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Goods and Services Tax (GST)

Maharashtra: High-Security Registration Plate price for vehicles varies from Rs 531 to Rs 879

Maharashtra: High-Security Registration Plate price for vehicles...

Wed, Dec 25, 2024

Vehicle owners will have to pay prices ranging from Rs 531 to Rs 879 to affix mandatory High-Security Registration Plates to vehicles registered before April 1, 2019, as per the Maharashtra transport department.

LIC gets GST demand notice of Rs 65 crore

LIC gets GST demand notice of Rs 65 crore

Wed, Oct 30, 2024

The insurer has received communication/ demand order for Goods & Service Tax, Interest and penalty for Jharkhand on October 30, LIC said in a regulatory filing.

GST on term life insurance premium, senior citizen's health coverage may be exempt

GST on term life insurance premium, senior citizen's health...

Sat, Oct 19, 2024

The final decision in this regard will be taken by the GST Council Officials premiums paid for health insurance coverage of above Rs 5 lakh will continue to attract 18 per cent GST.

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GST Council sets up GoM on compensation cess; panel to submit report by December 31

GST Council sets up GoM on compensation cess; panel to submit rep...

Fri, Sep 27, 2024

With just one-and-a-half year remaining for the cess to end, the GST Council in its 54th meeting on September 9 decided to set up a GoM to decide the future course of the cess.

Zomato gets Rs 4.59 cr tax demand notices

Zomato gets Rs 4.59 cr tax demand notices

Fri, Aug 30, 2024

Zomato faces a GST tax demand of over Rs 4.59 crore from Tamil Nadu and West Bengal authorities, including penalties and interest. The company plans to appeal the adjudication orders, asserting it has a strong case.

GST department slaps SBI Life with Rs 239.27 crore notice

GST department slaps SBI Life with Rs 239.27 crore notice

Fri, Aug 23, 2024

On Friday, August 23, 2024, the SBI Life stock performed on a negative bias, and fell as much as 0.69 per cent in early trade after this action, according to the BSE website.

GST collection rises 8% to Rs 1.74 lakh crore in June

GST collection rises 8% to Rs 1.74 lakh crore in June

Tue, Jul 02, 2024

The collection in June is higher than the Rs 1.73 lakh crore collected in May 2024.

Government committed to bringing more reforms: Amit Shah

Government committed to bringing more reforms: Amit Shah

Mon, Jun 24, 2024

According to the Central Board of Indirect Taxes and Customs' (CBIC) data, a majority of household items, including flour, cosmetics, televisions and refrigerators, have become cheaper after the GST implementation.

Budget FY25: Trade unions seek restoration of OPS, increase in tax rebate for salaried class

Budget FY25: Trade unions seek restoration of OPS, increase in ta...

Mon, Jun 24, 2024

The unions also asked the government to stop the privatisation drive of PSUs, scrap the new pension scheme and restore the old pension scheme (OPS).

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: Prime Minister

Seven years of GST has lowered taxes and improved lives of 140 cr...

Mon, Jun 24, 2024

"For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper."

GST collection rises 10% to Rs 1.73 lakh crore in May

GST collection rises 10% to Rs 1.73 lakh crore in May

Sat, Jun 01, 2024

The country's gross GST collections rose to Rs 1.73 lakh crore in May, growing 10 per cent year on year driven by increased revenues from domestic transactions, the finance ministry said on Saturday.

GST intelligence unit detected over Rs 1.98 lakh crore worth tax evasion cases, ITC fraud totaling Rs 21,078 crore in 2023: FinMin

GST intelligence unit detected over Rs 1.98 lakh crore worth tax...

Thu, Jan 11, 2024

The ministry said in a statement, "DGGI has achieved an increase in detection of cases of evasion and voluntary payments. In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs 1,98,324 crore with a voluntary payment of Rs 28,362 crore. 140 masterminds involved in GST evasion were arrested."

GST officers detect over 29,000 bogus firms involved in fake ITC claims of Rs 44,000 cr

GST officers detect over 29,000 bogus firms involved in fake ITC...

Sun, Jan 07, 2024

In the October-December quarter, 4,153 bogus firms that involved suspected ITC evasion of around Rs 12,036 crore were detected. As many as 2,358 of these bogus firms were detected by the Central GST Authorities. Maharashtra topped the list with 926 bogus firms detected, followed by Rajasthan (507), Delhi (483), and Haryana (424).

MRP includes GST, consumers must not pay any additional charges: MoS Finance Pankaj Singh in Lok Sabha

MRP includes GST, consumers must not pay any additional charges:...

Mon, Dec 11, 2023

Responding to a question in the Lok Sabha raised by a Member of Parliament whether "various retail traders are overcharging the customers and are remitting lesser Goods and Services Tax (GST) to the Government by presenting inflated bills after charging GST over MRP", the minister stated that "no specific case of such type has come to the notice of any Central Tax formation."

GST collection rises to Rs 1.67,929 lakh crore in November, records highest growth rate of 15% Y-o-Y

GST collection rises to Rs 1.67,929 lakh crore in November, recor...

Fri, Dec 01, 2023

Revenues for November 2023 are 15 per cent higher than the GST revenues in the same month last year and the highest for any month year-on-year during 2023-24, up to November 2023, the ministry said.

GST panel refuses to cut tax rate on batteries for EVs

GST panel refuses to cut tax rate on batteries for EVs

Thu, Oct 05, 2023

The fitment committee of the Goods and Services Tax (GST) Council, at a meeting, rejected the industry request for reducing the GST rate on lithium-ion batteries for electric vehicles from 18 per cent to 5 per cent.

GST revenues grow 11% to about Rs 1.6 lakh crore in August: Revenue Secretary

GST revenues grow 11% to about Rs 1.6 lakh crore in August: Reven...

Fri, Sep 01, 2023

The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue Secretary Sanjay Malhotra said.

GSTN looking for consultancy firm to prepare roadmap for transitioning IT systems to GST 2.0

GSTN looking for consultancy firm to prepare roadmap for transiti...

Thu, Aug 17, 2023

GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for the selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0.

Budget 2023: Boosting India's manufacturing sector - Experts shed light

Budget 2023: Boosting India's manufacturing sector - Experts...

Sun, Jan 22, 2023

According to the experts, the Budget 2023-24 may benefit the sector significantly as the government intends to provide a significant boost to manufacturing while focusing on increasing private investment and exports.

GST revenue in September likely at Rs 1.45 lakh crore

GST revenue in September likely at Rs 1.45 lakh crore

Wed, Sep 28, 2022

"The collection in September is likely to be little more than Rs 1.45 lakh crore. Improved business activity is expected to yield better collections in coming months," the official said.

How Infosys sorted out glitches in Income Tax e-filing portal to ease ITR filing process for taxpayers

How Infosys sorted out glitches in Income Tax e-filing portal to...

Mon, Aug 15, 2022

Last month, the finance ministry had last month circulated a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15.

Government releases Rs 1.16 lakh crore of tax devolution to states

Government releases Rs 1.16 lakh crore of tax devolution to state...

Wed, Aug 10, 2022

The share of states in the Central taxes -- at the aggregate level of 41 per cent -- was decided by the 15th Finance Commission. Typically, this is transferred in 14 installments in a fiscal year.

'Unnecessary burden' - Traders body CAIT demands rollback of 5 per cent GST on pre-packed, labelled food items

'Unnecessary burden' - Traders body CAIT demands rollba...

Wed, Jul 20, 2022

It was decided that a letter signed by representatives of 100 markets would be sent to the prime minister demanding withdrawal of the GST imposed on food items.

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