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GST Bill
Finance Minister Nirmala Sitharaman on Wednesday presented to GoMs from states her government's plans for sweeping reforms in the GST regime that involves slashing tax rates and easing compliance burden for businesses. The GoMs on rate rationalisation, insurance taxation and compensation cess will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. GST is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent rate, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. The finance minister's address to the GoMs was for about 20 minutes during which she elaborated on the Centre's proposal, a source said. She explained the necessity for GST reforms to the states, the source added. The group of ministers (GoM) on compensation cess was set up to decide on the ..
The Centre has proposed exempting life and health insurance premium from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST. The Group of Ministers (GoM) on life and health insurance will submit its report to the GST Council. The report will also include views and concerns expressed by some state finance ministers, he said. "The Centre's proposal is clear that the insurance sector's individual and family (policies) should be exempt from GST. This has been discussed and the GoM report will be presented to the Council," Choudhary told reporters here after the meeting of the GoM. "All members have given their approval for lowering rates. Some states have given their own views," he said, adding a final call on rates will be taken by the Council. Choudhary is the convenor of the 13-member state GoM on health and life insurance. The Centre's proposal on insurance is par
Prime Minister Narendra Modi on Monday chaired a high-level meeting, which included top Union ministers, secretaries and economists, to deliberate on the roadmap for the next generation reforms, one of the key announcements he had made in his Independence Day address. Union ministers Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman, Shivraj Singh Chouhan, Piyush Goyal and Lalan Singh attended the meeting. Modi had on August 15 announced the formation of a task force for 'next-generation reforms' and revision of GST laws, as he devoted a major part of his 103-minute speech on making India self-reliant in a host of sectors ranging from semiconductors to fertilisers.
The proposal to restructure the GST structure is an exceedingly important reform measure that will result in a substantive improvement in the country's economy, Maruti Suzuki India (MSI) Chairman R C Bhargava said on Monday. The Centre has proposed a two-tier GST structure of 5 and 18 per cent, besides a 40 per cent special rate on a select few items to the group of ministers (GoM) on GST rate rationalisation. Goods and Services Tax (GST) is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. If the Centre's proposal is accepted by the GoM, it would be placed before the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising finance ministers from all states and UTs, in its meeting likely next month. "The move by the government to restructure GST is an exceedingly important reform measure, and I think the government is doing an ..
Finance Minister Nirmala Sitharaman will attend a crucial meeting of a state ministerial panel on August 20 to put forth the Centre's proposal for sweeping GST reforms that will slash tax rates and lead to reduction in prices of common use items. The two-day meeting of the Group of Ministers (GoM) on GST rate rationalisation is scheduled on August 20-21 here, sources said. The meet will deliberate on the Centre's proposal for GST reforms of reducing the number of tax slabs in Goods and Services Tax (GST) to two -- 5 and 18 per cent, and a 40 per cent special rate on a select few items. Sources said apart from the rate rationalisation panel, the two-day meeting would be attended by members from GoMs on compensation cess and also health and life insurance. "The idea is to put forth the Centre's view point behind the GST reform proposal. Although the Centre is not a member of the GoM, Union Finance Minister's presence and her address will give the GoM a better understanding of the ide
Prime Minister Narendra Modi on Sunday said the Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali. He said the reform in GST would benefit poor and middle-class people, as well as small and big businesses. Addressing an event here after the inauguration of two expressways, the Prime Minister said the Centre intends to make the GST law simpler and revise tax rates. Modi had announced the proposal to reform the GST law in his Independence Day speech on August 15 from the ramparts of Red Fort. "For us, reform means the expansion of good governance," he said. Therefore, Modi said the government is continuously focusing on bringing reforms. In the coming months, the Prime Minister said, "We are going to do many big reforms so that the lives of people and businesses become easier". The Centre is bringing the "next generation reform" in the GST. "This Diwali, people will get a double bon
The announcement by Prime Minister Narendra Modi regarding GST 2.0 is a timely and strategic move to build a resilient Indian economy, according to experts. From the ramparts of the historic Red Fort, Modi announced that the GST rates will be lowered by Diwali, bringing down prices of everyday use items, as his government looks to reform the eight-year-old tax regime that has been plagued by litigation and evasions. Later, the Finance Ministry said it has proposed that most goods and services be taxed in two slabs - standard and merit - and a select few items be charged special rates. This is to replace the current goods and services tax (GST) structure, where the sale of goods and rendering of services are taxed in four different brackets - 5, 12, 18 and 28 per cent, with luxury and sin goods attracting a levy on top of the highest rate of 28 per cent. "The Prime Minister's vision for GST 2.0 is a timely and strategic move to build a resilient Indian economy. These are not merely .
