Category: GST News

India’s economic landscape is in the midst of a remarkable transformation, as evidenced by the latest data released by the National Statistical Office (NSO) on May 31, 2024. The nation’s fiscal year 2024 growth rate stands at an impressive 8.2%, marking the ninth instance since 1961 where the GDP growth rate has surpassed the 8% … Continue reading Recent Development in 🇮🇳 GST—Part 01

On 10th July 2024, the Central Government, following the counsel of the GST Council, unveiled substantial modifications to the Central Goods and Services Tax (CGST) Rules, 2017, through Notification No. 12/2024-Central Tax. This transformative measure aims to enhance procedural efficiency, ensure greater compliance, and address various GST operational facets. Here is an expert analysis of … Continue reading 26+ Key Amendments Introduced in Notification No. 12/2024 on 10/07/2024

In a landmark ruling, the Rajasthan Authority for Advance Rulings (AAR) has determined that baby food products containing ingredients other than milk could now be subjected to an 18% Goods and Services Tax (GST), a stark increase from the 5% rate applicable to pure milk products. This precedent-setting decision could have far-reaching implications for the … Continue reading GST Shock—Baby Food Products with Non-Milk Ingredients Hit with 18% Tax

In a landmark achievement for India’s fiscal landscape, the Goods and Services Tax (GST) collections soared to an unprecedented ₹2.1 lakh crore in April 2024, marking a substantial 12.4% year-on-year growth. As Union Finance Minister Nirmala Sitharaman prepares to unveil the Union Budget 2024-25 on July 23, these staggering figures are set to play a … Continue reading Union Budget 2024—The Pivotal Role of GST Collection in Shaping India’s Economic Blueprint

In a striking revelation, State Bank of India’s Economic Research Department (ERD) has underscored the urgent necessity for taxation parity on bank deposits, encompassing both demand and time deposits, to align with other investment avenues. This call to action is driven by the noticeable shift of investors towards alternate asset classes that are currently yielding … Continue reading Immediate Taxation Parity for Bank Deposits—A Crucial Move, Advocates SBI’s Economic Research

In the labyrinthine world of India’s taxation, the Goods and Services Tax (GST), introduced seven years ago with much fanfare, continues to grapple with complexities far removed from its envisioned simplicity. Arvind Subramanian, the former Chief Economic Advisor, has cast a critical eye on the tax regime, asserting that the promise of a ‘Good and … Continue reading GST far from simple – Arvind Subramanian

The National Litigation Policy of India mandates a strategic approach to legal appeals, stipulating that appeals should not be pursued when the monetary amount involved is below a specified threshold set by Revenue Authorities. It also discourages appeals in cases where precedents from Tribunals and High Courts have settled the matter without further contestation in … Continue reading Time limit in GST litigation(Appeal)

In a dramatic turn of events, the State Goods and Services Tax (SGST) and Subsidiary Intelligence Bureau (SIB) teams orchestrated a high-stakes raid on Tuesday targeting a prominent builder and developer in Kanpur’s Civil Lines and Barra areas, following allegations of extensive tax evasion. According to SGST insiders, substantial evidence pointing to large-scale tax evasion … Continue reading Kanpur builder raided by GST for tax evasion

In a fervent appeal to the Union Finance Minister, the Central Arecanut and Cocoa Marketing and Processing Cooperative (Campco) has underscored the urgent need to reduce the Goods and Services Tax (GST) on arecanut and its associated agricultural inputs. Appeal for Tax Reduction Aiming to alleviate the financial burden on farmers, Campco President A Kishore … Continue reading Campco Appeals for GST Reduction to Boost Arecanut and Agricultural Inputs

The gross goods and services tax (GST) collections for June 2024 have risen to Rs 1.74 trillion, representing a year-on-year (Y-o-Y) increase of 7.7 percent, according to sources disclosed to Business Standard. This marks a deceleration in growth compared to the 12.4 percent and 10 percent increases observed in April and May, respectively, with month-on-month … Continue reading GST Collections Surge to Rs 1.74 Trillion in June Amid Slowing Growth Trajectory