Page 12 - Gst

Life insurers adjust term premiums ahead of business end of financial year

While some companies are increasing rates, others are slashing them, and still others have made no change; GST changes on premium taxation may change outlook

Retailers urge FinMin and GST Council not to go for higher 35% tax rate

Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products. The sellers body is of the view that a fifth GST slab of 35 per cent on demerit goods such as aerated beverages, cigarettes and tobacco, and pricing-based rate structure will materially and fundamentally alter the country's GST framework with devastating outcomes. These recommendations violate both the letter and the spirit that it will be a 'good and simple tax', Indian Sellers Collective said in a statement on Thursday ahead of the 55th GST Council meeting to be held on December 21, 2024 at Jaisalmer, Rajasthan. "On the contrary, it will hurt the profit margins of the retailers, lead to compliance nightmares and fuel a parallel economy. This move will primarily benefit Chinese producers wh

Logistics cost in India to come down to 9% in next 2 years: Nitin Gadkari

Union minister Nitin Gadkari on Wednesday said the logistics cost in India will come down to 9 per cent within two years. Speaking during bauma Conexpo India, the Road Transport and Highways Minister said that "presently our logistics cost is 14-16 per cent... I assure you that within two years... our logistics cost will be 9 per cent. So we will be more competitive in the international market." In China, the logistics cost is 8 per cent and in the US and European countries it is 12 per cent, the minister said. The minister further said the automobile industry is one of the important industries that is giving maximum revenue as part of GST to the state governments and the Centre. The role of the automobile industry is very important to make India a USD 5 trillion economy, he said. The construction equipment, he said, is also part of this automobile industry. The government is developing infrastructure of international standards, he said, adding that water, power, transport and ..

Vedanta faces Rs 1.71 crore penalty in FY18 GST dispute over cenvat credit

Vedanta plans to challenge GST orders as it disputes penalties over transitional credit from FY18

GST officers detect Rs 35,132 cr ITC evasion by over 17k fake firms: Govt

GST officers have detected cases of ITC evasion of Rs 35,132 crore by 17,818 fake firms between April-October and arrested 69 persons, Parliament was informed on Monday. In a written reply to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said regular action is taken to detect fake firms through data analytics and other intelligence by the central and state authorities. Also, a coordinated special drive was launched between August 16 and October 30 to detect fake firms. "A total of 18,876 ITC fraud cases were detected involving 17,818 fake firms with suspected ITC evasion of Rs 35,132 crore during fiscal 2024-25 (April-October)," Chaudhary said. This has saved Rs 6,484 crore of which Rs 5,422 crore by blocking of ITC and Rs 1,062 crore by way of recovery. A total of 69 arrests have been made in the cases during the current fiscal till October.

Copper industry to see 10-13% spurt in demand in H2FY25: ICA India

Coming calendar year may see change in trade partner dynamics for copper rods, concentrate imports

How to check your GST refund status and know common reasons for delays

If your claim is in order, refund amount will be processed and credited directly to your bank account

Will reduce demand, lead to job losses: Apparel body on proposed GST hike

The apparel industry has expressed serious concerns over the proposed GST rate hike recommended by the Group of Ministers (GoM) on rate rationalisation. Under the new tax structure, garments priced between Rs 1,500 and Rs 10,000 would be taxed at 18 per cent, while apparel above Rs 10,000 would fall under the highest GST slab of 28 per cent. The rate for apparel priced up to Rs 1,500 would remain at 5 per cent. The Clothing Manufacturers Association of India (CMAI) has urged the government to reconsider the hike, warning that it could lead to reduced consumer demand, widespread job losses, and disruptions in the industry's value chain. The association emphasised the need for government policies that support the growth and stability of the industry, advocating a balanced approach to ensure long-term sustainability and benefits for all stakeholders. "The proposed GST rate hike risks severely disrupting the formal retail sector by pushing both consumers and businesses toward informal

GST hike on apparel could shut MSMEs, lead to 100,000 job losses: CMAI

The CMAI said that the proposed GST rate revisions pose a significant threat to the apparel industry, which is facing challenges like drop in consumer demand, profit erosion and working capital issues

Akhilesh Yadav slams Union govt over reports of GST hike on various items

Samajwadi Party president Akhilesh Yadav on Thursday attacked the BJP government at the Centre on reports that the GST on several items might be hiked, saying the BJP plans to "increase corruption" instead of increasing revenue. In a post on X, the former Uttar Pradesh chief minister said, "BJP was saying 'one country, one tax' but this statement of theirs also turned out to be a 'jumlaai jhoot' (rhetoric) because now they are bringing new slabs of tax." "When there is 'one tax, many slabs' then the slogan of 'one tax' has proved to be a lie in the true sense. Actually, there is a big game behind increasing the tax rates. This is the BJP's plan to increase corruption instead of increasing revenue to do 'vasuli' (extort money) from shopkeepers and businessmen through the officials by exerting more pressure on them," he charged. His remarks come after reports that the GoM on GST rate rationalisation has suggested tax rate on sin goods like aerated beverages, cigarettes, tobacco and ..

ICICI Bank offices searched by Maharashtra GST authorities, probe underway

Maharashtra GST authorities conducted searches at three ICICI Bank offices on Thursday. The bank said that it is cooperating with the investigation, but details of the probe remain undisclosed

Hope govt brings down tax burden on aerated beverages category: IBA

Currently, aerated beverages, regardless of their sugar content, attract a 28 per cent GST-the highest slab-along with a compensation cess of 12 per cent

Niva Bupa rallies 27% in 2 days on buzz of lower GST on insurance premiums

The company said it has not received any official communication from any government authority or department regarding the change of GST rates on life and health insurance premiums

35% GST slab in the works? A look at GST bands and how they are decided

The Group of Ministers (GoM) on GST rate rationalisation has recommended to raise GST on select sinful goods. Here's how GST Council decides on different tax bands

Andhra Pradesh govt may rethink Adani's solar deal amid bribery allegations

According to reports, Andhra Pradesh CM N Chandrababu Naidu is personally reviewing the situation and is expected to discuss the matter with his cabinet on Tuesday

GoM proposes fresh band: 35% GST slab likely for tobacco, aerated drinks

"The GoM on rate rationalisation has completed its report, which proposes major adjustments to tax rates on 148 items, with a particular focus on the textile industry"

Govt detects Rs 824 cr GST evasion by crypto firms: FinMin to Parliament

But only Rs 122 cr recovered, FinMin tells Parliament

Insurance premiums may drop if GST Council decides to reduce taxes: FM

Finance Minister Nirmala Sitharaman on Monday said the cost of insurance to the policy holder is expected to come down if the GST Council recommends a reduction in GST rate on health and life insurance policies. In a written reply in the Lok Sabha, she said the GST Council in its September 9 meeting had recommended to constitute a Group of Ministers (GoM) to holistically look into the issues pertaining to GST on life insurance and health insurance. "...The matter of review of GST rates on life and health insurance is pending before the GoM. If a recommendation for a reduction in GST rate is made by the GST Council, the cost of insurance to the policy holder is expected to come down on account of reduction in GST," she said. Sitharaman said this while replying to the question on whether GST reduction on health insurance will be a step towards making healthcare more equitable. To a query on how the government will ensure that insurance companies pass on the benefits of any GST reduct

What is GSTR-9? Is filing GSTR-9 mandatory?

GSTR-9 provides a consolidated summary of all the monthly/quarterly GST returns filed during the financial year

Net GST mopup rises 11% to Rs 1.63 trillion in Nov amid drop in refunds

Gross collection grows 8.5% to Rs 1.8 trillion