Page 6 - Goods And Services Tax

GST returns to become time-barred after 3 years starting July tax period

GST Network on Saturday said beginning the July tax period, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. The July 2025 tax period means taxpayers will file monthly returns in August this year. In an advisory, the Goods and Services Tax Network (GSTN) said taxpayers will not be able to file GSTR-1, GSTR 3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR 7, GSTR 8 and GSTR 9 on expiry of three years from the filing due date. The amendments to Goods and Services Tax (GST) law with regard to time barring were effected through the Finance Act, 2023. Thus, GST outward supply returns, besides returns related to payment of the liability, annual returns and tax collected at source will become time-barred. "The returns will be barred for filing after expiry of three years. The said restriction will be implemented on the GST portal from the July 2025 Tax period," the GSTN advisory said. It advised taxpayers to reconcile their

Over 22 Indian states demand 50% share in central tax revenue allocation

More than 22 states have asked the 16th Finance Commission to raise their share of central tax revenue from 41 per cent to 50 per cent, says chairman Arvind Panagariya

Gross GST collections rise 16.4% to over Rs 2.01 trn in May: Govt data

Gross GST collections rose 16.4 per cent to over Rs 2.01 lakh crore in May, as per government data released on Sunday. This comes after a record high Goods and Services Tax (GST) collection in April, when the revenues touched an all-time high of Rs 2.37 lakh crore. In May, gross revenues from domestic transactions rose 13.7 per cent to about Rs 1.50 lakh crore, while GST revenue from imports grew 25.2 per cent to Rs 51,266 crore. In May, the gross Central GST revenues stood at Rs 35,434 crore, State GST revenues at Rs 43,902 crore and Integrated GST at about Rs 1.09 lakh crore. Revenues from Cess was at Rs 12,879 crore. In May, 2024, the mop up was Rs 1,72,739 crore. Meanwhile, total refunds during the month fell 4 per cent to Rs 27,210 crore. Net GST mop-up stood at about Rs 1.74 lakh crore, a 20.4 per cent year-on-year growth. Deloitte India Partner M S Mani said the wide variations in the growth of GST collections across states require a thorough analysis across the sectors t

GST Council to take up rate rationalisation issue in next meeting

A GoM headed by Minister of State for Finance Pankaj Chaudhary is looking into the future of compensation cess beyond March 2026

Hike Motor TP rates, cut GST on health premiums: Non-life insurers to govt

DFS Secretary urges insurers to improve claims processing in order to reduce customer inconvenience

Online gaming firms oppose retrospective 28% GST, not the levy itself

Gaming firms tell Supreme Court they accept 28 per cent GST on entry value but challenge retrospective tax demands based on gross volume rather than real stakes

CBIC issues new rules to simplify GST registration, curb official overreach

The revised guidelines aim to curb discretionary demands for extraneous documents, a frequent complaint among taxpayers who have reported harassment and inconsistency in the registration process

3 Shemaroo Entertainment staffers get Bombay HC relief in GST case

The dispute originated from an input tax credit (ITC) issue involving Rs 70 crore, which tax authorities alleged Shemaroo had falsely claimed

SC to hear pleas challenging retrospective tax on online gaming from May 5

In the last hearing, the court had directed the Centre and the GST department to file their response to the pleas by online gaming companies

5% GST for restaurants with non-specified premises: Finance Ministry

Option of 5% GST without ITC or 18% with ITC to be applicable on restaurant services provided at non-specified premises, clarifies FinMin

GoM reviewing GST on farm equipment and inputs: FM Nirmala Sitharaman

Says existing provisions under I-T Act have gaps in addressing digital data

RBI, NPCI approve Rs 2 hike in ATM interchange fee from May 1, 2025

The revised interchange is not applicable for micro-ATM, interoperable cash deposit (card-based and UPI-based), and international ATM transactions

GST Council meet: Uniform 5% rate on drones for business use on agenda

This could be a major relief to India's burgeoning drone industry, which consists of around 488 drone companies that have collectively secured $518 million in funding so far

Towards greener GST: Rationalisation must align with jobs, sustainability

GST rate rationalisation and expansion must be done not only to achieve simplification but also to subserve large-scale employment and environmental policy goals

FHRAI urges govt to delink food and beverage GST rates from room tariffs

The Federation of Hotel & Restaurant Associations of India (FHRAI) on Sunday pitched for delinking the GST on food & beverage services from accommodation charges in hotels. Citing multiple representations made to the authorities, FHRAI emphasized that the current practice of linking F&B taxation to hotel room tariffs is both unfair and operationally challenging for the hospitality industry. Under the prevailing GST framework, restaurants within hotels charging Rs 7,500 or more per room per day are subject to 18 per cent GST on F&B services with input tax credit (ITC) benefits, while those in hotels with tariffs below this threshold must levy 5 per cent GST without ITC. FHRAI has proposed a flexible system allowing all hotel restaurants to independently opt for either 18 per cent GST with ITC or 5 per cent without ITC, irrespective of the room rates. "With regard to our request of delinking this particular GST which is the threshold of Rs 7,500 which is there today, as .

Delhi HC strikes down tax on repair cost of re-imported plane parts

The court declared as unconstitutional a part of the 2021 customs department exemption notification that required payment of Integrated Goods and Services Tax (IGST)

Protections granted under criminal law apply to Customs, GST Acts: SC 

The court upheld the constitutional validity of arrest and prosecution provisions under GST and Customs

Pidilite Industries receives GST order imposing penalty of Rs 16.03 cr

Pidilite said there is no material impact on financials, operations or other activities of the company due to the tax order

Revenue department rejects panel's GST waiver demand on co-lending

In May 2024, the Department of Financial Services had asked SBI to set up a co-lending committee to address issues related to its business model

Jammu and Kashmir Bank receives GST notice of over Rs 16,000 crore

Bank has imitated legal action against the GST demand