Central Goods And Services Tax

GST Council forms GoM to review tax rate on insurance; report by Oct 30

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana. The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report. Currently, 18 per cent of Goods and Services Tax (GST) is levied on insurance premiums. The Terms of Reference (ToR) of the panel also include suggesting tax rate of health/medical insurance including individual, group, family floater and other medical ..

GST Day 2024: Check date, history, significance, quotes and more

GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments

Few benefitting from 'system', others paying GST, dying of hunger: Rahul

Congress leader Rahul Gandhi on Tuesday slammed the BJP-led Centre, claiming that only some people were benefitting from the "system" in the country while all the others were paying taxes and dying of hunger. If the people raise voice against anything, they have to face action by the ED, CBI and the I-T department, Gandhi said addressing a gathering at Ramgarh chowk in Udaipur area of Chhattisgarh's Surguja district as part of his 'Bharata Jodo Nyay Yatra'. He claimed that violence was happening and hatred was being spread because injustice was being meted out to the people in the country round-the clock. Perhaps, it has been happening so much that people are not even able to realise it. It has become like a habit, Gandhi said. "You (people) must ask a question to yourself thrice a day that how much money you are getting from the country's fund each day. How much return you are getting after your day-long struggle and efforts. In 10 days, you will come to know that you are being ..

Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal

The board of Hindustan Zinc is scheduled to meet on January 19 to approve and announce the financial results for the October-December quarter

ICICI Lombard gets GST notice of over Rs 5.66 cr for alleged short payment

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

FinMin launches amnesty scheme for filing appeals against GST demand orders

The finance ministry has come out with an amnesty scheme for filing appeals against Goods and Services Tax (GST) demand orders. The scheme, which will be open till January 31, 2024, will be available for entities that were unable to submit their appeals against orders issued by the tax officer on or before March 31, 2023, according to the Central Board of Indirect Taxes and Customs (CBIC). The CBIC issued a notification with respect to the scheme on Thursday. So far, the GST law allowed an assessee to file an appeal against an assessment order seeking taxes within three months of the tax officer passing such a demand order. This can be extended by one more month. In its last meeting on October 7, the GST Council had approved this amnesty scheme for filing appeals. The entities willing to avail of the scheme will have to pre-deposit 12.5 per cent of the tax demand, against 10 per cent currently. The move will facilitate a large number of taxpayers, who could not file an appeal in t

To encourage helmet usage, IRF submits proposal to make them GST-free

Section 129 of the Central Motor Vehicle Act, 1988 mandates the wearing of helmets for all two-wheeler riders

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

GST council to clarify on corporate guarantees, some exemptions likely

Likely to recommend 18% GST on 1% of amount guaranteed

Union govt extends tenure of CBDT Chairman Nitin Gupta by nine months

The Union government gave a nine-month extension in service "on contract basis" to CBDT Chairperson Nitin Gupta on Saturday, the day of his scheduled retirement. Gupta (60), a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department, was appointed the Central Board of Direct Taxes (CBDT) head in June last year. He was scheduled to retire on September 30. The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024, or until further orders, whichever is earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-employed central government officers. The CBDT is the apex policy-making body for the Income-tax department. It is headed by a chairman and can have six members who are in the rank of special secretary.

Rising GST mop-up an outcome of improved compliance: CBIC chairman

'When drawing up Revised Estimates in January, we are confident of exceeding projections based on overall collections'

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

Construction of jetty at Fort Kochi to attract concessional 12% GST: AAR

AAR did not rule on whether contractors engaged for the project are eligible for 12% GST

LIVE: Another cheetah dies at Kuno National Park, 7th in five months

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Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles

The industry has sought 5 per cent GST on flex-fuel two-wheelers and a price guarantee on fuel for flex-fuel vehicles

On the agenda: GST Council likely to approve tribunal blueprint this month

Operational framework to pave the way for the tribunal to be functional at Centre, state levels

SC ruling on user development fee provides guidance for GST, tax on royalty

The SC had held that UDF collected by the DIAL is in the nature of statutory levy and the same would not be taken as consideration against any services

Appeal by firm can be heard even without certified copy of order: HC

Earlier, an appellate authority under the GST regime had rejected the appeal on the ground that it was not accompanied by a certified copy of the order against which the appeal was filed

Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call