Page 9 - Goods And Services Tax

GST mop-up sees six-month high in Oct with Rs 1.87 trillion, up 8.9% Y-o-Y

From April to October 2024, gross GST collections on a year-to-date basis reached Rs 12.74 trillion, marking a 9.4 per cent increase compared to Rs 11.64 trillion during the same period last year

Meticulous planning behind Kerala GST's massive gold jewellery raids

There was meticulous planning at the top level before conducting the massive raids on gold jewellery manufacturing units by Kerala GST officials in Thrissur district, aimed at uncovering unaccounted gold linked to tax evasion, official sources said on Friday. The two-day-long massive searches were carried out by around 700 officials from the state's GST department at gold jewellery manufacturing units across the central Kerala district, seizing 104 kg of unaccounted gold after extensive preparations and planning to ensure that there were no loose ends, they said. The operation was planned and implemented with the full support of state Finance Minister K N Balagopal, an official source told told PTI. Around 700 officers were summoned to gather at two locations on Wednesday (October 23) and then transported in tourist buses labelled as study tours to various sites in Thrissur. A senior GST official involved in the operation, named "Torrel del Oro," said, "We opted for tourist buses t

After Sebi, Parliament committee to conduct CCI's performance review

The Public Accounts Committee of Parliament, chaired by Congress leader KC Venugopal, has decided to assess the performance of regulatory bodies established by Acts of Parliament this financial year

GST Council forms GoM on compensation cess; report expected by Dec 31

The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026. The Group of Ministers (GoM), which includes members from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal, will submit its report to the Council by December 31. In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, were used to compensate states for revenue loss incurred by them post the introduction of GST. In 2022, the Council decided to extend the levy till March 2026 to repay the interest and the principle amount of the Rs 2.69 lakh crore worth loan taken in the 2021 and 2022 fiscal years to make good state

Design architecture for B2C e-invoicing for retailers ready: GSTN CEO

The design architecture for implementing GST e-invoicing for retailers is mostly ready and being vetted by industry experts, GST Network CEO Manish Kumar Sinha said on Tuesday. E-invoicing is already present in the B2B sector. The GST Council, in its meeting earlier this month, decided to extend e-invoice to the B2C sector on a pilot basis. Sinha said the GST department is currently in discussion with the industry for the issuance of electronic invoices for every B2C transaction. "Initially, we will do a pilot project. The design of the architecture is mostly done, and we are getting it vetted by some of the best people we have in the industry. After that, we will release a document on how to go about it," Sinha said at an Assocham event here. The threshold for businesses that would be required to issue e-invoices is in the process of being decided. "We have to give time to the industry, particularly, small mom-and-pop stores. What we want to get right is the technology. Large ...

GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25

The ministerial panel on GST rate rationalisation will meet on September 25 and is expected to discuss tweaking of tax slabs and rates. "The meeting of the GoM on rate rationalisation is scheduled for September 25 in Goa," an official told PTI. The six-member Group of Minister (GoM) under Bihar Deputy Chief Minister Samrat Chaudhary, last met on August 22 and had submitted a status report to the GST Council on September 9. During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse the implication of tax rate change on some items and gather more data. Currently, goods and services tax (GST) is a four-tier tax structure with slabs at 5, 12, 18, and 28 per cent. Under GST, essential items are either exempted or taxed at the lowest slab, while luxury and demerit items attract the highest slab. Luxury and sin goods attract cess on top of the highest 28 per cent slab. There have been talks of merging the 12 and 18

GST Council forms GoM to review tax rate on insurance; report by Oct 30

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana. The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report. Currently, 18 per cent of Goods and Services Tax (GST) is levied on insurance premiums. The Terms of Reference (ToR) of the panel also include suggesting tax rate of health/medical insurance including individual, group, family floater and other medical ..

