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New Delhi: Goods and Services Tax (GST) is one of the major economic reforms in the last decade in India which replaced the Value Added Tax (VAT) system. It paved the way for economic growth, lower logistics costs, and ease of doing for the business. Now the Union government is focusing on GST 2.0 which…
New Delhi: The GST Council on Sunday constituted a 13-member Group of Ministers (GoM) to suggest GST rate on premiums of various health and life insurance products and submit its report by October 30. Bihar Deputy Chief Minister Samrat Choudhary is the convenor of the GoM. The members of the panel include members from Uttar…
New Delhi: The GST Council on Monday reached a broad consensus on reducing taxes on health and life insurance premiums, and a final decision on this would be taken in the November meeting. The Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, exempted from GST grants or funds received for R&D…
New Delhi: The Indian automotive industry has crossed the Rs 20 lakh crore mark in FY24 and now contributes 14-15 per cent of the total GST collected in the country, SIAM President Vinod Aggarwal said on Monday. The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said…
New Delhi: With an aim to ensure less burden on the taxpayers, the 54th GST Council meeting on Monday is likely to deliberate on a slew of issues, including rate rationalisation, taxation of insurance premiums, online gaming, and more. According to industry sources, the GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, is also…
New Delhi: Goods and Services Tax (GST) collections in August, in gross terms, were at Rs 1.74 lakh crore, with a yearly jump of 10 per cent, data showed on Sunday. In August 2023, the total collection was to the tune of Rs 1.59 lakh crore. CGST, SGST, IGST, and cess all increased year-on-year in…
New Delhi20 minutes ago copy link The government has collected Rs 1,74,962 (about 1.75 lakh) crore from Goods and Services Tax, i.e. GST, in August 2024. There has been an increase of 10% on an annual basis. Last year, GST of Rs 1,59,069 (1.59 lakh) crore was collected in August. During this period, the government…
Reported By: Mohammad Haris Last Updated: September 01, 2024, 17:24 IST GST Collection in August 2024. Gross GST collection in August 2024 recorded a 10 per cent jump to Rs 1,74,962 crore. Gross GST collection in August 2024 recorded a 10 per cent jump to Rs 1,74,962 crore, according to the latest official data released…
GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory. As per GST Rule 10A, a taxpayer is required to furnish details of a valid bank account within a period of 30 days…
New Delhi: IT bellwether Infosys has said that Karnataka state authorities have withdrawn GST notice against the company, a day after it received Rs 32,403 crore GST demand. Infosys said that the state authorities have directed the company to submit further response to the Directorate General of GST Intelligence (DGGI) on the issue. Impact Of…