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In October, Gross GST collection surged to 9% to Rs 1.87 lakh crore, the second highest collection ever, on the pick up in domestic sales and rectified complaints. Rs 33,821 crore, was the Central GST collection, Rs 41,864 crore, was the State GST collection, Rs 99,111 crore was the integrated IGST collection and Rs 12,550 […]
The Goods and Services Tax (GST) Council is acknowledging waiving the premiums filed for life and health insurance from GST. Towards the insurance sector, the GST on term life insurance premiums seems to be waived for all the individuals along with the plans that comprise family members. Senior citizens who pay the health insurance premium […]
The centre in its 54th GST council meeting wishes to reduce the cost of namkeen and savoury products, Finance Minister Nirmala Sitharaman cited in the press meet. From 18% to 12%, the GST rate on such products has lessened. The decision on namkeens, extruded, expanded savoury food items – GST rate on such items has […]
Deputy Chief Minister Mallu Bhatti Vikramarka offered a GST exemption for health insurance premiums for senior citizens and for reduction or exemption on health insurance premiums based on the access to effective healthcare of their choice to ensure the middle and lower middle-class groups who have high medical expenditures. In the 54th GST Council meeting […]
Central Board of Indirect Taxes and Customs (CBIC) chairman Sanjay Kumar Agarwal said that India’s indirect tax structure will drive towards minimum tax slabs and the Centre will overhaul the present classification under both goods and services tax (GST) and customs. It is possible and prudent to have three tax rate slabs in the GST. […]
The government has revived efforts towards GST rate rationalization, evident in the reformation of the ministerial group within the GST Council. This group, previously tasked with streamlining the intricate tax structure and adjusting its multiple rates, had been dormant following changes in political dynamics. Initially led by former Karnataka CM Basavaraj Bommai, it went inactive […]
A recent report has brought attention to the current status of state finances, emphasizing the persistent deficit in budget revenue. The report underscores that this deficit is causing limitations in capital outlay, particularly impacting the allocation of funds for developing assets. Furthermore, the report highlights the necessity of rationalizing the goods and services tax (GST) […]
The 7-member GST rate rationalization panel is anticipated to see Uttar Pradesh Finance Minister Suresh Kumar Khanna as its convenor, according to an official source. There are expected replacements in the Group of Ministers (GoM), where West Bengal Finance Minister Chandrima Bhattacharya and Bihar Finance Minister Vijay Kumar Choudhary will take the positions formerly held […]
The 50th GST Council meeting chaired by Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman suggested measures to streamline compliance with GST. The Council has recommended inserting rule 138F in the CGST Rules, 2017, as well as in the SGST Rules, 2017, of the States that want to mandate the generation of e-way bills […]
