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Law committee recommends amendment to CGST law to quash retro tax notice

The law committee under the goods and services tax (GST) council has recommended an amendment to GST act to raise tax notices where the low tax was paid due to interpretation of law or lack of clarity, ET has learnt. Read more...

Most of top-level executives have positive perception of GST: Deloitte survey

An increasing number of C-suite executives have a positive perception of GST with many highlighting further reforms like rationalising tax rates and effective dispute resolution process as focus areas to usher in GST 2.0, a Deloitte survey said on Wednesday. Read more...

?13cr GST fraud: Court denies bail to trader, orders probe against taxmen

A local court denied pre-arrest bail to a businessman accused of a Rs 13 crore GST fraud by claiming input tax credit (ITC), saying the fraud could not have been done without the connivance of govt officials. The fraud came to light during an inspection in 2021. The court has now directed police to initiate a probe against tax officials. Read more...

A struggle to survive as online gaming companies continue to subsume 28% GST

Organisms that are better adapted to their environment are best suited to survive and successfully reproduce.” Charles Robert Darwin’s theory on ‘Natural Selection’ couldn’t have been more accurate. Read more...

Budget 2024: Why Delta Corp share price is rising amid GST cut speculations

After bottoming out at around ?110 per share, Delta Corp share price ended at ?136 last Friday, a 24% rise in two weeks. Read more...

GST council may cut upfront payment for tax appeal to 7%

The Goods and Services Tax Council, at its meeting on June 22, may consider a proposal to reduce upfront payment required to be deposited prior to filing of a tax appeal to 7% of disputed tax amount from 10% now, ET has learnt. Read more...

Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand

If you receive a GST demand order, you have the option to either file an appeal against it or pay the demand amount. However, if GST officials believe that it is necessary to ask for payment before the stipulated time (three months) for the interest of revenue, they can do so. Read more...

Bring petroleum products, electricity and real estate under GST: CII president Sanjiv Puri

The Modi 3.0 government should streamline the goods and services tax (GST) into a three-rate structure and extend it to petroleum products, electricity and real estate, CII president Sanjiv Puri said on Thursday. Read more...

Morbi Ceramic explains what GST on gas will mean for the industry

If the government considers this under GST slab, the GST what we are paying right now will be 6% benefit to the industry," says Shailesh Vasnani, Vice President of Morbi Ceramic Association. Read more...

NDA 3.0: Coalition government unlikely to impact GST reforms. Power of tax officers may be reviewed

Ahead of the Goods and Services Tax (GST) Council’s meeting on June 22, legal experts who spoke with Moneycontrol said that the proposed GST reforms were likely to continue unhindered despite the coalition government at the centre. Read more...

Strategic reforms in customs duties, GST, commerce to push India's inclusive growth: GTRI

Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday. Read more...

Panel on rejigging GST rates due for another revamp, to meet before Budget

The Goods and Services Tax (GST) council, at its meeting before the full Budget for 2024-25 (FY25), is expected to once again change the composition of the group of ministers on rate rationalisation. Read more...

Modi 3.0 gets feedback on key schemes; focus on jobs, credit for MSME, export push, PLI review: CNBC-TV18

The newly formed NDA government has received specific feedback based on which it may take up key proposals to expand and review its flagship developmental programmes, including ramping up allocations, focus on job creation and a comprehensive review of the PLI scheme, sources told CNBC-TV18. Read more...

International Road Federation wants no GST on helmets to make it more affordable

International Road Federation (IRF) on Wednesday urged the Goods and Services Tax (GST) Council and the Ministry of Finance to reduce tax on helmets from 18 per cent to nil, to encourage the use of the safety gear. Read more...

Petrol-diesel under GST? New govt hopes to get an old task done; not in favour to sell stake in OMCs

The Central government will make efforts to bring petrol, diesel and natural gas under the ambit of Goods and Services Tax (GST), ETNow cited Indias oil minister Hardeep Singh Puri as saying, as he assumed charge in the new cabinet on Tuesday. Read more...

