Goods And Service Tax

GST Council to regularise taxation issues on host of goods, services

The Council might reject bringing MSME ice cream manufacturers under the composition scheme

Chatroom: Customs should not hold up exports due to valuation issues

The Customs have held up our export consignment because our export price is nearly twice the price our purchase price

Citing 'disparity', Electric two-wheeler manufacturers call for GST reforms

This is a major concern for the industry, especially for start-ups, as it increases costs and makes it difficult to manage working capital, the industry feels

Processed pulses to attract GST, says AAR in case involving agri broker

Andhra Pradesh-based Gayatri Enterprises' GST policy was challenged by parties all over the country

Budget 2024: Here's what FM Nirmala Sitharaman said about income tax

Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year

Interim Budget: FM sticks to fiscal consolidation path in Budget speech

Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%

Number of GST return filers up 65% to 11.3 mn in 5 years: Finance ministry

The number of GST return filers rose about 65 per cent to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore. As per data shared by the ministry, 90 per cent of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in current fiscal year, up from 68 per cent in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in increase in return filing percentage by eligible taxpayers," the ministry said in a post on X. A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023. GSTR-3B is the monthly return form for filing outward supplies details and tax ...

AAR under GST plagued by conflicting rulings, quality of orders

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

HC questions order issued by GST authorities to cancel firm's registration

GST authorities had rejected application by a company for changing its main place of business

Game developers ask Centre for clear distinction from real money games

Since Union Finance Minister Nirmala Sitharaman announced the plan for the tax on July 11, the online gaming industry has asked the government to review the decision

Is 28% GST applicable on video games, esports? Here's what ESFI says

28% GST: According to ESFI, Esports has been officially recognised as a 'sport' by the government which distinguishes it from any and all activities like iGaming like fantasy, teen patti, and rummy

Kalaari to Tiger Global: Investors urge govt to reconsider 28% gaming tax

They said that the decision will have a 'deleterious impact' on the industry and is expected to result in the loss of over 50,000 high-skilled jobs in India

18% GST to be charged on battery charging for EVs: Karnataka AAR

Company setting up charging stations would get input tax credit, it rules

GST Council decides to levy uniform taxation for utility vehicles

India's Goods and Services Tax (GST) Council said that uniform taxation would be levied on multi-utility vehicles and sports utility vehicles, according to a statement

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

Catch all the latest updates from across the globe

Over 4,900 fake GST registrations cancelled since May 16 in ongoing drive

GST authorities have identified about 17,000 non-existent GSTINs and cancelled over 4,900 registrations in the ongoing pan-India drive against fake registration, a senior tax official said on Wednesday. Currently, there are 1.40 crore businesses registered under Goods and Services Tax, nearly double the number of businesses registered in indirect tax regime pre-GST rollout. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said in the drive against fake registration, till July 4, over 69,600 GST Identification Numbers (GSTINs) have been selected for physical verification by field tax officers. Of this, over 59,000 GSTINs have been verified and 16,989 have been found to be non-existent. Out of the 69,600 GSTINs, over 11,000 GSTINs have been suspended and 4,972 registrations have been cancelled. This involved tax evasion of over Rs 15,000 crore, blocking of input tax credit (ITC) was Rs 1,506 crore and recovered taxes worth Rs 87 crore, Priya said at the ...

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

Karnataka HC quashes Rs 21,000 crore show cause notice against Gameskraft

It was the biggest tax demand notice issued in the history of indirect taxes in India

Record GST collection but IGST on imports fell 5% on lower commodity prices

If this trend continues, the decline in IGST might indicate weak customs duty collections in FY24

Govt specifies retail price based GST cess rate for pan masala, tobacco

The government has specified the retail sale price-based GST cess rate that would be levied on pan masala and tobacco manufacturers with effect from April 1. This is a departure from the earlier regime that imposed cess, over and above the 28 per cent Goods and Services Tax (GST) rate on ad-valorem basis. As per a finance ministry notification dated March 31, the GST cess rate that would be applicable on pan masala is 0.32 times the retail sale price (RSP) of the pan masala pouch. Pan masala, containing tobacco gutkha, now has a cess rate of 0.61 times the RSP, while the rate for smoking mixtures for pipes and cigarettes is 0.69 times. Chewing tobacco , filter khaini, and jarda scented tobacco attract a cess of 0.56 times the RSP, and the rate for branded unmanufactured tobacco and hookah or gudaku is 0.36 times the RSP. The new rates are applicable from April 1, 2023. Moving to RSP-based levy would mean that manufacturers would now have to pay the cess on the final retail price o