Page 13 - Gst

GST collection rises by 8.5% to over Rs 1.82 trillion in November

Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on higher revenues from domestic transactions. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST at Rs 91,828 crore and cess at Rs 13,253 crore, according to government data released on Sunday. The total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November as compared to Rs 1.68 lakh crore in the same month a year ago, it said. In October, GST collections of Rs 1.87 lakh crore were the second-best GST mop-up with 9 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore. During the month under review, GST from domestic transactions grew 9.4 per cent to Rs 1.40 lakh crore, while revenues from tax on imports rose about 6 per cent to Rs 42,591 crore. Refunds worth Rs 19,259 crore were issued during the month, registering 8.9 per cent decline over the year-ago period. Aft

GST Council has turned into a rate-cutting panel: Ex-CEA Arvind Subramanian

'India's GST system remains highly complex. There is a need of simplification'

Need to simplify goods and services tax, reduce cess: Ex-CEA Subramanian

India's GST regime is very complicated and there is a need to simplify this biggest indirect tax reform introduced in 2017, former Chief Economic Adviser Arvind Subramanian said on Friday. "GST regime is very complicated. There are 50 (different) cess rates and if I look at other things... it might go up to 100 rates," he said at the event organised by the Centre for Policy Research here. Talking about other challenges, he said, some people have pointed out to me that the goods and services tax (GST) has encouraged excessive tax demands. Observing tax terrorism and excessive demands were always features in the Indian system, he said, these have gone up under the GST. Tax terrorism that GST has introduced is something that needs to be focussed on, he added. Emphasising the need for rate rationalisation, he said there is a need for GST simplification and increased revenue. GST was rolled out on July 1, 2017 heralding the start of 'One Nation, One Tax, One Market'. It subsumed at l

GoM report on GST on health insurance to be put before Council: FinMin

Recommendations of the Group of Ministers (GoM) looking into issues pertaining to GST on life and health insurance will be placed before the GST Council when received, Parliament was informed on Monday. The issue of exempting/reducing GST on life and health insurance was placed before the GST Council in its 54th meeting on September 9, 2024. After detailed deliberations, the Council recommended constituting a GoM to holistically look into issues pertaining to GST on life and health insurance. Accordingly, a GoM was constituted under the Chairmanship of Samrat Chaudhary, Deputy Chief Minister of Bihar. First meeting of the GoM was held on October 19, 2024 at New Delhi where issues of GST rate on health and life insurance policies were discussed, Minister of State for Finance Pankaj Chaudhary said in a written reply to the Lok Sabha. "Recommendations of the GoM when received will be placed before the GST Council," he said. GST on health insurance services and pure term life insuranc

FICCI calls for GST cut on EV batteries and charging to boost growth

EV Committee chair points out that while EVs are taxed at 5%, batteries and charging services face an 18% GST rate

EV players seek GST cut on batteries, charging services to boost adoption

GST on batteries and charging services needs to be cut to keep electric vehicles competitive and boost customer adoption, FICCI Electric Vehicle Committee Chair Sulajja Firodia Motwani said on Tuesday. Speaking at the sidelines of FICCI National Conference on EVs here, she also stressed enhancing PM E-Drive corpus to support enhanced sales of EVs. "We would be making a recommendation to the GST Council to rationalise the GST taxation on EV-related areas," Motwani said. Elaborating on the demands, she noted, "Currently the GST on charging services is still 18 per cent which we would request to bring down to 5 per cent so that charging becomes more affordable to the consumers." Secondly, the GST on batteries should also come down to 5 per cent, Motwani, who is also the founder and CEO of Kinetic Green Energy & Power Solutions, added. "While EVs attract a GST of 5 per cent, GST on batteries is 18 per cent. The request is to reduce it to 5 per cent so that when consumers buy ...

GST Appellate Tribunal to start operations by the end of FY25: Revenue Secy

In May 2023, Union Finance Minister Nirmala Sitharaman appointed Justice (Retd) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT)

GST Council may waive 18% tax on senior citizens' insurance plans in Dec

The GST Council is scheduled to meet in Rajasthan on December 21 and 22 to discuss potential tax relief on select insurance plans

India's online gaming market grew by 23% in FY24 despite GST burden: Report

Average weekly time spent on online games soars 30%. Over 44% of gamers are now women, up from 41% the previous year, playing casual mobile games