Jobs, growth, Budget, Bills and GST: For FM Nirmala Sitharaman and her officials, it’s busy days ahead

Soon after the official announcement on the allocation of portfolios in the new Cabinet of the NDA government, it was business as usual in the ministries. Read more...

Regulatory clarity, GST resolution top gaming firms’ wish list for new govt

A key task for the new government would be to provide clarity on the much-needed regulations for the online gaming sector, besides resolving the higher goods and services tax (GST) issue — especially related to retrospective tax notices — policy experts and industry representatives said. Read more...

Telangana to boost investments with new MSME clusters

In order to attract more investments, the Telangana government is mulling setting up more Micro, Small and Medium Enterprises (MSME) clusters. The Telangana State Industrial Infrastructure Corporation (TGIIC) is identifying the land to accommodate the companies that have come forward to invest in Telangana. Read more...

Natural gas under GST could improve tax inefficiencies, say brokerages; GAIL, Mahanagar Gas to benefit

The government could be reviving talks to bring natural gas under the purview of the Goods and Services Tax (GST), according to reports. Read more...

GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. Read more...

GST department makes one more arrest under Operation Palm Tree

The Kerala State Goods and Services Tax (SGST) department has made one more arrest under Operation Palm Tree, a drive launched on May 23 targeting scrap trade in which tax evasion to the tune of ?209 crore was detected. Read more...

Simplifying GST for the EV sector — these are the key changes and their likely implications anticipated

Consumer interest in electric vehicle (EV) and its sales has surged with rising fuel costs in India. The access to subsidies and development of supporting infrastructure has helped in the boom. India’s pledge at the COP26 summit to achieve net-zero emissions would require more policy initiatives for making the capital incentive EV ecosystem more resilient. Read more...

New government must untangle the GST complexities, says trade body

The bonafide grievances of traders related to the highly-complicated GST system must be addressed by the new government to be formed at the Centre, said Agro Food Chamber of Commerce and Industry. Read more...

Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi

Notwithstanding a below par election outcome, Narendra Modi-led National Democratic Alliance (NDA) government could still be in a position to bring the gas sector under the purview of Goods and Services Tax (GST) tax, Citi Research said in a note. Read more...

Noida Police slaps Gangsters Act against 33 in GST fraud case

The Noida police on Monday said that charges under the Gangsters Act have been invoked against 33 of the 45 accused arrested till date in the Goods and Services Tax (GST) fraud case. Read more...

Centre proposes new excise law, ease of doing business in focus

The Central Board of Indirect Taxes & Customs has invited suggestions on the draft ‘Central Excise Bill, 2024’, which aims to enact a comprehensive modern central excise law with an emphasis on promoting ease of doing business and repealing old and redundant provisions. Read more...

GST probe wing set to widen scrutiny of pharma companies

The Directorate General of GST Intelligence (DGGI) is set to intensify the scrutiny of suspected tax evasion by pharmaceutical companies, over non-payment of dues. In addition to the notices sent already, the DGGI is likely to ask many more companies to explain what it perceives as under-payment of tax by them in the current year, FE has learnt. Read more...

For its third session, ET Make in India SME Regional Summit heads to Kolkata

The Economictimes.com is set to host the third session of the ET Make in India SME Regional Summit in Kolkata on June 8. Read more...

India’s GST Collection soars to ?1.73 lakh crore in May 2024, Achieving 10% YoY Growth

India’s Gross Goods and Services Tax (GST) revenue for May 2024 reached an impressive ?1.73 lakh crore, marking a significant 10% year-on-year increase. Read more...

CBIC issues instructions for initiating early GST recovery

The CBIC has said the Principal Commissioner or commissioner level officers can issue directions to recover GST dues before the stipulated three months of serving of demand order. Read more...

