The panel responsible for evaluating tax adjustments within the Goods and Services Tax (GST) Council has, in preparation for the upcoming October 7th meeting, voiced its disapproval of the industry’s plea to reduce taxes on tobacco products. Specifically, the industry had requested a standardized additional compensation cess on cigarettes, a compensation cess on bidis, an … Continue reading GST panel opposes tobacco product tax reduction.
Is the supply under SAC 998351 to be classified as an exempt supply or considered as a nil-rated supply?
Is it deemed that SAC 998351, pertaining to veterinary services, qualifies as an exempt supply or a supply that is subject to nil-rated taxation? Answer — Nill Rated Views: 0
Northeast Region—Top GST Beneficiary — Nirmala Sitharaman
In the serene ambiance of New Delhi, Finance Minister Nirmala Sitharaman expounded on the profound impact of the Goods and Services Tax (GST) on the North Eastern states during her address at the distinguished ‘Conclave 2023.’ The states of the Northeast have experienced a substantial surge in their revenue collections since the inception of this … Continue reading Northeast Region—Top GST Beneficiary — Nirmala Sitharaman
Nitin Gadkari Proposes 10% Extra GST on Diesel Vehicles; Market Reacts Sharply
Shares of oil marketing and automobile companies took a significant hit on Tuesday following Union Road Transport and Highways Minister Nitin Gadkari’s proposal to introduce an additional 10% Goods and Services Tax (GST) on diesel vehicles. This move, aimed at reducing emissions, caused immediate ripples across the stock market. Clarification from Gadkari In response to … Continue reading Nitin Gadkari Proposes 10% Extra GST on Diesel Vehicles; Market Reacts Sharply
Continuous Supply of Services under Indian GST & Section 2(33) and Section 31—5A or 5B or 5C of the CGST Act
Section 2(33) of the CGST Act— “(33) ―continuous supply of services‖ means a supply of services which is provided, or agreed to be provided, continuously or on a recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes the supply of such services as the Government may, subject … Continue reading Continuous Supply of Services under Indian GST & Section 2(33) and Section 31—5A or 5B or 5C of the CGST Act
Palghar, Maharashtra — Private Firm Proprietor Arrested in ₹18.66 Crore GST Fraud
A significant incident of Goods and Services Tax (GST) fraud has been uncovered in the Palghar district of Maharashtra, resulting in the arrest of an individual responsible for embezzling a substantial sum of Rs 18.66 crore from the government’s coffers. Dhiren Chandrakant Shah, the proprietor of a private enterprise known as Archana Impex, stands accused … Continue reading Palghar, Maharashtra — Private Firm Proprietor Arrested in ₹18.66 Crore GST Fraud
Nitin Gadkari Proposes Additional 10% GST on Diesel Vehicles; Market Reactions Swift
In a significant move aimed at reducing emissions, Union Road Transport and Highways Minister Nitin Gadkari recently suggested implementing an additional 10% GST on diesel vehicles. This announcement, made at the Society of Indian Automobile Manufacturers (SIAM) annual convention, caused immediate ripples in the market, with shares of oil marketing and automobile companies taking a … Continue reading Nitin Gadkari Proposes Additional 10% GST on Diesel Vehicles; Market Reactions Swift
GST Registration Fraud Results in Rs 12-Crore Loss for Department
An individual, as yet unidentified, has been formally charged with the fraudulent acquisition of a GST registration number, leading to a substantial financial loss of Rs 12.36 crore for the UT Excise and Taxation Department. Deepak Bhatt, an excise and taxation officer, initiated the complaint, revealing that a business entity by the name of M/s … Continue reading GST Registration Fraud Results in Rs 12-Crore Loss for Department
Karnataka AAR Clarifies — GST Promotional Schemes Aren’t Gifts, Tax Credit Eligible
In a significant development that provides clarity to businesses engaging in promotional schemes for expansion, the Karnataka Authority for Advance Ruling (AAR) has issued a ruling regarding the eligibility of input tax credit (ITC) for performance-based promotional schemes. The ruling distinguishes goods provided free of charge to distributors or retailers upon meeting specific sales purchase … Continue reading Karnataka AAR Clarifies — GST Promotional Schemes Aren’t Gifts, Tax Credit Eligible
Seizing the Opportunity — The Rise in GST Revenues
GST revenues have shown a noteworthy 11.3% increase in the first five months of the fiscal year 2023-24, boasting an average monthly collection of ₹1.66 lakh crore, up from approximately ₹1.5 lakh crore in the previous year. This growth was fueled by the exceptional ₹1.87 lakh crore amassed in April, marking an even higher 11.5% … Continue reading Seizing the Opportunity — The Rise in GST Revenues