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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

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  • Transactions of over Rs 12,000 crore by insurance companies under I-T department's lens: Report Jan 25, 2023 08:04 AM IST

    Transactions of over Rs 12,000 crore by insurance companies under I-T department's lens: Report

    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.

  • Budget FY24: International Road Federation seeks removal of GST on helmets Jan 19, 2023 04:10 PM IST

    Budget FY24: International Road Federation seeks removal of GST on helmets

    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.

  • Davos 2023: India has done well, but it should not become ‘complacent’, says Ajit Gulabchand, CMD of HCC Jan 17, 2023 07:41 PM IST

    Davos 2023: India has done well, but it should not become ‘complacent’, says Ajit Gulabchand, CMD of HCC

    The government should simplify GST. “Make it a single rate, keep it a little lower," he said.

  • GST not payable on Govt incentive to banks for promoting RuPay card, low value BHIM-UPI transactions Jan 15, 2023 11:50 AM IST

    GST not payable on Govt incentive to banks for promoting RuPay card, low value BHIM-UPI transactions

    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.

  • This Budget move by FM Nirmala Sitharaman can help reduce petrol & diesel prices, cool inflation Jan 14, 2023 10:37 AM IST

    This Budget move by FM Nirmala Sitharaman can help reduce petrol & diesel prices, cool inflation

    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.

  • Why industry wants petro-products to come under GST? Jan 13, 2023 06:25 PM IST

    Why industry wants petro-products to come under GST?

  • Electric vehicles (EV) vs hybrids at Auto Expo’23? Why auto industry hopes for GST relief in Budget Jan 10, 2023 04:04 PM IST

    Electric vehicles (EV) vs hybrids at Auto Expo’23? Why auto industry hopes for GST relief in Budget

    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

  • GST collections for December rise 2.5% to Rs 1.5 lakh crore Jan 01, 2023 04:00 PM IST

    GST collections for December rise 2.5% to Rs 1.5 lakh crore

    Monthly Goods and Services Tax collections have now exceeded Rs 1.4 lakh crore for 10 consecutive months

  • Govt tweaks GST rules for claiming input tax credit Dec 27, 2022 08:48 PM IST

    Govt tweaks GST rules for claiming input tax credit

    The Finance Ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.

  • Buoyant tax collections cushion Government on fiscal front, ITR reforms likely next year Dec 25, 2022 01:38 PM IST

    Buoyant tax collections cushion Government on fiscal front, ITR reforms likely next year

    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.

  • You can now recover GST paid on under-construction property if the deal is called off Dec 22, 2022 08:32 AM IST

    You can now recover GST paid on under-construction property if the deal is called off

    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 Group moves Bombay HC against Rs 1,500-crore GST claim on Docomo deal: Report Dec 21, 2022 09:05 AM IST

    Tata Group moves Bombay HC against Rs 1,500-crore GST claim on Docomo deal: Report

    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

  • Moneycontrol Selects: Top stories this evening Dec 20, 2022 06:39 PM IST

    Moneycontrol Selects: Top stories this evening

    Our specially curated package of the most interesting articles to help you stay at the top of your game

  • States still owed Rs 17,176 crore as GST compensation Dec 20, 2022 03:00 PM IST

    States still owed Rs 17,176 crore as GST compensation

    The protected revenue period for states ended on June 30.

  • 28% GST on online games where winning depends on certain outcome: CBIC chief Dec 17, 2022 06:22 PM IST

    28% GST on online games where winning depends on certain outcome: CBIC chief

    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.

  • Gross gaming revenue or total stake amount: What will be the GST Council verdict? Dec 16, 2022 02:04 PM IST

    Gross gaming revenue or total stake amount: What will be the GST Council verdict?

    A general characterisation of online gaming on par with betting and gambling will have serious consequences for the industry’s development.

  • Energy industry asks for GST on petrol, tax exemptions in renewables from Budget 2023  Dec 15, 2022 09:55 AM IST

    Energy industry asks for GST on petrol, tax exemptions in renewables from Budget 2023 

    The top ask for the energy sector from the budget is for the Goods and Services Tax (GST) on petroleum products. 

  • GST Council must act on pending decisions at its Saturday meeting Dec 14, 2022 08:37 AM IST

    GST Council must act on pending decisions at its Saturday meeting

    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

  • GST Council likely to decide on decriminalisation of GST offences, setting up appellate tribunals on Saturday Dec 14, 2022 07:03 AM IST

    GST Council likely to decide on decriminalisation of GST offences, setting up appellate tribunals on Saturday

    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.

  • GST claims of states to be cleared moment AG certificate is received: Nirmala Sitharaman Dec 12, 2022 01:44 PM IST

    GST claims of states to be cleared moment AG certificate is received: Nirmala Sitharaman

    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.

  • 'Govt's duty cuts to impact customs, excise mop-up; GST to help achieve FY23 indirect tax target' Dec 07, 2022 09:47 PM IST

    'Govt's duty cuts to impact customs, excise mop-up; GST to help achieve FY23 indirect tax target'

    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.

  • Cut excise duty on CNG till gas is included in GST: Kirit Parikh panel Dec 06, 2022 02:59 PM IST

    Cut excise duty on CNG till gas is included in GST: Kirit Parikh panel

    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..

  • Morning Scan: All the big stories to get you started for the day Dec 02, 2022 07:42 AM IST

    Morning Scan: All the big stories to get you started for the day

    A round-up of the biggest articles from newspapers

  • November GST collections at Rs 1.46 lakh crore, down 3.9% from October Dec 01, 2022 03:40 PM IST

    November GST collections at Rs 1.46 lakh crore, down 3.9% from October

    Monthly Goods and Services Tax collections have now exceeded Rs 1.40 lakh crore nine months in a row

  • Centre releases Rs 17,000 crore GST compensation to states for April-June Nov 25, 2022 04:21 PM IST

    Centre releases Rs 17,000 crore GST compensation to states for April-June

    The total amount of compensation released to states and Union Territories so far this financial year is Rs 1.16 lakh crore