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Chatroom: Surrender of erroneous drawback payment also attracts interest

TNC Rajagopalan answers SME queries related to GST, export and import matters

Paytm, its CEO fined with GST penalty over alleged non-compliance

The Noida-based company said it was evaluating its options, including an appeal against the order issued by the Joint Commissioner, CGST Delhi North

Life Insurance Corporation gets GST demand notice of Rs 101.95 crore

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 101.95 crore on it for short payment of Goods and Services Tax (GST) for five financial years. The company has received a communication/demand order for interest and penalty for several states, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Thane, it said. The demand notice pertains to five financial years between 2017-18 and 2021-22, it said. The financial impact of the demand is to the extent of the GST, interest and penalty. There is no material impact on financials, operations or other activities of the corporation, it said.

Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion

The Union Budget has proposed a host of amendments in GST law, including implementing the Track and Trace Mechanism, for evasion-prone goods. The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism. "Unique identification marking" includes a digital stamp, digital mark or any other similar marking, which is unique, secure and non-removable. AMRG & Associates Senior Partner Rajat Mohan said the introduction of penalties under new sections like 122B and 148A to enforce track and trace mechanisms indicates a strong push towards digitisation and better supply chain monitoring.

Gross GST revenue rises 12.3% to about Rs 1.96 trn in January: Govt data

For the previous month, India's GST collections rose 7.3 per cent to Rs 1.77 trillion

Union Budget 2025: Middle class awaits Sitharaman, memes take over

As Nirmala Sitharaman prepares to present Budget 2025, the middle class waits for relief - but the internet's faster, with memes stealing the spotlight before the budget drops

Impose higher GST, stricter labelling rules on UPFs: Economic Survey

The government must focus on a multi-pronged approach with stricter FSSAI labelling norms, higher GST, and awareness campaigns to curb consumption of ultra processed foods (UPFs), according to the pre-Budget document tabled in Parliament on Friday. "A multi-pronged approach would be required to address the concerns emerging from the increased inclusion of UPFs in diets in India," it said. Misleading nutrition claims and information on UPFs need to be tackled and should be brought under the scanner, it said. The Food Safety and Standards Authority of India (FSSAI) could consider bringing UPFs under regulation with a clear definition and standards, including stricter labelling requirements. The Ministry of Health and Family Welfare should urgently define nutrient thresholds for sugars, salt, and saturated fats to regulate advertising, adopt warning front-of-pack labels (FOPL), and impose stricter marketing restrictions on unhealthy foods, especially targeting children under 18. A ..

Best of BS Opinion: India's many national security concerns, and more

Our selection of editorial and columns today look at the importance of the new Critical Minerals Mission, India-China ties, ideas for the Union Budget to jump-start growth, and more

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