Gst Exemption

GST waiver alone not enough to deepen penetration, say insurers

Insurers say the GST exemption will make policies cheaper and spur demand, but awareness, innovation, and efficiency are key to improving India's insurance penetration

New GST rates: Tax relief for India's cement industry comes at a cost

GST rate cut on cement from 28% to 18% is expected to benefit cement companies in the medium term, though margins may face pressure in the near term as benefits are passed on to consumers

ICEA urges government to reduce GST on ACs and TVs from 28% to 18%

Indian Cellular and Electronics Association seeks GST cut on air conditioners and television sets to improve affordability, boost domestic sales and enhance India's competitiveness in global markets

GST Council may allow input tax credit for employee group insurance

"ITC on group health and life insurance policies may be taken up for discussion. But there is no proposal to exempt these policies from GST. They will continue to attract 18 per cent," official said

FHRAI seeks GST rationalisation to boost India's tourism competitiveness

FHRAI urges the government to rationalise GST to make India's tourism sector globally competitive, aligning with Vision 2047 and attracting more investment to the economy

GoM to propose GST exemption on health, life insurance for individuals

Telangana Deputy Chief Minister Mallu Bhatti Vikramarka, who is member of the GoM, said every state wanted health and life-insurance premiums to be exempt from GST

No proposal to exempt MPLAD funds from GST: Govt to Parliamentary panel

MoSPI tells House panel no GST exemption is planned for MPLADS use, even as the panel seeks relief to improve fund utility and suggests increasing annual allocation

Private sector space players seek govt relief on FDI and GST exemption

Data from the Indian Space Association (ISPA) reveals that, as of November-end 2023, Indian start-ups had attracted $124 million in funding, compared to $120 million in 2022

Showcause to egaming companies in line with legal provisions: CBIC

E-gaming companies have been issued show cause notices for alleged GST evasion as per legal provisions, the head of Central Board of Indirect Taxes and Customs (CBIC) Sanjay Kumar Agarwal said on Thursday, adding that the tax demanded is based on analysis of data. He also said that the government is fully prepared to implement from October 1 the amended provisions for levying a 28 per cent tax on online gaming, casinos and horse racing along with mandatory registration of offshore online gaming platforms. In its meetings in July and August, the GST Council had approved amendments in law to include online gaming, casinos and horse racing as taxable actionable claims, and clarified that such supplies would attract 28 per cent Goods and Services Tax (GST) on full bet value. Parliament last month passed amendments to the Central GST and Integrated GST laws to give effect to the Council's decision. Since then, online gaming companies like Dream11 and casino operator Delta Corp have ...

Space startups welcome GST exemption for satellite launch services

The Indian private sector on Wednesday welcomed the government's decision to exempt satellite launch services by private organisations from GST, saying the move will help them offer competitive rates to put satellites in orbit. The GST Council, at a meeting on Tuesday, decided that GST exemption on satellite launch services supplied by ISRO, Antrix Corporation Limited and New Space India Limited (NSIL) may be extended to such services supplied by organisations in the private sector also to encourage start-ups. The Indian Space Association-EY report had said that the space launch segment was expected to grow rapidly by 2025 at the rate of 13 percent per annum. "This step will give financial relief to the players and will incentivise growth of this nascent sector. We believe it will help enable the growth of indigenous launch capabilities and ensure a level playing field for all," Lt Gen A K Bhatt (retd.) Director General, Indian Space Association (ISpA) said. He said the satellite

Industry welcomes GST exemption for startups into satellite launch services

ISpA says step will give financial relief to the players, incentivise segment's growth and help spawn indigenous launch capabilities, creating a level playing field for all

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Exporters urge FM Sitharaman to extend GST exemption on export freight

An organisation of exporters wrote to Union Finance Minister Nirmala Sitharaman, urging her to extend the Goods and Services Tax (GST) exemption on export freight that lapsed on September 30. The Federation of Indian Export Organizations (FIEO) expressed concern that if the exemption is not extended, it will add to their liquidity challenges amid rising interest rates. Since its introduction in 2018, the government had extended the exemption twice till September this year. "Overseas freight rates had increased by 300350 per cent from preCovid levels. Now, there has been a slight decline in such rates, but these are still 200250 per cent higher than that of the 2019 levels," FIEO President A Sakthivel said. If the exemption is not renewed, exporters will be required to pay GST at 18 per cent on export freight, which will increase the logistical costs for Indian goods in the international market, he said. "Due to the recent increase in interest rates by the Reserve Bank of India, t

Transport services to civic bodies not exempt from GST in each & every case

Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR

Private education training firms subject to GST, rules Kerala AAR

Ernakulam-based company is not a formal school but an institution providing special training, it says

SC dismisses plea seeking GST exemption for Haj via private tour operators

The private tour operators argued that the levy is discriminatory as it exempts certain pilgrims who undertake the journey through the Haj Committee of India

Work needs to be done to prune GST exemption in services: Revenue Secy

A lot of work still needs to be done to prune GST-exempted items, especially in the services sector, Revenue Secretary Tarun Bajaj said on Tuesday

GST Council tilts towards rate hikes, drops exemptions for many items

Okays removing the exemption on mass consumption items

Time to rationalise

GST structure needs improvement