Goods and Service Tax News

The revenue in September 2023 was 10 percent higher than the GST revenue of Rs 1.47 lakh crore in the same month last year, the finance ministry said in a statement.

AAR said hostels are not akin to residential dwelling units. Hostels are not exempted from Goods and Services Tax (GST): AAR. 12 percent GST would be applicable on the rent paid, AAR said in two separate cases.

The revenues for the month of June are 12 percent higher than the GST revenues in the same month last year.

Indian railway has changed the rule for ticket cancellation charges. Finance Ministry levied 5% GST on the cancellation of tickets. Hotels and flights confirmed ticket cancellation will also be charged 5% GST.

The government of India has decided to levy 5 per cent Goods and Service Tax (GST) on packaged food. The move will lead to an increase in the price of rice from Rs 3 to Rs 5 per kilogram in Tamil Nadu from Monday.

The GOM, headed by Meghalaya Chief Minister Conrad Sangma, had recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.

The GOM, headed by Meghalaya Chief Minister Conrad Sangma, had recommended that online gaming should be taxed at full value of the consideration, including contest entry fee paid by the player on participating in the game.

In case of race courses, the GoM has suggested that GST be levied on the full value of bets. In casinos, GoM recommended that the tax would be levied on the full face value of the chips/coins purchased from the casino.

As per calculations, every 1 per cent increase in the 5 per cent slab, would roughly yield additional revenue of Rs 50,000 crore annually. Under GST, essential items are either exempted or taxed at the lowest rate. Luxury and demerit items attract the highest tax.

Officers of Delhi South CGST Commissionerate conducted searches and inspections spread across Delhi. They unearthed a cartel running 54 bogus firms registered in Delhi-NCR region. Three key persons of the cartel, namely Ankit Gupta, Rabiendra Singh and Rajendra Singh, were arrested.

Several other industries are using blockchain technology to make their processes safer than ever. The department is expected to receive accurate information in relation to the businessman filing for the claims.

The central government informs about sources of income in union budget custom duty excise duty income tax corporate tax and many more

CBIC has issued guidelines on the recovery proceedings. CBIC said that taxmen would give a "reasonable time" to businesses to explain the reasons for such a mismatch.

The collection was lower than Rs 1.31 lakh crore mopped up in November. December is the sixth month in a row when the revenues from goods sold and services rendered stood at over Rs 1 lakh crore. The revenues for December 2021 are 13 per cent higher than the GST revenues in the same month last year.

The move will widen the tax base as food vendors currently outside the GST threshold will become liable to GST. Currently, restaurants registered under GST are collecting and depositing the tax. Cab aggregators like Uber and Ola will have to collect 5 per cent Goods and Services Tax (GST) for booking 2 and 3 wheeler vehicles effective January 1.

The revision of rates in the textiles sector which was supposed to come into effect from January 1, 2022.

GST, which subsumed indirect taxes like excise duty, service tax and VAT, was rolled out on July 1, 2017 and the compensation window ends on June 2022.

Rajasthan also requested that all irrigation and water work projects should be brought under the Centre's ambit. West Bengal also pitched for extension of GST compensation. He also made a case for raising share of Government of India in the centrally-sponsored schemes.

The members are expected to discuss the report of the panel of state ministers on rate rationalisation. They could also discuss the proposed GST hike in textile. GST is a four-tier slab structure in which products are taxed 5, 12, 18 and 28 per cent.

These changes include liability on e-commerce operators to pay tax on services. Making these platforms liable for GST deposit would curb tax evasion. GST law has been amended to allow GST officers to visit premises to recover tax dues without any prior show-cause notice.