Page 2 - Gst

GST input tax credit: What businesses can claim and what stays blocked

From raw materials and rent to motor vehicles and construction, businesses can claim ITC on eligible expenses, but GST rules block credit for several categories

Reforms on the cards: GST Council likely to shun mid-year rate changes

Officials expect the rate structure to be reviewed only once a year henceforth, and any changes will take effect from April 1, not in the middle of the financial year

GST Council may consider ITC rationalisation for real estate, construction

Proposals include ITC on pipelines and telecom towers, contracted prices between government-owned firms, and wider credit for hospitality, tourism and wellness services

GST Council may give export status to clinical trials for overseas sponsors

GST Council may ease tax treatment for highway concessions, e-commerce deliveries and services between foreign shipping lines and their Indian offices

GST reforms agenda: Businesses likely to get wider motor vehicle ITC

Insurance, repairs and servicing may qualify; EVs could get matching tax treatment

GST Council may set different timelines for services, capital goods refunds

The refund for capital goods is likely to be implemented from April 1, 2027. Refunds for input services are likely to take effect this year itself, once council approves

GST Council likely to ease audits for firms with multi-state operations

The GST Council is likely to consider coordinated audits for businesses with multiple state registrations to reduce duplication and ease compliance

Next-Gen GST and India's next phase of growth

Next-Gen GST aims to simplify compliance, support businesses and strengthen revenues as India seeks to build a more resilient economy and achieve Viksit Bharat

Net GST revenue rises 18.1% to ₹1.77 trn in September, fastest in 6 months

Gross GST collections rose 14.7 per cent to Rs 2.04 trillion, while net revenue growth accelerated to around 14 per cent in the July-September quarter

Gross GST collections rise 14.7% to over ₹2.03 trillion in September

Gross GST collections rose 14.7 per cent in September to over Rs 2.03 lakh crore. Gross GST collections from domestic activities rose 10.1 per cent to about Rs 1.38 lakh crore, while revenues from imports were up 26 per cent to Rs 65,525 crore. Goods and Services Tax (GST) refunds, however, slowed to Rs 27,001 crore in September, a decline of 3 per cent year on year. After adjusting for refunds, net GST collections rose 18.1 per cent to over Rs 1.76 lakh crore in September. During the first half of the fiscal (April-September), gross GST collection grew 11.6 per cent to over Rs 12.46 lakh crore. Net collections rose 10.4 per cent to over Rs 10.66 lakh crore.

CAG flags weak GST recovery, ₹2,500 crore demand gap in Odisha tax net

Audit finds only around ₹110 crore recovered against over ₹2,500 crore in GST demands, while flagging excess input tax credit and gaps in e-way bill monitoring

Half of govt ad spend on ten schemes went to GST Bachat Utsav: RTI

GST Bachat Utsav gets ₹27.1 crore, half of government's ad spend on 10 key schemes between FY24 and FY26

Rajasthan tax department expands probe into evasion, false claims

Rajasthan's State Tax Department detected potential tax liability of ₹22.79 crore at over 25 establishments during its crackdown on suspected GST evasion and fraudulent ITC claims.

Copper producers seek GST cut to 5% as record prices tie up capital

India's primary copper producers want GST on a range of copper products cut from 18% to 5%, saying the move could unlock up to $3.6 billion in working capital

Industry seeks ITC use for reverse-charge GST ahead of Oct 7 Council meet

Businesses want the GST Council to allow accumulated input tax credit to pay reverse-charge liabilities, saying the cash-payment requirement blocks working capital

One year of GST 2.0: Net GST revenue shows signs of recovery

The rate rejig exercise also withdrew compensation cess on most products, while retaining it on tobacco products until the outstanding compensation-cess loan and interest liabilities were discharged.

GST 2.0 softens inflation blow as FMCG firms gear up for festive season

FMCG companies expect consumer sentiment to remain strong during the festive season, though uneven rainfall and inflation from West Asia tensions pose risks to demand.

GST 2.0 softens inflation blow as FMCG firms gear up for festive season

FMCG companies expect consumer sentiment to remain strong during the festive season, though uneven rainfall and inflation from West Asia tensions pose risks to demand.

One year of GST 2.0: Rate rejig softens inflation blow for FMCG companies

FMCG companies expect consumer sentiment to remain strong during the festive season, though uneven rainfall and inflation from West Asia tensions pose risks to demand.

Cement GST cut supports demand, spurs shift towards premium products

The GST cut improved cement affordability and encouraged a shift towards premium products, though analysts say its direct impact on overall demand volumes remained limited