 "What is Goods and Services Tax")
Goods and Services Tax
What is Goods and Services Tax
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Latest Updates on Goods and Services Tax
GoM on rate rationalisation defers report submission to GST Council
It was widely expected that the GoM would submit its report to the GST Council meeting today
 "GoM on rate rationalisation defers report submission to GST Council")
Law committee calls for simplification of GST registration structure
As per GSTN data, more than 98 per cent of applicants for new registration under GST either do not pass on ITC or pass on ITC within a limit of Rs 500,000 per month
 "Law committee calls for simplification of GST registration structure")
GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim
Cipa said based on assessment of facts and prevailing law, it is "of the view that the penalty levied is arbitrary and unjustified
 "GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim")
Capex to be decided according to country's need, says MoS Finance
Chaudhary noted that there is a special focus from the Prime Minister, and all ministries have been directed to reach their capex targets by March
 "Capex to be decided according to country's need, says MoS Finance")
35% GST slab in the works? A look at GST bands and how they are decided
The Group of Ministers (GoM) on GST rate rationalisation has recommended to raise GST on select sinful goods. Here's how GST Council decides on different tax bands
 "35% GST slab in the works? A look at GST bands and how they are decided")
GoM proposes fresh band: 35% GST slab likely for tobacco, aerated drinks
"The GoM on rate rationalisation has completed its report, which proposes major adjustments to tax rates on 148 items, with a particular focus on the textile industry"
LIC rises 5% on filing appeal against GST demand order of Rs 66 lakh
Life Insurance Corporation of India ("the Corporation") has filed an appeal with GST Appellate Authority, Jammu Kashmir against the order demanding GST of Rs. 66,69,251/- for FY 2019-20
 "LIC rises 5% on filing appeal against GST demand order of Rs 66 lakh")
GST fitment committee set to review 18% tax on co-lending services
Under the co-lending model, NBFCs are required to retain a minimum of 20 per cent of individual loans on their books, while the remaining balance is held by banks
GST mop-up sees six-month high in Oct with Rs 1.87 trillion, up 8.9% Y-o-Y
From April to October 2024, gross GST collections on a year-to-date basis reached Rs 12.74 trillion, marking a 9.4 per cent increase compared to Rs 11.64 trillion during the same period last year
Meticulous planning behind Kerala GST's massive gold jewellery raids
Investigation is ongoing, and estimating the precise amount of tax evasion will be only possible after completing the verification of the seized gold and other documents
 "Meticulous planning behind Kerala GST's massive gold jewellery raids")
After Sebi, Parliament committee to conduct CCI's performance review
The Public Accounts Committee of Parliament, chaired by Congress leader KC Venugopal, has decided to assess the performance of regulatory bodies established by Acts of Parliament this financial year
 "After Sebi, Parliament committee to conduct CCI's performance review")
GST Council forms GoM on compensation cess; report expected by Dec 31
With just one-and-a-half year remaining for the cess to end, the GST Council in its 54th meeting on September 9 decided to set up a GoM to decide the future course of the cess
 "GST Council forms GoM on compensation cess; report expected by Dec 31")
Design architecture for B2C e-invoicing for retailers ready: GSTN CEO
The threshold for businesses that would be required to issue e-invoices is in the process of being decided.
 "Design architecture for B2C e-invoicing for retailers ready: GSTN CEO")
GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25
During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse implication of tax rate change on some items and gather more data
GST Council forms GoM to review tax rate on insurance; report by Oct 30
In 2023-24, the centre and states collected Rs 8,262.94 crore through GST on health insurance premiums, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premiums
Rahul slams govt over video of restaurant chain owner 'apologising' to FM
In a post on X, Gandhi said when owner of a small business, like Annapoorna restaurant in Coimbatore, asks for a simplified GST regime, his request is met with 'arrogance and outright disrespect'
 "Rahul slams govt over video of restaurant chain owner 'apologising' to FM")
Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam
The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th ACMA session
 "Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam")
Transfer of leasehold land: Authorities may have upper hand in GST levy
When a company sells its rights to leasehold land to a third party for the remaining lease term, the transaction typically attracts stamp duty
Chocolate firms, bakeries receive notices for alleged GST underpayment
Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%
 "Chocolate firms, bakeries receive notices for alleged GST underpayment")
GST payers with no valid bank account barred from filing GSTR-1 from Sept 1
GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.
 "GST payers with no valid bank account barred from filing GSTR-1 from Sept 1")
