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Star Health and Allied Insurance company has disclosed in its filing with the Bombay Stock Exchange (BSE) that it has received a notice from the Directorate General of GST Intelligence (DGGI) for a tax payment of ₹38.99 crore. The notice was issued under Section 74(5) of the Central Goods and Services Tax Act, 2017, alleging […]
The bus operators conducted as the companies providing via e-com portals are not included in Section 9(5) of the Central Goods and Service Tax Act, 2017, witnessed in the 52nd GST council meeting. Starting from January 1, 2022, the responsibility for paying GST on bus transportation services provided through Electronic Commerce Operators (ECOs) has been […]
On October 7th, 2023, the 52nd Goods and Services Tax (GST) Council Meeting, presided by the Union Finance Minister, was conducted. The minister was accompanied by Revenue Secretary Sanjay Malhotra, State Finance Minister Pankaj Chaudhary, CBIC chairman ..etc. The Council has proposed an alteration to sub-rule (2) of Rule 159 within the CGST Rules of […]
The Ministry of Finance has officially announced that it will establish a bench planned for the Union Territory of Jammu and Kashmir. The establishment of 31 benches of the GST Appellate Tribunal (GSTAT), has already been announced earlier. According to official sources, the introduction of state-level GSTAT benches will expedite the resolution of disputes for […]
Reliance General Insurance, a subsidiary of Reliance Capital, has been served with multiple show-cause notices by the Directorate General of GST Intelligence (DGGI), totalling ₹922.58 crore. These notices include four separate claims requiring GST payments of ₹478.84 crores, ₹359.70 crores, ₹78.66 crores, and ₹5.38 crore respectively. The liabilities are concerning revenue generated from services such […]
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 GST Council is set to clarify the input tax credit for life insurers, addressing a recent demand of Rs. 290 crore imposed on the Life Insurance Corporation (LIC). The state-owned giant is expected to get relief with this development. The complexity surrounding GST occurs in relation to traditional life policies or endowment plans, where […]
In the recent case of M/s. Sanscorp India Pvt. Ltd. vs. the Assistant Commissioner, Goods and Service Tax Network (GSTN), Union of India – 2023(9) TMI 1002, the Kerala High Court made a significant ruling. The court held that if a taxpayer fails to submit returns for a continuous period of six months, their registration […]
New India Assurance, a public sector general insurer, has recently received the largest-ever Goods and Services Tax (GST) demand notice among all insurers. The demand notice amounts to ₹2,379 crore. The notice is based on Section 73(1) of the Central Goods and Services Tax (CGST) Act, 2017, which deals with non-payment or short payment of […]
