Page 12 - Latest Updates on Goods and Services Tax
Helmet makers demand cut in GST as 2W accidents claim goodslives in India
Two-wheelers account for 42 per cent of accidents and 41 per cent of fatalities due to road accidents in India
 "Helmet makers demand cut in GST as 2W accidents claim goodslives in India")
Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs
Interim Budget 2024: The Centre will keep a focus on increasing the capital expenditure but it will most likely be at a slower pace than earlier, says Goldman Sachs
 "Centre may peg FY25 fiscal deficit at 5.3% in interim budget: Goldman Sachs")
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
 "Hindustan Zinc receives GST notice worth Rs 12.7 cr; company to file appeal")
Delhi L-G approves Delhi Goods and Services Tax (Second Amendment) Bill
The bill passed by the Delhi Legislative Assembly aims at ensuring uniformity between central and state legislations on provisions of the Goods and Services Tax, they said
 "Delhi L-G approves Delhi Goods and Services Tax (Second Amendment) Bill")
Winzo joins hands with IITs to develop model for determining games of skill
Winzo said that it started the study amid concerns about the independence of the proposed self-regulatory bodies in India's online gaming sector
 "Winzo joins hands with IITs to develop model for determining games of skill")
LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office
In October 2023, LIC had filed an appeal with the Bombay High Court against the Income Tax Appellate Tribunal's decision to give the insurer relief in two tax disputes amounting to Rs 4,993 crore
 "LIC receives Rs 806 crore tax notice for FY18 from Mumbai state tax office")
GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec
Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23
 "GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec")
LIC gets GST notice of Rs 806 crore; insurer says will file an appeal
The total includes GST worth Rs 365.02 crore, penalty of Rs 404.7 crore and interest of Rs 36.5 crore
 "LIC gets GST notice of Rs 806 crore; insurer says will file an appeal")
India's gross GST collections in December jumps 10.3% to Rs 1.64 trillion
This marks the seventh month so far this financial year with collections exceeding Rs 1.6 trillion
You may be able to file revised GST returns from April 2025 if...
An official said that allowing updated returns under the GST regime will simplify the process of filing returns
 "You may be able to file revised GST returns from April 2025 if...")
How plethora of GST notices are spoiling the ease of doing business
While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well
No GST dues pending, some states have not submitted AG's report: Sitharaman
The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said
 "No GST dues pending, some states have not submitted AG's report: Sitharaman")
E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO
Anuraag Saxena said that the industry is in a 'wait and watch' mode, and the true impact of the GST move will only be known after the period of review is over
 "E-gaming to be among 3 fastest growing sectors after regulations: EGF CEO")
GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane
The 15 per cent Y-o-Y growth in November came despite weak external conditions
 "GST mop-up rises 15% to Rs 1.68 trn; two-wheeler sales enter fast lane")
Major tax collections, barring personal income tax, decline in October
Centre's fiscal deficit till October at 45% of budget estimates, bit lower than last year's
 "Major tax collections, barring personal income tax, decline in October")
Syndicate of 48 fake firms availing over Rs 199 cr false ITC claims busted
The Central Goods and Services Tax (CGST) Delhi East Commissionerate commenced coordinated 'Operation Clean Sweep' against fake billers, based on gathered human intelligence
Talent crisis forcing companies to shell out big bucks for legal experts
Company officials said an ever-evolving regulatory environment, increasing focus on corporate governance, and constantly changing GST structures have catalysed the clamber for legal talent
 "Talent crisis forcing companies to shell out big bucks for legal experts")
Centre may raise threshold for GST evasion cases from Rs 2 cr to Rs 3 cr
The Centre may also tweak the rules of issuing summonses to the violators
Over 100,000 small and mid-sized firms flout GST e-invoicing rules
The e-invoicing mechanism helps improve compliance and transparency in sales reporting, minimising errors and mismatches, and automating data entry
 "Over 100,000 small and mid-sized firms flout GST e-invoicing rules")
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