Chemistry of curd to physics of paratha, GST rates on food are a multi-disciplinary tangle
Issue of GST on food items is in news again after hotel owner’s viral interaction with Finance Minister Sitharaman last week. But complexities highlighted go back further in time. Key Points
ThePrintInfosys shares trade in red after Rs 32,000 crore GST notice
The Directorate General of GST Intelligence is probing the company for an alleged GST evasion of over Rs 32,000 crore. Infosys responded to the news with a clarification through an official filing. Key Points
India TodayFinance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is Sashakt Vyapar Samagra Vikas (Empowered Trade Overall Growth). Key Points
Economic TimesGST rate on all carton boxes reduced to 12% from 18%; move likely to help apple growers of Himachal Pradesh, J-K
Uniform GST rate on carton boxes will help apple growers of Himachal Pradesh and Jammu & Kashmir. The GST Council meeting held on Saturday recommended a uniform... Key Points
The Tribune IndiaTax sops on accommodation to give leg up to co-living biz
The GST Council's recommendation to exempt GST on accommodation services up to ₹20,000/month benefits the co-living industry, students, and corporate employees. Previously, there was 18% GST on services, clarifying exemptions for hostels and accommodations for professionals. Key Points
Economic Times
GST exemption granted to platform tickets and essential railway services
New Delhi [India], June 22 (ANI): Finance Minister Nirmala Sitharaman announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid to late August. GST Council proposes exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. Show Full Article […] Key Points
ThePrintNew GST era set to start with end of anti-profiteering clause
India Business News: GST Council signals intent for rationalisation with possible reduction in slabs. End of anti-profiteering clause from April. New finance ministers joi Key Points
Times Of IndiaGST mop-up breaches Rs 2 lakh-crore milestone in April led by domestic transactions
Central government settles Rs 50,307 crore to CGST and Rs 41,600 crore to SGST from the IGST collection. Goods and Services Tax (GST) collections grew 12.4 per... Key Points
The Tribune IndiaCongress manifesto: Promises to replace Modi govt's GST with a moderate GST 2.0 that will not burden the p
Congress pledges to replace BJP's Goods and Services Tax (GST) regime with GST 2.0 in its Lok Sabha elections manifesto. GST 2.0 aims for a single moderate rate, alleviating burdens on the poor. The move challenges BJP's multi-rate GST introduced by former Finance Minister Arun Jaitley, asserting opposition to its impact on the impoverished. Key Points
Economic TimesGST upsurge: This tax needs to be tweaked
For 2023-24, India’s GST revenue crossed ₹20 trillion. If its weak mop-ups are firmly in the past, at long last, we must go for slab and rate reforms. Key Points
mint
CBIC working to weed out duplicate notices
Courts have made adverse comments in many such cases of parallel investigations. The matter was discussed at a recent meeting of enforcement officials from the central and state GST departments, chaired by union finance minister Nirmala Sitharaman. There are instances where both the Centre and states have issued notices or have started investigations in the same case. We are working on a detailed directive on that, a senior official told ET. Key Points
Economic TimesHeavy industries ministry weighs reduction of GST on flex fuel vehicles
The Ministry of Heavy Industries is considering requests to reduce the GST on flexible fuel vehicles (FFVs) from the current 28 percent. Consultations with stakeholders and government departments are underway, and once completed, a recommendation will be submitted to the finance ministry. Key Points
Economic TimesFM Sitharaman asks GST officers to leverage tech to plug loopholes, better taxpayer services
Finance Minister Nirmala Sitharaman urged GST officers to leverage technology, share best practices, and ensure seamless coordination across states at the National Conference of Enforcement Chiefs of the State and Central GST Formations. She emphasized the need for clarity on the classification of related issues and stakeholder engagement. Key Points
Economic TimesGST revenue up 12.5% to Rs 1.68 lakh cr in Feb
Gross Goods and Services Tax (GST) revenue collected for February was Rs 1.68 lakh crore, a 12.5% increase compared to that in the same month... Key Points
The Tribune IndiaGST collection surges 12.5% to nearly Rs 1.7 lakh crore in February
India Business News: Gross GST revenue rose by 12.5% year-on year to Rs 1.68 lakh crore in Feb, sustaining the strong momentum in the receipts as growth remains robust. Av Key Points
Times Of India
February GST mop-up at Rs 1.68 lakh crore, up 12.5% YoY
This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods, a government release said. Key Points
