GST 2.0 needed to streamline procedures, ease compliance through tiered approach: PAC
4 days, 14 hours ago

GST 2.0 needed to streamline procedures, ease compliance through tiered approach: PAC

The Hindu  

Batting for a simplified Goods & Services Tax regime, Parliament’s Public Accounts Committee has recommended that the Finance Ministry undertake a comprehensive review of the GST framework to identify and eliminate unnecessary procedures and requirements that complicate compliance. Criminal penalties The Committee has called for a revamped GST 2.0 after consultation with stakeholders, including trade associations and taxpayer groups, to address their concerns and to ensure the timely collection of taxes so that the declared objective of the GST regime — a simplified and rationalised indirect tax system — is established. Transparent refund system needed Flagging problems in the GST return filing mechanism, the PAC has recommended that the Ministry implement a more efficient and transparent refund processing system that includes clear timelines for processing claims and regular updates to taxpayers on the status of their refunds. The PAC has recommended that the Ministry implement a simplified GST compliance framework especially designed for MSMEs to fast-track and automate return filing and refund processing.

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History of this topic

Review GST framework: PAC suggestion to finance ministry
4 days, 3 hours ago

Review GST framework: PAC suggestion to finance ministry

Hindustan Times  

The Public Accounts Committee has recommended that the Union finance ministry undertake “a comprehensive review of the GST framework” to simplify the Goods and Services Tax regime while calling for a revamped GST 2.0. The PAC led by Congress lawmaker KC Venugopal suggested the government to review “streamlining the return filing process by consolidating forms and reducing the frequency of …

Opposition leaders press for simplification, reduction of GST
6 days, 14 hours ago

Opposition leaders press for simplification, reduction of GST

Live Mint  

New Delhi, Mar 24 Opposition members on Monday demanded the government to simplify and reduce the Goods and Services Tax as it is putting the burden on the poor. Participating in the debate on the Finance Bill 2025, Supriya Sule said GST needs lots of reform, and there is a need to bring down rates. The Finance Minister should answer …

Congress pitches for GST 2.0, says it supports a truly ‘good and simple tax’ regime
3 weeks ago

Congress pitches for GST 2.0, says it supports a truly ‘good and simple tax’ regime

The Hindu  

A day after Union Finance Minister Nirmala Sitharaman announced that Goods and Services Tax rates would be further rationalised, the Congress on Sunday argued for “more comprehensive changes” to the indirect tax regime. “The Indian National Congress had envisaged a GST 2.0 – a truly Good and Simple Tax - in its Nyay Patra for the 2024 Lok Sabha Elections, …

The post-Budget agenda: How to make GST 'Good and Simple Tax'
1 month, 2 weeks ago

The post-Budget agenda: How to make GST 'Good and Simple Tax'

India Today  

Good intention undone by poor implementation. At the SKOCH Summit in New Delhi in November 2024, M. Govinda Rao, economist and former member of the 14th Finance Commission, had said, “Globally, GST is considered a money machine. While political constraints may prevent a single rate, reducing the number of rates would bring clarity and efficiency.” At present, the GST structure …

Facing issues with GST portal? Govt likely to extend filing deadline for taxpayers
2 months, 3 weeks ago

Facing issues with GST portal? Govt likely to extend filing deadline for taxpayers

India TV News  

The Goods and Services Tax Network has identified major technical glitches with the GST portal, leading to discussions on a possible extension of GSTR-1 filing. Impact of GSTR-1 filing deadlines The last date for filing GSTR-1 for the December 2024 tax period is February 11, 2025, for regular taxpayers and February 13, 2025, for the Quarterly Return Monthly Payment scheme, …

BJP counters Congress’s charges on GST
2 months, 3 weeks ago

BJP counters Congress’s charges on GST

The Hindu  

The Bharatiya Janata Party on Thursday accused the Congress of misleading people on the issue of Goods and Services Tax. BJP national spokesperson and former Rajya Sabha MP, Syed Zafar Islam, in a press statement, said the Congress was “rattled by the implementation and success of GST because it no longer has any loopholes, depriving Congress of opportunities for corruption”. …

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy
2 months, 3 weeks ago

GST collection 2024: Congress alleges slowdown in GST collections; asks government to focus on complexities of economy

The Hindu  

The Congress on Friday claimed that the last quarter of the current fiscal year witnessed the “second-slowest pace” of collection of Goods and Services Tax in the past three years and urged the government to focus on the complexities of the economy instead of imposing tax on popcorn. Net GST growth slumps to 3.3% in December, as revenues slow and …

GSTR-9 simplified: Filing, features, deadlines and other details
3 months, 1 week ago

GSTR-9 simplified: Filing, features, deadlines and other details

India Today  

GSTR-9 is the annual return to be filed by taxpayers registered under Goods and Services Tax, offering a comprehensive overview of sales, purchases, and the GST charged and paid during the financial year. GSTR-9 is mandatory for GST taxpayers with an aggregate annual turnover exceeding Rs 2 crore for the financial year 2023-2024. However, the following categories are exempt from …

GST rate hike claims are ‘premature, speculative’
3 months, 3 weeks ago

GST rate hike claims are ‘premature, speculative’

The Hindu  

The Central Board of Indirect Taxes and Customs on Tuesday dismissed reports indicating significant indirect tax rate changes and hikes on the Goods and Services Tax rates of various goods and services, as “premature and speculative”, and stressed that a ministerial group tasked with rationalising the multiple GST rates is yet to finalise its recommendations. While the GST Council, which …

​Enhancing oversight: The Hindu Editorial on the GST Council meet and issues
6 months, 4 weeks ago

​Enhancing oversight: The Hindu Editorial on the GST Council meet and issues

The Hindu  

The Goods and Services Tax Council, entrusted with overseeing the seven-year-old indirect tax regime, is slated to meet on September 9. The Council, whose parleys steered by the Union Finance Minister with States’ representatives are critical for resolving taxpayer challenges and setting broader policy direction, ought to meet regularly at such frequency. Beyond the broader revamp, the Council could also …

Union Budget 2024: GST Reform Boosts Trade And Reduces Tax Burden, Says FM
8 months, 1 week ago

Union Budget 2024: GST Reform Boosts Trade And Reduces Tax Burden, Says FM

ABP News  

Union Budget 2024: Finance minister Nirmala Sitharaman in her Budget speech in the Lok Sabha on Tuesday highlighted the positive impacts of the Goods and Services Tax. Presenting the Union Budget 2024-25 in Parliament, Sitharaman praised GST for decreasing the tax burden on the common man, reducing compliance obligations, and lowering logistics costs for trade and industry. Further measures to …

DC Edit | GST breather for easier biz?
9 months ago

DC Edit | GST breather for easier biz?

Deccan Chronicle  

The recent Goods and Services Tax Council meeting was focussed on improving the ease of doing business in the country by reducing the compliance burden of businesses. According to the new limits, the department cannot appeal an adverse tax decision at the GST Appellate Tribunal unless tax involved is more than Rs 20 lakhs, at the high court Rs 1 …

GST Council Rolls Out GSTR-1A To Facilitate The Taxpayers To Amend Details In FORM GSTR-1
9 months, 1 week ago

GST Council Rolls Out GSTR-1A To Facilitate The Taxpayers To Amend Details In FORM GSTR-1

Live Law  

The Union Finance Minister, Nirmala Sitharaman in the 53rd GST Council Meeting proposed to roll out GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1.The Council recommended providing a new optional facility by way of FORM GSTR-1A to facilitate the taxpayers to amend the details in FORM GSTR-1 for a tax period and/ or to declare additional …

GST Council meeting today: Here are the five key expectations
9 months, 1 week ago

GST Council meeting today: Here are the five key expectations

Live Mint  

New Delhi: Goods and Services Tax Council is meeting in the capital after over eight months to discuss indirect tax matters, including further strengthening the tax ecosystem to make it foolproof. Law change on scope of GST The Council is expected to clear the text of legislative amendments to Central, State and Integrated GST laws to exclude extra-neutral alcohol, the …

53rd GST Council Meet Tomorrow: What's The Key Expectations?
9 months, 1 week ago

53rd GST Council Meet Tomorrow: What's The Key Expectations?

Live Law  

About Eight and a half months after its previous meeting, the Center has decided to call a meeting of the Goods and Services Tax Council on June 22, 2024.Although the meeting's agenda is yet unknown, state finance ministers should bring forth ideas for an indirect tax system that might be included in the Union Budget, which is anticipated to be …

GST dilemma: The burden of related party transactions
9 months, 1 week ago

GST dilemma: The burden of related party transactions

New Indian Express  

Introduction: The Goods and Services Tax marks a pivotal transformation in the landscape of taxation, fundamentally altering the way taxes are assessed and collected. Delving into its intricacies, particularly concerning Related Party Transactions, holds paramount importance for businesses endeavouring to navigate the realms of regulatory compliance and financial prudence effectively. GST implementation & Objectives: Introduced in India in July 2017, …

A reform window: On the GST trajectory
11 months, 4 weeks ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

Sitharaman to Inaugurate GST Enforcement Chiefs' Meet on March 4
1 year ago

Sitharaman to Inaugurate GST Enforcement Chiefs' Meet on March 4

Deccan Chronicle  

New Delhi: Marking a significant step in strengthening the enforcement mechanism in goods and services tax, the government on Sunday said that Union Minister for Finance and Corporate Affairs Nirmala Sitharaman on Monday will hold a one-day conference of enforcement chiefs of all states and central GST officers to tackle tax evasion. February’s GST revenue growth reflected the third highest …

GST Needs A Robust Dispute-Resolution Mechanism - News18
1 year, 1 month ago

GST Needs A Robust Dispute-Resolution Mechanism - News18

News 18  

The Goods and Services Tax was introduced to rationalise the indirect tax system in India, thereby creating a common national market for goods and services. Disputes on an interpretation of the law, unsatisfactory advance ruling mechanism, and revenue-centric approach by tax authorities have led to an increase in litigation. For example, the ‘Sabka Vishwas Scheme 2019’ resolved around 49,534 pre-GST …

GST authorities drop plans to enforce stricter e-way bill norms
1 year, 2 months ago

GST authorities drop plans to enforce stricter e-way bill norms

Live Mint  

New Delhi: Goods and Services Tax authorities have dropped a plan to block generation of goods transportation permits, or e-way bills, from 1 March for companies that fail to produce 'e-invoices' for their wholesale transactions through designated portals. They automatically update transaction data in other tax documents like e-way bills and GST returns, enhancing economic activity oversight. The National Informatics …

Bringing GST under PMLA could lead to tax terrorism
1 year, 8 months ago

Bringing GST under PMLA could lead to tax terrorism

Live Mint  

On July 8 the Indian government amended provisions of the Prevention of Money Laundering Act to allow the Enforcement Directorate and the Financial Intelligence Unit to share information with the GST Network. News reports have tended to view the development as the government bringing the GST Network under the purview of PMLA, complete with its arbitrary powers of investigation and …

GST Council to weigh tax cuts on select items
1 year, 8 months ago

GST Council to weigh tax cuts on select items

Live Mint  

The goods and services tax Council meeting next week will discuss tax relief on certain medicines, farm products, arthroplasty implants, and services such as satellite launches by private organizations, a person with direct knowledge of the matter said. A committee of officers that reviews proposals for tax rate changes, called the fitment committee, has recommended lowering the GST rates on …

An incomplete reform: on six years of the Goods and Services Tax
1 year, 8 months ago

An incomplete reform: on six years of the Goods and Services Tax

The Hindu  

India’s tryst with the Goods and Services Tax, launched at a special midnight Parliament session with unusual fanfare, completed six years this month. Marking the occasion, Finance Minister Nirmala Sitharaman emphasised that the GST has moved the country towards a unified market from a situation where each State mandated different indirect tax structures and procedures, while inter-State borders were marked …

CAIT calls for fresh review of GST on its 6th anniversary
1 year, 8 months ago

CAIT calls for fresh review of GST on its 6th anniversary

India TV News  

Traders' body CAIT on Saturday called for a fresh review of GST and said a special task force should be constituted to suggest ways to reduce multiplicity of laws and regulations on traders under the indirect tax system. CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current …

7 common mistakes to avoid while filing GST
1 year, 9 months ago

7 common mistakes to avoid while filing GST

India Today  

Accurate filing of Goods and Service Tax returns is crucial to avoid unnecessary reconciliation and ensure compliance. UNDERSTANDING GST RETURNS: A GST return is a comprehensive document that encompasses all income, sales, expenses, and purchases that GST-registered taxpayers are required to report to the tax authorities. TYPES OF GST RETURNS: The Goods and Service Tax has a range of returns, …

CBIC Rolls Out Automated Return Scrutiny Module For GST Returns In ACES-GGST Backend Application For Central Tax Officers
1 year, 10 months ago

CBIC Rolls Out Automated Return Scrutiny Module For GST Returns In ACES-GGST Backend Application For Central Tax Officers

Live Law  

The Central Board of Indirect Taxes and Customs has rolled out the Automated Return Scrutiny Module for GST returns in the ACES-GST backend application for Central Tax Officers.During the recent review of the performance of the CBIC, Union Minister for Finance and Corporate Affairs Smt. The Central Board of Indirect Taxes and Customs has rolled out the Automated Return Scrutiny …

Finance Minister Nirmala Sitharaman asks CBIC to introduce automated GST scrutiny system by next week
1 year, 11 months ago

Finance Minister Nirmala Sitharaman asks CBIC to introduce automated GST scrutiny system by next week

India TV News  

New Delhi: Finance Minister Nirmala Sitharaman on Saturday asked the Central Board of Indirect Taxes & Customs to increase the taxpayer base and introduce an automated GST return scrutiny system by next week. The average gross monthly GST collection for 2022-23 stood at Rs 1.51 lakh crore and monthly GST revenue collections exceeded Rs 1.4 lakh crore for 12 months …

Reform reluctance: On the 49th GST council meeting
2 years, 1 month ago

Reform reluctance: On the 49th GST council meeting

The Hindu  

Meeting in person after nearly eight months, the Goods and Services Tax Council last Saturday reached a broad consensus on establishing GST Appellate Tribunals to resolve disputes under the tax regime launched in July 2017. This raises hopes of quicker disposal of GST disagreements that are adding to courts’ caseloads, but the reason for delaying this vital cog of the …

GST Council Meeting Starts; Key Matters on Agenda
2 years, 1 month ago

GST Council Meeting Starts; Key Matters on Agenda

News 18  

The GST Council meeting started here on Saturday and is likely to discuss setting up of appellate tribunals, and mechanism to curb tax evasion in pan masala and gutkha business, among other matters. Union Finance Minister Nirmala Sitharaman is chairing the 49th meeting of the GST Council. “Along with the Union Finance Minister, Union Minister of State for Finance Shri …

GST Council may take call on online game tax
2 years, 3 months ago

GST Council may take call on online game tax

Deccan Chronicle  

NEW DELHI: The Goods and Services Tax Council, which is scheduled to meet on December 17, is likely to discuss a host of issues that have arisen following the recommendations of the GST fitment panel. “The Council may also discuss certain tax rate changes for various sectors like textile, insurance among others, but a rate cut in the tax on …

Govt extends deadline for filing September GST return till Oct 21
2 years, 5 months ago

Govt extends deadline for filing September GST return till Oct 21

India TV News  

Highlights Monthly return and tax payment form GSTR-3B is filed in staggered manner The form is filed between the 20th, 22nd, and 24th of each month by taxpayers GST Network provides the technology backend for running Goods and Services Tax The government has extended the deadline for filing GST returns for the month of September by a day to October …

In charts, the GST’s five-year report card
2 years, 9 months ago

In charts, the GST’s five-year report card

Live Mint  

Five years ago, the goods and services tax was launched as one of India’s biggest reforms in recent years, with the purpose of making indirect taxes “good and simple". View Full Image Chart-1 The GST regime has completed five years and the guaranteed compensation for loss in revenue to states ceases to exist. View Full Image Chart-2A View Full Image …

GST Meet Highlights: GoM Suggestions on GST Exemptions, Correction of Inverted Duty Accepted, Says FM
2 years, 9 months ago

GST Meet Highlights: GoM Suggestions on GST Exemptions, Correction of Inverted Duty Accepted, Says FM

News 18  

Finance minister Nirmala Sitharaman announced the outcome of the 47th Goods and Service Tax Council meeting on Wednesday. “Highlight of this meeting was that we could consider, discuss and decide on four Group of Ministers reports on exemptions, correction of inverted duty structure, finance minister,” said while announcing the outcome of the 47th GST meeting. The GST Council also decided …

GST Council Meet: Pre-Packed Items Under GST; 28% Tax On Casino Deferred; Key Decisions
2 years, 9 months ago

GST Council Meet: Pre-Packed Items Under GST; 28% Tax On Casino Deferred; Key Decisions

News 18  

The GST Council on Wednesday decided to accept the group of ministers’ interim reports on the correction of duty inversion and exemption. The Council has also decided to impose a GST of 18 per cent on the fees charged by banks for the issue of cheques ; bring hotel rooms under Rs 1,000 per day under the 12 per cent …

GST Council Amends GSTR-3B, Extends GSTR-4 Deadline, Eases Compliance for Taxpayers
2 years, 9 months ago

GST Council Amends GSTR-3B, Extends GSTR-4 Deadline, Eases Compliance for Taxpayers

News 18  

To ease the burden on the taxpayers, the Goods and Service Tax Council has decided a host of changes in its two-day meeting, starting on Tuesday. In the wake of Covid-19 outbreak, the GST Council has waived requirement for filing refund claims by condoning the two-year period between March 1 2020 and February 28 2022, sources told CNBC-TV18. The GST …

GST Council meet: States' compensation, easier e-comm suppliers' registration, tax tweaks on cards
2 years, 9 months ago

GST Council meet: States' compensation, easier e-comm suppliers' registration, tax tweaks on cards

India TV News  

GST Council meet: The 47th GST Council meeting that is currently underway is slated to discuss a host of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers. Further, the meeting of the Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state …

Strengthening the GST regime
2 years, 9 months ago

Strengthening the GST regime

Hindustan Times  

The two-day meeting of the Goods and Services Tax Council that starts on Tuesday is the 47th of the body – but it is likely the most important to date. When the GST law was passed in 2017, states were assured they would be compensated for the potential loss of revenue on account of moving to the GST regime. The …

GST Council Likely To Discuss Changes In Tax Rates On 14 Items, Ease Compliance
2 years, 9 months ago

GST Council Likely To Discuss Changes In Tax Rates On 14 Items, Ease Compliance

News 18  

The GST Council, which is scheduled to meet next week in Chandigarh, is likely to discuss changes in tax rates on 14 items recommended by the Fitment Committee, according to a CNBC-TV18 report. The fitment panel, which comprises officers from the Centre and states, has recommended a hike in GST rate on cut and polished diamonds to 1.5 per cent …

GST Council-Appointed GoM to Meet on June 17; Likely To Discuss GST Rate Rationalisation
2 years, 9 months ago

GST Council-Appointed GoM to Meet on June 17; Likely To Discuss GST Rate Rationalisation

News 18  

Karnataka Chief Minister Basavaraj Bommai-led group of ministers, which was set up last year by the GST Council to suggest ways for augmenting revenue by rationalising tax rates and correcting anomalies in the tax structure, is likely to meet on June 17. The 18 per cent slab has 480 items, from which about 70 per cent of the GST collections …

Amendments in GST regime to be implemented from 1 January: All you need to know
3 years, 3 months ago

Amendments in GST regime to be implemented from 1 January: All you need to know

Firstpost  

From 1 January, it will also be mandatory for all businesses to get an Aadhaar authentication for claiming their GST funds In order to prevent fraudulent activities pertaining to billing and recovery, the Union government has made changes to the current Goods and Services Tax regime. New GST Rules -Currently, a company has to file two monthly returns which are …

GST rule change to limit tax credits
3 years, 6 months ago

GST rule change to limit tax credits

Live Mint  

New Delhi: A rule change cleared by the federal indirect tax body, the Goods and Services Tax Council, last week shows the government’s intention to restrict input tax credits to businesses, PwC said in an analysis of the Council’s decisions. The Council had said a rule relating to input tax credits would be amended to align it with a new …

SC asks GST Council to look into anomalies related to refund assessment formula
3 years, 6 months ago

SC asks GST Council to look into anomalies related to refund assessment formula

India Today  

The Supreme Court has asked the Goods and Services Tax Council to take note of anomalies in the present act and look into the assessment formula for claiming refunds. Citing the law under the GST Act, the court said refund of the input tax credit will be in specific conditions. The court said that the legislature has made the distinction …

GST 4th anniversary: Hits and misses under ambitious tax regime
3 years, 8 months ago

GST 4th anniversary: Hits and misses under ambitious tax regime

India Today  

One of Prime Minister Narendra Modi’s most ambitious initiatives after assuming office was the rollout of the Goods and Services Tax. Read | GST 4th anniversary: Finance Ministry to issue appreciation certificates to 54,439 GST payers EXEMPTIONS UNDER GST In an attempt to boost small establishments, the GST Council decided that businesses with an annual turnover of up to Rs …

GST regime is in crisis
3 years, 10 months ago

GST regime is in crisis

Hindustan Times  

The Goods and Services Tax Council will meet on May 28 after a gap of seven months. Many state governments, which are ruled by parties opposed to the Bharatiya Janata Party, have demanded a GST waiver on various kinds of medicinal supplies being used for treating Covid-19. Using GST Council meetings to tweak GST rates on various commodities – Gujarati …

Rule tightening by bureaucrats likely to be questioned in GST Council meet
3 years, 10 months ago

Rule tightening by bureaucrats likely to be questioned in GST Council meet

Live Mint  

The practice of rule-tightening by bureaucrats for stricter enforcement of goods and services tax compliance away from the political oversight of the GST Council and with serious impact on the industry is set to be questioned in Friday’s GST Council meet. Punjab finance minister Manpreet Singh Badal has informed Union finance minister Nirmala Sitharaman that these bureaucratic decisions—ranging from restricting …

Govt extends due date for filing FY20 GST annual returns till March 31
4 years, 1 month ago

Govt extends due date for filing FY20 GST annual returns till March 31

India TV News  

The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. “In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with …

Traders urge Finance minister, GST council to modify new GST notification
4 years, 3 months ago

Traders urge Finance minister, GST council to modify new GST notification

India TV News  

Trading community on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax Council to withdraw certain provisions of the new GST notification issued a few days back. In a memorandum, Federation of All India Vyapar Mandal- a national body of small traders - advocating for a single-point GST collection, urged for certain changes in the …

New rules to sign up for GST
4 years, 4 months ago

New rules to sign up for GST

Live Mint  

An overhaul of the goods and services tax registration process and suspension of the registration of businesses identified as risky are among the proposals of a panel of officials attached to the GST Council. The recommendations include the use of Aadhaar or Aadhaar-like biometric identification for new registrations, steps to identify businesses that pose a risk of revenue loss to …

Deadline for Filing FY19 GST Annual Returns Extended Till December 31
4 years, 5 months ago

Deadline for Filing FY19 GST Annual Returns Extended Till December 31

News 18  

The government on Saturday extended the deadline for furnishing GST annual returns for FY 2018-19 by two months till December 31. The government had last month extended the last date for filing GST annual return and audit report for the 2018-19 fiscal by a month till October 31, 2020. In a statement, the Central Board of Indirect Taxes and Customs …

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