Goods and Services Tax (GST)

According to an exchange filing, the notice was received "as part of an industry-wide GST investigation, concerning classification of instrument clusters"

The auto major said that the two orders issued by the Kanpur's GST Department were unwarranted

The demand for Telangana came a day after LIC on Monday received a similar notice demanding about Rs 806 crore for short payment of GST for 2017-18 along with interest and penalty for Maharashtra.

Moving the Bill for passage, Sitharaman said, the Bill seeks to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days.

The Central Goods and Services Tax (Second Amendment) Bill, 2023, seeks to cap the age for president and members of the GST appellate tribunals (GSTAT) at 70 years and 67 years, respectively, higher than 67 years and 65 years specified earlier.

Budget 2024: In November, the total Goods and Services Tax collection amounted to Rs 1.68 lakh crore, the ninth month in a row that the monthly mop-up exceeded Rs 1.5 lakh crore

In a written reply to a question in Rajya Sabha, the minister said to safeguard the interest of honest taxpayers and avoid extreme hardship to taxpayers, instructions have been issued from time to time, directing officers to exercise due caution and care in the exercise of powers such as summons, provisional attachment of property, blocking of tax credit etc.

This is the ninth month in a row that the Goods and Services Tax mop-up has come in above the Rs 1.5-lakh-crore mark

This is the eighth month in a row that the monthly GST mop-up has come in above the Rs 1.5-lakh-crore mark.

While the proportion of diesel vehicles is expected to come down in the long term, auto analysts do not foresee a complete wipeout of this powertrain. JATO Dynamics predicts the share of diesels will come down to 15 percent by 2024-end, and dwindle further to 7.5 percent by 2030-end

Stakeholders say it is critical to lower the GST for a specific duration to entice consumers to wholeheartedly adopt electric vehicles until the market matures

This is the seventh month in a row that the monthly Goods and Services Tax mop-up has come in above the Rs 1.5-lakh-crore mark

The tax demand is for over Rs 166.75 crore, the interest on this has been cited as over Rs 107.05 crore and the penalty has been shown as Rs 16.67 crore, which totals to Rs 2,90,49,22,609

Despite the delays, the government expects to roll out tighter registration norms in the next financial year.

While the GST Council's decision was not unanimous, no formal vote was required as only a handful of members voiced their dissent

GST Council Meeting Highlights: The amendments to the GST law, required to change the tax rates, will be taken up in this Parliament session, Nirmala Sitharaman said. The likely date of implementation is October 1, she added, further noting that the Council has agreed to review the 28% levy on online gaming and casinos after six months of implementation.

"The GST Council’s intention is not to hurt the online gaming industry or states with casinos...I am proud to say that the Council discussed and understood the matter deeply and took a decision which had been pending for 2-3 years," Finance Minister Nirmala Sitharaman said in the press briefing.

The Council is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases.

They argued that such as a step of higher taxation will also motivate millions of tobacco users to quit and prevent youngsters from initiating tobacco use.

According to Johri, there is an expectation and acceptance that the Goods and Services Tax system will eventually move to one with three rates: a median rate, a merit rate, and a demerit rate.