Page 9 - Gst

Govt may ease norms to allow 2-month window for ITC on credit notes

Move would give taxpayers flexibility and preclude a financial burden

Vodafone Idea gets Rs 16.73 cr GST notice, plans to challenge decision

Telecom operator Vodafone Idea (VIL) on Friday said it has received a Rs 16.73 crore Goods and Services Tax (GST) demand order from Deputy Commissioner, Large Taxpayer Unit, West Bengal. The telco asserted it does not agree with the order and will take appropriate action for filing an appeal against the same. In a BSE filing on details of order received by the company under the Central Goods and Services Tax Act, 2017, Vodafone Idea informed that order was received on February 27, 2025. The order was "passed under Section 73 of Central Goods and Services Tax Act, 2017 read with West Bengal Goods and Services Tax Act, 2017 confirming penalty of Rs 16,73,33,489 along with demand and interest as applicable." It pertains to "alleged excess availment of Input Tax credit, short payment of tax, etc," the VIL filing said. "The maximum financial impact is to the extent of tax demand, interest and penalty levied," VIL noted.

LIC gets demand notice of Rs 479.88 crore for short payment of GST for FY21

Life Insurance Corporation of India (LIC) on Thursday said it has received a demand notice of Rs 479.88 crore for short payment of Goods and Services Tax (GST) for 2020-21. The company has received a communication/demand order for interest and penalty for Maharashtra on February 27 from Deputy Commissioner of State Tax, Mumbai, LIC said in a regulatory filing. The demand notice pertains to wrong availment and short reversal of Input Tax Credit (ITC), Interest on late payments, short payment of tax liability, it said. The order is appealable before the Joint Commissioner of State tax (Appeals), Mumbai, it said. The financial impact of the demand is to the extent of the GST (Rs 242.23 crore), Interest (Rs 213.43 crore) and Penalty (Rs 24.22 crore), it said, adding, there is no material impact on financials, operations or other activities of the corporation.

After HDFC Life, insurers brace for Rs 5,500 cr GST demands amid scrutiny

GST Adjudicating Authority upheld a tax demand of Rs 2,400 crore against HDFC Life Insurance, which could set a precedence for others in the insurance industry

Bajaj Electricals gets Rs 14.08 cr demand from GST authority in Punjab

Bajaj Electricals Ltd on Friday said it has received a demand of Rs 14.08 crore from GST authority in Punjab for alleged mismatch in input tax credit (ITC) claimed by it. In a regulatory filing, Bajaj Electricals Ltd said it has received an assessment order dated February 20, 2025, from the Office of the Assistant Commissioner, Mohali, Punjab alleging liability on reverse charge mechanism, a mismatch in the input tax credit (ITC) claimed by it during FY 2020-21. "Consequently, a total demand of Rs 14.08 crore has been imposed on the company, which includes an alleged tax demand of Rs 7.45 crore, interest of Rs. 5.89 crore, and a general penalty of Rs 75 lakh," it said. The company is currently exploring various legal options and necessary steps, including filing an appeal before the relevant appellate authority, the filing said, adding there is no impact on financial operations or any other activities due to this.

Cong slams Trump's threat to GST, questions Modi's stance on tariffs

The Congress on Wednesday claimed that the talk of reciprocal tariffs by US President Donald Trump is calling into question a consumption tax like GST, and wondered whether his "good friend in New Delhi" would stand up to it when national sovereignty is at stake. Congress general secretary in-charge communications Jairam Ramesh said his party has long been calling for a GST 2.0 that will make GST a truly Good and Simple Tax, as it was intended to be. It has called for the barest minimum of rates and vastly reformed compliance rules, he said in a post on X. "Now President Trump is threatening the very existence of GST. By its very structure, GST is applicable to imports but not on exports. This has never been disputed," he said. Now all this talk of reciprocal tariffs by the US President is calling into question a consumption tax like GST, Ramesh claimed. "WTO apart, national sovereignty is at stake here. Will President Trump's good friend in New Delhi, who keeps trumpeting that he

Does GST apply to pre-paid gift vouchers and cards? Know what the rule says

GST exemption also makes vouchers more appealing to consumers, who can redeem them without the worry of extra taxes, potentially increasing footfall in both physical stores and online platforms

E-way bill generation hits a new high in January, shows GSTN data

In December last year, e-way bill had hit the second highest level at 112 million, after it peaked earlier at 117.2 million in October due to the festive season

Pidilite Industries receives GST order imposing penalty of Rs 16.03 cr

Pidilite said there is no material impact on financials, operations or other activities of the company due to the tax order

