Page 25 - Gst

GST authorities issue Rs 2,000 cr notice to 20 insurers operating in SEZs

An investigation by the Directorate of GST Intelligence (DGGI) found insurers wrongly extending tax exemptions to group medical insurance cover for employees of SEZ units and their families

Pan masala makers to pay fine from Oct if machines unregistered with taxmen

The government has notified October 1 as the date for implementation of the penalty provision for manufacturers of pan masala and similar tobacco products, if they fail to register their packing machinery with GST authorities. The GST Network had earlier in May and June notified two forms GST SRM-I and II for registering machines used by such manufacturers and to report inputs procured and corresponding outputs with tax authorities. The Central Board of Indirect Taxes and Customs (CBIC) on August 6 notified October 1, 2024, as the date for levy of up to Rs 1 lakh penalty for failure to register their packing machines with GST authorities. In January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure to improve GST compliance for manufacturers of pan masala and tobacco products effective April 1. The date was later extended till May 15. The move to overhaul the registration, record-keeping

Oppn demands for caste census, tax on rich, GST removal on insurance in RS

Opposition members in Rajya Sabha on Wednesday pressed for a caste census, imposition of super rich tax, and removal of GST levy on life and medical insurance premiums. Participating in a discussion on the Jammu and Kashmir Appropriation No. 3 Bill, 2024 in the Upper House, Raghav Chadha of the Aam Aadmi Party expressed happiness at the indexation benefit being "partially restored". However, he said, this poses a "huge question mark" over the central government's tax policies. "... How confused is our country's taxation policy. On 23 July 2024, you say that you are taking away the indexation benefit from investors and exactly after two weeks, you say that you are not taking it away but restoring it. This shows that when you, without thinking, not acting on the advice of an economist, if you devise the Budget on the advice of those who do not have economic knowledge, these kind of flip flops will be witnessed," he said. Taking away indexation from an Indian investor is equivalent to

Opposition's walkout on GST issue a 'face-saver', says FM Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday criticised the opposition parties for their walkout from the Lok Sabha after their amendment to withdraw GST levy on medical and life insurance premiums was not taken up and said they did so as a "face-saver" after she addressed all their issues in her speech. Speaking to reporters in Parliament House Complex, Sitharaman said the GST Council, which is a constitutional body, can take up any matter related to the GST and such an amendment could not be moved in Parliament as demanded by the opposition parties. "They were given appropriate response to all their issues. They were looking for a face-saver and picked on this to stage a walkout. It was an afterthought," she said. RSP member N K Premchandran had moved the amendment during the passage of the Finance Bill, seeking removal of 18 per cent GST on medical and life insurance premiums. Normal procedure of the House is that the amendment is circulated only if it is admitted, he told .

Companies with multi-state presence to register as ISD with GST authorities

Companies having presence in multiple states and distributing common input tax credit with branch offices will have to register as Input Service Distributor (ISD) with GST authorities by April 1, 2025. Through the Finance Bill, 2024, in February, the government had amended Goods and Services Tax (GST) law to say that businesses having multi-state GST registration will have to have themselves mandatorily registered as ISD to distribute among its branches any input tax credit (ITC) for services availed. The mechanism for sharing of ITC is prescribed in GST rules and broadly the common ITC is apportioned in the ratio of turnover of different branches having same PAN. The Central Board of Indirect Taxes and Customs (CBIC) has now notified April 1, 2025, as the cut-off date for all companies with multi-state branches to register as ISD. Moore Singhi Executive Director Rajat Mohan said the move represents an effort to enhance operational transparency and will help taxpayers to accurately

INDIA bloc stages protest against GST on health, life insurance premiums

INDIA bloc parties staged a protest in Parliament premises on Tuesday to press for the rollback of 18 per cent Goods and Services Tax (GST) on life and health insurance premiums. MPs from various parties such as TMC, Congress, AAP and NCP (SC), among others, participated in the protest on the steps leading to the Makar Dwar of Parliament. Carrying placards reading "Tax terrorism", the protesting MPs raised slogans demanding that the GST on life and health insurance premiums be rolled back. Trinamool Congress MPs have raised the issue in Parliament and party president and West Bengal Chief Minister Mamata Banerjee has written to Union Finance Minister Nirmala Sitharaman on the matter. Union minister Nitin Gadkari also wrote to Sitharaman and urged her to consider withdrawing the GST which, he said, amounted to taxing uncertainties of life and restricting the industry's growth.