Business TodayAgenda of Modi 3.0: It will be driven by aspirations like $7 trillion GDP by 2027
Though GST numbers look good, at some point, the 53rd meeting of GST Council will have to look at harmonising and streamlining rates and bringing in more products into GST. Since average GST rates are unlikely to increase, higher revenue will be through enforcement and administrative efficiency. Key Points
Economic TimesDGGI probing Mahadev Online Book for possible non-payment of GST
The Directorate General of GST Intelligence (DGGI) is investigating Mahadev Online Book, an allegedly illegal betting application, and its promoters for suspected violation of GST rules and non-payment of tax. The DGGI suspects the GST dues to be around Rs 30,000 crore and alleges that Mahadev Book and its subsidiaries operated illegally without GST registration. The app is already under scrutiny for money laundering, illegal betting, and match-fixing by the Enforcement Directorate and police in multiple cities. Key Points
Economic TimesGST Council may consider pan-India rollout of biometric-based authentication for registration: CBIC
Goods and Services Tax (GST) authorities have so far been using OTP-based Aadhaar authentication to establish the identity of the applicants, seeking registration. Since the launch of GST on July 1, 2017, tax officers have detected fake ITC of Rs 1.42 lakh crore and recovered Rs 13,000 crore. As many as 1,350 people have been arrested for defrauding the exchequer. Key Points
Economic TimesMonthly GST mop-up from online gaming companies jump 400 pc since October 1
Monthly GST collections from online gaming companies have surged by over 400% to Rs 1,200 crore since October 1 due to the implementation of a 28% tax on e-gaming platforms. The GST Council clarified last year that online gaming companies must pay 28% GST on the full face value of bets. Key Points
Economic Times
What is the last date to file GST annual return and who should file it?
Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required. Key Points
Economic TimesICICI Pru Life gets GST demand notice of Rs 270 cr
Shares of ICICI Prudential settled at Rs 526.55 apiece, up 0.56 per cent over previous close on the BSE. In a separate filing, ICICI Lombard General Insurance said it has received a demand notice for alleged short payment of GST of over Rs 5.66 crore from Madhya Pradesh state GST department. Key Points
Economic TimesNumber of GST return filers rose 65% to 1.13 crore in 5 years, 90% submitting form on time: FinMin
In November, the monthly total GST collection was Rs 1.68 lakh crore. Overall, GST collection has surpassed Rs 1.60 lakh crore for the sixth time in the current fiscal year Key Points
Business TodaySC refuses to grant stay on tax notices to E-gaming companies
The show cause notices were issued after the government clarified that online gaming, betting, and gambling will be levied 28% GST on the full face value from October 1. The government believes that some of these firms leveraged the lack of clarity on taxation of game of chance and game of skill before October 1 and there was a need to have a uniform 28% GST on the full value of bets placed on online gaming platforms. The government also amended the GST law making it mandatory for overseas online gaming companies to register in India from October 1. Key Points
Economic TimesMNCs challenge GST notices on services received from expats
Secondment or deputation of expatriates is subject to GST if the expatriate employee is being reimbursed by the Indian company for the services provided to the company. As per the GST law, the Indian company is deemed as the recipient of the service, and the services provided by the expatriate will be considered as a supply of manpower under the GST law. Key Points
Economic Times
71 show cause notices issued to online gaming firms involving GST demand of Rs 1.12 lakh cr: Finance Minis
Online gaming companies are facing scrutiny for alleged GST evasion, with 71 show cause notices issued for evasion exceeding Rs 1.12 lakh crore during the financial years 2022-23 and 2023-24, according to the finance ministry. In the current fiscal year till October 2023, central GST officers detected a total GST evasion of Rs 1.51 lakh crore, leading to the arrest of 154 individuals. The fiscal recovery reached Rs 18,541 crore as of now. Key Points
Economic TimesAvg monthly GST mop-up at Rs 1.66 lakh cr so far this fiscal: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said in the Lok Sabha that the Goods and Services Tax (GST) collection has consistently increased on an annual basis since its introduction on July 1, 2017. The average monthly GST collection for the current fiscal is Rs 1.66 lakh crore, marking an 11% increase over the same period in the previous financial year Key Points
Economic TimesGST collection in November up 15%, highest this year
