GST: News

02 Jun 2024

Business

CBIC empowers senior tax officers for early GST recovery

The Central Board of Indirect Taxes and Customs (CBIC) has authorized Principal Commissioners or Commissioner level officers, to issue directives for early recovery of goods and services tax (GST) dues.

01 May 2024

Business

GST collections reach record high of ₹2.1L crore in April

India's Goods and Services Tax (GST) collections reached an all-time high in April 2024, with gross collections amounting to ₹2.1 lakh crore.

20 Apr 2024

Zomato

Zomato faces ₹11.82 crore GST demand notice: Here's why

Zomato has been issued a tax demand and penalty order totaling ₹11.82 crore, by the Additional Commissioner, Central Goods and Services Tax, Gurugram.

States' fiscal deficit for FY24 expected near 3.1% of GDP

Citi Research has forecast that the fiscal deficits of states for the financial year 2023-24 (FY24) will align with the original budgeted estimate of 3.1% of the Gross Domestic Product (GDP).

01 Apr 2024

India

India's GST collection surges 11.5% in March to ₹1.78L crore

India's Goods and Services Tax (GST) collection saw a significant increase of 11.5% in March, accumulating ₹1.78 lakh crore, according to the Finance Ministry.

01 Mar 2024

India

February GST collections rise 12.5% YoY to Rs. 1.68L crore

India's finance ministry reported that the goods and services tax (GST) collection for February 2024, reached Rs. 1.68 lakh crore, a 12.5% increase compared to the same period last year.

Centre may reconsider retrospective GST notices to online gaming companies

Indian government might reconsider its position on the Goods and Services Tax (GST) levied on online real money gaming companies.

SC seeks Centre's response on 28% GST on online gaming

The Supreme Court has called on the Indian government to address a petition from online gaming companies regarding "retrospective" tax demands totaling Rs. 1.5 lakh crore.

LIC shares trade in red on Rs. 800cr GST notice

Shares of insurance giant Life Insurance Corporation of India (LIC) traded 1.5% lower at Rs. 851.30 in early trade on January 2 after the company was slapped a Rs. 806-crore GST notice.

December GST collections climb 10% YoY to Rs. 1.65L crore

The Union Ministry of Finance has revealed that the Centre's Goods and Services Tax (GST) collections for December 2023, reached Rs. 1.65 lakh crore.

29 Dec 2023

India

GST Council extends deadline to recover FY19, FY20 tax dues

The Goods and Services Tax (GST) Council has decided to give tax officials more time to demand and recover tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20).

21 Dec 2023

Business

How online gaming industry is countering the 28% GST impact

The online gaming industry is grappling with the effects of the 28% Goods and Services Tax (GST) implemented since October 1.

14 Dec 2023

India

Foreign airlines to pay GST demands on cross charges

Foreign airlines including British Airways, Etihad, and Emirates have received Goods and Services Tax (GST) demand notices related to cross charges.

05 Dec 2023

Nirmala Sitharaman

21,791 fake GST registrations unearthed, Rs. 24,000cr evasion suspected: FM

During a recent two-month special drive, Finance Minister Nirmala Sitharaman announced that GST officers discovered 21,791 fake GST registrations and over Rs. 24,000 crore in suspected tax evasion.

22 Nov 2023

Zomato

Zomato and Swiggy receive GST notices totaling Rs. 750 crore

The Directorate General of GST Intelligence (DGGI) has slapped food delivery giants Zomato and Swiggy with Goods and Services Tax (GST) demand notices, amounting to Rs. 400 crore and Rs. 350 crore, respectively.

Centre to request SC for clubbing GST online gaming cases

The Indian government may ask the Supreme Court to club all Goods and Services Tax (GST) online gaming cases, currently in litigation on the grounds of a single principle, reported Moneycontrol.

01 Nov 2023

Indian Government

October GST collection touches second-highest ever at Rs. 1.72L crore

The Ministry of Finance revealed that the Centre's Goods and Services Tax (GST) revenue for October 2023 reached Rs. 1.72 lakh crore.

25 Oct 2023

Business

Online gaming companies served tax notices worth Rs. 1L crore

Online gaming companies have been slapped with show-cause notices amounting to Rs. 1 lakh crore by GST authorities over alleged tax evasion, reported Reuters, citing a high-ranking government official.

05 Oct 2023

Business

GST Council meeting on October 7: What's on agenda

The 52nd meeting of the Goods and Services Tax (GST) Council is scheduled for October 7, 2023, in New Delhi.

26 Sep 2023

India

Dream11, other gaming firms face GST notices worth Rs. 55,000cr

The Directorate General of GST Intelligence (DGGI) has issued pre-show cause notices to around 12 online real money gaming companies for tax dues worth Rs. 55,000 crore.

Over 100 online gaming firms under scrutiny for GST evasion

Authorities are set to launch investigations against over 100 online gaming firms for potential Goods and Service Tax (GST) evasion, as reported by Business Today.

25 Sep 2023

Stock Market

Delta Corp shares plummet 20% after hefty GST notice

Casino operator Delta Corp Ltd. has seen its shares drop by 20% after receiving tax notices totaling Rs. 16,822 crore from the Directorate General of GST Intelligence.

