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Budget 2025: Sanitaryware players seek GST rationalisation on products

Sanitaryware players expect the government to focus on rationalising GST rates on sanitaryware products to make them more accessible and encourage sustainable construction practices through policy measures in the Union budget for the next fiscal. The Union Government is set to present the FY 2025-26 budget on February 1. The industry is of the view that such measures will not only benefit the sector but also align with India's environmental goals. The upcoming Union Budget presents an opportunity to strengthen these sectors through thoughtful reforms and investments. By addressing accessibility, sustainability, and infrastructure needs, we can collectively enhance living standards and contribute to India's long-term economic progress the board, Priya Rustogi, Leader India & Subcon, Lixil Water Technology (LWT) IMEA said. The industry expects that the government will focus on rationalising GST rates on sanitary ware products to make them more accessible, Rastogi said. Industry ...

Hospitality sector awaits infrastructure status, seeks GST relief in Budget

Industry stakeholders believe that the full potential of India's travel and tourism sector remains untapped

DGGI uncovers GST fraud involving Rs 3,200 cr worth fake invoices, two held

The Directorate General of GST Intelligence (DGGI) in Bengaluru has uncovered a massive GST fraud amounting to Rs 3,200 crore and arrested two people in connection with the case. A third suspect remains at large, Sucheta Sreejesh, Additional Director General of DGGI Bengaluru zone, said in a statement. The DGGI's Bengaluru zonal unit conducted searches at more than 30 locations across Bengaluru and Mumbai, uncovering a complex scam. The accused created bogus companies with no legitimate business operations, engaged in circular trading to inflate turnover, listed these companies on stock exchanges, and facilitated the fraudulent availing and passing of fake Input Tax Credit totaling Rs 665 crore. The total value of fake invoices involved in the scam amounts to over Rs 3,200 crore, she said. The investigation uncovered 15 dubious companies with no actual business activity. These firms reported receiving FMCG goods worth hundreds of crores, but only issued invoices for services like

File GSTR-9C by March 31 to get late fee waive-off and avoid GST notice

GSTR-9C is a reconciliation statement between the annual returns filed in GSTR-9 and the audited annual financial statements of the taxpayer

Taxpayers warned about fake GST summons: Here's how to check fraud

Fake summons copy GST department's logo and Document Identification Number to deceive and exploit people

Crop protection industry seeks tax cuts, R&D incentives in Union Budget

CropLife India on Friday urged the government to reduce goods and services tax (GST) on agrochemicals to 12 per cent and maintain a uniform 10 per cent basic customs duty for technical raw materials and formulations in its upcoming Budget proposal. The industry body also demanded a 200 per cent weighted deduction on research and development (R&D) expenses for agrochemical companies and requested fund allocation to strengthen agricultural extension mechanisms. "We request the government to create an ecosystem around a science-based, progressive, and predictive regulatory framework that will allow the sector to become globally competitive," the industry body said in a statement. Key demands include: lowering GST from 18 per cent to 12 per cent, maintaining uniform 10 per cent customs duty for both technical raw material and formulations, providing a 200 per cent R&D expense deduction and extending R&D benefits to units with a minimum Rs 50 crore fixed assets and Rs 10 crore .

CBIC notifies rules for entities to get temporary GST identification number

Entities that are not required to get a GST registration but are required to make a tax payment under the GST Act provision can now obtain a Temporary Identification Number (TIN). The Central Board of Indirect Taxes and Customs (CBIC) has notified an amendment to GST rules to issue TIN to entities that are not required to register under the GST Act but need to make payments under some specific provision. Under Goods and Services Tax (GST) rules, registration is mandatory for businesses with an annual turnover of Rs 40 lakh and Rs 20 lakh in the manufacturing and services sectors, respectively. "Where a person is not liable to registration under the Act but is required to make any payment under the provision of the Act, the proper officer may grant the said person a temporary identification number," CBIC said while introducing Rule 16A in Central GST Rules. The decision to issue TIN to entities that are otherwise not required a GST registration was taken by the GST council in its ..

Budget 2025: Dry fruits industry body seeks duty rationalisation, lower GST

The Nuts and Dry Fruits Council of India (NDFC) on Wednesday urged the government to rationalise walnut import duty on a per-kilogram basis, reduce GST to 5 per cent, and introduce a production-linked incentive scheme for the sector in its pre-budget proposals. India's dry fruits market is projected to hit USD 12 billion by 2029, growing at 18 per cent CAGR, according to the industry body. With Kashmir producing over 90 per cent of domestic walnuts, NDFC President Gunjan V Jain emphasised the need for protecting local farmers despite the existing 100 per cent import tariff. "We have sought per-kilo import duty on walnuts instead of percentage-based taxation," Jain said while announcing MEWA India trade show's second edition, scheduled for February 11-14 in Mumbai. The council recommended setting walnut import duty at Rs 150 per kg, similar to almonds' Rs 35 per kg rate. Currently, India relies heavily on walnut imports from Chile and the USA to meet domestic demand. The council h

