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SBI-led panel against 18% GST on co-lending; submits report to FinMin

Says co-lending should be restricted to priority sector lending and not extended to other areas

Mere issuance of SCN not enough to cancel GST registration, rules Delhi HC

The court ruled that tax authorities are required to present clear and intelligible reasons and offer an opportunity for a personal hearing when seeking to cancel GST registration

Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering

The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law. Also, from October 1 all pending complaints under the anti-profiteering provisions will be handled by the Principal bench of the GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI), the GST policy wing of the government said in another notification. These notifications follow the recommendations of the GST Council, which in its 53rd meeting on June 22, had recommended to amend Section 171 and Section 109 of CGST Act, 2017 to provide a sunset clause for anti-profiteering under GST and to provide for the handling of anti-profiteering cases by Principal bench of GSTAT. Council has also recommended the sunset date of April 1, 2025, for receipt of any new application regarding anti-profiteering. The notification by the GST policy wing would mean that from April 1, 2025, consumers would not be able to file complaints regarding profiteering by ...

GST mopup growth in September slowest in H1FY25 amid high refunds

Net numbers fall 3.9% to Rs 1.5 trn

Good enough vs ideal: Incremental GST reforms may outshine rapid changes

Our guiding principle in taxation should be driven by the principle of what works, not what is theoretically the best idea. The good enough should not be made the enemy of the ideal

Gross GST collection slows to 6.5% at Rs 1.73 trillion in September

According to government data released on Tuesday, GST revenues in September last year was Rs 1.63 lakh crore, while the In August 2024, the mop-up was Rs 1.75 lakh crore

Gujarat High Court quashes GST orders on cotton seed oil cakes

They argued that the petitioner failed to establish that the supply of the cakes was for cattle feed, and as such, short-paid GST

Mechanism to control GST fraud in ITC claims expected in November

In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore

GST Council forms GoM on compensation cess; report expected by Dec 31

The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026. The Group of Ministers (GoM), which includes members from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal, will submit its report to the Council by December 31. In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, were used to compensate states for revenue loss incurred by them post the introduction of GST. In 2022, the Council decided to extend the levy till March 2026 to repay the interest and the principle amount of the Rs 2.69 lakh crore worth loan taken in the 2021 and 2022 fiscal years to make good state

SpiceJet clears GST dues after raising Rs 3,000 crore through QIP

This comes shortly after Spicjet settled all salary arrears for its employees, marking a series of positive developments for the airline

State-level integration under GST shows modest gains in post-Covid period

This change in the design of the tax regime was argued to shift the revenue to consuming states from producing states

GoM on GST on health, life insurance premium to meet on October 19

The ministerial panel to decide on lowering goods and services tax (GST) on health and life insurance premiums will have its first meeting on October 19, officials said. Currently, 18 per cent GST is levied on insurance premiums and there have been demands to either exempt or reduce the tax. The GST Council in its meeting earlier this month decided to set up a 13-member GoM to decide on tax on health and life insurance premiums. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The panel includes ministers from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu, and Telangana. The GoM has been mandated to submit its report to the Council by October-end. A final call by the council on taxation of insurance premiums is likely to be taken in the next meeting in November, based on the GoM report. "The GoM on GST on insurance will meet on October 19 in Delhi," the official said. The terms of re

Consensus eludes GoM on GST rate rationalisation, over 100 items discussed

The outcome of the rate rationalisation discussions will be crucial in shaping the agenda for the upcoming 55th GST Council meeting, expected in November

Infosys GST demand notices: Relief in sight, 2 options on the table

Finance ministry may declare notices null and void or reduce tax liability

Design architecture for B2C e-invoicing for retailers ready: GSTN CEO

The design architecture for implementing GST e-invoicing for retailers is mostly ready and being vetted by industry experts, GST Network CEO Manish Kumar Sinha said on Tuesday. E-invoicing is already present in the B2B sector. The GST Council, in its meeting earlier this month, decided to extend e-invoice to the B2C sector on a pilot basis. Sinha said the GST department is currently in discussion with the industry for the issuance of electronic invoices for every B2C transaction. "Initially, we will do a pilot project. The design of the architecture is mostly done, and we are getting it vetted by some of the best people we have in the industry. After that, we will release a document on how to go about it," Sinha said at an Assocham event here. The threshold for businesses that would be required to issue e-invoices is in the process of being decided. "We have to give time to the industry, particularly, small mom-and-pop stores. What we want to get right is the technology. Large ...

GST officers detect 10,700 bogus firms, over Rs 10K crore evasion

Tax officers have detected around 10,700 fake registrations under the GST, involving evasion of Rs 10,179 crore in the ongoing all-India drive against fake companies set up to defraud the exchequer, a senior official said on Tuesday. Central Board of Indirect Taxes and Customs (CBIC) member Shashank Priya said Aadhaar authentication of GST registration is already in place in 12 states and by October 4, another four states would join. Eventually, 20 states, including Madhya Pradesh, Rajasthan, Assam, Tamil Nadu, Uttar Pradesh and Haryana, will start Aadhaar authentication. Speaking at an Assocham event, Shashank Priya also said that in future, the tax authorities may also put certain restrictions on new taxpayers based on their risk profile. "How many invoices they can issue in a month, we may also put some restriction on that in the future... We feel very pained at the misuse of the system. We have to use all methods that are at our command to ensure that those are stopped," he ...

GoM meeting in Goa: No consensus on GST proposals for real estate sector

Meeting favours States that declare tourism as infra to facilitate exemptions

Two-day GST Summit in Goa: GoM to review tax rates for 100+ products

The recommendations from this panel will serve as the foundation for a report to be presented at the 55th GST Council meeting in November

GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25

The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. "The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa," an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9. During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data. Currently, goods and services tax (GST) is a four-tier tax structure with slabs at 5, 12, 18, and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and sin goods attract cess on top of the highest 28 per cent slab. There have been talks of merging the 12 and 18

FMCG CEOs raise concerns over GST, ease of doing biz at World Food India

Executives discussed range of issues with ministers at World Food India event