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HC grants GST exemption on import of medicine for rare disease

The Kerala High Court has allowed the mother of a three-year-old boy suffering from Spinal Muscular Atrophy (SMA) to buy Risdiplam, an imported drug for treatment of the rare disease, without paying a GST of 12%. Read more...

Kerala creates over 1 lakh MSMEs for second year in a row

Kerala’s MSME sector has made a big leap by adding over one lakh ventures for the second consecutive year in 2023-24, taking the total number of newly set up units to 2,40,396 since the launch of the Year of Enterprises in 2022-23. Read more...

RBI injects Rs 75,000 crore before GST, advance tax payments

The Reserve Bank of India (RBI) on Friday infused Rs 75,000 crore into the banking system through Variable Rate Repo (VRR) auction, aiming to provide funds to the banks ahead of advance tax and Goods and Services Tax (GST) payments which will drain out liquidity from the system. Read more...

Legalise WFH for entrepreneurs to allow credit access: MSMEs

The Federation of Indian Micro and Small & Medium Enterprises (FISME) has urged the government to consider legalising work-from-home for the self-employed in the sector, technological upgradation to revive manufacturing in such units, and allowing them easier access to credit. Read more...

Facing GST heat | A telling pattern: In pharma, different firms buy electoral bonds on same days

Incidentally, in March 2022, the Directorate General of Goods and Services Tax Investigation (DGGI) had started a probe against several pharmaceutical companies for alleged tax evasion including Glenmark Pharma, Cipla, Mylan and Aurobindo Pharma. Read more...

Three among top 5 electoral bond purchasers faced ED, Income Tax investigations: Report

Top three electoral bond buyers that donated to the major political parties between 2019 and 2024 under the now-scrapped poll bond scheme are corporate entities that faced investigations by the Income-Tax department and the Enforcement Directorate. Read more...

Tax board asks GST probe wing to follow bottom-up approach, not summon CEOs/CFOs at first instance

The Central Board of Indirect Tax and Customs (CBIC) has directed officials in the Directorate General of Goods and Services Tax Intelligence (DGGI) to follow a “bottom-up” approach while investigating tax liability of multinational companies (MNCs). Read more...

MHA extends 50% GST support for central police canteen purchases | Details

The Ministry of Home Affairs (MHA) announced on Wednesday its decision to continue providing 50% financial assistance on Goods and Services Tax (GST) for purchases made from the central police canteen, known as “Kendriya Police Kalyan Bhandar”, effective from April 1, a measure is aimed at welfare enhancement. Read more...

Centre grants 50% GST relief to central police canteens, says ex-paramilitary association

The Union government has sanctioned a 50 per cent GST aid for CAPF personnel while purchasing goods from the countrywide network of central police canteens, an ex-paramilitary forces personnel welfare association said on Monday. Read more...

Revenue Secretary Sanjay Malhotra lays foundation stone of New GST Bhawan in Hyderabad

The foundation stone for the New GST Bhawan and residential quarters at Hyderabad for officers and staff of CGST and Customs zone was laid by Revenue Secretary Sanjay Malhotra on Wednesday. Read more...

Plan afoot to reclassify items for GST clarity in FMCG sector

The Central Board of Indirect taxes and Customs (CBIC) is planning to prepare a list of products which end up in litigation purely due to classification issues. Read more...

Over ?1,000-crore GST fraud in Telangana unearthed by CT department

The Commercial Taxes department has unearthed an over ?1,000-crore GST fraud in refunds and input credit tax (ITC) cases after the Congress party came to power in Telangana. And this could be just the tip of the iceberg, informed official sources on Monday. Read more...

MSME entrepreneurs show interest in seaweed cultivation with Japan

Inviting the entrepreneurs from the small, micro and medium enterprises in Thoothukudi to come forward in a big way for seaweed cultivation and sharing technical expertise with Japan, the Consulate General of Japan in Chennai, Taka Masayuki, said that they would extend all possible support to them. Read more...

HC rejects bail of man held for GST evasion of ?1,033cr

Hearing the bail application of a businessma who was arrested by the directorate general of GST intelligence (DGGI) for GST evasion of Rs 1,033 crore, the high court observed that there cannot be any straight jacket formula to decide the bail application in favour of accused merely because the alleged offence was triable by the court of first class judicial magistrate and punishable with an imprisonment of of five years. Read more...

