Page 7 - Goods And Services Tax

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

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