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GST council is speeding up to reexamine the exempting reinsurance business from GST. The same review is slated to emerge after the general elections spanning from April 19 to June 1, 2024, aimed at electing the 543 members of the lower house of Parliament, as per the report. The Council may furnish a clarification stressing […]
Subrahmanyam Pulipaka, the CEO of the National Solar Energy Federation of India, is pushing for the establishment of a national Electricity Council, akin to the GST Council, to streamline India’s renewable energy policies. He believes that such a council would effectively address policy disparities among states, fostering a more favourable business environment in the renewable […]
The occurrence of online fraud related to GST payments has witnessed a surge. Cybercriminals are employing tactics like phone calls, SMS, and emails to deceive individuals into downloading GST payment challans. However, once the person clicks on the provided link, their bank account may be drained of funds completely. In response to these incidents, the […]
Several infrastructure firms are poised to pursue legal action following the Goods and Services Tax Council’s decision to impose an 18% GST on corporate guarantees provided by holding companies to their subsidiaries. Reports suggest that numerous major infrastructure companies are gearing up to lodge writ petitions in the Supreme Court, aiming to challenge and review […]
The Madras High Court ruled that the GST Council doesn’t have the authority to determine the classification of flavoured milk while providing relief to Parle Agro regarding its taxability. In a recent judgment, a single judge bench declared that flavoured milk should be subject to a 5 percent GST rate. This contrasts with the GST […]
In the midst of India’s prolonged decline in exports, the Goods and Services Tax (GST) Council has implemented several measures aimed at stimulating foreign trade. One of these measures involves granting tax credits to service exporters who receive payments in Indian rupees. This move is particularly significant for trade with nations like Iran and Russia, […]
The upcoming meeting of the Goods and Services Tax (GST) Council, scheduled for Saturday, will address several important matters regarding tax rates. One of the key topics to be discussed is the taxation of millet-based product mixes. It is likely that the council will consider implementing a “zero tax” policy for millet products that are […]
According to sources, the proposal to reduce the goods and services tax (GST) rate on electric vehicle (EV) batteries has been rejected by the GST Council’s fitment committee. The Electric Vehicle industry had requested a reduction from 18% to 5% for GST on batteries, but the committee has recommended maintaining the current rate. Members of […]
The forthcoming GST Council meeting scheduled for October 7 brings potential good news for senior citizens, as there is a possibility of a reduction in the tax rate on health insurance premiums. It has been reported that the 52nd GST Council is considering a proposal to lower the GST rate on health insurance from the […]
