Page 6 - Latest Updates on Goods and Services Tax
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
 "GST returns to become time-barred after 3 years starting July tax period")
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")
5% GST for restaurants with non-specified premises: Finance Ministry
Option of 5% GST without ITC or 18% with ITC to be applicable on restaurant services provided at non-specified premises, clarifies FinMin
 "5% GST for restaurants with non-specified premises: Finance Ministry")
GoM reviewing GST on farm equipment and inputs: FM Nirmala Sitharaman
Says existing provisions under I-T Act have gaps in addressing digital data
 "GoM reviewing GST on farm equipment and inputs: FM Nirmala Sitharaman")
RBI, NPCI approve Rs 2 hike in ATM interchange fee from May 1, 2025
The revised interchange is not applicable for micro-ATM, interoperable cash deposit (card-based and UPI-based), and international ATM transactions
 "RBI, NPCI approve Rs 2 hike in ATM interchange fee from May 1, 2025")
GST Council meet: Uniform 5% rate on drones for business use on agenda
This could be a major relief to India's burgeoning drone industry, which consists of around 488 drone companies that have collectively secured $518 million in funding so far
 "GST Council meet: Uniform 5% rate on drones for business use on agenda")
Towards greener GST: Rationalisation must align with jobs, sustainability
GST rate rationalisation and expansion must be done not only to achieve simplification but also to subserve large-scale employment and environmental policy goals
 "Towards greener GST: Rationalisation must align with jobs, sustainability")
FHRAI urges govt to delink food and beverage GST rates from room tariffs
Citing multiple representations made to the authorities, FHRAI emphasized that the current practice of linking F&B taxation to hotel room tariffs is both unfair and operationally challenging
 "FHRAI urges govt to delink food and beverage GST rates from room tariffs")
Delhi HC strikes down tax on repair cost of re-imported plane parts
The court declared as unconstitutional a part of the 2021 customs department exemption notification that required payment of Integrated Goods and Services Tax (IGST)
 "Delhi HC strikes down tax on repair cost of re-imported plane parts")
Protections granted under criminal law apply to Customs, GST Acts: SC
The court upheld the constitutional validity of arrest and prosecution provisions under GST and Customs
 "Protections granted under criminal law apply to Customs, GST Acts: SC")
Pidilite Industries receives GST order imposing penalty of Rs 16.03 cr
Pidilite said there is no material impact on financials, operations or other activities of the company due to the tax order
 "Pidilite Industries receives GST order imposing penalty of Rs 16.03 cr")
Revenue department rejects panel's GST waiver demand on co-lending
In May 2024, the Department of Financial Services had asked SBI to set up a co-lending committee to address issues related to its business model
 "Revenue department rejects panel's GST waiver demand on co-lending")
Jammu and Kashmir Bank receives GST notice of over Rs 16,000 crore
Bank has imitated legal action against the GST demand
 "Jammu and Kashmir Bank receives GST notice of over Rs 16,000 crore")
