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    • Car dealers seeking legal advice as new GST rates threaten refund of tax credits

      Auto industry representatives and the government have met on the issue and sources told Moneycontrol that the Centre is mulling a refund of compensation cess which car dealers have paid for their purchases. However, any relief is possible only after the new rates kick in.

    • Which insurance players will be impacted most and least by GST exemptions?

      The move will lower insurance premiums for policyholders and prospective buyers, encourage greater insurance penetration, and provide a significant boost to the industry

    • Centre's retrospective GST amendment in Budget 2025 may face legal scrutiny

      The review petition filed by the Finance Ministry is expected to come for hearing by end of February, when the apex court may decide if the amendments are maintainable.

    • Govt proposes retrospective amendment in Budget for FY26 to overcome the Safari Retreats verdict

      In the Union Budget , government proposed to clarify that commercial properties used for leasing purposes are not eligible for input tax credit under GST.

    • GST Council may announce amnesty scheme, rate rationalisation

      The last council meet provided relief for taxpayers who received demand notices between 2017 and 2021 under Section 16 (4). It is expected to be notified after September 9.

    • 29,273 bogus firms involved in Rs 44,015 crore tax evasion detected since May 2023

      So far, 121 people have been arrested in connection with the cases, the Finance Ministry said.

    • NAREDCO seeks Rs 50000 cr more in budget under SWAMIH for stalled housing projects; input tax credit under GST

      NAREDCO has suggested the finance ministry to come up with a second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund with Rs 50,000 corpus in the upcoming Union budget for 2024-2025 fiscal year.

    • LIC to appeal against GST tax notice of Rs 290 crore

      The Bihar-Additional Commissioner State Tax (Appeal), Central Division, Patna, has raised a demand of GST, interest and penalty on September 21, LIC said in a regulatory filing.

    • Exclusive: GST Council may approve process changes to plug fake ITC claims in July 11 meet: Officials

      The 2023-24 Union Budget has projected a 12 percent growth in GST revenue for the Center at Rs 9.56 lakh crore from the previous fiscal mop-up of Rs 8.54 lakh crore.

    • Exclusive | Small metal, packaging sector in focus for fake invoicing under GST: Government official

      For existing registrations in these sectors, cleaning of operations will look at performance parameters and then take a decision, a government official told Moneycontrol

    • Three firms under scanner for availing Rs 250 crore ineligible input tax credit in Himachal

      These firms are part of a network of about 300 firms spread across five states, which conducted transactions of more than Rs 8,300 crore and availed as well as passed on input tax credit of over Rs 1,500 crore.

    • DGGI to soon issue tax notices to companies using metal scrap, agri inputs for claiming fake credit: Sources

      So many fake invoicing cases have been detected wherein metal scrap and agricultural items have been used for industrial use.

    • Budget 2023: ITC cannot be claimed on goods/services used for CSR activities

      The amendments propose to decriminalise certain offences under the indirect tax law and double the threshold for launching prosecution under the tax law to Rs 2 crore.

    • 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.

    • Competition watchdog growing extra fangs to examine if input tax credits and lower tax are resulting in price cuts

      This notification will come into force from December 1, 2022

    • Budget 2022: Knight Frank India suggests tax breaks for developers, home buyers to drive demand

      It has said that affordability is key and has suggested specific interventions needed for this.

    • Telcos seek refund of Rs 35,000 crore input tax credit, GST waiver on licence fee, SUC

      According to pre-Budget recommendations of telecom industry body COAI, whose members include Vodafone Idea, Bharti Airtel and Reliance Jio, the telecom sector wants the government to suspend universal service obligation fund (USOF), which financially supports rollout of telecom services in the rural area, to reduce burden on the service providers.

    • Explained: Why did the government hike GST rate for garments under Rs 1,000?

      While the new tax rates will come into effect from January 1, the Indian textile industry is worried about the planned hike in the tax rate, arguing that such a move will affect 85 percent of the market and will lead to an increase in the prices of 80 percent of the final products.

    • Explained : What is the Bharti Airtel vs Centre GST refund case all about?

      In a setback to telecom operator Bharti Airtel Limited, the Supreme Court on October 28 set aside a Delhi high court order and barred the telco from seeking a Rs 923 crore Goods and Services Tax (GST) refund. Moneycontrol explains the case and the Delhi high court order.

    • Explained: The issue of inverted duty refund for input services under GST

      The Supreme Court’s verdict ends the uncertainty created by conflicting orders by the Gujarat and Madras high courts over allowing tax credits on input services under the Goods and Services Tax

    • Goods, services cannot be treated at par for purposes of refund of ITC under GST, rules Supreme Court

      The top court set aside the Gujarat High Court verdict which had held as unconstitutional the Rule 89(5) of Central Goods and Service Tax Rules which restricted the refund only to input goods.

    • Allow buyers to claim ITC even if supplier defaults in depositing GST: PHD Chamber

      In its representation to the GST Council Secretariat, the industry chamber will also seek clarity on whether the excess credit would be refunded to dealers for COVID essential items bought prior to June 14.

    • GST Council Meeting: Major tax breaks with 'zero rating' of COVID essentials feasible, experts say

      43rd GST Council Meeting: GST Council’s meeting on May 28 can consider total tax exemption for medical supplies needed for combating COVID-19, and may also discuss tax tweaks to help sectors that have been hit hard by the second wave as well as compensation for states, experts say.

    • Industry requests Finance Ministry for more handholding on filing GST, other taxes

      Industry tells government that more handholding is required to clear tax related confusion on the ground. Also calls for tax compliance deadline to be extended.

    • I-T department begins surveys at Flipkart, Swiggy offices over alleged input tax credit default

      The surveys by the I-T department are related to an Input Tax Credit default, allegedly by a few third-party contracting firms.

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