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Bengal's efforts forced Centre to exempt GST on health premium: CM Mamata

West Bengal Chief Minister Mamata Banerjee on Saturday claimed that the Centre's likely decision to exempt GST on term life insurance premiums and premiums paid by senior citizens for health coverage is the result of sustained efforts by the state government. She said the central government appears to be "under pressure" to cut taxes to benefit the common people. An official stated that term life insurance policies and health insurance premiums for senior citizens are likely to be exempt from GST, as most members of a state ministerial panel favoured tax cuts to benefit the public. The GoM (Group of Ministers), which met on Saturday to decide on GST for health and life insurance premiums, chose to exempt GST on premiums paid by individuals, other than senior citizens, for health insurance coverage up to Rs 5 lakh. However, 18% GST will continue to be levied on health insurance coverage exceeding Rs 5 lakh. "Our sustained efforts appear to be paying dividends the Central government

GST rate rationalisation recommendations may yield Rs 22,000 cr surplus

At present, the average GST rate is around 12.2 per cent, which is below the revenue-neutral rate of 15.3 per cent, spurring the need for discussions on rate rationalisation

GoM bats for exemption of life insurance premium from GST: Report

Goods and services tax (GST) on term life insurance premiums, and premium paid by senior citizens for health cover is likely to be exempted from tax, an official said on Saturday. The GoM to decide on the GST rate on life and health insurance met on Saturday and decided to exempt GST on premiums paid for health insurance with coverage of Rs 5 lakh for individuals other than senior citizens. The final decision in this regard will be taken by the GST Council Officials premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST. Currently, 18 per cent GST is levied on life insurance premiums paid for term policies and family floater policies. "GoM members are broadly on board for cutting my rates on insurance premiums. A final decision will be taken by the GST Council," an official said. Bihar Deputy Chief Minister Samrat Chaudhary said, "Every GoM member wants to give relief to people. Special focus be on senior citizens. We will submit a

GoM recommends lowering GST rate on water bottles, bicycles to 5%: Report

The GoM on GST rate rationalisation on Saturday decided to lower tax rates on 20-litre packaged drinking water bottles, bicycles and exercise notebooks to 5 per cent, but suggested raising taxes on high-end wrist watches and shoes, an official said. The rate rejig decision taken by the GoM on GST rate rationalisation under Bihar Deputy Chief Minister Samrat Chaudhary would lead to a revenue gain of Rs 22,000 crore, the officials added. The GoM proposed reducing GST on packaged drinking water of 20 litres and above to 5 per cent from 18 per cent. If the GoM's recommendation is accepted by the GST Council, the GST on bicycles costing less than Rs 10,000 will be reduced to 5 per cent from 12 per cent. Also, GST on exercise notebooks will be reduced to 5 per cent from 12 per cent, the GoM proposed. The GoM also suggested hiking GST on shoes above Rs 15,000 a pair and on wrist watches above Rs 25,000 from 18 per cent to 28 per cent. The GoM on rate rationalisation in its previous meeti

ED conducts multi-city raids in Gujarat in money laundering, GST fraud case

The Enforcement Directorate on Thursday conducted multi-city searches in Gujarat in connection with a money laundering case linked to a GST "fraud" in which eight people, including a journalist, were arrested recently by the state police, official sources said. About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), the sources said. Premises linked to arrested journalist Mahesh Langa, who works with The Hindu newspaper, were also being covered. The money laundering case stems from an FIR of the Ahmedabad Police Crime Branch. The city Crime Branch registered the FIR against several persons and entities after getting a complaint from the Central GST over an alleged scam involving shell firms set up to defraud the government through bogus input tax credits and fraudulent transactions. Langa along with seven others was arrested after the Central

New GST amnesty scheme: FAQ on interest, penalty waiver released

The guidelines are expected to bring clarity to taxpayers seeking to avail of benefits under the newly introduced Section 128A

SUV makers hit with Rs 10,000 cr tax notices: Row over GST cess explained

The GST authorities have sent notices to most automakers for the alleged non-payment of the SUV sales cess between the financial years 2018 and 2022

GST compensation cess to be discussed at GoM meeting on Wednesday

During the 54th GST Council meeting on September 9, Finance Minister Nirmala Sitharaman indicated that the government plans to fully repay the loan, including interest, by January 2026

Putting a leash: Govt likely to disband unit tracking pre-GST evasion

DGGI expects to complete investigation in all such cases by March

SBI-led panel against 18% GST on co-lending; submits report to FinMin

Says co-lending should be restricted to priority sector lending and not extended to other areas

Mere issuance of SCN not enough to cancel GST registration, rules Delhi HC

The court ruled that tax authorities are required to present clear and intelligible reasons and offer an opportunity for a personal hearing when seeking to cancel GST registration

Govt notifies Apr 1, 2025, as sunset date for GST anti-profiteering

The government has notified April 1, 2025, as the sunset date for the anti-profiteering clause in the GST law. Also, from October 1 all pending complaints under the anti-profiteering provisions will be handled by the Principal bench of the GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI), the GST policy wing of the government said in another notification. These notifications follow the recommendations of the GST Council, which in its 53rd meeting on June 22, had recommended to amend Section 171 and Section 109 of CGST Act, 2017 to provide a sunset clause for anti-profiteering under GST and to provide for the handling of anti-profiteering cases by Principal bench of GSTAT. Council has also recommended the sunset date of April 1, 2025, for receipt of any new application regarding anti-profiteering. The notification by the GST policy wing would mean that from April 1, 2025, consumers would not be able to file complaints regarding profiteering by ...

GST mopup growth in September slowest in H1FY25 amid high refunds

Net numbers fall 3.9% to Rs 1.5 trn

Good enough vs ideal: Incremental GST reforms may outshine rapid changes

Our guiding principle in taxation should be driven by the principle of what works, not what is theoretically the best idea. The good enough should not be made the enemy of the ideal

Gross GST collection slows to 6.5% at Rs 1.73 trillion in September

According to government data released on Tuesday, GST revenues in September last year was Rs 1.63 lakh crore, while the In August 2024, the mop-up was Rs 1.75 lakh crore

Gujarat High Court quashes GST orders on cotton seed oil cakes

They argued that the petitioner failed to establish that the supply of the cakes was for cattle feed, and as such, short-paid GST

Mechanism to control GST fraud in ITC claims expected in November

In FY24, Central GST officers booked 9,190 cases involving fake ITC worth Rs 36,374 crore

GST Council forms GoM on compensation cess; report expected by Dec 31

The Goods and Services Tax (GST) Council has set up a 10-member GoM, chaired by Minister of State for Finance Pankaj Chaudhary, to decide on the taxation of luxury, sin and demerit goods once the compensation cess ends in March 2026. The Group of Ministers (GoM), which includes members from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh and West Bengal, will submit its report to the Council by December 31. In the GST regime, compensation cess at varied rates is levied on luxury, sin and demerit goods over and above the 28 per cent tax. The proceeds from the cess, which was originally planned for five years after GST roll-out or till June 2022, were used to compensate states for revenue loss incurred by them post the introduction of GST. In 2022, the Council decided to extend the levy till March 2026 to repay the interest and the principle amount of the Rs 2.69 lakh crore worth loan taken in the 2021 and 2022 fiscal years to make good state

SpiceJet clears GST dues after raising Rs 3,000 crore through QIP

This comes shortly after Spicjet settled all salary arrears for its employees, marking a series of positive developments for the airline

State-level integration under GST shows modest gains in post-Covid period

This change in the design of the tax regime was argued to shift the revenue to consuming states from producing states