Page 10 - Goods And Services Tax

Pan masala makers to pay fine from Oct if machines unregistered with taxmen

The government has notified October 1 as the date for implementation of the penalty provision for manufacturers of pan masala and similar tobacco products, if they fail to register their packing machinery with GST authorities. The GST Network had earlier in May and June notified two forms GST SRM-I and II for registering machines used by such manufacturers and to report inputs procured and corresponding outputs with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) on August 6 notified October 1, 2024, as the date for levy of up to Rs 1 lakh penalty for failure to register their packing machines with GST authorities. In January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure to improve GST compliance for manufacturers of pan masala and tobacco products effective April 1. The date was later extended till May 15. The move to overhaul the registration, record-keeping

DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case

Earlier this week, the IT services company received a Rs 32,403 crore GST notice from authorities

TMC requests govt to withdraw GST on health, medical insurance premiums

Trinamool Congress (TMC) leader Sudip Bandyopadhyay on Friday urged the government to withdraw the 18 per cent GST on life and medical insurance premiums. His demand comes amid several opposition leaders supporting senior BJP leader and Union Road Transport Minister Nitin Gadkari request to Finance Minister Nirmala Sitharaman to withdraw the Goods and Services Tax (GST) on the premiums. Soon after the Question Hour in the Lok Sabha, Bandyopadhyay raised the issue, saying taxing insurance premium is "anti-people". The government must withdraw it, the Kolkata Uttar MP said and the demand was backed members of the opposition INDIA bloc parties in the Lower House of Parliament. "The 18 per cent GST charged over life insurance premiums and medical insurance should be withdrawn. This GST is anti-people, it is adversely affecting the people of India," Bandyopadhyay said. "This proposal should be rolled back," he said. MPs from INDIA bloc parties TMC and DMK walked out of the House, alle

Fake ITC claims detection by GST officers up 51% at Rs 36,374 cr in FY24

Fake input tax credit (ITC) claims detection by central GST officers increased 51 per cent to Rs 36,374 crore in 2023-24, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary shared details of the fake input tax Credit (ITC) cases booked by Central Tax formations during the 2022-23 and 2023-24 fiscals in a written reply to the Lok Sabha. During 2023-24, 9,190 cases were booked by the central GST officers, involving fake ITC of Rs 36,374 crore. 182 persons were arrested and voluntary deposits of Rs 3,413 crore were made in the cases. During 2022-23, Rs 24,140 crore fake ITC were detected in 7,231 cases. 152 persons were arrested and Rs 2,484 crore taxes were deposited voluntarily. The Number of cases booked by central tax formation during 2021-22 was 5,966. Chaudhary said the challenges in tracking fake ITC fraudsters relate to masterminds, who operate the fake ITC generation through control and management of a complex web of entities created across ...

Rural volumes likely to overtake urban by FY25-end, says Kantar report

Kantar report says rural growth largely led by rise in population rather than consumption

Growth or decline? Understanding non-agricultural informal enterprises

Efforts at providing robust data for unorganised sector, which plays an important role in livelihood and survival of the poor, has so far been half-hearted, producing no comparable evidence over time

Govt procurement comes full circle in Chhattisgarh, GeM portal to resume

New BJP-led government restores practise of purchasing goods & services from Centre's GeM portal; Cong-led govt used to get it from state's portal

GST Council's key state panel for rate changes may face another revamp

In the last reorganisation of this panel, at the GST Council meeting on June 22, Bihar Deputy Chief Minister Samrat Chaudhary was appointed as its convenor

GST: Reimagining input tax credit norms

One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated

GST Day 2024: Check date, history, significance, quotes and more

GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments

7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges

With enhanced revenues, the stage seems set for GST 2.0

GST on crude oil, petrol and diesel boils down to revenue concerns

Despite Constitutional provisions, inclusion of petrol and diesel under GST framework remains a distant dream

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

GST rate rejig panel due for another revamp ahead of full Budget

Council may meet before Budget presentation in the middle of next month

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

AAR rules 18% GST on infant food containing milk, other ingredients

Rajasthan authority for advance rulings observed that the primary product manufactured by the company is infant milk formula which includes cereals and protein supplements

LS poll results: Regulatory focus on growth may continue, say insurers

According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

Why India's elections matter for growth

The reforms that may follow could help determine India's medium-term growth and economic aspirations

Mizoram records 52% growth in GST collection in April, says CM Lalduhoma

Mizoram Chief Minister Lalduhoma said the northeastern state has registered a 52 per cent growth in Goods and Services Tax (GST) in April this year. Quoting the data released by the Union Finance Ministry, Lalduhoma on Friday said that Mizoram collected Rs 108 crore in GST in April this year against Rs 71 crore collected in the same period the previous year. He attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection. "The reason behind the growth in GST collection is due to the massive efforts made by the finance, planning and taxation departments. People and business communities in particular are also aware of the importance of giving taxes to augment our revenue," the chief minister said. He claimed that the state's financial condition is moving towards stability due to the austerity measures being implemented by legislators and officials. In the Union Finance Ministry's data, Mizoram collected