Page 6 - Latest Updates on Goods and Services Tax
Insurers hopeful of reduction in GST on health and life premiums
Insurers hope for a reduction in GST on health and life insurance premiums, following PM Modi's announcement of GST relaxations, aiming to boost insurance penetration and make coverage more affordable
 "Insurers hopeful of reduction in GST on health and life premiums")
GST overhaul: Most items to attract 5%, 18% tax; luxury goods may touch 40%
Nearly 99 per cent of items currently taxed at 12 per cent are expected to move to the 5 per cent slab, while most of the goods in the 28 per cent bracket would fall under the 18 per cent rate
 "GST overhaul: Most items to attract 5%, 18% tax; luxury goods may touch 40%")
India's tax reform needs more economic focus, less political manoeuvring
Over eight years later, GST has fallen short of expectations, prompting the government to appoint Home Minister Amit Shah to lead negotiations for its reform
 "India's tax reform needs more economic focus, less political manoeuvring")
India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge
July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent
 "India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge")
Slabs, cess, and trade-offs: India's GST faces a fork in the road
With rate slabs ripe for consolidation and the compensation cess at a crossroads, India's GST revamp must balance political economy, revenue stability, and taxpayer fairness
 "Slabs, cess, and trade-offs: India's GST faces a fork in the road")
How tax systems unfairly penalise even honest, hardworking taxpayers
The digital tax era promised ease - pre-filled returns, real-time data, and seamless reporting
 "How tax systems unfairly penalise even honest, hardworking taxpayers")
June e-way bills 2.6% lower than May, indicating possible GST moderation
Intra-state e-way bills stood at 78.85 million in June, while inter-state e-way bills were at 40.60 million during the month
 "June e-way bills 2.6% lower than May, indicating possible GST moderation")
Net GST receipt growth slipped sharply to 3.3% in June: Govt data
June's net revenues from the indirect tax, based on transactions carried out in May, were also impacted by the back of sharp 28.4 per cent rise in total refunds to ₹25,491 crore
 "Net GST receipt growth slipped sharply to 3.3% in June: Govt data")
Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25
The average monthly collection stood at Rs 1.84 trillion in FY25, up from Rs 1.68 trillion in FY24 and Rs 1.51 trillion in FY22
 "Gross GST collections double in 5 years to record Rs 22.08 trillion in FY25")
Statsguru: As GST turns eight yrs old, need for reform push grows
The goods and services tax (GST), net of refunds, now yields close to ₹20 trillion to the exchequer - both the Centre's and states'
 "Statsguru: As GST turns eight yrs old, need for reform push grows")
We're the largest gig worker employer in the country: Rapido cofounders
We're currently in over 35 cities with taxis and aim to be present in every district headquarters, says Rapido
 "We're the largest gig worker employer in the country: Rapido cofounders")
GST returns to become time-barred after 3 years starting July tax period
GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred
Over 22 Indian states demand 50% share in central tax revenue allocation
More than 22 states have asked the 16th Finance Commission to raise their share of central tax revenue from 41 per cent to 50 per cent, says chairman Arvind Panagariya
 "Over 22 Indian states demand 50% share in central tax revenue allocation")
Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data
Goods and Services Tax (GST) collection had touched a record high of Rs 2.37 trillion in April. In May, 2024, the mop up was Rs 172,739 crore
 "Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data")
GST Council to take up rate rationalisation issue in next meeting
A GoM headed by Minister of State for Finance Pankaj Chaudhary is looking into the future of compensation cess beyond March 2026
Hike Motor TP rates, cut GST on health premiums: Non-life insurers to govt
DFS Secretary urges insurers to improve claims processing in order to reduce customer inconvenience
 "Hike Motor TP rates, cut GST on health premiums: Non-life insurers to govt")
Online gaming firms oppose retrospective 28% GST, not the levy itself
Gaming firms tell Supreme Court they accept 28 per cent GST on entry value but challenge retrospective tax demands based on gross volume rather than real stakes
CBIC issues new rules to simplify GST registration, curb official overreach
The revised guidelines aim to curb discretionary demands for extraneous documents, a frequent complaint among taxpayers who have reported harassment and inconsistency in the registration process
 "CBIC issues new rules to simplify GST registration, curb official overreach")
3 Shemaroo Entertainment staffers get Bombay HC relief in GST case
The dispute originated from an input tax credit (ITC) issue involving Rs 70 crore, which tax authorities alleged Shemaroo had falsely claimed
 "3 Shemaroo Entertainment staffers get Bombay HC relief in GST case")
SC to hear pleas challenging retrospective tax on online gaming from May 5
In the last hearing, the court had directed the Centre and the GST department to file their response to the pleas by online gaming companies
 "SC to hear pleas challenging retrospective tax on online gaming from May 5")