Page 18 - Gst

GST collections rise 10% to Rs 1.75 trillion in August, shows govt data

Gross GST collections in August grew 10 per cent to about Rs 1.75 lakh crore, according to government data released on Sunday. Goods and Services Tax (GST) revenues in August last year were Rs 1.59 lakh crore, while in July the mop-up was Rs 1.82 lakh crore. In August 2024, domestic revenue grew 9.2 per cent to about Rs 1.25 lakh crore. Gross GST revenues from import of goods were up 12.1 per cent to Rs 49,976 crore. Refunds worth Rs 24,460 crore were issued during the month, registering an increase of 38 per cent over the year-ago period. After adjusting refunds, net GST revenue increase was 6.5 per cent at Rs 1.5 lakh crore during the month under review.

UK insurer Aviva conspired to dodge India compensation & tax rules: DGGI

In an attempt to grow operations, Aviva's India business paid about $26 million between 2017 and 2023 to entities who purportedly provided marketing and training services

LIC receives demand notice of Rs 605.58 cr for short payment of GST

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20. The corporation has received a communication/demand order for interest and penalty for Maharashtra, LIC said in a regulatory filing. The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said. The matter pertains to wrong availment and short reversal of Input Tax Credit (ITC) and interest on late payments, it said. LIC received a GST notice of Rs 294 crore with interest of Rs 281 crore and a penalty of Rs 29 crore from the Deputy Commissioner of State Tax, Mumbai. There is no material impact on financials, operations or other activities of the insurance behemoth, it added.

Zomato gets GST tax demand notices over Rs 4.59 cr from TN, WB authorities

Online food delivery platform Zomato has received GST tax demand orders of over Rs 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities. The company said it plans to appeal against the demand orders passed by the Assistant Commissioner of GST and Central Excise, Nungambakkam Division, Tamil Nadu and Assistant Commissioner of Revenue, Government of West Bengal. The Tamil Nadu tax authority passed an Adjudication Order under Section 73 of the Central Goods and Services Tax Act, 2017, and Tamil Nadu Goods and Services Tax Act, 2017, for GST of Rs 81,16,518, with applicable interest (not quantified) and penalty of Rs 8,21,290. Meanwhile, the West Bengal authority passed an adjudication order under Section 73 of the Central Goods and Services Tax Act, 2017, and West Bengal Goods and Services Tax Act, 2017 for GST of Rs 1,92,43,792 with interest of Rs 1,58,12,070 and a penalty of Rs 19,24,379. In a regulatory filing, Zomato said it has clarif

Best of BS Opinion: Simplifying GST, trade imbalance, defending status quo

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

IIHL concerned over GST liability for RCap resolution plan implementation

Hinduja Group-owned IndusInd International Holdings on Wednesday contended before the National Company Law Tribunal that the GST liability of Rs 850 crore is a sticky issue in the implementation of Reliance Capital's resolution plan. Senior counsel Abhishek Manu Singhvi, representing IndusInd International Holdings, told the tribunal that it has received 7 approvals, including from the RBI and Sebi. He said that as directed by the tribunal on August 12, IIHL held a joint meeting with the CoC to sort out various issues. Singhvi, however, raised concern over the GST liability of Rs 850 crore. He further said that the company is prepared to pay Rs 9,861 crore, however, there is an issue of GST liability of Rs 850 crore. "We had a joint meeting (IIHL and the CoC) to sort out issues. However, the GST liability remains a sticky issue. The GST liability of Rs 850 crores is clearly already covered in the NCLT February 27 order, which says waiver of any tax, including but not limited to in

Vodafone Idea asked to pay Rs 15.19 cr GST along with Rs 1.51 cr penalty

GST office in Patna has ordered debt-ridden Vodafone Idea to pay Rs 15.19 crore, along with a penalty of Rs 1.51 crore, for allegedly availing of input tax credit it was not eligible for in FY20 and FY21, a regulatory filing said on Wednesday. Vodafone Idea (VIL) said it does does not agree with the order and will take appropriate legal action. According to the filing, the Joint Commissioner for CGST and Central Excise in Patna passed an order under "Central Goods and Services Tax Act, 2017 confirming demand of Rs 15,19,20,351 along with penalty Rs 1,51,92,035 and interest as applicable." The company received the order on August 28 alleging "availment of ineligible input tax credit for FY 2019-20 and 2020-21". "The maximum financial impact is to the extent of tax demand, interest and penalty levied. The company does not agree with the order and will take appropriate action(s)," the filing said.

