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Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a type of indirect tax levied on the supply of goods and services in India that combined multiple indirect taxes such as VAT, service tax, excise duty, and others,
...Read more- GST Council meet: Opposition-ruled states demand compensation for tax revenue loss
The states are Himachal Pradesh, Jharkhand, Kerala, Punjab, Tamil Nadu, Telangana and West Bengal and Karnataka
- Centre unlikely to extend 'compensation-cess framework' to make up for revenue loss to states
Imposing additional levy on sin goods is being considered an option to compensate states for revenue loss for a short-term, sources say.
- Food ministry forwards veg oil GST refund request to finance ministry
Edible oils face a 5 percent GST rate while input materials, including packaging, chemicals and processing equipment, attract higher rates of 12-18 percent
- Centre, states near deal to merge GST compensation cess into tax regime: Report
The compensation cess, levied on luxury goods, tobacco, coal, and SUVs, is expected to bring in Rs 1.67 lakh crore this fiscal year.
- GST council eyes rate overhaul; Nomura expects tractors, ACs to benefit
According to Nomura, the GST Council may scrap the 12 percent slab in its upcoming meeting, potentially lowering taxes on tractors, air conditioners, and term life insurance
- MC Exclusive I Council agenda: Risky businesses may find it tougher to get GST registration
GST Council is likely to discuss risk-based registration categories to differentiate businesses based on their risk profile, tied to their input tax credit claims and compliance history
- Tax cut on health, life insurance policies part of GST Council's agenda for December 21 meet
The group of ministers (GoM) on GST, which is headed by Bihar deputy chief minister Samrat Chaudhary, has submitted its report to the GST Council, the sources cited above said
- GST exemption for research grants: Private university see a ray of hope
The exemption applies to universities and research centres that have been established by state or central government law.
- GST council meeting: Here's what will get cheaper
Rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab has been reduced from 12 to 5 per cent.
- 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.
- GST Council Meeting Highlights: Council reduces rate on cancer drugs to 5% from 12%
GST Council reduces rate on cancer drugs to 5% from 12%; on namkeen to 12% from 18%
- Will raise issue of GST on research grants in council meet: Delhi finance minister
Addressing a press conference, the minister said, "The (central) government has reduced budget allocation for research from 2014 to 2024. If an educational institution gets research grant from a private entity, the government imposes 18 per cent GST, which is not justified. We will oppose it."
- MC Exclusive: Hybrid Cars could see a budget boost with potential cess cut
The proposal, if implemented, will provide a strong boost to sales of hybrid cars in the country, as it will reduce the tax differential between hybrids and electric cars.
- Bad idea to include petroleum in GST, says former chief economic advisor Arvind Subramanian
Absorb cess in regular rate structure so that it is available for redistribution, former CEA argues
- Surge in e-way bills generation suggests robust economic growth: FinMin
The goods and services tax regime completed seven years on July 1 and the ministry posted a series of posts highlighting “reduction in compliance burden” for various taxpayers
- GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
In 2023, the Directorate of GST Intelligence (DGGI) detected tax evasion of more than Rs 1.98 lakh crore and arrested 140 masterminds who were involved in defrauding the exchequer
- Smaller companies to be biggest beneficiaries of GST penalty, interest waiver
In the 53rd GST council meet held on Saturday, the government decided to exempt both penalty and interest provided they pay the principal tax demand by March 31, 2025
- Highlights from 53rd GST Council Meeting: What you should know
The 53rd GST Council Meeting has finalised key decisions, including imposing a uniform GST rate of 12% on milk cans manufactured from steel, iron, and aluminium.
- NDA 3.0: Coalition government unlikely to impact GST reforms, power of tax officers may be reviewed, experts say
Experts opined that certain key issues such as rate rationalisation maybe pushed to the back burner over fears of inflation. However, issues such as placing checks on the powers of tax officers may be considered earlier.
- Ahead of GST Council meet, fitment committee may convene to assess proposals on ATF, natural gas
The fitment committee could study the prospects of bringing ATF under 5 percent GST slab, and will also assess Oil Ministry's proposal to tax Natural Gas under 12 or 18 percent tax slab, it is learnt.