Karnataka to impose 3% additional cess on newly registered transport vehicles; lifetime tax on EVs above Rs 25 lakh

Registration of transport/commercial vehicles in Karnataka is set to become more expensive. The Karnataka Motor Vehicle Taxation (Amendment) Act, 2024, received the assent from Governor Thaawarchand Gehlot on March 6. Subsequently, the new legislation was gazetted on March 7. Read more...

GST officer held in Pune for accepting ?3,000 bribe

The Anti-Corruption Bureau (ACB) arrested a state official for accepting a bribe of ?3,000 in exchange for issuing a Goods and Services Tax (GST) number. Read more...

Food firms, GST authority spar over 18% tax rate on snacks

Some of the country’s top food companies such as ITC, PepsiCo India, Balaji Wafers and Prataap Snacks are in disagreement with the Directorate General of GST Intelligence, the apex tax body, regarding the imposition of an 18% goods and services tax on snack foods. Read more...

Spectre of multi-authority, repetitive and multi-directional proceedings haunting GST-payers

The GST regime, implemented in 2017, turns seven years soon, stepping into its proverbial childhood. However, as Albert Einstein once said “Not everything that can be counted counts, and not everything that counts can be counted”; it aptly describes that growth statistics in tax collection numbers should not be the sole parameter to judge the success of GST. Read more...

GST enforcement body begins action against FMCG majors like ITC, Pepsico and others for tax evasion

Directorate General of GST Intelligence (DGGI) has launched action against several fast-moving consumer goods (FMCG) players for alleged tax evasion. Read more...

Retrospective GST demands on the online gaming industry: the hanging sword of Damocles

There is a sword of Damocles that hangs on the online gaming industry in India in the form of tax demands under the GST law for the period from July 2017 to September 2023. Read more...

Real estate cos approach FinMin over GST notices

Real estate companies have sought the finance ministrys intervention after goods and services tax authorities served notices on 27 big and medium-sized developers over intra-group royalty payments for the usage of brand names in special purpose vehicles set up to implement projects. Read more...

FM Sitharaman calls for clarity on GST classification-related issues

Finance Minister Nirmala Sitharaman on Monday asked the goods and services tax (GST) officials to bring about clarity on classification-related issues at the earliest through appropriate channels. Read more...

Wanted in multi-billion ‘GST Scam’, accused surrenders in Noida court

Noida, Mar 4 (PTI) An accused wanted by the Noida Police in connection with its probe into the multi-billion Goods and Services Tax (GST) fraud case surrendered himself in a local court on Monday, officials said. Read more...

Nirmala Sitharaman to inaugurate conference on combating GST evasion today

Finance Minister Nirmala Sitharaman on Monday will inaugurate a one-day conference of enforcement chiefs of all states and central GST officers to prevent tax evasion. Read more...

Finance Minister Sitharaman to kickstart National GST Enforcement Conference on Monday

Union Finance Minister Nirmala Sitharaman is set to inaugurate a one-day National Conference of Enforcement Chiefs of State and Central GST formations in New Delhi on Monday, March 4, 2024. Read more...

GST collection in Feb ?1.68 lakh cr, 4th highest so far

Goods and Services Tax (GST) revenues surpassed ?1.68 lakh crore in February, a 12.5% year-on-year increase, coming in as the fourth highest in 79 months since the new tax regime was rolled out in July 2017, highlighting robust growth of the Indian economy, and better tax compliance. Read more...

GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong

Highlighting continued hectic activity in the Indian economy, gross goods and services tax (GST) collection grew 12.54 per cent year-on-year to Rs 1.68 trillion in February. Positive consumer sentiment was also palpable through the monthly sales figures for cars and two-wheelers as both segments witnessed an annual uptick. Read more...

Section 43B(h): Is Finance Ministry revising the new rule for payment to MSMEs within 45 days?

Section 43B amended under the Income Tax Act to insert Clause (h) by the Finance Act of 2023 to address the issue of delayed payments faced by MSMEs from their buyers is likely to be revised by the government. Read more...