November GST collections rose 15.1% to Rs 1,67,929 crore, driven by strong domestic demand during the festival season and greater compliance. Integrat Key Points
Times Of IndiaFaceless scrutiny assessment under GST may take some time: GSTN official
The introduction of faceless scrutiny assessment for Goods and Services Tax (GST) returns may be delayed, according to a senior official. This system involves no direct interaction or physical document submission between tax officers and assesses. Initially introduced by the Income Tax department, it was later extended to Customs. Key Points
Economic TimesAP gets nod for biometric-based Aadhaar authentication through GST Seva Kendras
New Delhi, Nov 16 (PTI) Finance Minister Nirmala Sitharaman on Thursday said approval has been given for biometric-based Aadhaar authentication through GST Seva Kendras for Andhra Pradesh. Sitharaman made the remarks while addressing tax officers at the foundation stone laying ceremony of GST Bhavan, Tirupati CGST Commissionerate. Sitharaman, in her virtual address, said the approval […] Key Points
ThePrint
Modi govt’s big business push? India considers easing arrest threshold for GST tax evasion
The proposal seeks to increase the threshold from the current ₹2 crore to ₹3 crore as part of an initiative to decriminalize specific aspects of tax evasion. This move is intended to alleviate undue pressure on businesses and create a more favourable environment for conducting operations. Key Points
FirstpostEase of doing business: India may do away with arrests for sub-Rs 3 crore GST evasion
Currently, under Section 132 of the Central GST (CGST) Act, illegal credit for GST evasion is a criminal offence. GST evasion of Rs 2 crore and above attracts a three-year jail term. The GST Council, in December 2022, approved an increase in the threshold in phases. It was enhanced to Rs 2 crore in March. Key Points
Economic TimesCentre wants to bring petrol, diesel under GST but Congress adopting double standards on issue: Sitharaman
‘If Priyanka is in favour of bringing petrol and diesel under GST, she should ask every state government of Congress to agree to it in GST Council’. Finance Minister Nirmala Sitharaman on Friday said the Union government wants to bring petrol and diesel under the ambit of the Goods and Services Tax (GST), but the Congress is adopting “double standards” on the issue. Key Points
The Tribune IndiaGrowth in October GST mop-up due to economic activity: CBIC chief Sanjay Kumar Agarwal
The growth in October GST collections was riding on economic activity and not because of notices that was sent (to online gaming companies). Growth has come purely on the economic activity which has taken place in the country, Agarwal told reporters on the sidelines of the DPIIT-CII National Conference on Ease of Doing Business. Key Points
Economic TimesFinance Ministry keen on bringing all businesses under GST net
Finance Minister Nirmala Sitharaman on Tuesday said the Finance Ministry’s focus is not only on increasing GST revenue but also on bringing all businesses under its ambit. She was speaking at a function to open 12 GST Suvidha Kendras in Gujarat. Key Points
The Tribune India
At ₹1.7 lakh crore, GST mop-up surges to 2nd highest ever as imports recover
Business News: Goods and services tax (GST) collections in India increased by 13.4% to Rs 1,72,003 crore, the second-highest ever. The growth was driven by a rebound Key Points
Times Of IndiaUttar Pradesh finance minister Khanna likely to be convenor of GST rate rationalisation panel
Uttar Pradesh Finance Minister Suresh Kumar Khanna is likely to become the convenor of the 7-member GST rate rationalization panel. Bihar Finance Minister Vijay Kumar Choudhary will replace Tarkishore Prasad, and Karnataka Revenue Minister Krishna Byre Gowda will be added as a member. Key Points
Economic TimesRaymond, Godrej FMCG deal under DGGI's scanner
The DGGI is also understood to have sought an explanation from GCPL on the matter. The sources cited added that DGGI's Mumbai unit also conducted an inspection on premises linked to Raymond as part of its investigation. Section 67 of the CGST empowers an official to conduct an inspection if he has reason to believe that a person concerned has suppressed information to evade tax. Key Points
Economic TimesBombay HC says no final orders without permission on Delta Corp's Rs 16,195 cr GST demand notices
The Bombay High Court has instructed the Goods and Services Tax (GST) authorities not to make any final decisions on the GST demand notices issued to Delta Corp without prior permission from the court. Delta Corp and its subsidiaries have been notified of an alleged tax shortfall of INR 16,195 crore by the Directorate General of GST Intelligence. Key Points
Economic TimesGST regime altered contours of fiscal federalism in India: Debroy
