Gst Tax

Bombay HC grants interim stay on 18% GST for hotel-based restaurants

According to the guidelines, "restaurant services" within "specified premises" are to be taxed at 18 per cent, with Input Tax Credit, while others continue to be taxed at 5 per cent without ITC

GST council's tax simplification move to make taxation 'transparent': IOB

The GST council's decision to simplify the tax structure would make taxation more 'transparent' and boost consumption over 8-10 per cent in rural markets, a top official of public sector Indian Overseas Bank said on Sunday. The Bank's Managing Director and CEO Ajay Kumar Srivastava said there would be an increased demand across retail, micro, small and medium enterprises and agricultural segments as incomes rise and investments pick up. "The GST Council's decision to simplify the tax structure from the current four slabs -- 5,12,18 and 28 per cent, to a two-rate structure 5 and 18 per cent will make taxation more transparent and easier to follow," Srivastava said in a press release. "We expect these measures will drive an estimated growth in consumption over 8-10 per cent in the next two quarters in rural markets, particularly benefitting farmers through reduced costs on agricultural products where GST has been brought down from 12 per cent to 5 per cent," he said. He underlined th

GST reform in two steps: Short-term demand boost, long-term rate reset

Apart from policy initiatives targeting the export sector, it is also possible to conceive of more broad-based measures to stimulate domestic demand as an alternative to export demand

GST Council to meet on Sep 3-4 to discuss key reforms in tax system

The 56th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, will discuss major reforms, including rate rationalisation and compensation cess.

ITC, Radico Khaitan, VST: How to trade sin stocks amid GST reforms?

Technical charts show that alcohol and tobacco-related stocks such as ITC, VST Industries and United Spirits seem to be unfavourably placed, and could fall up to 18 per cent from here.

Govt seeks to revamp entire tax system with GST reform, Income-Tax Bill

The Centre has proposed a two-tier GST with 5 per cent and 18 per cent slabs, along with a 40 per cent slab for a few items in the sin goods category

Proposed GST rate tweaks on automobiles may end classification disputes

In upcoming sweeping reforms, the GST on automobiles - currently in the highest tax bracket - will be restructured to resolve classification disputes related to engine capacity and vehicle size, ultimately benefiting the common man, according to government sources. Presently, automobiles are taxed at 28 per cent, which is the highest GST slab. A compensation cess, ranging from 1 to 22 per cent, is levied on top of this rate, depending on the type of vehicle. The total tax incidence on cars, depending on engine capacity and length, ranges from 29 per cent for small petrol cars to 50 per cent for SUVs. Electric vehicles are taxed at a 5 per cent rate. Sources said, as per the Centre's proposal for moving the GST system to a two-tier rate structure of 5 and 18 per cent and a 40 per cent slab for a select few items, automobiles will be placed in a slab to put an end to disputes arising due to the classification of cars by engine capacity and length. A lower GST rate will boost demand

PM's I-Day speech: GST relief, job push may serve up growth for FMCG firms

FMCG companies expect a consumption boost as PM Modi announces job creation scheme and GST reforms, which are set to ease financial burdens and stimulate demand, particularly in urban markets

Karnataka witnesses 5-fold jump in GST tax evasion at ₹39,577 cr in FY25

Central GST officers in Karnataka detected tax evasion of Rs 39,577 crore in 2024-25 fiscal year, an over 5-fold jump from the year-ago period, Parliament was informed on Monday. In a written reply in the Lok Sabha, Finance Minister Nirmala Sitharaman said "Central GST authorities have not issued any notices based on UPI transaction". The minister was replying to a question on whether the government has issued GST notices to small traders and street vendors in the country, including Karnataka, without assessment of their business activities. Last month, numerous small traders and shopkeepers in Bengaluru, Karnataka, received disproportionately high GST notices primarily based on digital footprints, such as UPI transactions. The notices were sent by State GST field offices. To another question on the details of GST evasion detected in Karnataka, Sitharaman shared the details of cases by the Central Tax formations pertaining to the state. In 2024-25, 1,254 cases involving Rs 39,577

