Page 16 - Gst

Tamil Nadu restaurant saga: Ambiguity over GST food rates in spotlight

The GST rates on goods are based on the harmonised system of nomenclature (HSN) codes

Underutilised data: GST transactions are a rich mine for policymakers

The GSTN's concerns about privacy and security are important and must be respected, but they are not insurmountable

GST Council forms GoM to review tax rate on insurance; report by Oct 30

The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar Pradesh, Rajasthan, West Bengal, Karnataka, Kerala, Andhra Pradesh, Goa, Gujarat, Meghalaya, Punjab, Tamil Nadu and Telangana. The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance. A final call by the Council on the taxation of insurance premiums is likely to be taken in the next meeting in November based on the GoM report. Currently, 18 per cent of Goods and Services Tax (GST) is levied on insurance premiums. The Terms of Reference (ToR) of the panel also include suggesting tax rate of health/medical insurance including individual, group, family floater and other medical ..

Rs 2 trn GST evasion detected in FY24, online gaming most prone to evasion

Investigation arm DGGI has detected 6,084 cases involving Rs 2.01 lakh crore of GST evasion in 2023-24 fiscal, with online gaming and BFSI in services and iron, copper, scrap and alloys in goods emerging as the sectors most prone to evasion. The amount is double of over Rs 1.01 lakh crore detected in 2022-23 in 4,872 cases. Out of these, voluntary taxes of Rs 26,605 crore was paid in 2023-24, up from Rs 20,713 crore in 2022-23. As per the annual report of the Directorate General of GST Intelligence (DGGI), about 46 per cent of the evasion cases related to non-payment of tax (through clandestine supply and undervaluation), 20 per cent related to fake Input Tax Credit (ITC), and 19 per cent to wrong availment/non-reversal of ITC. In 2023-24, online gaming sector saw maximum evasion with Rs 81,875 crore in 78 cases, followed by Banking, Financial and Insurance (BFSI) with Rs 18,961 crore evasion in 171 cases. Works contract services and pharmaceutical had 343 cases and 22 evasion case

Mospi may use GST data to calculate GDP figures after base year revision

So far the Goods and Services Tax Network was reluctant to share such data with MoSPI, citing confidentiality

Rahul slams govt over video of restaurant chain owner 'apologising' to FM

Leader of Opposition in the Lok Sabha Rahul Gandhi on Friday slammed the government over a video in which a restaurant chain owner is purportedly "apologising" to Finance Minister Nirmala Sitharaman for voicing concerns about GST, and said that when "fragile egos" of those in power are hurt, it seems humiliation is what they will deliver. Two videos were being shared by several Congress leaders and in one of them at an event on September 11, Annapoorna chain of restaurants owner Srinivasan is seen purportedly highlighting concerns over varying GST rates. In the second video, Srinivasan was seen purportedly apologising in person to the Finance Minister. Gandhi said if this "arrogant government" would listen to the people they would understand that a simplified GST would solve the problems of lakhs of businesses. In a post on X, Gandhi said when the owner of a small business, like Annapoorna restaurant in Coimbatore, asks public servants for a simplified GST regime, his request is met

Kharge accuses govt of 'tax terrorism', humiliating small business owners

Congress President Mallikarjun Kharge has called for 'simple, uniform, moderate and rational GST' on essential items

Best of BS Opinion: A new drive, tyranny of the status quo in GST reform

Here is the best of Business Standard's opinion pieces for today

Finance ministry gives GST relief to ad agencies, automobile dealers

Another circular on supply of data hosting services was issued where such services are provided by companies in India to cloud computing service providers located outside India

Tyranny of GST status quo: Incremental changes fail to address the problem

The reluctance to undertake comprehensive rate rationalisation, fearing revenue loss, is short-sighted

Finance ministry amends compounding rules for offences under Fema

The Finance Ministry on Thursday modified the compounding rules for offences under the Foreign Exchange Management Act (FEMA) by raising the monetary limits for adjudications by RBI officials and allowing online payments. As per the Foreign Exchange (Compounding Proceedings) Rules, 2024, the fees for filing compounding application has been doubled to Rs 10,000 plus GST, from Rs 5,000 earlier. The notification further said that Assistant General Manager rank officials of the RBI can decide on compounding application of up to Rs 60 lakh, up from Rs 10 lakh earlier. Similarly, the monetary limits for Deputy GM and General Manager rank officers have been raised to Rs 2.5 crore and Rs 5 crore respectively. Chief General Manager in the RBI will be authorised to decide on compounding cases of above Rs 5 crore. In a statement, the Finance Ministry said the Foreign Exchange (Compounding Proceedings) Rules, 2024, will replace the Rules issued in 2000. In pursuance of the Union Budget 2024-

Tax on EPF withdrawals: Know what rules say about deduction, exemption

To ensure accurate TDS deduction it is important to submit your PAN when applying for provident fund withdrawal

GST tweak on commercial rentals to bring higher revenue for govt: Experts

May lead to increased burden on tenants but would lead to tax parity, experts say

GST cut on key cancer drugs set to boost patient coverage, say experts

Move is part of ongoing initiatives to reduce financial burden for cancer patients

Key decisions ahead for GST Council: Rate cuts, slabs, compensation cess

The challenge will be to rationalise rates and adjust the part which is now collected as cess in a manner that makes the GST system more efficient and helps improve overall tax collection

GST indecision pressure insurance stocks; HDFC Life, SBI Life shed up to 4%

The GST Council has announced the formation of a new Group of Ministers to review the issue of GST rate reduction on health insurance.

Ram temple construction work likely to generate Rs 400 cr GST: Official

Shri Ram Janmabhoomi Teerth Kshetra Trust general secretary Champat Rai has said the ongoing construction work connected to the Ram temple in Ayodhya is estimated to generate Goods and Services Tax (GST) of nearly Rs 400 crore. However, the actual tax collection figure will be known only after the completion of the construction work, Rai said at a public felicitation function in Madhya Pradesh's Indore on Monday. "My estimate is that the government will get around Rs 400 crore as GST from the Ram temple construction work. A total of 18 temples will be built in the complex being developed on 70 acres. It will include temples of Maharishi Valmiki, Shabri and Tulsidas. We will pay 100 per cent tax. Not a rupee in tax will be reduced," he said. The Ram temple in Ayodhya is being constructed with the cooperation of society and arrangements are such that no one will face problems even if two lakh devotees arrive, said Rai, who is also international vice president of the Vishwa Hindu ...

54th GST Council meet: GoM to decide future of GST compensation cess

Relief to foreign airlines, secretaries panel on IGST

Bandhan Bank's new service allows GST payment through online, offline modes

Bandhan Bank on Monday announced the launch of a new service that allows its customers and non-customers to pay Goods and Services Tax (GST) through online and offline modes. "The initiation of GST revenue collections marks another significant milestone in our efforts to bring government services closer to our customers," said Rajinder Babbar, Executive Director & Chief Business Officer. The Kolkata-based private lender has also been authorised by the West Bengal government to collect taxes and non-tax receipts since February. This mandate allows the bank to collect revenue through the Government Receipt Portal System (GRIPS). Bandhan Bank currently has over 6,300 banking outlets across India.

GST Council moves closer to reducing GST on life, health insurance premiums

Shares of major insurance companies like Star Health, ICICI Lombard General Insurance, and Go Digit General Insurance traded in the red due to concerns over insurance premium GST rates