Implemented on 1st July 2017, GST i.e. Goods and Service Tax is a multi-stage tax system that aims to comprehensively replace and consolidate all indirect taxation systems in India, like VAT (Value Added Tax) and more. The seeds of its conception were sown in 2000, by Atal Bihari Vajpayee, the then Prime Minister of India. Earlier, there used to be different tax regimes, varying state-wise. Under the current system, there are 4 categories of GST, namely Central GST, which is levied on intra-state supply of products and services, State GST, which is charged on intra-state sale of the same, Integrated GST, which is calculated on inter-state transactions and UTGST, which is levied on supply of goods and services within an UT. Under the GST system, each taxpayer is allocated a 15-digit distinctive code, namely GSTIN, which is provided based on the state you live in and your PAN card number. As per rules, any business with an annual turnover of Rs 20 lakhs or more should be registered under this system. The taxation rates are determined by the GST council in predetermined slabs, namely 5%, 12%, 18%, and 28%. Some products are also exempted from this list. More
Insurance companies are under scanner for allegedly making payments to agents well above the cap set by regulator and reportedly routing them through shell companies.
At present a GST of 18 per cent is levied on helmets. ”IRF…in a letter written to the Union finance minister Nirmala Sitharaman has demanded reduction of GST on life saving device helmets for safety of the two-wheeler riders from present 18 per cent to 0 per cent in the forthcoming Union Budget 2023-24,” the global road safety body said.
The government should simplify GST. “Make it a single rate, keep it a little lower," he said.
The Payments and Settlements Systems Act, 2007 prohibits banks and system providers from charging any amount from a person making or receiving payments through RuPay Debit cards or BHIM.
Budget 2023: The Budget announcement on inclusion of fuel in GST will help in reducing the overall burden of fuel prices on end users and cool inflation. There hasn't been any indication from the GST Council so far on bringing fuel under the consumption tax.
Auto Expo 2023 will see a long list of electric vehicle unveilings. So, will EVs once again be the focus of the launch calendar? Or will hybrid tech evangelists be in for a surprise? Watch the video to find out
Monthly Goods and Services Tax collections have now exceeded Rs 1.4 lakh crore for 10 consecutive months
The Finance Ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
Some tweaking in the new tax regime is also expected next year as the government wants to make the exemption-free tax regime more attractive to individual income taxpayers.
Once the finer details are worked out, buyers of under-construction property will be soon able to reclaim the GST paid on the property directly from the government if the person opts out of the deal and the time period for the developer to refund the money has expired.
Tata Sons has now tapped the HC to challenge the Rs 1,500 crore claimed as GST liabilities on its $1.27 billion in payments to former partner and Japanese telco NTT Docomo, in 2017
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The protected revenue period for states ended on June 30.
Though the report of the Group of Ministers (GoM) on online gaming did not come up for discussion at the GST Council, the department would go by the view that 28 per cent GST is payable on full bet value put in by a player, and not net of margins.
A general characterisation of online gaming on par with betting and gambling will have serious consequences for the industry’s development.
The top ask for the energy sector from the budget is for the Goods and Services Tax (GST) on petroleum products.
A roadmap for the creation of the appellate tribunal, taxing of the online gaming sector and rationalisation of slabs are some crucial decisions that the Council should not delay any longer
According to sources, the law committee of the GST Council, comprising tax officers from the Centre and states, in a report has suggested increasing the monetary threshold for launching prosecution for GST offences.
Nirmala Sitharaman said in Lok Sabha that the central government is committed to pay all Goods and Services Tax (GST) compensation to states and has been doing so continuously for the last five years.
Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal.
New Delhi, Dec 6 The Union government should moderate the excise duty it levies on CNG till such time that the environment-friendly natural gas is inclu..
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Monthly Goods and Services Tax collections have now exceeded Rs 1.40 lakh crore nine months in a row
The total amount of compensation released to states and Union Territories so far this financial year is Rs 1.16 lakh crore