Page 28 - Gst

Industry body seeks PLI expansion, cut in GST on batteries, charging infra

Industry body India Energy Storage (IESA) has demanded that the government reduce the goods and services tax (GST) on batteries and electric vehicles charging infrastructure services as well battery swapping. Ahead of the India Energy Storage Week 2024 (IESW) in New Delhi from July 1-5, 2024, the IESA also suggested expansion of production-linked incentive (PLI) schemes for battery components and battery raw materials processing industry, in a wishlist submitted to the government, a statement said. "Lithium ion batteries current GST rate is 18 per cent and other batteries is 28 per cent. We want all batteries to come under the 18 per cent GST bracket. Charging infra services and battery swapping services should be reduced to 5 or 18 per cent from the existing 28 per cent," IESA President Rahul Walawalkar said in the statement. He lauded the government for the initiatives like advanced chemistry cell battery (ACC-PLI), Auto-PLI, Auto Components PLI, etc. He suggested further expansi

7 years of GST: Households emerge top beneficiaries, shows CBIC data

Finance Minister Nirmala Sitharaman said: "I want to reassure the assessees that our intent is to make GST assessees' life easier. We are working towards lesser compliance"

Taxpayers can now amend sales return form GSTR-1 before GST payment

GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter. The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. This will facilitate the taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B. Currently, GST taxpayers file outward supply return GSTR -1 by the 11th day of the subsequent month. Taxpayers wi

News updates: Govt orders CBI probe in NEET paper leak case

Catch all the latest news updates from around the world here

Budget 2024: TN urges FinMin to provide Rs 63,000 cr for CMRL Phase II

Tamil Nadu government on Saturday urged Union Finance Minister Nirmala Sitharaman to make provisions in the upcoming union budget and sanction Rs 63,246 crore for the Chennai Metro Rail Phase II project for which the foundation stone was laid in November 2020. This central project recommended by the Public Investment Board in August 2021 was awaiting approval of the Cabinet Committee on Economic Affairs for the last three years, Tamil Nadu Finance Minister Thangam Thennarasu said. Pending this approval, the entire expenditure is being borne by the state from its own funds, he said. "The delay in approval is making a severe impact on our state finances and has slowed the pace of implementation of this project, causing hardships to the people of Chennai. I urge the Union Government to immediately sanction the project, as originally envisaged, and ensure adequate provisions are made in the Union Budget 2024-25," he said . He was speaking at the meeting of state finance ministers with .

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

Centre anticipates Rs 70k crore GST cess surplus from 'sin' goods

The surprise surplus is attributed to impressive revenue generation from taxes on the so called "sin" goods like pan masala, cigarettes

GST rate rationalisation panel reconstituted, Bihar dy CM named convenor

Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the GoM on GST rate rationalisation. According to an official memorandum posted on the GST Council secretariat website, the other members of the reconstituted panel are Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. The GoM also includes West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, and Kerala Finance Minister K N Balagopal. The seven-member GoM has been tasked with suggesting required rate rationalisation and correction of inverted duty structure with an objective of simplifying the rate structure, reviewing the GST exemption list and enhancing revenues from Goods and Services Tax (GST). This is the second time that the GST rate rationalisation panel was reconstituted. The GoM was originally set up in September 2021, under then Karnataka C

Hike GST exemption limit for firms with up to Rs 1.5 cr turnover: GTRI

Think tank GTRI on Friday suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore turnover, reducing the number of slabs, and doing away with state-wise registration to make GST more efficient, business-friendly, and contributing to economic growth. As the implementation of Goods and Services Tax (GST) celebrates its 7th anniversary, having launched on July 1, 2017, it has become the world's largest platform for indirect taxes with over 1.46 crore registrations, Global Trade Research Initiative (GTRI) said. In FY24, GST collections reached Rs 20.18 lakh crore (USD 243.13 billion), with 29.85 per cent from imports, 26.92 per cent from inter-state supplies, and 43.23 per cent from within-state supplies. The dominance of within-state supplies highlights the need to simplify GST rules to promote inter-state trade, the global trade research body said. GTRI also suggested increasing the GST exemption limit for firms with annual turnover of up to

Revenue stagnant and margins eroded, impact of high GST on gaming: Report

The report said, "Six companies have witnessed a decline in revenue growth ranging from 10-30 per cent, with certain companies facing a decline of 50 per cent"

7 years of GST: Balancing tech & transformation

The time has come to usher in GST 2.0

GST anti-profiteering cases to be taken up by the appellate tribunal

Council to introduce 'sunset date', allowing filing complaints up to April 1, 2025

GST Council to regularise taxation issues on host of goods, services

The Council might reject bringing MSME ice cream manufacturers under the composition scheme

Over 50% gaming cos saw revenue stagnate or dip after 28% GST norm: Report

The impact of the new GST norm was also seen in the employment in these companies. According to the report, as many as 10 of these companies faced "significant headwinds" on job creation

Most of top-level executives have positive GST perception: Survey

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. The Deloitte GST@7 survey, engaging C-suite and C-1 level executives across diverse industries through online platforms, highlights areas which have resulted in growing confidence in GST, specifically on the positive role of GST automation/ technology and consultative environment, in policy making. Reflecting growing confidence in GST, the survey found that about 84 per cent of respondents reported a positive perception of GST in 2024, up from 72 per cent in 2023 and 59 per cent in 2022. Automation of tax compliance, including e-invoicing, continues to be voted as a top performance area. Also, enhanced and continued stakeholder consultation, leading to the issuance of clarificatory circulars/instructions was considered as a ...

GST Council likely to address retrospective taxation on online gaming

Move may give relief to firms facing Rs 1.12 trn in tax demands

Slash GST on health insurance to 5% from 18%: Trade body to govt

Association says that renewal rates of the policies continue to decline due to frequent premium hikes and rising medical inflation

CBIC cautions public to stay alert against frauds in name of Indian Customs

The Central Board of Indirect Taxes and Customs (CBIC) on Sunday asked public to stay alert and discern the modus operandi of fraudsters committing fraud in the name of Indian customs. In a statement, the CBIC said various incidents have come to light through news portals/social media platforms of fraudulent persons posing as Indian Customs officers cheating the public of their hard-earned money across the country. These frauds are primarily done using digital means like phone calls or SMS, and are focused on extracting money through the 'purported' fear of immediate penal actions. In order to counter these frauds through public awareness, CBIC is mounting a multi-modal awareness campaign that includes newspaper advertisement, SMS/e-mails to the general public, social media campaign, besides awareness campaigns by CBIC field formations. The CBIC also advised the public to take measures to safeguard themselves from becoming a victim of such scams by discerning the modus operandi of

June 22 GST Council meet likely to give relief to foreign airlines

Clarification could end uncertainty around some services

Bring petroleum products, realty, and electricity under GST: CII President

Puri said that the capital gains tax must also be rationalised as part of the 14-point agenda for the new government