Page 7 - Goods And Services Tax

Life Insurance Corporation gets GST demand notice of Rs 101.95 crore

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 101.95 crore on it for short payment of Goods and Services Tax (GST) for five financial years. The company has received a communication/demand order for interest and penalty for several states, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Thane, it said. The demand notice pertains to five financial years between 2017-18 and 2021-22, it said. The financial impact of the demand is to the extent of the GST, interest and penalty. There is no material impact on financials, operations or other activities of the corporation, it said.

Hospitality sector awaits infrastructure status, seeks GST relief in Budget

Industry stakeholders believe that the full potential of India's travel and tourism sector remains untapped

No GST on penal fees for loan non-compliance, says finance ministry

The RBI in its circular had directed regulated entities to replace "penal interest" with "penal charges" for borrowers who fail to comply with loan terms

CEOs bet on boost in consumption, infrastructure this Budget: BS Poll

India Inc sees uptick in investments, jobs

Crop protection industry seeks tax cuts, R&D incentives in Union Budget

CropLife India on Friday urged the government to reduce goods and services tax (GST) on agrochemicals to 12 per cent and maintain a uniform 10 per cent basic customs duty for technical raw materials and formulations in its upcoming Budget proposal. The industry body also demanded a 200 per cent weighted deduction on research and development (R&D) expenses for agrochemical companies and requested fund allocation to strengthen agricultural extension mechanisms. "We request the government to create an ecosystem around a science-based, progressive, and predictive regulatory framework that will allow the sector to become globally competitive," the industry body said in a statement. Key demands include: lowering GST from 18 per cent to 12 per cent, maintaining uniform 10 per cent customs duty for both technical raw material and formulations, providing a 200 per cent R&D expense deduction and extending R&D benefits to units with a minimum Rs 50 crore fixed assets and Rs 10 crore .

CBIC notifies rules for entities to get temporary GST identification number

Entities that are not required to get a GST registration but are required to make a tax payment under the GST Act provision can now obtain a Temporary Identification Number (TIN). The Central Board of Indirect Taxes and Customs (CBIC) has notified an amendment to GST rules to issue TIN to entities that are not required to register under the GST Act but need to make payments under some specific provision. Under Goods and Services Tax (GST) rules, registration is mandatory for businesses with an annual turnover of Rs 40 lakh and Rs 20 lakh in the manufacturing and services sectors, respectively. "Where a person is not liable to registration under the Act but is required to make any payment under the provision of the Act, the proper officer may grant the said person a temporary identification number," CBIC said while introducing Rule 16A in Central GST Rules. The decision to issue TIN to entities that are otherwise not required a GST registration was taken by the GST council in its ..

Path beyond diesel engines hinges on demand: Cummins' Shveta Arya

Cummins manufactures heavy diesel engines for prominent Indian medium and heavy commercial vehicle makers, including Tata Motors

GST notices worth Rs 1.12 trillion on online gaming companies stayed

SC mandates consolidation of all such cases by next hearing on March 18

GSTN launches online rectification for pending ITC claims from 2017-2021

Once processed by the tax department, this rectification application will release the pending input tax credits from previous years and adjust the GST order to reflect a nil demand

SC to hear online gaming firms' urgent plea for interim relief on GST

In July 2023, during its 50th meeting, the GST Council categorized online games-both skill-based and chance-based-under the 28 per cent GST slab

Ministry of Heavy Industries backs Siam for GST cut on CNG two-wheelers

Petroleum ministry pushes for car tax reduction

Net GST collections in December grow by 3.3%, reaching Rs 1.54 trillion

The gross GST collection - the amount before adjusting for refunds - rose by 7.3 per cent in December to Rs 1.76 trillion

CBIC clarifies rules, says no GST to apply on pre-paid gift vouchers, cards

The CBIC emphasised that transactions involving vouchers themselves, irrespective of their type, do not constitute the supply of goods or services

India's consumption conundrum: How not to talk about it in the year 2025

Conflicting data, fragmented markets, and outdated metrics: Here's why reframing the narrative on India's consumption is essential to address the diverse realities of 2025

Growth in informal enterprises signals job creation but raises concerns

ASUSE data shows a rise in unincorporated sector jobs, but reliance on own account enterprises sparks questions about economic health and formal sector job creation

GST reforms: A roadmap to rationalisation, revenue, and regime evolution

From rate rationalisation to cess management and expanding the GST base, India's evolving tax regime faces critical design and compliance challenges requiring balanced reforms

Customers likely to gain as high-end hotels get GST options on dining

The GST Council decided to suitably amend the CGST Act to link GST on restaurant services with actual room tariff provided by the hotel

GST on caramel popcorn sold in theatres to stay at 5%, govt clarifies

Change in sale of old EVs a simplification measure

Event organisers to gain ITC benefits as GST Council amends sponsorship tax

GST Council brings sponsorship services under forward charge mechanism

Separate rate for caramelised popcorn draws criticism from economists

"This is a national tragedy, violating the spirit of the Good & Simple Tax the GST was meant to be," says former chief economic adviser Arvind Subramanian