Bandhan Bank on Monday announced the launch of a new service that allows its customers and non-customers to pay Goods and Services Tax (GST) through online and offline modes. "The initiation of GST revenue collections marks another significant milestone in our efforts to bring government services closer to our customers," said Rajinder Babbar, Executive Director & Chief Business Officer. The Kolkata-based private lender has also been authorised by the West Bengal government to collect taxes and non-tax receipts since February. This mandate allows the bank to collect revenue through the Government Receipt Portal System (GRIPS). Bandhan Bank currently has over 6,300 banking outlets across India.
The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15. Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure effective April 1, 2024. The move to overhaul the registration, record-keeping, and monthly filing of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products. The GST law was also amended via Finance Bill 2024, to say that manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. However, this penalty provision is yet to be notified. The procedure was to be applicable for manufacturers of pan-masala, unmanufactured tob
Congress leader Rahul Gandhi on Tuesday slammed the BJP-led Centre, claiming that only some people were benefitting from the "system" in the country while all the others were paying taxes and dying of hunger. If the people raise voice against anything, they have to face action by the ED, CBI and the I-T department, Gandhi said addressing a gathering at Ramgarh chowk in Udaipur area of Chhattisgarh's Surguja district as part of his 'Bharata Jodo Nyay Yatra'. He claimed that violence was happening and hatred was being spread because injustice was being meted out to the people in the country round-the clock. Perhaps, it has been happening so much that people are not even able to realise it. It has become like a habit, Gandhi said. "You (people) must ask a question to yourself thrice a day that how much money you are getting from the country's fund each day. How much return you are getting after your day-long struggle and efforts. In 10 days, you will come to know that you are being ..
Businesses with turnover above Rs 5 crore will not be able to generate e-way bill without including e-invoice details for all B2B transaction from March 1. Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000. The National Informatics Centre (NIC) said on analysis it was found that some of the taxpayers, who are eligible for e-invoicing, are generating e-way bills without linking with e-invoice for B2B (business to business) and B2E (business to exports) transactions. In some of these cases, the invoice details entered separately under e-way bill and e-invoice are not matching with respect to the certain parameters. This is leading in mismatch in the e-way bill and e-invoice statements. " to avoid such situations, e-way bill generation will not be allowed without e-invoice details from 1st March 2024. This is applicable for e-invoice enabled tax payers and for the transactions related to supplies under B2B a
ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.
Punjab Chief Minister Bhagwant Mann on Monday launched a 'mera bill' app under the 'bill liao inaam pao' (bring a bill, get reward) scheme. The scheme is aimed at enhancing the compliance under the goods and services tax (GST) and thereby the revenue, according to an official release. The scheme is targeted at motivating consumers to get bills from dealers for their purchases made within the state and thereby forcing the dealers to issue the bills for their sales. Mann said the consumers will be encouraged to upload bills of their purchases on the 'mera bill' app to become eligible to participate in a lucky draw, which shall be held at 7th of each month. There will be a maximum 10 prizes per taxation district (29 taxation districts in the state), taking the tally to 290 rewards each month. The reward will be equivalent to five times the taxable value of goods or services declared in the bill with maximum capping of Rs 10,000 for each reward. He said the list of winners will be ..