Goods And Service Tax

GST rate cut is a growth opportunity for insurers: Irdai chief Ajay Seth

Making insurance products more affordable shows that the govt views the sector as essential as food, says Irdai chief Ajay Seth

Why the South keeps pulling ahead: Growth, demographics and development

Beyond the increasing complaints about their falling share of central tax revenues, the experience of southern states holds a lesson for the poorer regions wishing to bridge the gap

NCH receives 3K GST-related complaints post tax cuts: Consumer Affairs secy

Consumer Affairs Secretary Nidhi Khare on Monday said the government's National Consumer Helpline (NCH) has received 3,000 complaints related to GST since the implementation of reduced taxes. "We have so far received 3,000 consumer complaints. We are sending them to the CBIC (Central Board of Indirect Taxes and Customs) for further action," Khare told reporters on the sidelines of an event. The Consumer Affairs Ministry is closely monitoring instances where consumers are being cheated through misleading discount practices to avoid passing on the benefits of reduced GST rates, she said. The ministry is deploying artificial intelligence and chatbot technology to get a clearer picture of complaints across various sectors, she added. The complaints mechanism comes amid concerns that retailers may not be fully passing on the benefit of GST rate reductions to consumers, prompting the government to strengthen its monitoring systems.

GST reforms to boost consumption but limit fiscal consolidation: Moody's

Moody's says GST rate cuts will boost consumption and ease inflation but warns of higher revenue loss, fiscal strain, and weak debt affordability for India

GST 2.0 should pave way towards single nationwide tax rate: Report

The long-term success of Goods and Services Tax (GST) lies in moving towards a single nationwide tax rate, and that GST 2.0 must act as the stepping stone by keeping to just two slabs 5 per cent and 18 per cent while capping the peak rate firmly at 18 per cent, not 40 per cent, a report said. "Creating a 40 per cent slab, even for a narrow set of sin or luxury goods, will set a precedent for creeping expansion. Over time, more items will be drawn into this category, undermining the very purpose of simplification," Think Change Forum, a think tank, said in a report on Monday. The report titled 'GST 2.0: Two Slabs Today, One Rate Tomorrow', strongly recommended pegging the peak indirect tax rate, including cesses, to 18 per cent. This will in one stroke remove anomalies such as inverted duty structures, cut down grey and illegal markets, reduce litigation and compliance burdens, and restore credibility to the GST system, it said. It is noted that the high-powered GST Council, chair

Ease of doing business: Multiplexes seek GST reforms on movie tickets, F&B

Multiplexes want GST reforms on tickets and F&B, along with single-window clearance, to make cinema more affordable and help boost screen growth to 10 per cent annually

Tariff worries? Allocate 40-50% to Sensex or Nifty basket: G Chokkalingam

The continued normal monsoon, falling inflation, and the S&P Global Ratings upgrade also contributed to the market recovery despite the US tariff threats, said Chokkalingam

GST breather for Infosys: DGGI closes ₹32,400 cr pre-show cause notice

The Director General of GST Intelligence has closed pre-show cause notice proceedings against Infosys for financial years 2018-19 to 2021-22, involving a GST amount of Rs 32,403 crore, the company said in a statutory filing. With the receipt of the communication from DGGI, "this matter stands closed", India's second-largest IT company Infosys said. "In continuation to our earlier communications on July 31, 2024; August 1, 2024, and August 3, 2024, on GST, this is to inform that the company has today received a communication from the Director General of GST Intelligence (DGGI), closing the pre-show cause notice proceedings for the financial years 2018-19 to 2021-22," the company said in a filing late Friday evening. Infosys said it had received and responded to a pre-show cause notice issued by DGGI for the period July 2017 to March 2022 on the issue of non-payment of IGST under the Reverse Charge Mechanism. "The GST amount, as per the pre-show cause notice for this period, was Rs .

Net GST collection surges by 7.3% to Rs 1.76 trillion in March 2025

The gross GST collection - the amount before adjusting for refunds - rose by 9.9 per cent in March to Rs 1.96 trillion

Zydus Wellness arm gets Rs 56.33 cr GST demand over Heinz IP rights deal

Zydus Wellness Ltd on Saturday said its wholly-owned arm has received a GST demand of Rs 56.33 crore, along with applicable interest and penalty from the tax authority. Zydus Wellness Products Ltd (ZWPL), a wholly-owned subsidiary company, has received an intimation from the Directorate General of Goods and Services Tax Intelligence, Surat Zonal Unit, alleging GST demand of Rs 56.33 crore, along with applicable interest and penalty, Zydus Wellness Ltd said in a regulatory filing. The intimation alleges that the GST was payable in relation to the acquisition of intellectual property rights from Heinz Italia S.P.A. by Heinz India Pvt Ltd, now merged with ZWPL, it added. "ZWPL believes that there is a strong merit in the case, and ZWPL is evaluating the next steps based on a detailed review of the intimation," the filing said. The period covered by the order relates to the pre-acquisition period prior to January 30, 2019, the filing said. Due to this order, there is no impact on ...

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

GST Council to regularise taxation issues on host of goods, services

The Council might reject bringing MSME ice cream manufacturers under the composition scheme

Chatroom: Customs should not hold up exports due to valuation issues

The Customs have held up our export consignment because our export price is nearly twice the price our purchase price

Citing 'disparity', Electric two-wheeler manufacturers call for GST reforms

This is a major concern for the industry, especially for start-ups, as it increases costs and makes it difficult to manage working capital, the industry feels

Processed pulses to attract GST, says AAR in case involving agri broker

Andhra Pradesh-based Gayatri Enterprises' GST policy was challenged by parties all over the country

Budget 2024: Here's what FM Nirmala Sitharaman said about income tax

Interim Budget: FM Sitharaman said that the average processing time of returns has been reduced from 93 days in the year 2013-14 to 10 days this year

Interim Budget: FM sticks to fiscal consolidation path in Budget speech

Interim Budget: FM Sitharaman said that the fiscal deficit in 2023-24 is expected to be 5.8%, lower than the earlier estimates of 5.9%

Number of GST return filers up 65% to 11.3 mn in 5 years: Finance ministry

The number of GST return filers rose about 65 per cent to 1.13 crore in 5 years till April 2023 as compliance by taxpayers improved, the finance ministry said on Sunday. Also, the number of active taxpayers registered under GST increased from 1.06 crore as of April 2018, to 1.40 crore. As per data shared by the ministry, 90 per cent of eligible taxpayers are filing GSTR-3B returns by the end of the filing month in current fiscal year, up from 68 per cent in 2017-18, the first year of GST rollout. "Simplification in Rules and Procedure in GST has resulted in increase in return filing percentage by eligible taxpayers," the ministry said in a post on X. A nationwide Goods and Services Tax (GST) was rolled out on July 1, 2017. It subsumed over a dozen local taxes like excise, service tax and VAT. The number of GSTR-3B filers increased from 72.49 lakh in April 2018, to 1.13 crore as of April 2023. GSTR-3B is the monthly return form for filing outward supplies details and tax ...

AAR under GST plagued by conflicting rulings, quality of orders

It is generally feared that AARs typically comprise deputy commissioner or joint commissioner rank of officials who give judgement in favour of authorities

HC questions order issued by GST authorities to cancel firm's registration

GST authorities had rejected application by a company for changing its main place of business