Page 7 - Latest Updates on Goods and Services Tax
Life Insurance Corporation gets GST demand notice of Rs 101.95 crore
The demand notice pertains to five financial years between 2017-18 and 2021-22
 "Life Insurance Corporation gets GST demand notice of Rs 101.95 crore")
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
 "Hospitality sector awaits infrastructure status, seeks GST relief in Budget")
No GST on penal fees for loan non-compliance, says finance ministry
The RBI in its circular had directed regulated entities to replace "penal interest" with "penal charges" for borrowers who fail to comply with loan terms
 "No GST on penal fees for loan non-compliance, says finance ministry")
CEOs bet on boost in consumption, infrastructure this Budget: BS Poll
India Inc sees uptick in investments, jobs
 "CEOs bet on boost in consumption, infrastructure this Budget: BS Poll")
Crop protection industry seeks tax cuts, R&D incentives in Union Budget
Industry body also demanded a 200 per cent weighted deduction on research and development (R&D) expenses for agrochemical companies
 "Crop protection industry seeks tax cuts, R&D incentives in Union Budget")
CBIC notifies rules for entities to get temporary GST identification number
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
 "CBIC notifies rules for entities to get temporary GST identification number")
Path beyond diesel engines hinges on demand: Cummins' Shveta Arya
Cummins manufactures heavy diesel engines for prominent Indian medium and heavy commercial vehicle makers, including Tata Motors
 "Path beyond diesel engines hinges on demand: Cummins' Shveta Arya")
GST notices worth Rs 1.12 trillion on online gaming companies stayed
SC mandates consolidation of all such cases by next hearing on March 18
 "GST notices worth Rs 1.12 trillion on online gaming companies stayed")
GSTN launches online rectification for pending ITC claims from 2017-2021
Once processed by the tax department, this rectification application will release the pending input tax credits from previous years and adjust the GST order to reflect a nil demand
 "GSTN launches online rectification for pending ITC claims from 2017-2021")
SC to hear online gaming firms' urgent plea for interim relief on GST
In July 2023, during its 50th meeting, the GST Council categorized online games-both skill-based and chance-based-under the 28 per cent GST slab
 "SC to hear online gaming firms' urgent plea for interim relief on GST")
Ministry of Heavy Industries backs Siam for GST cut on CNG two-wheelers
Petroleum ministry pushes for car tax reduction
 "Ministry of Heavy Industries backs Siam for GST cut on CNG two-wheelers")
Net GST collections in December grow by 3.3%, reaching Rs 1.54 trillion
The gross GST collection - the amount before adjusting for refunds - rose by 7.3 per cent in December to Rs 1.76 trillion
 "Net GST collections in December grow by 3.3%, reaching Rs 1.54 trillion")
CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards
The CBIC underlined that, regardless of the type of voucher, transactions involving vouchers themselves will not be construed as the supply of goods or services
 "CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards")
India's consumption conundrum: How not to talk about it in the year 2025
Conflicting data, fragmented markets, and outdated metrics: Here's why reframing the narrative on India's consumption is essential to address the diverse realities of 2025
 "India's consumption conundrum: How not to talk about it in the year 2025")
Growth in informal enterprises signals job creation but raises concerns
ASUSE data shows a rise in unincorporated sector jobs, but reliance on own account enterprises sparks questions about economic health and formal sector job creation
 "Growth in informal enterprises signals job creation but raises concerns")
GST reforms: A roadmap to rationalisation, revenue, and regime evolution
From rate rationalisation to cess management and expanding the GST base, India's evolving tax regime faces critical design and compliance challenges requiring balanced reforms
 "GST reforms: A roadmap to rationalisation, revenue, and regime evolution")
Customers likely to gain as high-end hotels get GST options on dining
The GST Council decided to suitably amend the CGST Act to link GST on restaurant services with actual room tariff provided by the hotel
 "Customers likely to gain as high-end hotels get GST options on dining")
GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies
Separately, on the hike in GST rate on all old vehicles and used electric vehicles (EVs) from 12 per cent to 18 per cent
 "GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies")
Event organisers to gain ITC benefits as GST Council amends sponsorship tax
GST Council brings sponsorship services under forward charge mechanism
 "Event organisers to gain ITC benefits as GST Council amends sponsorship tax")
Separate rate for caramelised popcorn draws criticism from economists
"This is a national tragedy, violating the spirit of the Good & Simple Tax the GST was meant to be," says former chief economic adviser Arvind Subramanian
 "Separate rate for caramelised popcorn draws criticism from economists")