The Goods and Services Tax (GST) regime in India has transformed fiscal federalism in the country, with steady growth of GST revenue indicating the success of the reform, according to Bibek Debroy, Chairman of the Economic Advisory Council to the PM. Debroy proposed the construction of a GST Rate Index to track tax rate movements and their impact on tax collections and taxpayer behavior. He also highlighted the increase in GST revenue collections and the enhanced formalization of the economy under the GST regime. Indirect tax rates in India are among the lowest internationally. Key Points
Economic Times
GST led to revenue growth, formalisation of economy: EAC-PM
The Goods and Services Tax (GST) regime in India has shown positive outcomes, including revenue growth, formalization of the economy, reduced tax rates, and a more unified market, according to Bibek Debroy, chairman of the Economic Advisory Council to the Prime Minister. GST revenue collections have increased significantly since its launch in 2017, and a proposal has been made to create a GST Rate Index to track tax rate movements. Key Points
Economic TimesCBIC says no GST on Gangajal
The Central Board of Indirect Taxes and Customs (CBIC) clarified that there is no Goods and Services Tax (GST) on Gangajal, despite claims by Congress that an 18% tax has been imposed on it. The CBIC stated that items used in religious rituals, including Gangajal, have been exempt from GST since its introduction. Key Points
Economic TimesReliance General Insurance gets Rs 922-cr show cause notice by GST authority
Reliance General Insurance Company (RGIC) has received multiple show cause notices from the Directorate General of GST Intelligence, amounting to Rs 922.58 crore. The notices are for GST demands on revenue generated from services like re-insurance and co-insurance. The company's auditors will have to provide for this amount as a contingent liability in its quarterly results. RGIC constitutes 70% of the total value of Reliance Capital, which is currently undergoing a debt resolution process. Key Points
Economic TimesOnline gaming, casinos liable to 28 per cent GST since beginning: Revenue Secretary Sanjay Malhotra
Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling, Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos. Key Points
Economic TimesGST Council cedes right to levy tax on distilled alcohol to states
Finance Minister Nirmala Sitharaman said that Allahabad High Court had ruled that states have no power to impose tax on Extra Neutral Alcohol (ENA). The responsibility now lies solely with the GST Council and the Centre. However, in the interest of maintaining healthy Centre-state relations, it was decided at the GST Council meeting that this right would be given to the states. Key Points
Economic Times
GST Council Meet: Tax slashed on millet products, distilled alcohol exempted and other key decisions
The Goods and Services Tax (GST) Council in India has decided to reduce the GST on millet flour in powder form from 18% to 5%. The move aims to make nutritious food items more accessible to the public. The council also exempted alcohol for human consumption from the indirect tax, while extra neutral alcohol (ENA) for industrial use will still attract GST. Key Points
Economic TimesGST Council Meet: GST rate on millet-based products slashed to 5%
The Goods and Services Tax (GST) Council has decided to reduce the GST on millet flour food preparations from 18% to 5%. The fitment committee of the GST Council had previously recommended the exemption for powdered millets but had refused to provide incentives for prepared produce made from millet. India is focusing on promoting the production and consumption of millets in 2023. Key Points
Economic TimesAAR ruling could offer advantages to e-commerce platforms facilitating logistic
The GST Authority for Advance Rulings (AAR) in Karnataka has ruled that Juspay Technologies, the company behind the ride-hailing app 'Namma Yatri,' is considered an e-commerce operator under GST regulations. However, the AAR clarified that Juspay Technologies is not required to collect and remit GST on transportation fares, as the supply of passenger transportation does not occur through their platform. Key Points
Economic TimesCentre notifies amendments in GST laws, to tax 28 pc on online gaming, casinos from today
New Delhi [India], October 1 (ANI): The central government has notified the amendments in GST legislation passed by the Lok Sabha in August so as to impose a 28 per cent tax on online gaming, casinos, and horse racing. The amendments will come into effect as was earlier announced — from October 1. The amendments […] Key Points
ThePrintGST collection in September rises 10 pc to Rs 1.62 lakh crore
New Delhi [India], October 1 (ANI): The gross Goods and Services Tax revenue collected in the month of September was Rs 162,712 crore, official data from the Ministry of Finance showed on Friday. The monthly revenue is 10 per cent higher than the collection the same month the previous year. It is the fourth time […] Key Points
ThePrint