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The government is contemplating the revision of the comprehensive GST legislation by introducing an extra provision or changing its definition, accompanied by adjustments in procedures relevant to the service sector. Presently, it is obligatory for businesses to possess a tangible establishment within the jurisdiction of their operations, which poses challenges for e-commerce enterprises and other […]
The Ministry of Finance is positioned to start the pre-filled GST return forms prior to the subsequent financial year, which is anticipated to solve the problem of the bigger information mismatches directing to the tax notices, as per the senior government official. The department is currently assessing the added expenses involved in boosting the digital […]
Hotel operators, particularly those in the mid-market and upscale sectors, are grappling with a pressing issue that could divert patrons towards standalone dining venues: an inconsistent goods and services tax (GST) framework. The crux revolves around the disparity in GST applied to food services. Patrons dining at standalone restaurants experience a consistent GST rate of […]
Finance Minister Nirmala Sitharaman said on Monday that the Goods and Services Tax (GST) system is progressing from unpredictability to assurance regarding certain matters. This statement aimed to alleviate concerns of global firms regarding “tax certainty,” particularly in light of recent tax demands and investigations conducted by revenue authorities. According to the Finance Minister, the […]
The revenue shall continue to surge from the Goods and services tax (GST) for October 2023 the revenue collection at Rs 1,72,003 cr was the second highest subsequent to April 2023. Rs 1.66 lakh cr is the average gross monthly GST collection in the FY 2023-24 till October. When the average monthly collections exceed for […]
Pharmaceutical corporations in India have appealed for a reduction in the Goods and Services Tax (GST) on essential medications to ensure that they are affordable for the general population. Anil Matai, the Director General of the Organisation of Pharmaceutical Producers of India (OPPI), conveyed the industry’s desired outcomes for the upcoming Union Budget 2024. He […]
In October 2023, India recorded gross GST collections of Rs 1.72 lakh crore, marking a 13.4% rise from the previous year. Over the six years since its inception, the New GST system has notably enhanced tax buoyancy, streamlined logistics, improved tax administration, and fostered increased formalization, among other benefits. Consistent growth in tax collections is […]
The Karnataka Authority for Advance Ruling resolved the application seeking clarification on Goods and Service Tax (GST) related to utility charges generated by a company from its restaurant partners, as the applicant chose to withdraw their request. The applicant, Loyal Hospitality Pvt Ltd, under its brand ‘Kitchens @,’ is a trusted provider of centralized remote […]
The Goods and Services Tax (GST) implementation rate structure, which was slightly below the measured revenue neutral rate (RNR), has raised concerns among public finance commentators, including the Reserve Bank of India and the 15th Finance Commission on the grounds of measurement and decreasing to below that level. Over the years, there have been several […]
