Gst Bill

Finance Ministry to invite comments on amended GST return forms from Nov 1

The Finance Ministry will invite comments from businesses on the proposed changes in monthly GST return forms, beginning November 1, a senior official said on Thursday. Central Board of Indirect Taxes (CBIC) Commissioner GST Policy Wing Gaurav Singh said the department would also work towards streamlining GST audit process. The 57th meeting of the GST Council, comprising Centre and state finance ministers, had approved an alternate mechanism for making amendments to liabilities and input tax credit (ITC) in GST returns to minimise mismatches and reduce notices/intimations. The Council approved enhancements in GST Forms GSTR-1/1A/IFF to enable better reconciliation of the details furnished in these forms with the details reported in the returns in monthly tax payment form GSTR-3B. Singh said the amended GST return forms will be put up for public consultation on 'MyGov' portal on November 1 and will be open for comments till November 30. The amended GST return form would be applicab

GST officers to focus on widening base, increase cash tax collection

With the GST rates and processes almost stabilising after nine years of the GST rollout, the Centre and states' tax officers have been told to work towards deepening the taxpayer base, increasing cash tax collections, and using intelligence and deeper data analytics to nab evaders, sources said. They said e-invoicing for B2C transactions would come into effect from April 1, 2027, with GST Network providing the support system to states to move towards it. GST officers will act as a facilitator for businesses and tell them the audit benefits of the tax department having granular data. Sources further said that some of the process reforms, including the Rs 10,000 threshold for sending notices, approved by the 57th GST Council meeting, require only changes in rules and could be rolled out sooner. With the economic benefits of last year's GST rate rationalisation showing results, GST officers will now follow a more "facilitative approach" rather than "mandatory compliance" to show trust

GST reforms agenda: Businesses likely to get wider motor vehicle ITC

Insurance, repairs and servicing may qualify; EVs could get matching tax treatment

GST Council may wind up Fitment Committee, consolidate officer panels

The proposed structure will comprise the GST Secretariat, implementation committee and a single standing committee, replacing several existing panels and sectoral groups

Industry seeks input tax credit relief for data centres, GCCs, other biz

Industry seeks wider GST input tax credit on construction and employee-related expenses, arguing that the current restrictions raise business costs and hurt competitiveness

Eway bill generation rises 43% in January, the second-highest ever

E-way bill generation rose to 136.83 million in January, the second-highest monthly level on record, marking a 42.6 per cent year-on-year increase amid stronger goods movement

Govt open to talks on electoral reforms as Opposition pushes for SIR

On a tense opening day of the Winter Session, the government said it was willing to discuss electoral reforms and SIR after Opposition-led disruptions

FM Sitharaman briefs GST GoMs on need for sweeping tax reforms

Finance Minister Nirmala Sitharaman on Wednesday presented to GoMs from states her government's plans for sweeping reforms in the GST regime that involves slashing tax rates and easing compliance burden for businesses. The GoMs on rate rationalisation, insurance taxation and compensation cess will over two days deliberate on the Centre's 'next-gen' GST reforms under which tax will be levied at 5 and 18 per cent rates. A special 40 per cent rate has been proposed on 5-7 items, including sin goods. GST is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent rate, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. The finance minister's address to the GoMs was for about 20 minutes during which she elaborated on the Centre's proposal, a source said. She explained the necessity for GST reforms to the states, the source added. The group of ministers (GoM) on compensation cess was set up to decide on the ..

Centre for exempting insurance premium from GST: Samrat Choudhary

The Centre has proposed exempting life and health insurance premium from GST, Bihar Deputy Chief Minister and convenor of insurance GoM Samrat Choudhary said on Wednesday. Currently, health and life insurance premium attracts 18 per cent GST. The Group of Ministers (GoM) on life and health insurance will submit its report to the GST Council. The report will also include views and concerns expressed by some state finance ministers, he said. "The Centre's proposal is clear that the insurance sector's individual and family (policies) should be exempt from GST. This has been discussed and the GoM report will be presented to the Council," Choudhary told reporters here after the meeting of the GoM. "All members have given their approval for lowering rates. Some states have given their own views," he said, adding a final call on rates will be taken by the Council. Choudhary is the convenor of the 13-member state GoM on health and life insurance. The Centre's proposal on insurance is par

PM Modi chairs top-level meet to discuss roadmap for next-gen reforms

Prime Minister Narendra Modi on Monday chaired a high-level meeting, which included top Union ministers, secretaries and economists, to deliberate on the roadmap for the next generation reforms, one of the key announcements he had made in his Independence Day address. Union ministers Rajnath Singh, Amit Shah, Nitin Gadkari, Nirmala Sitharaman, Shivraj Singh Chouhan, Piyush Goyal and Lalan Singh attended the meeting. Modi had on August 15 announced the formation of a task force for 'next-generation reforms' and revision of GST laws, as he devoted a major part of his 103-minute speech on making India self-reliant in a host of sectors ranging from semiconductors to fertilisers.