GST applicable on AAI-Adani pact for Thiruvananthapuram airport: Kerala AAR

The concessionaire agreement between the AAI and Adani Thiruvananthapuram International Airport Ltd is not a 'transfer of business', but supply of services and hence is liable to GST, the Kerala-bench of the GST Authority for Advance Ruling (AAR) has said. The Kerala AAR ruling is contrary to the rulings passed by the Rajasthan and Gujarat Appellate Authority for Advance Ruling (AAAR) in the case of transfer of Jaipur and Ahmedabad airports and Uttar Pradesh AAR in the case of Chaudhary Charan Singh International Airport in Lucknow. These authorities had exempted such transfers from goods and services tax (GST). The Airports Authority of India (AAI) in its application before the AAR said it has entered into a concessionaire agreement with Adani Thiruvananthapuram International Airport Ltd for the operation, management, and development of the airport for 50 years. The AAI sought rulings from the AAR on a set of queries, including whether the agreement involves transfer of business an

Unsettled GST tax demand after payment? Use new form to adjust tax amount

With the introduction of new form GST DRC-03A, it will now be much easier to apply toward settling their tax obligations

Life Insurance Corporation receives GST demand notice of Rs 65 crore

Life Insurance Corporation of India (LIC) on Wednesday said tax authorities have slapped a demand notice of about Rs 65 crore on it for short payment of Goods and Services Tax (GST) for 2017-18. Besides, there is a penalty of Rs 6.5 crore and interest as applicable. The insurer has received communication/ demand order for Goods & Service Tax, Interest and penalty for Jharkhand on October 30, LIC said in a regulatory filing. There is no material impact on financials, operations or other activities of the corporation, it added.

GST returns to become time-barred: No filing after 3 years

The taxpayers shall compile or reconcile requisite information to prepare the GST returns and file the returns within three years from the respective return due date

GST returns to become time-barred after three years from early 2025

GST Network on Tuesday said beginning early next year, GST taxpayers will not be able to file monthly and annual GST returns after three years of the original filing due date. In an advisory, Goods and Services Tax Network (GSTN) said GST outward supply returns, besides returns related to payment of liability, annual returns and tax collected at source, will become time-barred after the expiry of a period of three years from the due date of furnishing the said return. "The said changes are going to be implemented in the GST portal from early next year (2025). Hence, the taxpayers are advised to reconcile their records and file their GST returns as soon as possible if not filed till now," GSTN said. AMRG & Associates Senior Partner Rajat Mohan said the recent GSTN update concerning the barring of GST return filings post a three-year deadline introduces a significant compliance shift. "This move aligns with a broader intent to ensure timely compliance, enhance data reliability, and .

Inside the Rs 8,000 cr GST fraud: 246 fake companies and a mastermind

Pune police have unveiled a staggering Rs 8,000 crore GST scam involving 246 fake companies across 13 states, with alleged mastermind Asraf Kalawadiya at the centre

GST appeals authority upholds notice of Rs 139 cr against Maruti Suzuki

Maruti Suzuki India (MSI) on Wednesday said a Haryana GST appeals authority has upheld a tax demand of Rs 139.3 crore against the company. "The Commissioner (Appeals) has passed an order for period July 2017 to August 2022 upholding the demand of Rs 1,393 million, in matter of tax liability under reverse charge basis on certain services," MSI said in a regulatory filing. The company had paid the tax amount before the issuance of show cause notice dated September 28, 2023, it added. The country's largest carmaker said it will be filing an appeal against the appellate order before the Tribunal. The order will have no major impact on the financial, operational or other activities of the company, it added. Maruti Suzuki shares on Wednesday ended 0.35 per cent up at Rs 11,963.15 apiece on BSE.

58 luxury goods and 24 services may face 28% GST slab in upcoming review

The Council is planning to move 58 goods and 24 services to the 28% Goods and Services Tax (GST) slab, including Botox services, luxury spa and salon offerings, and premium stationery, among others

Softy ice cream mix not dairy produce, attracts 18% GST, rules AAR

Softy ice cream mix in vanilla flavour is not a dairy product and will attract 18 per cent GST, Rajasthan bench of Authority of Advance Ruling has said. VRB Consumer Products Pvt Ltd had approached the AAR on the taxability of vanilla mix in powder form which will have 61.2 per cent sugar, 34 per cent milk solids (skimmed milk powder) and 4.8 per cent of other ingredients, including flavouring substances and salt. The Authority of Advance Ruling (AAR) observed that each ingredient has a specific role to make the soft serve smooth and creamy in texture. Further, it is also conclusive that not only that contents of the product, but also the processing done in the soft serve machine also play a vital role in giving smooth and creamy texture characteristic of soft serves. As per GST law, food preparations subjected to further processing for human consumption attract 18 per cent tax. Also preparations consisting of milk powder, sugar and any other added ingredients, powder for table crea

GST system overhaul needed as compensation cess repayment nears 2026

The tax came into being in 2017 with a promise to compensate state governments for revenue losses during the first five years

GST collection falls, exports drop: Is India's economic growth slowing?

The index of industrial production (IIP), which tracks the output of eight core industries, such as coal, oil, and electricity, was negative in August for the first time in three years