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On the GST rate rationalization, the GoM suggested lowering the tax rates on 20-litre packaged drinking water bottles, bicycles, and practice notebooks to 5%, however, it recommended raising the taxes on high-end wristwatches and shoes, as per the official. According to officials, GoM’s decision on the rate rejig on the GST rate rationalization under Bihar […]
Rajasthan’s Authority for Advance Ruling (RAAR) carried that Goods & Services Tax (GST) on corporations from overseas group entity liable to get paid merely one time, not periodically. Experts cited that the ruling is in line with the circular, for the entire duration of the guarantee it has the challenge of filing the full tax. […]
Tax notices have been issued by the central government for Rs 10,000 crore to the automobile manufacturers for ‘failing to pay the compensation cess’ under the Goods and Services Tax (GST) on utility vehicles. The taxes relate to utility vehicles sold before 2022 and consist of popular models like Mahindra’s Thar and Scorpio, Tata Motors’ […]
The Group of Ministers (GoM) has the task of easing the structure of the Goods and Services Tax (GST) and for that, the meeting will be conducted on October 20 to deliberate on rate rationalization proposals pertinent to the foods, footwear, and textile items. The reviewed items are in the 12% tax bracket. Bihar Deputy […]
The Central Board of Indirect Taxes & Customs (CBIC), quoting the GST council’s suggestions, has ‘regularised’ past show cause notices for tax demand issued to foreign airlines. It furnished a circular for the GST applicability of Preferential Location Charges (PLC) for residential or commercial properties. The board on the concepts of ‘as is’ and ‘as […]
A State Bank of India (SBI)-led committee to motivate the co-lending between commercial banks and non-banking financial companies (NBFCs) has suggested removing the 18% GST. As per the source, the SBI-led co-lending committee has furnished the report before the finance ministry where it suggested that no GST is to be levied on the co-lending related […]
The Central Board of Indirect Taxes and Customs ( CBIC ), vide circular no. 234/28/2024-GST on 11th October 2024, has explained that an 18% Goods and Services Tax ( GST ) applies to affiliation services furnished via universities to colleges. These affiliation services are waived from the GST notification No. 12/2017-CT(R) on 28.06.2017 GST applicability […]
On October 13, 2024, the Goods and Services Tax Network ( GSTN ), vide its advisory issued, notified to allow the registration utility in the GST portal for Tax Deduction at Source ( TDS ) u/s 51 of the GST Act for the scrap dealers. GST Notification 25/2024-Central Tax “The government has issued Notification 25/2024-Central […]
It was ruled by the Delhi High Court that GST exemption on foreign reinsurance services in respect to government insurance schemes applies with retrospective effect, from July 1, 2017, onwards. The same was under the fact that though the exemption was notified dated July 27, 2018, the government standardized GST obligation on these services in […]