Middle class a victim of 'tax terrorism': Kejriwal ahead of Budget session

Arvind Kejriwal highlighted the pivotal role of the middle class in driving the Indian economy, lamenting their exploitation for tax purposes without adequate support

Budget 2025: Decoding tax and non-tax revenue and why they matter

As the Union Budget 2025 approaches, it is crucial to understand how the government earns its revenue from taxes and non-tax sources. Here's a breakdown

JSW MG Motor asks government to reduce GST on plug-in hybrid cars

On July 5 last year, the Uttar Pradesh government issued an order removing registration tax on strong hybrid cars, sparking a debate within the automobile industry

GST officers must provide written grounds of arrest under new guideline

The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo

Delhi High Court exempts electricity commissions' fees from GST

The judgment came in response to show cause notices (SCNs) issued by tax authorities demanding GST on regulatory fees under the Central GST (CGST) Act, 2017, and the Integrated GST (IGST) Act, 2017

Mankind Pharma hit with Rs 2.27 crore GST penalty, plans to challenge order

The pharmaceutical giant criticised the order as 'arbitrary and unjustified,' and confirmed plans to challenge the decision

Strong case for GST reduction on 2-wheelers up to 125 cc: Hero MotoCorp CEO

There is a strong case for GST reduction on two-wheelers up to 125 cc as these cater to non-sin goods but mobility option for masses in the country, Hero MotoCorp CEO Niranjan Gupta said on Wednesday. The government should also continue on the path for long-term growth, stability and investments, he added. He was answering to a query regarding wishlist for the upcoming Union Budget. "Honestly, GST is not the subject of the Union budget. But having said that, I would say there's a strong case for GST to move down from 28 to 18 per cent especially for two-wheelers, up to 125 cc, because they are meant as vehicles for masses," Gupta said. They are not sin or luxury goods but provide mobility to masses in India, he added. "The entry-level two-wheelers help generate lot of direct indirect employment. So whichever way you look at it, there is a strong case for at least two-wheelers, up to 125 cc to move down to 18 per cent GST," Gupta noted. Besides, the government should continue on t

Medtech sector seeks standard GST rate, export incentives in Budget

The scheme aims to refund to exporters the embedded central, state, and local duties and taxes paid on inputs that were so far not refunded or rebated

GST officers must explain 'grounds of arrest', obtain acknowledgment: CBIC

GST officers will now have to explain to offenders about the "grounds of arrest" and obtain a written acknowledgement from them, the CBIC said on Monday. Modifying the guidelines for arrest and bail in relation to offences punishable under the GST Act, the Central Board of Indirect Taxes and Customs (CBIC) said: "The grounds of arrest must be explained to the arrested person and also furnished to him in writing as an Annexure to the Arrest Memo. Acknowledgement of the same should be taken from the arrested person at the time of service of the Arrest Memo." As per the earlier guideline issued in August 2022, GST officers were required to explain to the arrested person the grounds of arrest, and note the same in the arrest memo. The instructions follow the Delhi High Court order in the case of Kshitij Ghildiyal versus DGGI (Delhi). The Delhi High Court has relied on the judgements of the Supreme Court which made a distinction between "reasons for arrest" and "grounds of arrest". The

Centre extends GST return filing deadline for GSTR-3B and GSTR-1

Additionally, the deadline for the October-December 2024 quarter has also been adjusted, with varying due dates for different classes of registered persons

Govt extends monthly GST return, payment deadline due to snag in system

The government on Friday extended the deadline for filing monthly GST sales return form GSTR-1 and GST payment by 2 days after taxpayers reported technical glitches in the GSTN system. As per a notification by the Central Board of Indirect Taxes and Customs (CBIC), the last date for filing GSTR-1 for December is January 13, while that for taxpayers opting for quarterly payment under the QRMP scheme for the October-December period will be January 15. Normally, the last date for filing GSTR-1 for monthly return filers is January 11, while for quarterly taxpayers it is January 13. The deadline for GST payment by filing GSTR-3B for December has been extended to January 22, from the existing date of January 20. For taxpayers who pay GST quarterly, the due date has been extended to January 24 and January 26, depending on the state-wise registration of the business. Earlier in the day, GST Network said in a post on X that it has sent an "incident report" to the Central Board of Indirect

Delta Corp, Nazara Tech jump up to15% as SC stays GST notices indefinitely

SC on online gaming plea news: The Rajya Sabha, in December 2023, was informed that online gaming companies were served 71 show-cause notices related to GST evasion, amounting to Rs 1.12 trillion