GOODS AND SERVICES TAX GST REFORM

The GST Council will track cigarettes and pan masala to stop tax evasion. A unique code will be placed on products. This will help the government follow the products. The government loses lots of money from illegal cigarette sales. This new system w...

GST: A new advisory by GSTN alerted taxpayers about changes being made with E-Way Bill generation time limits which is now reduced to 180 days from the date of the base document. “For instance, documents dated earlier than July 5, 2024, will not be ...

India is introducing Unique Identification Marking (UIM) for specific goods like tobacco to combat tax evasion. Non-compliance will result in penalties. The GST Council approved this 'track & trace' mechanism, defining UIM as a secure, non-removable...

The GST Council is set to discuss several changes, including reducing tax on life and health insurance premiums, food delivery platforms, and aviation turbine fuel. It may raise taxes on luxury goods like wristwatches, shoes, and apparel, and introd...

The GST Council postponed a decision on lowering GST rates for life and health insurance premiums during its 55th meeting. The Group of Ministers (GoM) will reconvene in January to address technicalities concerning the taxation of various insurance ...

The 55th GST Council meeting in Jaisalmer deliberated on tax relief for insurance, increasing the tax rate on used EVs to 18%, clarifying the levy on food delivery apps, and potentially exempting gift vouchers from GST. A final decision on reducing ...

India's Goods and Services Tax (GST), implemented in 2017, is a crucial revenue source for the government. Strong GST collections, like the ?1.82 lakh crore in November 2024, indicate a healthy economy. These collections directly impact government s...

Indian real estate developers are worried. A proposed 18% GST on floor space index could increase housing prices. The developers' body, CREDAI, warns of a 7-10% price hike. This impacts affordability and the 'Housing for All' mission. CREDAI says th...

GST authorities have issued show cause notices to several property developers, questioning roughly ?3,500 crore in input tax credit claims following a Supreme Court ruling. Developers are contesting the notices, arguing that officials are misinterpr...

GSTR-7 due date: New advisory by GSTN says even if the due date for filing GSTR-7 is missed, taxpayers filing a 'Nil' GSTR-7 return will not have to pay any late fees. The deadline to file GSTR-7 is December 10, 2024 for November 2024 tax period. Re...

GST registration in Haryana, Manipur, Meghalaya, and Tripura will now involve biometric Aadhaar authentication and document verification. Under this, some applicants might be required to visit a GST Suvidha Kendra to complete biometric verification....

Rahul Gandhi criticizes the Modi government for increasing income tax and GST rates for the common man while providing concessions to billionaires. He highlights the proposed GST slab increase and the rise in GST on clothes, calling it an injustice....

GST return: Now you need to file GSTR-7 even if no TDS (tax deducted at source) was deducted. "GSTR-7 return is to be filed in chronological order, beginning with the return period of October 2024. It is pertinent to mention that for a month in whic...

GST on insurance: The public demands lowering of GST rate on insurance products as it is too high. However industry experts warn that if the GST rate is cut from 18% to 5% without input tax credit is not given then instead of making the premium affo...

The Central Board of Indirect Taxes & Customs (CBIC) clarified that media reports about GST rate changes recommended by the Group of Ministers (GoM) are speculative. The GoM, composed of state ministers, is yet to finalize and present its recommenda...

Finance Minister Nirmala Sitharaman revealed that 12,803 GST evasion cases were booked in Gujarat from 2021-2024, with 101 arrests. In a related update, Minister Pankaj Chaudhary provided GST collection details, noting a significant rise in gross re...

Around 70-75 percent of GST revenues in 2023-24 came from the 18 percent slab. Only 5-6 percent was from the 12 percent slab. The highest 28 percent slab contributed 13-15 percent. The 5 percent slab accounted for 6-8 percent. The GST Council is con...

India's GST regime is highly complex with over 50 different cess rates, possibly reaching 100, highlighting the need for reform. Former Chief Economic Adviser Arvind Subramanian emphasizes the need for simplification and rate rationalization, while ...

Goods and Services tax: Pankaj Chaudhary, minister of state in the ministry of finance said in Lok Sabha that the government has earned Rs 4792.4 crore on taxing various education services which are currently not exemtp from GST. However certain edu...