Tax official arrested for taking bribe to resolve firm's GST suspension

The Central Bureau of Investigation (CBI) arrested Yogesh Aggarwal, superintendent of the Central Goods and Services Tax (CGST) department, on Tuesday evening for allegedly accepting a bribe of Rs 10,000. Read more...

Workshop on improving tax compliance in tourism sector gets under way

TRIOS-2024, a Goods and Services Tax (GST) event bringing State and Central GST officers and business entities under one roof for training, began in Thiruvananthapuram on Wednesday. Read more...

IAC demands 5% GST slab for Auto LPG to match natural gas's competitive edge

The Indian Auto LPG Coalition (IAC) has urged the Central government to reduce the Goods and Services Tax (GST) on Auto LPG from 18% to 5%, advocating for parity with recent tax adjustments in the natural gas sector. Read more...

Received an income tax SMS or email for mismatch of income? Respond to it on the I-T portal

Many taxpayers received SMSs and emails from the income tax (I-T) department in the weekend gone by, intimating them about discrepancies in their interest and dividend incomes. Read more...

Noida police arrest prime suspect in ?10,000 crore GST fraud

A 29-year-old man was arrested on Monday for his alleged involvement in ?10,000-crore GST (goods and services tax) fraud that involved registering thousands of bogus firms using stolen or fake identities, and using them to raise e-way bills and avail of input tax credit (ITC) from the government, the Noida police said on Tuesday. Read more...

Pricol gets notice from GST Intelligence, faces potential demand of Rs 380 cr

Pricol has received a showcause notice from the Directorate General of GST Intelligence, Gurugram Zonal Unit, which could lead to a tax demand of Rs 380 crore plus interest and penalty. Read more...

PM Modi to land in Madurai on Tuesday, meet with MSMEs on agenda

Prime Minister Narendra Modi will kickstart his two-day visit to the southern districts from Tuesday. His itinerary includes launching new initiatives. PM Modis visit is significant as it comes ahead of the general elections. Read more...

GST & Central Excise Superintendent Has No Jurisdiction To Pass Order Exceeding Rs.10,00,000: Allahabad High Court

The bench of Justice Alok Mathur has observed that according to the circular dated February 9, 2018 issued by the Government of India, Ministry of Finance, and Department of Revenue, the power of the Superintendent, Central Goods and Service Tax, and Central Excise is limited to the matter not exceeding Rs. 10,00,000, and in the present case, the amount involved is more than Rs. 16,00,000, and consequently, the order passed by it is without jurisdiction. Read more...

GST Council may soon clarify tax exemption to RERA

The GST Council is likely to soon clarify that Real Estate Regulatory Authority (RERA) will not be required to pay Goods and Services Tax (GST), an official said. According to the official, RERA, which functions as a regulator as well as facilitator for the realty sector, is covered under Article 243G of the Constitution dealing with powers, authority and responsibilities of panchayats. Read more...

Biocon gets over Rs 3 crore penalty over GST related issues

Biocon Ltd on Friday said it has been imposed a penalty of over Rs 3 crore over GST-related issues. The company has received an order of adjudication imposing a penalty of Rs 3,03,78,465 dated February 22, 2024, from the office of Deputy Commissioner of Commercial Taxes, Divisional GST Office, Bangalore, Biocon Ltd said in a regulatory filing. Read more...

?10,000 crore GST fraud: Assets worth ?5 crore of two suspects attached

The Noida police on Wednesday evening executed an order from the district court to attach immovable assets of two Delhi-based men who were arrested for allegedly perpetrating a GST [goods and services tax] fraud amounting to nearly ?10,000 crore that had come to fore last year, senior officials said on Thursday. Read more...

GST Cess Explained: A Comprehensive Overview

In the complex landscape of taxation in India, the goods and services tax (GST) stands out as a significant reform aimed at simplifying the indirect tax structure. Introduced in July 2017, GST replaced a myriad of central and state taxes, aiming to create a unified market across the country. Within this framework, there exists a mechanism known as GST cess. Read more...

GST laws: What the row over ‘profiteering’ is all about

The Supreme Court recently issued a notice to the Centre on the “anti-profiteering provisions” in the Central Goods and Services (CGST) Act, as well as the rules issued, on an appeal against a Delhi High Court ruling. Priyansh Verma explains what the mechanism is meant for, and the controversy around it. Read more...

