Finance minister Nirmala Sitharaman said India is close to taking a final call on reducing goods and services tax (GST) rates further and reviewing the levy’s slabs. The revenue neutral rate had dropped from 15.8% when GST was introduced in 2017, to 11.4% by 2023, she said at the 25th ET Awards for Corporate Excellence … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, has clarified the tax treatment of popcorn. It has been decided that pre-packed and labelled ready-to-eat popcorn will attract a 12% GST, while caramelised popcorn (mixed with sugar) will be taxed at 18%. Importantly, there is no change in the existing tax rates. The Council has … Read more
The all-powerful Goods and Services Tax (GST) Council, at its upcoming meeting on September 9, is expected to provide a roadmap for the compensation cess that will likely continue “well into” 2025-26 (FY26), and also discuss whether it should eventually be replaced with a tax or a cess, say government officials. An internal assessment, these … Read more
The introduction of the Goods and Services Tax (GST) in 2017 marked a pivotal moment in the nation’s economic history, fundamentally reshaping the indirect tax system by unifying multiple taxes into a single, streamlined framework. It replaced a complex structure of indirect taxes like Service Tax, Central Excise Duty, and Value Added Tax (VAT) with … Read more
The Goods and Services Tax (GST) investigative arm, Directorate General of Goods and Services Tax Intelligence (DGGI), has given partial relief to IT services major Infosys by closing the tax proceedings for financial year 2017-18 (FY18), the company informed exchanges on Saturday evening. The GST amount during this period was Rs 3,898 crore. The move … Read more
The Directorate General of GST Intelligence (DGGI) has issued new summons to several online gaming companies, including Delta Corp, which runs Adda52, seeking details about cashback offered to players since October 2023, according to sources familiar with the matter. The DGGI’s Gurgaon office is investigating the practice of reimbursing taxed money to players as cashback … Read more
`Government on Sunday said GST officers have detected 29,273 bogus firms involved in fake Input Tax Credit (ITC) claims of Rs 44,015 crore in eight months till December 2023 during a drive against fake registration, which helped save revenue of Rs 4,646 crore. In October-December 4,153 bogus firms that involved suspected ITC evasion of around … Read more
Goods and services tax (GST) collections rose 10.3% to Rs 1,64,882 crore during December, driven by domestic sources, while the rise in mop-up from imported goods lagged. Latest data released by the finance ministry pegged collections from domestic sources to have increased 13% in December (for transactions in November). While Central and State GST rose … Read more
Finance minister Nirmala Sitharaman on Wednesday said the request from Parliamentarians to raise the sales threshold for Goods and Services Tax (GST) registration can be looked into by the GST Council; however, she added that most small businesses ideally should be part of the GST chain. While replying to a discussion on the Central Goods … Read more