Page 5 - Latest Updates on Goods and Services Tax
LIC gets GST notice of Rs 806 crore; insurer says will file an appeal
The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore
 "LIC gets GST notice of Rs 806 crore; insurer says will file an appeal")
India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion
This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion
 "India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion")
You may be able to file revised GST returns from April 2025 if...
An official said that allowing updated returns under the GST regime will simplify the process of filing returns
 "You may be able to file revised GST returns from April 2025 if...")
How plethora of GST notices are spoiling the ease of doing business
While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well
No GST dues pending, some states have not submitted AG's report: Sitharaman
The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said
 "No GST dues pending, some states have not submitted AG's report: Sitharaman")
E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO
Anuraag Saxena said that the industry is in a 'wait and watch' mode, and the true impact of the GST move will only be known after the period of review is over
 "E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO")
GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane
The 15 per cent Y-o-Y growth in November came despite weak external conditions
 "GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane")
Major tax collections, barring personal income tax, decline in October
Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's
 "Major tax collections, barring personal income tax, decline in October")
Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted
The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence
 "Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted")
Talent crisis forcing companies to shell out big bucks for legal experts
Company officials said an ever-evolving regulatory environment, increasing focus on corporate governance, and constantly changing GST structures have catalysed the clamber for legal talent
 "Talent crisis forcing companies to shell out big bucks for legal experts")
Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr
The Centre may also tweak the rules of issuing summonses to the violators
Over 100,000 small and mid-sized firms flout GST e-invoicing rules
The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry
 "Over 100,000 small and mid-sized firms flout GST e-invoicing rules")
GST collection in Oct rises 13% to Rs 1.72 trillion, second-highest ever
Average gross monthly GST collection in FY24 now stands at Rs 1.66 trillion, 11 per cent higher Y-o-Y, said the Ministry of Finance on Wednesday
GST to be paid on gold coins, white goods given as incentives, rules AAR
Input tax credit can be claimed as such items are not gifts, says Telangana authority
India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances
Tax demands for 18% GST range from Rs 1 crore to Rs 150 crore
 "India arms of 1,000 MNCs asked to pay GST on expat salaries, allowances")
Expanding OIDAR scope: Foreign firms asked to comply with GST norms
Intimation notices to 70 online gaming, edtech, ad companies
 "Expanding OIDAR scope: Foreign firms asked to comply with GST norms")
Calcutta HC quashes penalty order on e-way bill that expired in 9 hours
Authorities could not prove that petitioner intended to evade tax, says court
 "Calcutta HC quashes penalty order on e-way bill that expired in 9 hours")
LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate
State-owned firm says taxes officer's action will not affect its finances
 "LIC says it has got GST notice of Rs 37,000 for paying taxes at lower rate")
GST council to clarify on corporate guarantees, some exemptions likely
Likely to recommend 18% GST on 1% of amount guaranteed
 "GST council to clarify on corporate guarantees, some exemptions likely")
Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence
The notice claims that the general insurer has not paid GST on reinsurance premium, despite receiving commissions from co-insurance companies
 "Bajaj Allianz gets Rs 1,010 crore tax demand from GST intelligence")