GST evasion of ₹7.08 trn detected in 5 yrs, includes ITC fraud of ₹1.79 trn

Central GST field officers have detected tax evasion of about Rs 7.08 lakh crore in the last five years till 2024-25 fiscal, including input tax credit (ITC) fraud of about Rs 1.79 lakh crore, Parliament was informed on Monday. In 2024-25 fiscal alone, over Rs 2.23 lakh crore of Goods and Services Tax (GST) evasion were detected by CGST field officers, according to the data shared by Minister of State for Finance Pankaj Chaudhary in the Lok Sabha. Of the 30,056 cases of GST evasion detected in FY'25, more than half or 15,283 cases pertained to ITC fraud, where the evasion was to the tune of Rs 58,772 crore. In the 2023-24 fiscal, Rs 2.30 lakh crore worth GST evasion was detected by CGST field officers, involving ITC fraud of Rs 36,374 crore. In FY'23, about Rs 1.32 lakh crore GST evasion was detected, including Rs 24,140 crore of fake ITC claims. In FY'22 and FY'21, GST evasion stood at Rs 73,238 crore and Rs 49,384 crore respectively. This included ITC fraud of Rs 28,022 crore an

WACR tops repo rate for the first time in FY26 amid GST outflows

The weighted average overnight call rate (WACR) breached the RBI's repo rate for the first time this fiscal, amid GST outflows, with liquidity surplus in the banking system at around 1% of NDTL

GST officers detect ₹15,851 crore fraudulent ITC claims in April-June

GST officers have uncovered fake input tax credit (ITC) claims of Rs 15,851 crore in the April-June quarter of current fiscal, a 29 per cent jump over the year-ago period, even though the number of fake firms detection was less Y-o-Y, officials said. The total number of fake firms detected by central and state GST officers during the first quarter of FY26 stood at 3,558, less than 3,840 such entities detected in the same quarter of FY25. panel of state finance ministers, chaired by Goa Chief Minister Pramod Sawant, is currently studying tax evasion in specific sectors and looking at ways to check input tax credit (ITC) fraud. "On an average, about 1,200 fake firms are getting detected every month. The number of fake firm detection in the April-June period is less compared to last year, which shows that the drive against fake GST registration has worked," an official said. As per the data of the fake firms and ITC frauds detected by central and state GST officers during the June ...

SBI Cards shares slip on GST show cause notice for ₹81 crore ITC claim

SBI Cards shares fell over 2.5 per cent after it received a show cause notice from the Additional Commissioner of CGST

Statsguru: As GST turns eight yrs old, need for reform push grows

The goods and services tax (GST), net of refunds, now yields close to ₹20 trillion to the exchequer - both the Centre's and states'

Centre notifies rules for GST Appellate Tribunal to make it operational

Authorised representatives, including lawyers and tax professionals, must submit a power of attorney before representing clients

SC to hear pleas challenging retrospective tax on online gaming from May 5

In the last hearing, the court had directed the Centre and the GST department to file their response to the pleas by online gaming companies

Haryana amnesty scheme to offer relief on GST penalties for taxpayers

Taxpayers will be granted relief on interest and penalty amounts payable under the GST Act for the financial years 2017-18, 2018-19, and 2019-20 under an amnesty scheme introduced by the Haryana government, provided they deposit the principal tax amount by March 31, 2025, as per an official statement on Sunday. Providing details about this initiative, Geetanjali Mor, Joint Excise and Taxation Commissioner (Gurugram Range), said the Haryana government in October 2024 launched the Amnesty Scheme for taxpayers registered under the GST Act. Under this scheme, taxpayers can avail of relief from interest and penalty amounts by depositing the principal tax due under Section 73 of the GST Act, 2017 for 2017-18, 2018-19, and 2019-20, on or before March 31, 2025, Mor said. To benefit from this scheme, taxpayers must deposit the principal tax amount before the deadline to secure relief on interest and penalties, she said. Any dues that remain unpaid after March 31 will be recovered as per ...

'GSTitis' hits donuts: Jairam Ramesh slams GST amid misclassification row

Jairam Ramesh labels the ongoing GST issue as 'GSTitis,' as Mad Over Donuts faces a Rs 100 crore tax notice for wrongly classifying donuts under GST laws

'Stop asking for tax cuts, govt needs funds': Nitin Gadkari to India Inc

Nitin Gadkari stressed that while the government aims to lower taxes, it cannot function effectively without revenue

Budget 2025: Charting a new growth path with a boost to the tax net

Higher collections have also resulted in calls to use the opportunity to simplify the goods and services tax structure