Page 8 - Latest Updates on Goods and Services Tax
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Conflicting data, fragmented markets, and outdated metrics: Here's why reframing the narrative on India's consumption is essential to address the diverse realities of 2025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")
GST Council defers key decisions, tackles complexity of tax system
It was clarified that ready-to-eat popcorn mixed with salt and spices attracted a 5 per cent GST rate. It attracts a 12 per cent tax if supplied as pre-packed and labelled
 "GST Council defers key decisions, tackles complexity of tax system")
GST Council paves way for CGST Act amendments during Budget session
FinMin says some changes may take effect from April
 "GST Council paves way for CGST Act amendments during Budget session")
GoM on rate rationalisation defers report submission to GST Council
It was widely expected that the GoM would submit its report to the GST Council meeting today
 "GoM on rate rationalisation defers report submission to GST Council")
Law committee calls for simplification of GST registration structure
As per GSTN data, more than 98 per cent of applicants for new registration under GST either do not pass on ITC or pass on ITC within a limit of Rs 500,000 per month
 "Law committee calls for simplification of GST registration structure")
GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim
Cipa said based on assessment of facts and prevailing law, it is "of the view that the penalty levied is arbitrary and unjustified
 "GST authority imposes Rs 1 cr fine on Cipla for inadmissible credit claim")
Capex to be decided according to country's need, says MoS Finance
Chaudhary noted that there is a special focus from the Prime Minister, and all ministries have been directed to reach their capex targets by March
 "Capex to be decided according to country's need, says MoS Finance")
35% GST slab in the works? A look at GST bands and how they are decided
The Group of Ministers (GoM) on GST rate rationalisation has recommended to raise GST on select sinful goods. Here's how GST Council decides on different tax bands
 "35% GST slab in the works? A look at GST bands and how they are decided")
GoM proposes fresh band: 35% GST slab likely for tobacco, aerated drinks
"The GoM on rate rationalisation has completed its report, which proposes major adjustments to tax rates on 148 items, with a particular focus on the textile industry"
LIC rises 5% on filing appeal against GST demand order of Rs 66 lakh
Life Insurance Corporation of India ("the Corporation") has filed an appeal with GST Appellate Authority, Jammu Kashmir against the order demanding GST of Rs. 66,69,251/- for FY 2019-20
 "LIC rises 5% on filing appeal against GST demand order of Rs 66 lakh")