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GST

Proposed Tax Changes Could Impact Cigarettes, Tobacco, and Pan Masala

Proposed Tax Changes Could Impact Cigarettes, Tobacco, and Pan Masala

03 Dec 2024

The Group of Ministers (GoM) on Rate Rationalisation met for the third time yesterday. They proposed a new tax treatment for sin goods such as cigarettes, tobacco, and pan masala. Finance ministry sources confirmed this development. However, the final decision will be made by the council in its meeting in...

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GST Collections Surge in October, Reaching Rs 1.87 Lakh Crore

GST Collections Surge in October, Reaching Rs 1.87 Lakh Crore

01 Nov 2024

Goods and Services Tax (GST) collections in October 2023 witnessed a significant increase, totaling Rs 1.87 lakh crore, marking an 8.9% rise compared to the same month last year, according to data released by the finance ministry on Friday. This is an increase from Rs 1.72 lakh crore collected in...

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GST Authority Rules Softy Ice Cream Not a Milk Product, Imposes 18% Tax

GST Authority Rules Softy Ice Cream Not a Milk Product, Imposes 18% Tax

22 Oct 2024

The GST authority has ruled that softy ice cream does not qualify as a milk product, with the Rajasthan Bench of the Authority for Advance Rulings (AAR) stating that the primary ingredient is sugar rather than milk. As a result, an 18% Goods and Services Tax (GST) will be applicable,...

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“Can’t impose GST on something as essential as life insurance,” says Congress MP Shashi Tharoor

“Can’t impose GST on something as essential as life insurance,” says Congress MP Shashi Tharoor

06 Aug 2024

Reacting to the 18% GST implemented on life and medical insurance premiums, Congress MP Shashi Tharoor stated on Tuesday that imposing GST on something as essential as life insurance is unacceptable. He emphasized that India already has the highest out-of-pocket healthcare expenses, and adding an 18% GST is unfair. "You...

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Infosys Granted ₹3,898 Crore GST Relief For 2017-18 Amidst Larger Tax Notice

Infosys Granted ₹3,898 Crore GST Relief For 2017-18 Amidst Larger Tax Notice

04 Aug 2024

Infosys Ltd has been granted a tax relief of ₹3,898 crore for the financial year 2017-18, as detailed in a company filing to the exchanges. The IT giant had previously received a pre-show cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) for the period from...

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Modi 3.0’s First Budget Addresses Election Setback To A Great Extent

Modi 3.0’s First Budget Addresses Election Setback To A Great Extent

27 Jul 2024

Modi 3.0’s first budget addressed two concerns of the electorate that pushed the BJP to fall short of majority and ended up as a true coalition government headed by Narendra Modi. Although the retail CPI inflation on average has been hovering between 5% and 6% in the Modi 2.0 era,...

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Will Your Foreign Trips Become Cheaper? Big GST Decision on Airlines Likely

Will Your Foreign Trips Become Cheaper? Big GST Decision on Airlines Likely

22 Jun 2024

Marking great news for international travellers, flight tickets for foreign countries are likely to get cheaper after Saturday’s GST Council meeting. Several reports suggest that the Goods and Sevices Tax Council is likely to give tax relief to foreign airlines in terms of certain services provided by them. This comes...

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GST Council Meet: What Will Be The Key Agenda?

GST Council Meet: What Will Be The Key Agenda?

20 Jun 2024

With barely days left for the June 22 GST council meet, and no agenda decided yet. It is expected that state finance ministers might provide suggestions on indirect taxes, which might be included in the upcoming union budget. Moreover, with GST revenue showing a notable increase, the industry is closely...

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GST Council Likely To Remove Retro Tax On Online Gaming Companies

GST Council Likely To Remove Retro Tax On Online Gaming Companies

19 Jun 2024

Providing a potential relief to gaming companies, the GST Council might consider amending the Central Goods and Services Tax (CGST) Act, 2017, likely removing retro tax on gaming companies. Introduced by the law committee, this proposal aims to deal with tax notices, where low taxes are paid due to issues with...

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53rd Meeting Of GST Council To Be Held On June 22 In Delhi

53rd Meeting Of GST Council To Be Held On June 22 In Delhi

13 Jun 2024

The 53rd GST Council meeting will be conducted on June 22, 2024, at the national capital New Delhi. 'The 53rd meeting of the GST Council will be held on 22nd June 2024 at New Delhi' announced GST council on Thursday. The 53rd meeting of the GST Council will be held...

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