Madras HC stays Rs 9.6 crore GST notice issued to state electricity regulator

A GST demand notice seeking 9.6 crore from Tamil Nadu Electricity Regulatory Commission (TNERC) for the period between 2017 and 2022 has been stayed by Madras high court. Read more...

Deputy State Tax Officer denied bail in GST fraud case in Hyderabad

The special court in Hyderabad denied the bail petition of Vemavarapu Venkata Ramana, Deputy State Tax Officer (DSTO) of State Taxes, Madhapur-II circle, in a GST fraud case on Friday. Read more...

Madras HC stays GST demand notice of Rs 7 crore issued to TNERC

The Madras High Court on Wednesday stayed the notice issued by the Directorate General of Goods and Services Tax Intelligence (DGGSTI) demanding Rs 6.97 crore tax for various services offered by the Tamil Nadu Electricity Regulatory Commission (TNERC). Read more...

Small traders happy with Rahul: Cong leader’s GST remark in Odisha brings smile to businessmen

Ganesh Chandra Jena, a small-time businessman from Bahanga in Balasore, is quite disheartened by the imposition of GST on every item. Read more...

Bringing natural gas under GST will lead to faster adoption: Oil secy

Taxation on natural gas remains key to increasing the use of natural gas in the economy, and the government is cautiously optimistic about bringing the fuel within the fold of the Goods and Services Tax (GST) regime in 2024-25, Petroleum Secretary Pankaj Jain said on Wednesday. Read more...

Madras HC stays GST demand notice of Rs 7 crore issued to TNERC

The Madras High Court on Wednesday stayed the notice issued by the Directorate General of Goods and Services Tax Intelligence (DGGSTI) demanding Rs 6.97 crore tax for various services offered by the Tamil Nadu Electricity Regulatory Commission (TNERC). Read more...

Chhattisgarh govt tightens GST E-Way Bill provisions to curb tax evasion

In a significant move aimed at bolstering the monitoring of tax evasion, Chhattisgarh govt has issued a new notification, effective immediately, mandating the generation of e-way bills for all intra-state goods movement over ?50,000. Read more...

Govt to integrate data repositories to curb GST evasion, fraud

The Central Board of Indirect Taxes and Customs (CBIC) is mulling to merge its existing database of DG (Systems) with that of Goods and Services Tax Network (GSTN) in order to expand its coverage of taxpayer activities, and curb tax evasion, a senior official told FE. “The CBIC is likely to adopt GSTN as the prime database, starting the first week of June,” the official said. Read more...

Will exclude agricultural equipment from GST ambit if voted to power, says Mallikarjun Kharge in Punjab

Congress National President Mallikarjun Kharge said on Tuesday that if the INDIA bloc comes to power at the Centre, they will exclude agricultural equipment from the GST ambit. Read more...

Suryapet collector forms panel to probe Dalit Bandhu GST scam

Taking cognisance of a report published by TNIE on Monday with the headline: “Dalit HRF alleges scam worth crores in Bandhu scheme implementation”, Suryapet district collector S Venkat Rao formed a committee to probe irregularities in execution of the scheme in Tirumalagiri mandal. Read more...

In relief to MSMEs, TNERC orders status quo on open access regulations

In a major relief to Micro, Small & Medium Enterprises (MSMEs), the Tamil Nadu Electricity Regulatory Commission (TNERC) ordered status quo on regulations allowing open access to consumers connected with less than 1 MW load under the HT category. Read more...

India mulls GST relief for foreign airlines; fitment committee to review

India may consider exempting services rendered between the head offices and local branches of foreign airline operators from the goods and services tax (GST). Read more...

Operation Palm Tree: Kerala GST dept. stands vindicated as it lands windfall of ?209 crore against ?46 lakh spent on residential training

Kerala’s State Goods and Services Tax (SGST) department stands vindicated on the utility of its six-day residential training programme being held for 300 officials at the Kakkanad-based Rajagiri School of Engineering and Technology thanks to the day-long Statewide raid, Operation Palm Tree, targeting scrap trade in which tax evasion to the tune of ?209 crore was detected on May 23. Read more...