Andhra Pradesh government’s MSME initiatives commended

Secretary to the Ministry of Micro Small Medium Enterprises (MoMSME) Subhas Chandra Lal Das has visited Andhra Pradesh and appreciated the State government for prioritising MSMEs in its development agenda. Read more...

20 key accused in GST fake billing fraud booked

Twenty key conspirators arrested over the alleged GST (Goods and Services Tax) fake billing fraud to the tune of hundreds of crores have been booked under different sections of the stringent GUJCTOC (Gujarat Control of Terrorism and Organised Crime) Act, 2015, said officials. Read more...

India to pitch for tax on cross-border e-commerce

India will oppose extension of moratorium on customs duties on cross-border e-commerce beyond 2024 and an attempt by a China-led group to bring in investment facilitation agreement within the World Trade Organisation (WTO) framework during the 13th ministerial conference of the global trade regulating body in Abu Dhabi this month-end, a senior official said Tuesday. Read more...

Delhi LG VK Saxena seeks probe into GST evasions, govt blames officers

Lieutenant governor VK Saxena has asked Delhi govt to hold a detailed inquiry into goods and service tax (GST) evasions and tighten tax administration in the capital. Read more...

GeM portal: Purchase of MSME goods by govt in current FY surpasses FY23 volume

The public procurement portal Government e-Marketplace (GeM) for MSMEs to sell goods directly to the government and public enterprises has surpassed the previous fiscal’s order volume in the current financial year. Read more...

Is It Mandatory To Pay GST At All Restaurants? Know When To Pay And When Not

In July of 2017, while the nation was already having a heated debate on demonetisation, the government implemented the Goods and Services Tax ( GST). It is an indirect tax replacing numerous other indirect taxes, including services tax, VAT, and excise duty. Read more...

LIC receives ?21,740 crore tax refund from Income Tax dept; remaining ?3,700 crore awaited

Life Insurance of India (LIC) of India announced that it received refund orders for ?21,740.77 crore from the Income Tax Department. The countrys largest insurer had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, according to a report by Economic Times. Read more...

Experts advocate cost reduction, tech adoption, and inclusive financial policies for propelling MSME sector

As India continues to witness rapid economic growth, the importance of supporting its small and medium-sized enterprises (MSMEs) becomes increasingly evident. Read more...

MSME sector’s performance underrated; produces finest minds that contribute to economy: VP Dhankhar

Hailing the significance of the MSME sector in the country’s growth, Vice President of India Jagdeep Dhankhar on Friday said the MSME sector is underrated when it comes to performance which is highly impactful and is bringing transformational change into tier 2 and 3 cities and in villages. Read more...

TN annually loses ?20,000 crore due to stoppage of GST compensation: CM Stalin

Tamil Nadu will lose ?20,000 crore annually due to stoppage of GST compensation from June 30, 2022, said Tamil Nadu Chief Minister MK Stalin. Read more...

Karnataka lost ?59,000 crore due to unscientific GST implementation: CM Siddaramaiah slams Centre

During the 15th Budget presentation in the Karnataka assembly, Chief Minister Siddaramaiah criticised the Centre for what he deemed as the "unscientific implementation of GST," resulting in a staggering loss of ?59,000 crore for the state. Read more...

Industry bodies urge Centre to postpone implementation of MSME-payment norm

Industry bodies such as Confederation of All India Traders (CAIT) and Clothing Manufacturers Association of India (CMAI) have urged the Centre to postpone implementation of the MSME payment amendment in the income-tax. Read more...

Builders get GST notices to reverse input tax credit

The GST department has issued notices to hundreds of builders asking them to reverse their input tax credit (ITC). The notices were issued for the years 2017-18 and 2018-19. Read more...

SIDBI ET MSME Conclave: Rajkot to see discussions on innovation of small businesses on February 15

After four successful sessions at various parts of the country, the SIDBI ET MSME Conclave is now set to enter Gujarat. The fifth session is scheduled to be held in Rajkot on February 15. Read more...

Slum policy benefits not for those filing GST, ITR: HC

The Lucknow bench of the Allahabad high court has made it clear that the benefits of the slum policy 2021 approved by the state govt cannot be availed by those who have commercial establishments in slum areas. Read more...

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