CGST amendment on credit note: Compliance burden on suppliers may be higher

Credit note is given by the seller to the buyer in cases of sales returns, discounts and overbilling to reduce the amount payable by the buyer or adjust it against future payments

GST authorities clamp down on IndiGo with Rs 115.86 crore penalty

GST authorities have imposed penalties totalling Rs 115.86 crore on IndiGo, the airline said in a regulatory filing on Wednesday. According to the filing, the penalty order was passed on February 4. Of this, Rs 113.02 crore pertains to services provided to offshore recipients, which the goods and services tax (GST) authorities did not consider as "export of services", and denied input tax credit on certain services for FY18, FY19, and FY20 while the remaining Rs 2.84 crore penalty is on account of denial of input tax credit (ITC) for ?FY18, FY19, and FY20, as per the filing. IndiGo, in the filing said, "is actively engaging in contesting these orders before the appellate authority". The airline also said there is no material impact on financials, operations or any other activities of the companies.

Life Insurance Corporation gets GST demand notice of Rs 105.42 cr

Life Insurance Corporation of India (LIC) on Wednesday said it has received a demand notice of about Rs 105.42 crore for short payment of Goods and Services Tax (GST) for seven financial years. The company has received a communication/demand order for interest and penalty for several states on February 5, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Lucknow, it said. The demand notice pertains to seven financial years between 2017-18 and 2023-24, it said. The financial impact of the demand is to the extent of the GST, interest and penalty. There is no material impact on financials, operations or other activities of the corporation, it said.

Jammu and Kashmir Bank receives GST notice of over Rs 16,000 crore

Bank has imitated legal action against the GST demand

Chatroom: Surrender of erroneous drawback payment also attracts interest

TNC Rajagopalan answers SME queries related to GST, export and import matters

Paytm, its CEO fined with GST penalty over alleged non-compliance

The Noida-based company said it was evaluating its options, including an appeal against the order issued by the Joint Commissioner, CGST Delhi North

Life Insurance Corporation gets GST demand notice of Rs 101.95 crore

Life Insurance Corporation of India (LIC) on Tuesday said tax authorities have slapped a demand notice of about Rs 101.95 crore on it for short payment of Goods and Services Tax (GST) for five financial years. The company has received a communication/demand order for interest and penalty for several states, LIC said in a regulatory filing. The order is appealable before the Commissioner (Appeals), Thane, it said. The demand notice pertains to five financial years between 2017-18 and 2021-22, it said. The financial impact of the demand is to the extent of the GST, interest and penalty. There is no material impact on financials, operations or other activities of the corporation, it said.

Budget proposes GST amendment: Track and Trace Mechanism to prevent evasion

The Union Budget has proposed a host of amendments in GST law, including implementing the Track and Trace Mechanism, for evasion-prone goods. The budget inserted a new clause in Central GST law to provide for a definition of Unique Identification Marking for the implementation of Track and Trace Mechanism. "Unique identification marking" includes a digital stamp, digital mark or any other similar marking, which is unique, secure and non-removable. AMRG & Associates Senior Partner Rajat Mohan said the introduction of penalties under new sections like 122B and 148A to enforce track and trace mechanisms indicates a strong push towards digitisation and better supply chain monitoring.

Gross GST revenue rises 12.3% to about Rs 1.96 trn in January: Govt data

For the previous month, India's GST collections rose 7.3 per cent to Rs 1.77 trillion

Union Budget 2025: Middle class awaits Sitharaman, memes take over

As Nirmala Sitharaman prepares to present Budget 2025, the middle class waits for relief - but the internet's faster, with memes stealing the spotlight before the budget drops

Impose higher GST, stricter labelling rules on UPFs: Economic Survey

The government must focus on a multi-pronged approach with stricter FSSAI labelling norms, higher GST, and awareness campaigns to curb consumption of ultra processed foods (UPFs), according to the pre-Budget document tabled in Parliament on Friday. "A multi-pronged approach would be required to address the concerns emerging from the increased inclusion of UPFs in diets in India," it said. Misleading nutrition claims and information on UPFs need to be tackled and should be brought under the scanner, it said. The Food Safety and Standards Authority of India (FSSAI) could consider bringing UPFs under regulation with a clear definition and standards, including stricter labelling requirements. The Ministry of Health and Family Welfare should urgently define nutrient thresholds for sugars, salt, and saturated fats to regulate advertising, adopt warning front-of-pack labels (FOPL), and impose stricter marketing restrictions on unhealthy foods, especially targeting children under 18. A ..