Rahul slams govt over video of restaurant chain owner 'apologising' to FM

Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday slammed the government over a video in which a restaurant chain owner is purportedly "apologising" to Finance Minister Nirmala Sitharaman for voicing concerns about GST, and said that when "fragile egos" of those in power are hurt, it seems humiliation is what they will deliver. Two videos were being shared by several Congress leaders and in one of them at an event on September 11, Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister. Gandhi said if this "arrogant government" would listen to the people they would understand that a simplified GST would solve the problems of lakhs of businesses. In a post on X, Gandhi said when the owner of a small business, like Annapoorna restaurant in Coimbatore, asks public servants for a simplified GST regime, his request is met

Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam

The Indian automotive industry has crossed Rs 20 lakh crore mark in FY24 and now contributes 14-15 per cent of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th annual ACMA session here. "The Indian automotive industry has crossed a landmark figure of Rs 20 lakh crore (around USD 240 million) in FY24...we are contributing almost 14-15 per cent of the total GST collected in the country," Aggarwal said. The auto industry will contribute more and more to the GDP of the country from the current level of around 6.8 per cent, he noted. It is not just the growth numbers, but equally important is the transformation in the technology, he added. Aggarwal stated that globally also the standing Indian auto industry has risen. "We have become the third largest passenger vehicle market, the largest two and three

Transfer of leasehold land: Authorities may have upper hand in GST levy

When a company sells its rights to leasehold land to a third party for the remaining lease term, the transaction typically attracts stamp duty

Chocolate firms, bakeries receive notices for alleged GST underpayment

Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%

GST payers with no valid bank account barred from filing GSTR-1 from Sept 1

GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory. As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within a period of 30 days from the date of grant of registration, or before furnishing the details of outward supplies of goods or services or both in Form GSTR-1or using Invoice Furnishing Facility (IFF), whichever is earlier. "From 1st September, 2024 this rule is being enforced. Therefore, for the tax period August-2024 onwards, the taxpayer will not be able furnish GSTR-01/IFF as the case may be, without furnishing the details of a valid bank account in their registration details on GST portal," GSTN said in an advisory dated August 23. The GST Council in its meeting in July last year, had approved amendment to Rule 10A to strengthen the registration process and to effectively deal with the menace of fake

Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18

The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18

GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020

This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations

Reduce GST on online news subscriptions to 5%: MIB tells revenue dept

Printed newspapers, journals, and periodicals are presently exempted from the Goods and Services Tax while online news subscriptions at taxed at 18 per cent

GST Council to meet on Sept 9, to start discussion on rate rationalisation

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, will meet on September 9. "The 54th Meeting of GST Council will be held on 9th September, 2024 at New Delhi," the Council said in a post on X. The GST Council, comprising finance ministers of Centre and states, is the apex decision making body with regard to Goods and Services Tax (GST), which was rolled out on July 1, 2017. The meeting is expected to start discussion on rate rationalisation, reducing tax slabs, besides removing duty inversion under GST. After the previous Council meeting on June 23, Sitharaman had said the next meeting of the GST Council the Group of Ministers (GoM) on rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate

Second all-India drive against fake GST registrations to begin on Aug 16

Tax officers will launch a two-month long special drive against fake GST registrations on August 16, the Central Board of Indirect Taxes and Customs (CBIC) has said. With the detection of close to 22,000 fake registrations involving suspected GST evasion of over Rs 24,000 crore in the first such drive in May, last year, the National Coordination Committee, comprising senior Centre and state tax officers, last month decided to launch a second special drive "to clean up the tax base". Under the special drive, GST Network, in coordination with Directorate General of Analytics and Risk Management (DGARM), CBIC, will identify suspicious/ high-risk GSTINs, based on detailed data analytics and risk parameters. Such information would be passed on to the jurisdictional tax officer for further verification. The Centre and State GST officers will then undertake a time-bound verification of the suspicious GSTINs (GST identification number). If it is found that the GSTIN is fictitious or ...

GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam

Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam

CBIC to begin special drive to weed out fake GST registration on Aug 16

Central and state GST officers will launch a pan-India special two-month drive against fake registration beginning August 16, the CBIC said on Monday. This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraudulently avail and pass on input tax credit and evade GST. "The second Special All-India Drive may be launched by all Central and State Tax administrations from 16th August 2024 to 15th October 2024 to detect suspicious/ fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue," the Central Board of Indirect Taxes and Customs (CBIC) said in an instruction to field formations. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, a total of 21,791 entities (11,392 entities pertaining to state tax jurisdiction and 10,399 entities pertaining to CBIC ...

Rs 1.82 trillion GST from mobile phones 5 times what PLI allocated

ICEA, which provided the GST data, projects that GST collections from mobile devices between FY21 and FY26 are expected to reach Rs 3.09 trillion