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What is Goods and Services Tax

Goods and Services Tax

About Goods and Services Tax

What is Goods and Services Tax

The Goods and Services Tax (GST) is a uniform indirect tax levied on goods and services across the country. GST, as an umbrella tax, replaced central taxes like central excise, service tax, additional duties of excise & customs, special additional duty of customs, besides cesses and surcharges, on supply of goods and services.
 
Central GST and State GST
 
CGST is levied on intrastate supplies by the central government and SGST is levied on intrastate supplies by respective state governments. 
 
Integrated GST
 
IGST is levied on interstate supplies by the Centre (equal to CGST + SGST combined on supplies made within the state).
 
Any supply of
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Latest Updates on Goods and Services Tax

GST Council defers key decisions, tackles complexity of tax system

It was clarified that ready-to-eat popcorn mixed with salt and spices attracted a 5 per cent GST rate. It attracts a 12 per cent tax if supplied as pre-packed and labelled

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Updated On : 22 Dec 2024 | 10:56 PM IST

GST Council paves way for CGST Act amendments during Budget session

FinMin says some changes may take effect from April

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Updated On : 22 Dec 2024 | 10:47 PM IST

Separate rate for caramelised popcorn draws criticism from economists

"This is a national tragedy, violating the spirit of the Good & Simple Tax the GST was meant to be," says former chief economic adviser Arvind Subramanian

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Updated On : 22 Dec 2024 | 11:44 PM IST

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

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Updated On : 21 Dec 2024 | 2:24 PM IST

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

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Updated On : 20 Dec 2024 | 11:30 PM IST

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

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Updated On : 20 Dec 2024 | 5:10 PM IST

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

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Updated On : 13 Dec 2024 | 11:57 PM IST

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

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Updated On : 03 Dec 2024 | 5:12 PM IST

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"

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Updated On : 02 Dec 2024 | 11:06 PM IST

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

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Updated On : 29 Nov 2024 | 1:04 PM IST

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

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Updated On : 28 Nov 2024 | 11:14 PM IST

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

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Updated On : 01 Nov 2024 | 10:40 PM IST

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

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Updated On : 25 Oct 2024 | 1:27 PM IST

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

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Updated On : 30 Sep 2024 | 10:37 AM IST

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

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Updated On : 27 Sep 2024 | 10:23 PM IST

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.

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Updated On : 24 Sep 2024 | 11:26 PM IST

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

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Updated On : 22 Sep 2024 | 4:33 PM IST

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

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Updated On : 15 Sep 2024 | 7:55 PM IST

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'

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Updated On : 13 Sep 2024 | 10:45 PM IST

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

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Updated On : 09 Sep 2024 | 12:00 PM IST