Page 25 - Gst

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

Will oppose GST on online transactions under 2000, research grants: Atishi

Delhi Finance Minister Atishi on Monday said they will oppose the Centre's proposal to impose GST on online transactions under Rs 2,000 as it would put a burden on start-ups. Atishi also reiterated that at the GST Council Meeting on Monday they would oppose imposition of GST on research grants procured by educational institutions. "There are many important issues that will come up in GST Council meeting. The first and most important is GST on research grants. Show cause notices have been sent to big educational institutes including IIT Delhi and Punjab University. It is wrong. Research is an investment in development of the country," she told PTI Videos. The Centre is not only decreasing research grants but also levying GST if educational institutions procure these grants, she said. The minister said online payments up to Rs 2,000 were exempted from GST but now there are talks that there will be a GST on online payments done through payment gateways. "This will create a burden on

Will raise GST issue on research grants in council meet: Delhi FM

Delhi Finance Minister Atishi on Sunday said she will raise the issue of imposition of GST on research grant procured by educational institutions in the 54th GST Council meeting. Addressing a press conference, the minister said, "The (central) government has reduced budget allocation for research from 2014 to 2024. If an educational institution gets research grant from a private entity, the government imposes 18 per cent GST, which is not justified. We will oppose it." She also said that taxes are not imposed on research grants in foreign countries such as the US and UK. Atishi said the second issue she will raise in the 54th meeting of the GST Council to be held on Monday is the imposition of GST on online transactions below Rs 2,000. "The central government is coming up with a proposal to impose GST on online transactions of less than Rs 2000. No GST was earlier imposed on such small transactions. We will oppose this proposal," she added. The GST Council on Monday is expected to

CBI arrests three in graft case in connection with Rs 60 lakh bribery case

The CBI has arrested three accused, including a superintendent from the Central Goods and Service Tax posted in an anti-evasion wing in Mumbai, in connection with a Rs 60 lakh bribery case, officials said on Sunday. Superintendent Sachin Gokulka, Chartered Accountant Raj Aggarwal and one Abhishek Mehta were arrested when they were allegedly receiving part payment of Rs 20 lakh as bribe, they said. The CBI had registered the case on a complaint against six officers of the Central Goods and Service Tax (CGST), Mumbai comprising Additional Commissioner Deepak Kumar Sharma, Joint Commissioner Rahul Kumar, four superintendents - Gokulka, Bijender Janawa, Nikhil Agrawal, Nitin Kumar Gupta, Aggarwal and Mehta. The case was registered on a complaint of a businessman, who alleged that he was confined for the whole night in the Santacruz office of the CGST on September four when he visited the office. He had alleged that he was released on on September 5 after 18 hours of confinement. "It wa

GST Council to deliberate on taxation of insurance premium, online gaming

The GST Council on Monday is expected to deliberate on a host of issues, including taxation of insurance premium, GoM's suggestions on rate rationalisation, and a status report on online gaming, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on health insurance from the current 18 per cent or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on life insurance premium. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health insurance premium, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance .