The GoM on GST rate rationalization voted on Monday to increase the tax on sin goods such as aerated drinks, cigarettes, tobacco, and associated products to 35% from the current 28%, according to an official. The Group of Ministers (GoM) on Rate Rationalization, led by Bihar Deputy Chief Minister Samrat Chaudhary, has voted to lower … Read more
On the back of domestic consumption, gross GST collections grew by 8.5% year-on-year to ₹1.82 lakh crore in November. Every month, however, collections dipped by approximately 2.7%, down from ₹1.87 lakh crore in October. Government sources explained that this month-on-month (MoM) dip is part of seasonal fluctuations observed every year. “In 2023, we saw a … Read more
Tamil Nadu Chief Minister MK Stalin on Saturday slammed Union Finance Minister Nirmala Sitharaman over the video of a restaurant chain owner apologizing to the union minister during a private conversation after publicly expressing concern about the complexities of GST on food items at a government event. Reacting to the incident, Stalin termed it “disheartening” … Read more
The GST Council’s decision to remove the GST from funding for research and development (R&D) at educational institutions is a game-changer for higher education in India. In addition to encouraging public-private collaborations, increasing innovation, and expanding the potential for global competitiveness, it lessens budgetary responsibilities. All of these will significantly contribute to the development of … Read more
The GST Council will take a call on reducing tax rate on premiums of health and life insurance policies at its next meeting in November, an issue which was raised by Opposition parties in the last Parliament session. While there appears to be a wide consensus among the states on reducing 18 per cent tax … Read more
Online food delivery platform Zomato has received GST tax demand orders of over ₹ 4.59 crore, including applicable interest and penalty, from Tamil Nadu and West Bengal authorities. The company said it plans to appeal against the demand orders passed by the Assistant Commissioner of GST and Central Excise, Nungambakkam Division, Tamil Nadu and Assistant Commissioner of … Read more
SBI Life on Thursday said tax authorities have slapped a demand notice of about ₹ 239.27 crore on it for short payment of Goods and Services Tax (GST) for the financial year 2019-20. The company has received an order for interest and penalty from the Deputy Excise & Taxation Commissioner, Rohtak, Haryana, SBI Life said in a … Read more
A notice to show cause has been sent by the Directorate General of Goods and Services Tax (GST) Intelligence to the Indian Institute of Technology Delhi (IIT-D). According to a Times of India story, the notice requests Rs 120 crore in GST from the renowned institute for research funds obtained between 2017 and 2022, along … Read more
The Finance Ministry is expected to review the goods and services tax (GST) rates applied on digital news subscription, as per sources. This comes after the Information and Broadcasting Ministry made the recommendation to the Finance Ministry to reduce the GST rate on digital news subscription, sources added. The online media outlets have been demanding … Read more
Nitin Gadkari, the minister of roads, transport, and highways, wrote to Nirmala Sitharaman, the minister of finance, requesting the removal of the 18% Goods and Services Tax (GST) from life and health insurance premiums. According to Nitin Gadkari, the GST limits industry expansion and amounts to taxing life’s uncertainties. The 18% GST applies to both … Read more
The Gross Goods and Services Tax (GST) collections hit a record high in April 2024 at ₹2.10 lakh crore. This represents a significant 12.4% year-on-year growth, driven by a strong increase in domestic transactions (up 13.4%) and imports (up 8.3%). After accounting for refunds, the net GST revenue for April 2024 stands at ₹1.92 lakh crore, … Read more
Gross Good and Services Tax (GST) revenue for March 2024 witnessed the second highest collection ever at ₹1.78 lakh crore, with a 11.5% year-on-year growth. This surge was driven by a significant rise in GST collection from domestic transactions at 17.6%. GST revenue net of refunds for March 2024 is ₹1.65 lakh crore which is growth of … Read more
The gross GST revenue collected in the month of January, 2024 (till 05:00 PM of 31.01.2024) is ₹1,72,129 crore, which shows a 10.4% Year-o-Year (Y-oY) growth over the revenue of ₹155,922 crore collected in January 2023 (till 05:00 PM on 31.01.2023). Notably, this is the second highest monthly collection ever and marks the third month in this financial … Read more
The Rajya Sabha approved an amendment on Wednesday to make it easier to establish Goods and Services Tax (GST) appellate tribunals (GSTAT). The adopted measure makes significant changes to the terms of nomination for tribunal members and creates a minimum age restriction of 50 years for both members and tribunal presidents. The House passed the … Read more
The gross GST revenue collected in the month of November, 2023 is ₹1,67,929 crore out of which CGST is ₹30,420 crore, SGST is ₹38,226 crore, IGST is ₹87,009 crore (including ₹39,198 crore collected on import of goods) and cess is ₹12,274 crore (including ₹ 1,036 crore collected on import of goods). The government has settled ₹37,878 crore to CGST and ₹31,557 crore to … Read more