Why there is an urgent need to rationalise both GST slabs and rates

Rationalisation of the tax structure is expected to be discussed in the GST Council meet on Sep 9. The group of state ministers would be well advised to initiate the process

Union Cabinet approves 730 private radio FM channels for 234 cities

Move to boost local content in mother tongue and create new employment opportunities, says government. New areas covered include many aspirational districts, left-wing affected and border areas

Chocolate firms, bakeries receive notices for alleged GST underpayment

Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%

TMC's O'Brien urges Sitharaman to withdraw 18% GST on insurance premiums

TMC leader Derek O'Brien has urged Finance Minister Nirmala Sitharaman to "urgently review" and withdraw the 18 per cent GST on health and life insurance premiums during the upcoming GST Council meeting. O'Brien, in a letter dated August 24, demanded that the GST on health and life insurance premiums be withdrawn at the 54th meeting of the GST Council. "The 18 per cent Goods and Services Tax (GST) on health and life insurance premiums is a burden on 45 crore Indians comprising the middle-class," said O'Brien, the Trinamool Congress' (TMC) leader in the Rajya Sabha. "These insurance schemes provide financial security during times of distress, may it be an illness, accident, or untimely death. It is our collective responsibility to ensure that all sections of society are able to afford this crucial social safety net," he said. O'Brien also expressed fear that levying a high GST rate on health and life insurance might lead to many citizens not opting for insurance schemes or even ...

Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18

The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18

FM tells officers to effectively implement GST, keep positive attitude

The goods and services tax (GST) should be implemented effectively and officers should keep their attitude towards taxpayers positive, Union Finance Minister Nirmala Sitharaman said here on Friday. Speaking at the inauguration of the newly constructed GST Bhawan at Hiran Magri in Udaipur, Sitharaman said, "GST offices are being made convenient since 2019... This will help taxpayers to easily get their problems resolved." Calling for a "positive atmosphere" between the officer and taxpayers, the FM said, "Officers should keep their attitude positive towards the taxpayer so that there is no need to take harsh steps." "In the GST Council, too, officers and ministers are solving problems immediately," she said. The problems of taxpayers should be resolved immediately so that doubts do not turn into problems, she said. "GST officers should have such a mindset that they are ready to help the taxpayers, which will boost business," he said. The finance minister also pointed out that the

Govt likely to withdraw Infosys $4 billion tax demand after backlash

Authorities last month ordered Infosys to pay the additional amount, arguing that its overseas offices should pay GST dating back to 2017

GST rate panel for keeping current 4-slab tax structure 'for now'

Asks fitment panel to submit findings on potential impact of rate changes to Council at Sep 9 meet

Airtel, SBI Life receive tax demand notice from GST appellate authority

The Goods and Service Tax Appellate Authority has ordered Bharti Airtel to pay Rs 194 crore GST on licence fees and spectrum usage charges demanded by the Department of Telecom, a regulatory filing said on Thursday. The matter pertains to the demand for Goods and Service Tax (GST) of Rs 604.66 crore by the GST Department under the reverse charge mechanism on license fee (LF) and spectrum usage charges (SUC) basis the demand note issued by the Department of Telecommunications. The company had filed an appeal against the order. "On an appeal filed by the Company to Commissioner (Appeals), Central Goods and Service Tax Appellate Authority, Delhi, the Appellate Authority has passed an appeal order reducing the said demand to Rs 194 crore," the company said. The order was received by the company on August 21, and it is assessing the impact of the appeal order and shall take appropriate action.

GoM on rate rationalisation to meet 1st time ahead of GST council meeting

Ahead of the GST Council meeting on September 9, the Group of Ministers (GoM) on GST rate rationalisation will meet here on Thursday, officials said. This will be the first meeting of the high profile GoM comprising ministers of seven states with Bihar Deputy Chief Minister Samrat Chaudhary as the convenor. The other members of the panel are West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K N Balagopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. "The GoM will meet today to take stock of the progress and the future course of action," an official said. The GST Council, in its previous meeting in June, had tasked the GoM to give a broad overview of the work done or a draft report on GST rate rationalisation. It would include the status of the work and aspects covered by the panel so far and work pend

Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22

Alleged shortfall in tax paid, reversal of ITC among reasons

Need to maintain balance between enforcement, ease of biz: Revenue secy

Revenue Secretary Sanjay Malhotra on Tuesday stressed the importance of maintaining a fine balance between enforcement actions and ease of doing business while dealing with suspected GST evasion cases. Addressing the second edition of the National Conference of Enforcement Chiefs of State and Central GST formations, Malhotra also highlighted the need to track the masterminds and beneficiaries of fake input tax credit so that strict action is taken to have the necessary deterrence effect. The meeting comes amid the ongoing special drive to detect fake GST registration. The all-India drive began on August 16 and will continue for two months. "The Secretary stressed the importance of maintaining a fine balance between enforcement actions and ease of doing business," an official statement said. In his address, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal emphasised the need for enforcement agencies to stay ahead of the evaders so that the sanctity of the G

GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020

This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations