U.P. launches initiative to broaden GST base
1 month, 3 weeks ago

U.P. launches initiative to broaden GST base

Hindustan Times  

Uttar Pradesh has launched a new initiative aimed at expanding its Goods and Services Tax base by focusing on untapped sectors within the service industry. Commissioner state tax, Nitin Bansal said the service sector has immense scope for broadening the tax bae in the state The state aims to enhance compliance and curb tax evasion by appointing officials to oversee specific sectors and ensure operations are scrutinised for irregularities. Commissioner state tax, Nitin Bansal said the service sector has immense scope for broadening the tax bae in the state. A key area identified for revenue generation is the transport department, where officials estimate ₹300 crore could be collected from VIP vehicle registration number auctions, subject to an 18% GST levy. The state’s tax department has already issued a notice to the transport department clarifying that revenue from VIP number auctions is taxable under GST.

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History of this topic

Opposition leaders press for simplification, reduction of GST
1 day, 22 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 …

The post-Budget agenda: How to make GST 'Good and Simple Tax'
1 month, 1 week 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 …

Towards a simple and rational GST
3 months ago

Towards a simple and rational GST

Hindustan Times  

Social media went pop over popcorn on Saturday, sharing details on the differential Goods and Services Tax rates on variants. But, two larger issues with India’s indirect tax regime need to be promptly addressed. The window for the rationalisation of the tax slabs has been extended, and it isn’t clear whether this will even happen The first has to do …

GST Council's key decisions: What's cheaper, what's costlier, and all other details
3 months ago

GST Council's key decisions: What's cheaper, what's costlier, and all other details

India Today  

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman on Saturday, introduced significant changes to the Goods and Services Tax framework. Several items and services will see a reduction in GST rates, offering financial relief: Fortified Rice Kernels : The GST rate on FRK has been reduced to 5% when supplied through the Public Distribution System. On …

GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, sweet popcorn to attract 18% tax
3 months ago

GST Council Meeting Highlights: Nirmala Sitharaman defers decision on insurance tax, sweet popcorn to attract 18% tax

Live Mint  

The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman in Jaisalmer, Rajasthan, introduced several updates to the taxation framework while deferring discussions on GST restructuring for insurance products. Finance Minister Nirmala Sitharaman, while addressing the media on Saturday, said the Bihar deputy chief minister Samrat Chaudhary felt that any decision on GST on health insurance would require GoM …

Council may increase GST rate on all kinds of used cars to 18 per cent
3 months ago

Council may increase GST rate on all kinds of used cars to 18 per cent

New Indian Express  

JAISALMER: The GST Council in its 55th meeting on Saturday is likely to announce changes in tax rates on several goods and services. As per sources, the fitment panel of the Council has decided to levy 18% GST on all kinds of used cars. The Council is likely to agree with the fitment panel’s recommendation and raise GST rate to …

GST council approves key reforms, defers decision on insurance premium tax cuts
3 months ago

GST council approves key reforms, defers decision on insurance premium tax cuts

India TV News  

The Goods and Services Tax Council, chaired by Finance Minister Nirmala Sitharaman, made significant decisions in its 55th meeting, aimed at streamlining the taxation system and curbing tax evasion. Other exemptions and clarifications Third-Party Motor Vehicle Premiums: Contributions made by general insurance companies to the Motor Vehicle Accident Fund, established under the Motor Vehicles Act, 1988, have been exempted from …

U.P.’s GST revenue grows 15%, surpassing national average
3 months, 1 week ago

U.P.’s GST revenue grows 15%, surpassing national average

Hindustan Times  

Uttar Pradesh has recorded impressive consumer spending trends, with a 15% growth in Goods and Services Tax revenue until November, surpassing the national average of 13%. U.P.’s GST revenue for the period reached ₹56,687 crore, up from ₹49,282 crore during the same period last year. are spending at levels comparable to, or in some cases higher than, residents of more …

No plans of 35% GST slab yet: MoS Finance
3 months, 1 week ago

No plans of 35% GST slab yet: MoS Finance

New Indian Express  

New Delhi: There are no plans yet to have a 35 percent tax slab under the Goods and Services Tax, and any decision on this would be taken together in consultation with GST Council, minister of state for finance, Pankaj Chaudhary told reporters in Delhi on Friday. The compensation cess levied under GST would cease to exist after March 2026, …

Lessons from India’s midnight tryst with fiscal destiny
8 months, 1 week ago

Lessons from India’s midnight tryst with fiscal destiny

New Indian Express  

At this point, Chidambaram passed a handwritten note to me and other finance ministry secretaries. This involved setting up the required technology systems, building a GST model that is revenue-neutral to the states, and achieving a grand bargain between states and the Centre to integrate divergent tax systems. It was known that the technology systems were not yet fully ready, …

A fresh start: On the Goods and Services Tax Council meet
8 months, 3 weeks ago

A fresh start: On the Goods and Services Tax Council meet

The Hindu  

The Goods and Services Tax Council was convened last week for the first time in nearly nine months. Apart from several industry-specific measures, a few of which will kick in with retrospective effect, the Council also opted to waive interest and penalty on tax dues for the first three years of GST, provided they are paid by March 2025. Beyond …

GST Council meeting today: Here are the five key expectations
9 months 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 …

GST dilemma: The burden of related party transactions
9 months 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, …

10 years of Modi government: Tax reforms, challenges
10 months, 2 weeks ago

10 years of Modi government: Tax reforms, challenges

New Indian Express  

NEW DELHI: In the last 10 years of Modi government rule, India has undergone marked tax reforms focused on streamlining the tax framework, enhancing compliance, and fostering transparency. Key reforms common to Customs, GST, income tax, and corporate tax include digitisation for e-filing and digital payments, real-time data sharing to detect tax frauds, faceless assessment and appeals, dispute resolution schemes …

Electricity under GST purview
1 year, 2 months ago

Electricity under GST purview

Deccan Chronicle  

New Delhi: The inclusion of electricity within the goods and services tax framework may be a reality soon as the government is exploring all the options in this regard. “As the power ministry is well aware of its potential effects, especially on the revenue loss for the industry, state revenues, and household electricity expenses, the Centre and states are jointly …

Government Explores Inclusion of Electricity in GST Framework
1 year, 2 months ago

Government Explores Inclusion of Electricity in GST Framework

Deccan Chronicle  

New Delhi: The inclusion of electricity within the goods and services tax framework may be a reality soon as the government is exploring all the options in this regard. “As the power ministry is well aware of its potential effects, especially on the revenue loss for the industry, state revenues, and household electricity expenses, the Centre and states are jointly …

GST regime has ‘very efficiently’ brought tax rates down: FM
1 year, 4 months ago

GST regime has ‘very efficiently’ brought tax rates down: FM

The Hindu  

Finance Minister Nirmala Sitharaman said on Tuesday that the Goods and Services Tax regime has “very efficiently” brought tax rates down and consumers now pay lower levies than they did in the earlier indirect tax regime. Ms. Sitharaman also urged businesses staying out of the GST system to come within its fold or risk losing prospective customers, adding that such …

At ₹1,713 cr, Punjab’s GST collection sees a spike of 31%
1 year, 6 months ago

At ₹1,713 cr, Punjab’s GST collection sees a spike of 31%

Hindustan Times  

The goods and services tax collection in Punjab reported a 31% year-on-year jump in August 2023 due to robust growth in business activities and increased monitoring to plug revenue leakages. In the first five-month period, the GST revenues are 28.20% higher this year than the collection during the same period last year, rising to ₹ 8,524.17 crore from ₹ 6,648.49 …

GST collection, devolution a success story in Northeast: Finance Minister Nirmala Sitharaman
1 year, 8 months ago

GST collection, devolution a success story in Northeast: Finance Minister Nirmala Sitharaman

The Hindu  

The northeastern States have scripted a success story in the collection and devolution of the Goods and Services Tax, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said, in Guwahati, on July 21. “According to the 2023 RBI report on State finances, the eight northeast States have registered a compounded annual GST hike of 27.5%,” she said. “Assam was …

Non-tax sops better for wooing investors: Revenue Secretary Sanjay Malhotra
1 year, 8 months ago

Non-tax sops better for wooing investors: Revenue Secretary Sanjay Malhotra

Live Mint  

The government is at an advanced stage of formulating a new piece of legislation to offer investors ready approvals for all requirements and replace the special economic zones Act and non-tax measures remain the preferred route for promoting new investments in the country, revenue secretary Sanjay Malhotra said in an interview. India has also given relief on ‘angel tax’ to …

GST Council to impose 28% tax on online gaming firms
1 year, 8 months ago

GST Council to impose 28% tax on online gaming firms

The Hindu  

The Goods and Services Tax Council, at its 50th meeting on July 11, reduced or clarified the tax rate on some items ranging from uncooked or unfried snack pellets to special utility vehicles, exempted imported drugs to treat cancer and rare diseases, and brought an end to a years-long debate on tax treatment of online gaming, casinos and horse racing. …

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 …

More GST related data may be made public: GSTN
1 year, 8 months ago

More GST related data may be made public: GSTN

Live Mint  

New Delhi: Goods and Services Tax Network, the company that processes GST returns may put more tax data related to geography and industry in the public domain, industry body Assocham said in a statement quoting chief executive of GSTN Manish Kumar Sinha. A committee is deliberating on placing more data in the public domain which will provide more insights on …

GST helped increase revenue buoyancy of states as all-round benefit stands out 'exemplary': FM
1 year, 8 months ago

GST helped increase revenue buoyancy of states as all-round benefit stands out 'exemplary': FM

India TV News  

Goods and Services Tax: Union Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax has strengthened the revenue buoyancy of states, and the all-around benefit stands out as "exemplary". Giving a comparison of the tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". …

GST has been a gamechanger for India’s economy
1 year, 8 months ago

GST has been a gamechanger for India’s economy

Live Mint  

Ahead of the launch of the goods and services tax on 1 July 2017, this newspaper on 6 June 2017 had published my piece titled ‘Indian GST: Unparalleled Tax Reform’ in which I had highlighted the unique features of India's GST regime such as the Dual GST structure; Integrated GST mechanism; invoice matching; single digital interface and the establishment of …

Petroleum products under GST framework if states agree: Nirmala
2 years, 1 month ago

Petroleum products under GST framework if states agree: Nirmala

Deccan Chronicle  

New Delhi: Finance minister Nirmala Sitharaman on Wednesday said that petroleum products can be included in the Goods and Services Tax framework once an agreement in this regard is reached among states. The minister said that the government in the 2023-24 budget increased the capital expenditure by 33 per cent to Rs 10 lakh crore. "This is the first time …

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 …

GST compensation sunset: Punjab, Goa, Chhattisgarh may face most revenue stress
2 years, 8 months ago

GST compensation sunset: Punjab, Goa, Chhattisgarh may face most revenue stress

The Hindu  

With the sunset of the five-year assured compensation for States under the Goods and Services Tax regime from this month, Punjab, Goa and Chhattisgarh are likely to face the most revenue stress, as per a new working paper by the National Institute of Public Finance and Policy. The paper, titled ‘Revenue Assessment of GST in India’ by NIPFP associate professor …

Goods and Services Tax: Faulty by design
2 years, 8 months ago

Goods and Services Tax: Faulty by design

The Hindu  

Published : Jul 10, 2022 18:00 IST Five years ago, India began its tryst with a brand new tax, one that promised deliverance to all Indians. The GST design revolves around the concept of a single unified tax replacing two sets of taxes in force until then: one was sacrificed by the Centre and the other by the States. Studies …

GST@5: Know Why It Was Introduced, What Are Challenges Now
2 years, 8 months ago

GST@5: Know Why It Was Introduced, What Are Challenges Now

News 18  

After a roller-coaster ride, the current indirect tax system, goods and services tax, has completed its five years of implementation on Friday. The regime, with a driving motto of ‘One Nation, One Market, One Tax’, subsumed in itself a majority of taxes and cesses of central and states on the sale of goods and services. The GST regime was brought …

GST Council bites the bullet
2 years, 8 months ago

GST Council bites the bullet

Hindustan Times  

Decisions taken in the 47th Goods and Services Tax Council meeting are on expected lines. The five-year window for guaranteed revenue compensation to states, which was a part of the original federal agreement on GST, has not been extended. While the argument might not be palatable to state governments, especially those ruled by the Opposition, phasing out the guaranteed compensation …

GST Council meet today: From tax on online casinos to decision on taxing crypto
2 years, 8 months ago

GST Council meet today: From tax on online casinos to decision on taxing crypto

Live Mint  

The 47th Goods and Services Tax council meeting 2022 is scheduled for today, 28 June and 29 June in Chandigarh. 47th GST Council meeting: What to expect GST rate rationalisation GST-council nominated Fitment Comittee has recommended to rationalise GST rates of a few items. An interim report of a group of ministers on rate rationalisation is likely to suggest correcting …

GST Council meet: States' compensation, easier e-comm suppliers' registration, tax tweaks on cards
2 years, 8 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 …

GST Council meeting: Two-day gathering commences in Chandigarh, Will Petrol-Diesel come under new tax regime?
2 years, 8 months ago

GST Council meeting: Two-day gathering commences in Chandigarh, Will Petrol-Diesel come under new tax regime?

India TV News  

GST Council meeting: Two-day gathering commences in Chandigarh, Will Petrol-Diesel come under new tax regime? Highlights The two-day GST Council is taking place in Chandigarh The meeting is headed by Union Finance Minister Nirmala Sitharaman Reports say discussions over bringing petrol, diesel under GST may take place GST council meeting: The two-day meeting of the GST Council is taking place …

Strengthening the GST regime
2 years, 8 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: What are the four different tax slabs under it
2 years, 9 months ago

GST: What are the four different tax slabs under it

Live Mint  

The Goods and Service Tax came into effect in India on July 1, 2017. GST structure in India has different slab rates that are applicable for different types of goods. 5 percent slab Some goods and services that fall under this category include tea, coffee, fertilizers, restaurant food, newspaper 12 percent slab Dry fruits, fruit juices, ghee, pen ink, milk …

Levy Of GST On Mining Royalty And Allied Charges: Jharkhand High Court Grants Interim Protection
2 years, 10 months ago

Levy Of GST On Mining Royalty And Allied Charges: Jharkhand High Court Grants Interim Protection

Live Law  

The Jharkhand High Court bench of Justice Aparesh Kumar Singh and Justice Deepak Roshan has granted interim protection on the levy of GST on mining royalty and allied charges. More than 10 writ petitions were filed challenging the show cause notices issued by the department directing them to furnish data relating to the payment of royalty against licencing services for …

GST: Govt Plans To Reduce Slabs; Tax To Increase On Goods And Services?
2 years, 11 months ago

GST: Govt Plans To Reduce Slabs; Tax To Increase On Goods And Services?

News 18  

The government is planning to raise the goods and services tax over the next two years and reduce the number of slabs, according to an FE report quoting sources. This may help the government raise tax collections and reduce inflation which is already at a 17-month high of 6.95 per cent. Currently, the GST system has four slabs — 5 …

Weekly Round-Up Of Tax Cases : April 3 To April 10, 2022
2 years, 11 months ago

Weekly Round-Up Of Tax Cases : April 3 To April 10, 2022

Live Law  

High Courts Delhi High Court Case Title: American Express India Private Limited Versus ACIT Citation: 2022 LiveLaw 289 The Delhi High Court bench of Justice Manmohan and Justice Dinesh Kumar Sharma has directed the income tax department to decide on the rectification application filed by American Express and grant a refund, if any, along with the interest. Case Title: CIT …

GST: Move to raise lowest slab to 8%
3 years ago

GST: Move to raise lowest slab to 8%

Deccan Chronicle  

New Delhi: Looking for various ways to augment revenue for the states and reduce their dependence on the Centre for compensation, the GST Council, in its forthcoming meeting, is likely to push for raising the lowest tax slab to 8 per cent from 5 per cent currently. Besides, luxury and sin goods attract cess on top of the highest 28 …

Enhanced GST revenue collections should now be 'new normal': Sitharaman
3 years, 8 months ago

Enhanced GST revenue collections should now be 'new normal': Sitharaman

India TV News  

Commending taxmen for the enforcement measures in dealing with GST fraud, Finance Minister Nirmala Sitharaman on Thursday said the enhanced revenue collection in the recent months should now be the "new normal". In a message to tax officers on the fourth anniversary of historic tax reform GST, she said in the last four years the taxpayer base has almost doubled …

’GST milestone in India’s economic landscape’: PM Modi lauds 4 yrs of tax regime
3 years, 8 months ago

’GST milestone in India’s economic landscape’: PM Modi lauds 4 yrs of tax regime

Live Mint  

Prime Minister Narendra Modi has praised the Goods and Services Tax for easing tax burden on taxpayers and increasing transparency over the past four years. The nationwide GST regime was rolled in 2017 to subsume and replace 17 local levies like excise duty, service tax and VAT and 13 cesses. The GST regime follows a four-rate structure that exempts or …

GST regime is in crisis
3 years, 9 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 …

Centre in favour of merging two tax brackets in GST
4 years, 1 month ago

Centre in favour of merging two tax brackets in GST

Hindustan Times  

The central government is in favour of merging the goods and services tax rates of 12% and 18% into a single slab, a top finance ministry official said, acceding to a demand first made by some states and endorsed by the Fifteenth Finance Commission. “Restoring revenue-neutral rate will mean merging the rates of 12% and 18% and operating with a …

Union Budget 2021: Oil and gas industry seeks roadmap of govt's vision to integrate it into GST regime
4 years, 2 months ago

Union Budget 2021: Oil and gas industry seeks roadmap of govt's vision to integrate it into GST regime

Firstpost  

In the wake of financial turmoil on account of COVID-19, the oil and gas industry is looking at Budget 2021 with great expectations to provide a fiscal stimulus and remove tax inconsistencies and administrative hurdles. The government may also consider exemption or rate rationalisation of goods and services procured for construction of cross-country petroleum and gas pipeline under the GST …

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report
4 years, 5 months ago

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report

News 18  

As the pandemic has severely hit businesses and more so in the case of automobiles, hospitality and real estate sectors, a PwC report has suggested the suspension of Goods and Services Tax on these sectors for a minimum of six months. The report titled “Reimagining GST@3" said that such a measure will provide much-needed cash liquidity to these sectors and …

States feel the pinch of giving up sovereignty for unified GST
4 years, 6 months ago

States feel the pinch of giving up sovereignty for unified GST

Live Mint  

State governments are now feeling the pinch of having sacrificed their sovereignty for a national goods and services tax, which subsumed 17 central and state indirect taxes and left little room for states to raise revenue on their own. In an interview with Mint, Delhi deputy chief minister Manish Sisodia said that there is a limit to raising taxes on …

GST Compensation: Centre Could Borrow to Pay States as Raising Taxes May be Counter-productive
4 years, 7 months ago

GST Compensation: Centre Could Borrow to Pay States as Raising Taxes May be Counter-productive

News 18  

The GST compensation due with the Centre for four months are enough to pay salaries to all Punjab government employees for two months, said the state’s finance minister Manpreet Singh Badal. He was responding to Union Food Processing Minister Harsimrat Kaur Badal over her assertion that the Centre has cleared the entire pending GST compensation amount for the state by …

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