GST restructuring key reform, will boost India's economy: RC Bhargava

The proposal to restructure the GST structure is an exceedingly important reform measure that will result in a substantive improvement in the country's economy, Maruti Suzuki India (MSI) Chairman R C Bhargava said on Monday. The Centre has proposed a two-tier GST structure of 5 and 18 per cent, besides a 40 per cent special rate on a select few items to the group of ministers (GoM) on GST rate rationalisation. Goods and Services Tax (GST) is currently levied at 5, 12, 18 and 28 per cent. While food and essential items are either at nil or 5 per cent, luxury and demerit goods are in 28 per cent slab, with a cess on top of it. If the Centre's proposal is accepted by the GoM, it would be placed before the GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising finance ministers from all states and UTs, in its meeting likely next month. "The move by the government to restructure GST is an exceedingly important reform measure, and I think the government is doing an ..

FM Sitharaman to attend GoM meeting on Aug 20, explain next-gen GST reforms

Finance Minister Nirmala Sitharaman will attend a crucial meeting of a state ministerial panel on August 20 to put forth the Centre's proposal for sweeping GST reforms that will slash tax rates and lead to reduction in prices of common use items. The two-day meeting of the Group of Ministers (GoM) on GST rate rationalisation is scheduled on August 20-21 here, sources said. The meet will deliberate on the Centre's proposal for GST reforms of reducing the number of tax slabs in Goods and Services Tax (GST) to two -- 5 and 18 per cent, and a 40 per cent special rate on a select few items. Sources said apart from the rate rationalisation panel, the two-day meeting would be attended by members from GoMs on compensation cess and also health and life insurance. "The idea is to put forth the Centre's view point behind the GST reform proposal. Although the Centre is not a member of the GoM, Union Finance Minister's presence and her address will give the GoM a better understanding of the ide

India bonds slide on GST tax cut worries, wipe out S&P upgrade gains

Prime Minister Narendra Modi on Friday announced sweeping changes to the goods and services tax (GST) regime which will make daily essentials and electronics cheaper from October

Govt confident of meeting fiscal deficit target despite planned tax cuts

In the biggest tax overhaul since 2017, PM Modi on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper

PM Modi urges states to cooperate in implementing proposed GST reforms

Prime Minister Narendra Modi on Sunday said the Centre has circulated the draft of the next-generation GST reforms among states and sought their cooperation to implement the proposal before Diwali. He said the reform in GST would benefit poor and middle-class people, as well as small and big businesses. Addressing an event here after the inauguration of two expressways, the Prime Minister said the Centre intends to make the GST law simpler and revise tax rates. Modi had announced the proposal to reform the GST law in his Independence Day speech on August 15 from the ramparts of Red Fort. "For us, reform means the expansion of good governance," he said. Therefore, Modi said the government is continuously focusing on bringing reforms. In the coming months, the Prime Minister said, "We are going to do many big reforms so that the lives of people and businesses become easier". The Centre is bringing the "next generation reform" in the GST. "This Diwali, people will get a double bon

PM Modi's GST Diwali bonanza timely and strategic move, say experts

The announcement by Prime Minister Narendra Modi regarding GST 2.0 is a timely and strategic move to build a resilient Indian economy, according to experts. From the ramparts of the historic Red Fort, Modi announced that the GST rates will be lowered by Diwali, bringing down prices of everyday use items, as his government looks to reform the eight-year-old tax regime that has been plagued by litigation and evasions. Later, the Finance Ministry said it has proposed that most goods and services be taxed in two slabs - standard and merit - and a select few items be charged special rates. This is to replace the current goods and services tax (GST) structure, where the sale of goods and rendering of services are taxed in four different brackets - 5, 12, 18 and 28 per cent, with luxury and sin goods attracting a levy on top of the highest rate of 28 per cent. "The Prime Minister's vision for GST 2.0 is a timely and strategic move to build a resilient Indian economy. These are not merely .

Delhi HC restrains GST department from coercive action against CCI

HC grants interim relief to CCI in tax demand case, citing earlier ruling favouring regulators; GST department directed to respond by July-end

Reducing GDP discrepancies: India needs radical improvements in estimation

Using GST data could help correct inflated real growth figures

Bandhan Bank's new service allows GST payment through online, offline modes

Bandhan Bank on Monday announced the launch of a new service that allows its customers and non-customers to pay Goods and Services Tax (GST) through online and offline modes. "The initiation of GST revenue collections marks another significant milestone in our efforts to bring government services closer to our customers," said Rajinder Babbar, Executive Director & Chief Business Officer. The Kolkata-based private lender has also been authorised by the West Bengal government to collect taxes and non-tax receipts since February. This mandate allows the bank to collect revenue through the Government Receipt Portal System (GRIPS). Bandhan Bank currently has over 6,300 banking outlets across India.

Govt extends implementation of special registration for gutkha firms

The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15. Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure effective April 1, 2024. The move to overhaul the registration, record-keeping, and monthly filing of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products. The GST law was also amended via Finance Bill 2024, to say that manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. However, this penalty provision is yet to be notified. The procedure was to be applicable for manufacturers of pan-masala, unmanufactured tob