Page 23 - Gst

GST Council to meet on Sept 9; compensation roadmap may stretch into FY26

GST Council agenda includes tax relief for foreign airlines, and clarity on a host of items such as car seats

To facilitate taxpayers in invoice matching, GSTN to launch IMS from Oct 1

GST Network will launch the Invoice Management System (IMS) from October 1 which will facilitate taxpayers in matching their records/invoices vis-a-vis issued by their suppliers for availing the correct Input Tax Credit (ITC). In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched. "This will also facilitate taxpayer in matching of their records/ invoices vis-a-vis issued by their suppliers for availing the correct ITC," GSTN said. IMS will allow the recipient taxpayers to either accept or reject an invoice or to keep it pending in the system, which can be availed later. This facility shall be available to the taxpayer from October 1 onwards on the GST portal. Moore Singhi Executive Director Rajat Mohan said by maintaining a detailed record of all actions taken on each invoice, the IMS creates a ro

E-governance journey in CBIC: Moving towards development outcomes

As the IT system became more scalable, it not only led to better compliance but also made CBIC future-ready and resilient

Munjal Auto gets tax demand notice of Rs 6.7 cr from Haryana GST authority

Munjal Auto Industries is among many companies hit with tax notices within the last week. The company intends to appeal the GST notice

Vodafone Idea slapped with Rs 73 cr GST demand orders, penalty, interest

Debt-ridden telecom firm Vodafone Idea has been slapped with demand orders from various GST offices to pay over Rs 73 crore comprising tax dues with penalty and interest, a regulatory filing said on Monday. The company has received nine orders from various GST offices mostly for alleged short payment of taxes and allegedly availing excess input tax credit (ITC). The GST office in Kolkata has levied highest penalty of Rs 33.44 crore on the company along with demand of tax and interest on September 1 for "Alleged Tax short paid on outward supply, excess ITC availed", according to the filing. Noida GST office has ordered Vodafone Idea (VIL) to pay "penalty of Rs 26,89,94,489 along with demand and interest as applicable" on September 1 for alleged "excess availment of ITC and short tax paid for FY 2019-20" by the company. Patna GST office has levied a penalty of Rs 10.94 crore along with demand and interest on VIL. The company has received a penal order of Rs 4,211 from Chandigarh GST

Nitin Gadkari wants states to pitch for GST cut on flex-fuel vehicles

Share of biofuel will be 50% of fossil fuels in five years, says minister

Nitin Gadkari asks state FM's to reduce GST on flex-fuel vehicles to 12%

Union Minister Nitin Gadkari on Monday said state finance ministers should consider reducing Goods and Services Tax (GST) on flex-fuel vehicles to 12 per cent. Addressing IFGE's India Bio-Energy & Tech Expo, Gadkari also said there is a need to reduce imports of fossil fuels and encourage the use of biofuel. "We need support from the finance ministers of different states. I asked Maharashtra's FM to attend the meeting and propose the reduction of GST on flex-fuel engine cars," he said. Flex-fuel-compatible cars can run on more than one type of fuel and also on a mixture. Typically, a blend of petrol and ethanol or methanol is used. The road transport and highways minister informed that he had requested Uttar Pradesh Chief Minister Yogi Adityanath to consider reducing taxes on flex-fuel vehicles. In a separate meeting with the Maharashtra Finance Minister Ajit Pawar, Gadkari suggested him attend a GST meeting with Union Finance Minister Nirmala Sitharaman on the issue. Gadkari als

India's net GST mopup growth slows to 6.5% in August, shows govt data

Experts say increased refunds key factor but see robust growth ahead with start of festival season

Updates: SP chief accuses BJP of 'moving bulldozer' on martyr's memorial, UP minister denies

Stay with us for all major news updates from across the globe

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 ...