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A ₹1,473.48 crore Goods and Services Tax (GST) demand has been imposed on UCO Bank, along with an equal amount in penalties and related interest, by the Additional Commissioner of CGST, Mumbai South Commissionerate. The order, dated February 6, 2025, was disclosed in the bank’s latest regulatory filing. The tax demand as per the filing […]
Finance Minister Nirmala Sitharaman mentioned that the GST Council will proceed with the decision to have fewer and lower rates, as the review work is on track for completion. Goods and Services Tax (GST) is a four-tier tax structure with slabs at 5, 12, 18 and 28 per cent. Luxury and demerit goods are levied […]
The Goods and Services Tax ( GST ) ecosystem from January 2025 will see a significant update with the rise in the GSTR-2B Excel module. The making of GSTR-2B an auto-drafted ITC statement is for furnishing clarity to the taxpayers for their eligible and ineligible ITC. The same documents are generated monthly for the normal […]
To increase consumption the majority of Indian industry believes in relief on income taxes and rationalization of goods and services tax (GST) directing to a rise in disposable income as the effective way. MC-Deloitte CEO Survey was conducted between January 10 and January 22 across financial services, consumer goods, technology, and energy sectors survey was […]
A tax demand of Rs 6.72 crore has been imposed by the GST authorities on the Oil and Natural Gas Corporation Limited (ONGC), India’s largest oil and gas producer. The company in an exchange filing cited that the demand, which contains recovery of tax, interest, and penalties, relates to the IGST liabilities of the company […]
During the period when the ministerial panel on GST rationalization is asking to ensure that the advantages of lower tax are moved on to consumers the life insurance companies have filed a petition against waiving off the term insurance policies from the levy. The life insurance industry has claimed that the move will result in […]
A notification has been issued by the Central Board of Indirect Taxes and Customs (CBIC) citing that no Goods and Service Tax (GST) will be imposed on gene therapy and it shall get waived immediately. Finance Minister Nirmala Sitharaman announced in the previous month that the gene therapy has been waived from GST. The therapy […]
The West Bengal Authority for Advance Ruling (AAR) in a judgment mentioned that the standalone supply of food to in-patients by a catering contractor is not entitled to exemption under the Goods and Services Tax (GST). The matter comprises Bamapada Jana, a service provider contracted by the Central Hospital, South Eastern Railway, to supply meals […]
It was revealed by Mankind Pharma Ltd, which holds top positions in the Pharma sector that Kolkata GST authorities levy a penalty of Rs. 2.27 crore for the allegation of discrepancies in reported figures for the financial years 2018 to 2022. From the office of the Commissioner of Kolkata South CGST & CX the penalty […]
