bombay Chartered Accountants' Society (BCAS) in the city.
Tired of too many ads? go ad free now
"Eight years down the line, the GST ecosystem is evolving to address the challenges faced by taxpayers and the administration. In Bengal, authorities have detected Rs 3,500 crores of fraudulent ITC, leaving 13-15 people behind bars. These exercises have improved the revenue of Bengal govt from 5% to 9.5% in the last one year," said Kumar.
Members of traders' bodies highlighted the areas of GST that call for reforms. Akshay Binjrajka, president of Bharat Toy Association, said: "Currently, toy comes under two tax categories in GST — 12% for non-battery-operated and 18% for battery-operated toys. We urge that all toys should come under 5% GST so that customers can purchase more and manufacturing cost will decrease."
CA Mandar Telang, treasurer of BCAS, emphasised the necessity of re-examining the provisions and timelines fixed for correcting bona fide errors. Around 300 delegates from across the country participated in the conference.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
43 minutes ago
- Business Standard
Reliance Industries sells 8.5 mn shares of Asian Paints for ₹1,876 cr
Billionaire Mukesh Ambani-led Reliance Industries on Monday sold 85 lakh shares of Asian Paints for Rs 1,876 crore through an open market transaction. The share sale came days after Reliance Industries offloaded 3.50 crore equity shares or 3.64 per cent stake in Mumbai-based Asian Paints on Thursday. According to the block deal data on the National Stock Exchange (NSE), Reliance Industries through its affiliate Siddhant Commercials Pvt Ltd disposed of 85 lakh shares, representing a 0.88 per cent stake in Asian Paints. The shares were sold at an average price of Rs 2,207 apiece, taking the transaction value to Rs 1,875.95 crore. Meanwhile, ICICI Prudential Mutual Fund (MF) bought these shares at the same price. With the acquisition of shares, ICICI Prudential MF's holding in Asian Paints rose to 2.12 per cent from 1.24 per cent. Shares of Asian Paints increased 1.21 per cent to close at Rs 2,241 apiece on the NSE. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
New Indian Express
an hour ago
- New Indian Express
15 IIT-BHU students bag Rs 1 crore-plus annual packages, top offer hits Rs 2.20 crore
Significantly, IIT-BHU has been consistent in securing strong placements for its students. In the 2023–24 session, 1,499 students registered, and 1,305 job offers were made by visiting firms. The highest offer that year stood at Rs 1.20 crore. For the 2022–23 batch, the highest offer reached Rs 2.15 crore, with 1,428 students registered and 1,265 offers made by recruiting firms. As per Prof Srivastava, the emphasis on readiness and resilience empowered graduates to secure meaningful and impactful roles in both national and global markets. Calling the placement figures a major institutional milestone, IIT-BHU director Prof Amit Patra said, 'As technology continues to evolve, the institution constantly upgrades its curriculum to stay ahead of the curve. Our interdisciplinary approach, strong alumni network, and practical training are shaping our students into future-ready leaders.' Extending its gratitude to all recruitment partners for the confidence they placed in the students, the IIT-BHU administration expressed hope for deeper collaboration in the future. The administration added that with such a strong performance, IIT-BHU has reinforced its standing as one of the country's most sought-after engineering institutions—both for students and top employers. The robust placement outcomes highlight the dynamic relevance of its academic programmes and the strength of its institutional leadership in an ever-evolving job market, said the authorities concerned.
Business Standard
an hour ago
- Business Standard
Sensex, Nifty trade higher; realty shares rally for 2nd day
The domestic equity indices traded with significant gains in mid-afternoon trade, rebounding after two consecutive sessions of losses. This recovery came despite persistent concerns over escalating geopolitical tensions between Israel and Iran, which continued to weigh on global market sentiment. Investors will closely monitor crude oil prices, movements in money market and the outcome of the upcoming U.S. Federal Reserve meeting later this week. The Nifty traded near the 24,950 mark. Realty shares witnessed buying demand for second consecutive trading session. At 12:26 IST, the barometer index, the S&P BSE Sensex gained 684.54 points or 0.84% to 81,803.14. The Nifty 50 index jumped 228.80 points or 0.93% to 24,947.20. In the broader market, the S&P BSE Mid-Cap index rose 0.87% and the S&P BSE Small-Cap index added 0.15%. The market breadth was negative. On the BSE, 1,824 shares rose and 2,186 shares fell. A total of 188 shares were unchanged. The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.07% to 14.77. Economy: Inflation measured by the Wholesale Price Index (WPI) fell to a 14-month low of 0.39% in May from 0.85% in April, data released by the government on Monday showed. This is the third consecutive month of decline in WPI inflation. Positive rate of inflation in May 2025 is primarily due to increase in prices of manufacture of food products, electricity, other manufacturing, chemicals and chemical products, manufacture of other transport equipment and non-food articles, etc. Buzzing Index: The Nifty Realty index advanced 1.07% to 1,017.85. The index jumped 1.13% for the two trading sessions. Prestige Estates Projects (up 1.6%), Sobha (up 1.38%), Godrej Properties (up 0.92%), Macrotech Developers (up 0.87%), DLF (up 0.82%), Oberoi Realty (up 0.78%), Anant Raj (up 0.39%) and Phoenix Mills (up 0.26%) jumped. Numbers to Track: The yield on India's 10-year benchmark federal paper shed 0.27% to 6.283 from the previous close of 6.290. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.2000 compared with its close of 86.1125 during the previous trading session. MCX Gold futures for 5 August 2025 settlement shed 0.40% to Rs 99,878. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.20% to 97.8. The United States 10-year bond yield rose 0.38% to 4.441. In the commodities market, Brent crude for August 2025 settlement declined 22 cents or 0.30% to $74.01 a barrel. Stocks in Spotlight: Belrise Industries rallied 3.27% after the company reported a 722.3% jump in net profit to Rs 110.02 crore while revenue rose 49% to Rs 2,274.35 crore in Q4 March 2025 over Q4 March 2024. United Drilling Tools hit the upper circuit of 20% after the firm said that it has secured a significant order from Oil and Natural Gas Corporation for the supply of large outer diameter (OD) casing pipes with connector totaling to Rs 107.55 crore
