Page 7 - Latest Updates on Goods and Services Tax
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")
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
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")