India's GST revenue has touch a new high; can it be sustained?

It took a little less than seven years since its introduction on July 1, 2017, for the goods and services tax (GST) to cross the Rs2 lakh crore-mark in April 2024. At Rs2.1 lakh crore, registering a 12.5% growth year-on-year, this was the highest ever monthly collection from the indirect tax levy. Read more...

India mulls GST relief for foreign airlines; fitment committee to review

India may consider exempting services rendered between the head offices and local branches of foreign airline operators from the goods and services tax (GST). Read more...

ICICI Lombard receives GST show cause notice worth Rs 288 crore for FY20

ICICI Lombard disclosed to stock exchanges on May 23 that it has received a show cause notice from the GST Officer of the Department of Trade & Taxes, Government of N.C.T. of Delhi. The insurance firm said the notice seeks clarifications regarding an alleged GST liability for the period from April 2019 to March 2020. Read more...

Angel tax destroyed startup ecosystem, GST killed gaming industry, says Priyank Kharge

Karnatakas IT/BT Minister Priyank Kharge on Wednesday said startups, entrepreneurs, venture capitalists and industry captains have been forced to take a “stand” or “endorse” the NDA regime, despite the government having done little to address their issues. Read more...

Major rejig of Customs duty, GST being planned

The government has identified a clutch of products where inverted duty structure is distorting trade and impacting manufacturing competitiveness and has initiated the process to address the issue, a senior official said. Read more...

Green energy research report calls for GST cut on hydropower, wind projects

A study by the Institute of Energy Economics and Financial Analysis (IEEFA) and JMK Research has listed out a series of recommendations for the country to reach its target of 500 gigawatts (GW) of renewable energy capacity by 2030. Read more...

GST evasion in construction, works contracts exceeds ?10,000 crore in FY24

As the Narendra Modi government plugs Goods and Services Tax (GST) leakage across the country, over ?10,000 crore of evasion has been claimed on account of works contracts and construction services in the last fiscal, sources have told CNBC-TV18. Read more...

GST on online gaming: Full rollback of 28% tax unlikely

Even as the online gaming industry awaits a review of the 28% goods and services tax (GST) on the sector, the GST Council is unlikely to roll back the levy. According to sources, the government is of the view that the tax has now been accepted by players and collections are also doing well. Read more...

GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers

GST authorities are working out a mechanism to deal with the taxation and registration issues related to shared warehouses maintained by e-commerce companies, where multiple suppliers store their goods for the last mile delivery, an official said. Read more...

HC quashes ?96cr GST demand notice to Metrowater

In a reprieve to the Chennai Metrowater Supply and Sewerage Board (CMWSSB), Madras high court has set aside an order of the additional commissioner of CGST demanding ?96 crore as tax. Read more...

GST portal launches form for registering machines of pan masala and gutkha makers

Pan masala and gutkha manufacturers will now have to register their machines on the goods and services tax (GST) portal as part of measures by the government to cut down evasion in this sector. Read more...

Fancy cars, OTPs, stolen IDs and fudged invoices: Tracking the trail behind Rs 5,300-crore GST fraud

Frequently changing phone numbers, using high-end luxury cars, including Maseratis and BMWs to zip through state borders during the day, and then checking into upmarket hotels with fake identities in the evenings — that was part of the modus operandi of the alleged kingpins behind an elaborate three-tier tax evasion plot who operated in the Delhi-Noida-Lucknow belt without being detected by authorities for well over six months. Read more...

Madras High Court sets aside demand of ?96.10 crore from CMWSSB towards GST, interest and penalty

The Madras High Court has set aside an order passed by an Additional Commissioner of Central Goods and Services Tax (CGST) on December 22, 2023 demanding ?96.10 crore from Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB), because sale of purified water through tanker lorries would attract 18% GST. Read more...

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