GST collection hits six-month high at Rs 1.87 lakh crore, up 8.9% in Oct
New Delhi/IBNS: Goods and Services Tax (GST) collections reached a six-month peak of Rs 1.87 lakh crore in October, surpassing the Rs 1.7 lakh crore mark for the eighth straight month, according to data released on Friday (Nov. 1).
GoM proposes exemption of health insurance premiums, term life cover from GST
New Delhi: The Group of Ministers (GoM) on GST rate rationalisation said on Saturday that health insurance premiums paid by senior citizens, and premiums paid on term life insurance will be exempted from GST, media reports said.
New Delhi: The Group of Ministers (GoM) on GST rate rationalisation has decided to reduce tax rates on 20-litre packaged drinking water bottles, bicycles, and exercise notebooks to 5 percent, while proposing an increase in taxes on high-end wristwatches and shoes, media reports said.
SpiceJet hasn't paid Rs 427 cr in GST, TDS, and PF dues since 2020: Report
Mumbai: Budget airline SpiceJet announced on Tuesday that it failed to pay statutory dues amounting to Rs 427 crore between March 2020 and August 2024, citing its "constrained financial position", media reports said.
States fail to reach consensus on GST relief on health insurance premiums
New Delhi: States remain divided over a proposal to exempt health insurance premiums from Goods and Services Tax (GST), with the Fitment Committee—comprising revenue officials from both state and Union governments—struggling to agree on this contentious issue, media reports said.
GST Council meeting next month to discuss tax rate rationalization: FM
New Delhi: Finance Minister Nirmala Sitharaman announced on Tuesday that the GST Council will discuss the rationalization of tax rates next month though a final decision on adjusting taxes and slabs will be made later.
GST Intelligence uncovers tax evasion worth Rs 1.2 trillion since 2020
New Delhi: The Directorate General of GST Intelligence (DGGI) has uncovered tax evasion amounting to Rs 1.2 trillion through the use of fake input tax credits (ITC) from 2020 to the present, with a focus on identifying and apprehending the masterminds behind these operations and dismantling the syndicates operating across the country, the finance ministry said in a release on Tuesday.
'Rationalise and simplify': IMF's Gita Gopinath gives tips to increase GST revenue
New Delhi: Emphasising that structural reforms should be continuous, Deputy Managing Director of the International Monetary Fund (IMF) Gita Gopinath said that India should continue to rationalise and simplify its Goods and Services Tax (GST) system to boost revenue, media reports said.
Bajaj Finance receives Rs 341 crore GST ’evasion’ notice from DGGI: Report
Pune/IBNS: Pune-headquartered non-banking financial company Bajaj Finance has received a Rs 341 crore show-cause notice from the Directorate General of Goods and Services Tax Intelligence (DGGI) alleging tax evasion by wrongfully categorising a service charge as an interest charge in an August 3 notice, as per a report by Economic Times.
GST on health and life insurance premiums may be reduced: Report
New Delhi/IBNS: The Goods and Services Tax (GST) rate on the premium paid on health and life insurance may be reduced as a proposal in this regard has been sent to the GST rate rationalisation committee, CNBC-Awaaz reported on Thursday (Aug 8) citing sources familiar with the development.
Axis Bank facilitates seamless GST payments for its commercial card clients
Kolkata: Axis Bank today announced its successful integration with the Goods and Service Tax portal, thereby allowing its Commercial Card Corporate customers to make GST payments seamlessly.
Govt to not go easy on Infosys over Rs 32,000 cr GST demand
New Delhi: The government is not considering any relaxation of the tax demand sent to Infosys last month, Reuters reported, citing a government source.
Bengaluru/IBNS: Indian multinational information technology company Infosys on Thursday (Aug 1) announced in a regulatory filing to the stock exchanges that the Karnataka state Goods and Services Tax (GST) authority has withdrawn the pre-show-cause notice against the company for alleged tax evasion.
Infosys shares drop 1% after IT major slapped with Rs 32,403 crore GST notice for overseas expenses
Bengaluru/IBNS: Shares of Indian multinational information technology company Infosys dropped 1 percent to the day's low of Rs 1,845.40 on BSE on Thursday (Aug 1) after the IT major was slapped with a RS 32,403 crore Goods and Services Tax (GST) notice by the Directorate General of GST Intelligence over overseas expenses, reports said.
New Delhi/IBNS: Nitin Gadkari, the Union road, transport and highways minister, has written to finance minister Nirmala Sitharaman, seeking withdrawal of the 18 percent Goods and Services Tax (GST) on life and medical insurance premiums, reports MoneyControl.