The GST Council reducing rate for molasses may not bring any cheer for consumers as the alcohol industry believes the 23% savings are likely to be subsumed by states in the form of revised state taxes, said a senior official from an industry body on Monday,
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Irrespective of where in the world you live, a financially secure future for your family must be the universal foundation of your financial planning. This is why the need for a robust term insurance plan transcends geographies and demographics.
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Star Health and Allied Insurance company received a notice from the Directorate General of GST Intelligence for payment of tax worth Rs 38.99 crore, the insurance firm said in its BSE filing on Monday.
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The Commercial Tax sleuths on Monday conducted a series of raids on the famous non-vegetarian hotels in Hoskote and unearthed huge GST evasion using UPI payment mode.
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The GST Council will decide on the modalities for appropriating the revenue collected by levying compensation cess on luxury, sin and demerit goods beyond March 2026, the deadline to repay loans taken by Centre to compensate states for revenue loss during Covid, an official said.
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The GST Council will soon provide clarity on input tax credit for life insurers, following a recent Rs 290-crore demand on Life Insurance Corporation — a move that is expected to come as a relief for the state-owned behemoth.
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The Delhi GST Department has issued Standard Operating Procedure (“SOP”) vide F.3(486) GST/Policy/ 2023/721 dated June 23, 2023 for processing of GST Registration application at the Centralized GST Registration Cell (named “SEVA KENDRA”).
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The GST Council’s 52nd meeting was held in Delhi on October 07, 2023, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
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The GST Council’s 52nd meeting was held in Delhi on October 07, 2023, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
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The GST Council’s 52nd meeting was held in Delhi on October 07, 2023, under the chairpersonship of the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman.
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The parent company’s corporate guarantee to its subsidiary for a bank loan will attract 18 per cent GST, recommended the GST Council on Saturday. However, there will be no GST if a director provides a personal guarantee for a loan from a bank or any financial institution to his/her own company.”
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As of now 18 states have passed legislative changes to implement the 28% Goods and Services Tax (GST) on online gaming, horse racing and casinos and all the remaining states have agreed to make the necessary changes which will have effect from 1 October, Revenue Secretary Sanjay Malhotra said at a briefing.
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The GST Council at its meeting held on Saturday recommended an increase in the retirement age of the president and members of the GST Appellate Tribunal.
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The Central government has clarified to the states that the goods and services tax (GST) on online gaming companies is not being levied retrospectively since some online games involved in betting were already being charged a 28 per cent GST under the law earlier.
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Reliance General Insurance Company (RGIC), a subsidiary of the Anil Ambani-led Reliance Capital, has received multiple show-cause notices worth Rs 922.58 crore from the Directorate General of GST Intelligence (DGGI).
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The Central Bureau of Investigation (CBI) on Friday arrested two superintendents, an inspector and a tax assistant of GST & Central Excise Division, GST Bhawan, Aligarh (Uttar Pradesh) for demanding and accepting bribe of Rs 25,000 from a man for settling wrong notices sent to him about a firm registered in his name in GST, said CBI officials on Friday.
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As per recent tweet by CNBC-TV18, stating that the 52nd GST Council approves to exempt Extra Neutral Alcohol (both Grain-based and molasses-based) used to manufacture alcoholic liquors from GST.
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The 52nd meeting of the GST Council, chaired by Finance Minister Nirmala Sitharaman, is going to be held on October 7, 2023, (Saturday) at Vigyan Bhawan, New Delhi. The Council is likely to tweak GST rates on various products, including vehicles bought by visually impaired persons and millet powder. It is also likely to consider a proposal to bring all services provided by Indian railways under the forward charge mechanism shifting from the reverse charge mechanism.
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The 52nd GST Council is likely to clarify taxation woes for co-location services or data center services. According to sources, the council is likely to get in a breather for this sector as it is considering to allow co-location or data center facilities to discharge GST at 18% only if the center is providing a physical space to the overseas client and not giving data storage and maintenance services.
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The issue of goods and services tax (GST) on services related to redevelopment projects by cooperative societies is on the agenda of the GST Council meeting on October 7.
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The Goods and Services Tax (GST) Council is expected to review progress in antiprofiteering matters in its upcoming meeting on Saturday.
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