GST Law

Executives at real money gaming firms fear retrospective GST liabilities and penalties could force liquidation of personal assets amid mounting financial stress

Finance Ministry officials expect a surge in GSTAT appeal filings before the June 30 deadline as taxpayers defer cases over pre-deposit concerns

The GST Appellate Tribunal will begin phased rollout in October 2025 with digital filing, faster appeals, and backlog clearance to ease GST litigation and free up capital

Dr Reddy's Laboratories on Tuesday expressed hope that the new GST structure will take care of existing challenges and aid in ushering a rationalised, industry-friendly tax framework for the pharmaceutical industry. For an extended period, the pharmaceutical sector has faced structural challenges, including higher GST rates and an inverted duty structure, which have impacted the cost efficiency of domestic manufacturing and the affordability of medicines, Dr Reddy's Laboratories Chairman Satish Reddy said in a statement. "We are optimistic that the forthcoming reforms will address these critical concerns and introduce a rationalised, industry-friendly tax framework," he noted. Such measures will significantly improve the affordability and accessibility of essential medicines for every citizen, while also enhancing the global competitiveness and innovation capacity of the Indian pharmaceutical industry, Reddy said. The industry remains fully committed to working in close partnership

The finance ministry is clear in its message that the reforms would be comprehensive, going beyond rate rationalisation. The question is how the government should go about it

The case involved STS-KEC, a joint venture between Stroytechservice LLC (Russia) and KEC International Limited, which was awarded a contract for railway infrastructure projects

Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%

Court rules the items cannot be confiscated without investigation even if the original supplier does not have GST registration

The law will come into force on October 1 this year and will be reviewed after six months, according to a decision by the GST Council

The GST Council in its next meeting is likely to discuss decriminalisation of offences under GST law, along with raising the threshold of launching prosecution to Rs 20 crore, from Rs 5 crore at present, officials said on Monday. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is scheduled to meet virtually on December 17. The government had in September said that GST officers can launch prosecution against GST offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. One of the proposal before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore. Also, the property of offenders below the set threshold will not be attached, officials said. The council is also likely to consider removing those penal offences which are alre

Business Standard brings you the top headlines at this hour

The government is considering to remove the penal offences which are already covered under the Indian Penal Code (IPC) from the GST Act to make it more taxpayer-friendly, an official said. The proposal, part of the exercise to decriminalise GST law, is likely to be taken up in the next meeting of the GST Council. Once approved by the GST Council, the Finance Ministry will propose amendments to the GST law, which could be taken up in the upcoming winter session of Parliament next month. "Law committee has finalised the changes in Section 132 of the GST Act as part of the exercise to decriminalise the law," the official told PTI. The offences that are similar to those covered under the Indian Penal Code would be removed from GST law, the official added. The amendments would be placed before the GST Council for approval. Thereafter, it would go to Parliament for effecting changes in the GST Act. Once approved by Parliament, states would be required to amend their state GST laws. Tax

Some experts see significant positives, other believe problems associated with older policy will persist

The party also termed the government's decision to ban wheat exports as anti farmer.

The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions

The government on Sunday extended the deadline for various compliances under the income tax law and availing relief under the GST law to help taxpayers tide over difficulties in filing such forms

Counsel for companies raises concerns about whether or not well accepted, judicially tested, fair and proper procedures are being followed during such arrests

The government has allowed further flexibility to tax filers operating under the Quarterly Return Filing and Monthly Payment of Taxes scheme

A national-level organisation of small businessmen on Friday said it is opposed to the move

This takes the total amount released so far to Rs 95,000 crore