Mistaken notice

Giant tax demands should not be rushed

GST notices to foreign airlines may dampen India's aviation potential: IATA

Global airlines' grouping IATA on Tuesday raised concerns over show cause notices issued to some foreign airlines operating to India with respect to Goods and Services Tax (GST), saying the issue can dampen and risk the country's strong aviation potential. Urging the government to resolve the matter, the International Air Transport Association (IATA) said it is disappointed that the Directorate General of GST Intelligence (DGGI) has proceeded to issue show cause notices to some foreign airlines operating to India despite a number of representations made by the industry on this matter. IATA represents more than 330 airlines, including Indian carriers, and its members account for more than 80 per cent of the global air traffic. "DGGI's assertion that GST should apply to expenses incurred by the headquarters of foreign airlines (with a branch office in India) in the course of providing air transport services is flawed. It does not take into consideration the nature and conventions ...

Govt to not give any relaxation in its Rs 32,000 cr GST demand on Infosys

Shares of Infosys, which were up 1.6% before the news amid a broader market rebound, briefly trimmed gains to about 0.3%

Foreign airlines receive Rs 10,000 crore tax evasion notices from DGGI

The show cause notices, sent over the last three days, pertain to unpaid taxes on services imported by Indian branches from their respective head offices

Opposition slams government over 18% GST on life and health insurance

Sources in the TMC said that its MPs have raised the issue in Parliament and their party chief, WB CM Mamata Banerjee, has written to FM Nirmala Sitharaman on the matter

TMC leader Derek O'Brien urges govt to slash GST on health insurance

Senior TMC leader Derek O'Brien on Monday urged the government to reduce 18 per cent GST on health insurance policies, saying the high tax rate is burdening people, especially the middle class. Raising the issue during Zero Hour in Rajya Sabha, he also referred to a letter written to the finance minister by senior BJP leader and Union Minister Nitin Gadkari making similar demand. "The demand is straightforward. Reduce 18 per cent GST on medical and health insurance. We should reduce it because this is an issue which is burdening people, mainly the middle class. That's why it needs to be reduced," said Derek. The TMC leader pointed out that insurance penetration in India is low at 4 per cent compared to more than 7 per cent globally. Further, he said there is an imbalance in the insurance sector, where 75 per cent is life insurance policies, and 25 per cent medical insurance. Derek said the West Bengal chief minister has written to the finance minister in this regard and many ...

Infosys coded tax network in India, it got a Rs 32,400 cr GST notice

Infosys said Wednesday it has paid all that it is legally required to - and even investors don't believe that India's second-largest software exporter needs to provide for the alleged liability

DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case

Earlier this week, the IT services company received a Rs 32,403 crore GST notice from authorities

West Bengal CM slams GST on insurance premiums, urges Centre to reconsider

The decision to impose an 18% tax on insurance policies and premiums has drawn criticism from several Opposition leaders, including Mamata Banerjee

GST demand order for Eicher Motors reduced to Rs 27 crore on appeal

Eicher Motors on Friday said a GST demand order by tax authority in Tamil Nadu has been reduced to Rs 26.97 crore from an original sum of Rs 129.79 crore upon appeal. The company had received the original demand from the Additional Commissioner, Chennai North Commissionerate, Chennai, Tamil Nadu on December 30, 2023 for aggregate amount of Rs 129.79 crore, including tax demand of Rs 117.99 crore and penalty of Rs 11.79 crore. "As a result of the appeal filed by the company against the above GST demand order, the demand order is now revised from Rs 129.79 crore to an aggregate amount of Rs 26.97 crore, which include tax demand of Rs 24.52 crore and penalty of Rs 2.45 crore," Eicher Motors said in a regulatory filing. The matter pertains to non-reversal of input tax credit on material returned instead of output tax liability paid by the company for 2017-18. "Based on the company's assessment, the aforesaid revised demand is not maintainable and the company is evaluating all options .

The tax issue: Karnataka withdraws Infosys notice, Centre may go for review

DGGI to examine if June 26 circular can apply in this case

New milestone: GST collection rises 10.3% to third highest at Rs 1.82 trn

Gross GST collections rose 10.3 per cent in July to over Rs 1.82 lakh crore, according to official data released on Thursday. As per data released by the government, total refunds stood at Rs 16,283 crore in July. Net Goods and Services Tax (GST) collection after accounting for refunds was over Rs 1.66 lakh crore, a growth of 14.4 per cent. Gross revenues from domestic activities grew 8.9 per cent to Rs 1.34 lakh crore in July. The GST revenue from imports jumped 14.2 per cent to Rs 48,039 crore. GST revenues had hit a record high of Rs 2.10 lakh crore in April 2024.

Karnataka authorities have withdrawn GST tax notice, says Infosys

DGGI sent a notice to Infosys for non-payment of Integrated Goods and Services Tax (IGST) on import services as the recipient of services

Expanding GST: Focus on land and real estate

It will give an impetus to factor market reforms, which are essential to drive India's growth