12 Sep 2023

Nitin Gadkari

Nitin Gadkari proposes 10% GST hike on diesel vehicles

Union Road Transport and Highways Minister Nitin Gadkari has proposed an additional 10% goods and services tax (GST) on diesel-powered vehicles and generators in India.

01 Sep 2023

India

August GST revenues soar 11% YoY to Rs. 1.6L crore

The Goods and Services Tax (GST) revenues for August 2023 in India have hit approximately Rs. 1.6 lakh crore. This marks a year-on-year (YoY) growth of roughly 11%.

16 Aug 2023

Business

Online gaming platforms face Rs. 45,000cr retrospective tax liability

Online skill-based gaming platforms in India are facing a potential tax demand of Rs. 45,000 crore.

02 Aug 2023

Nirmala Sitharaman

GST Council: 28% tax on online gaming from October 1

The GST Council has decided to impose a 28% tax on the full face value of bets placed on online gaming and casinos, starting October 1.

12 Jul 2023

Business

How 28% GST on online gaming will impact Indian players

The Goods and Services Tax (GST) Council rocked the online gaming industry by agreeing to levy a 28% GST on funds collected by gaming firms.

12 Jul 2023

Nirmala Sitharaman

GST rule change to make popular MPVs costlier: Here's how

The Goods and Services Tax (GST) Council, led by Union Finance Minister Nirmala Sitharaman has decided to add a 22% cess on MPVs, on top of the existing 28% GST.

12 Jul 2023

Nirmala Sitharaman

GST shocker: Delta Corp, Nazara Tech stock prices tank

Online gaming platform Nazara Technologies and casino operator Delta Corp Ltd. witnessed a sharp fall in share prices on Wednesday.

12 Jul 2023

Business

The 28% GST will kill India's gaming industry: Here's how

Online gaming is one of the fastest-growing internet businesses in India. However, that may come to a halt after the Indian government's recent decision to increase indirect tax on online gaming.

01 Mar 2023

India

February GST collections up 12%, third-highest of all time

Goods and Services Tax (GST) collections increased by 12% to over Rs. 1.49 lakh crore in February 2023, the Finance Ministry informed on Wednesday.

16 Feb 2023

Pakistan News

Pakistan fuel price hits record high; Petrol at Rs. 280/liter

Pakistan announced a record increase in fuel prices on Wednesday, triggering a shock for its already overburdened citizens.

18 Dec 2022

SUVs in India

GST Council defines 'SUV' and sets criteria for tax

The Goods and Services Tax (GST) Council has clarified the definition of SUVs in India, in a meeting held on Saturday.

19 Jul 2022

Lok Sabha

Lok Sabha, Rajya Sabha proceedings adjourned after Opposition protests

On the second day of Parliament's monsoon session, the Lok Sabha and Rajya Sabha were adjourned till Wednesday amid sloganeering by Opposition MPs on issues of price hikes and inflation.

18 Jul 2022

Nirmala Sitharaman

New GST rates apply from today: What's costlier, what's cheaper

The new Goods and Services Tax (GST) rates go into effect on Monday.

01 Jul 2022

Nirmala Sitharaman

New GST rule: What gets cheaper, what's costlier?

With the average man already suffering from rising inflation, the Goods and Services Tax (GST) Council's decision to raise rates on some products and services, as well as bring additional things under its purview, is expected to exacerbate the situation.

GST Council's two-day meet starts today: Details here

The Goods and Services Tax (GST) Council's two-day meeting commenced on Tuesday in Chandigarh.

22 Mar 2022

Jhund

What does it mean for films to be tax-free?

Currently, The Kashmir Files (TKF) is witnessing a bumper wave at the box office and enjoying word-of-mouth publicity online.

31 Dec 2021

Nirmala Sitharaman

GST Council decides to postpone tax hike on textiles

The Goods and Services Tax (GST) Council Friday decided to defer the proposed hike in GST rate on textiles, said Union Finance Minister Nirmala Sitharaman.

27 Dec 2021

Nirmala Sitharaman

GST changes from January 1: Here's how it impacts prices

The Goods and Services Tax (GST) regime will witness a host of tax rate and procedural changes starting January 1, 2022.

23 Sep 2021

West Bengal

Petroleum Minister explains why petrol prices are not coming down

Petrol prices in the country are not coming down as the states do not want to bring fuel under the ambit of the GST, Petroleum Minister Hardeep Singh Puri said.

18 Sep 2021

Zomato

Swiggy, Zomato will now collect GST. Does it affect you?

Food delivery platforms like Swiggy and Zomato will collect 5% Goods and Services Tax (GST) from customers instead of the restaurants they pick up orders from, the GST Council decided in a meeting on Friday.

16 Sep 2021

Lucknow

GST Council to meet in Lucknow on Friday

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on Friday, which among other things may review the tax rate of over four-dozen items and extend till December 31, tax concessions on 11 COVID-19 drugs.

09 Jul 2021

Narendra Modi

Vijayan requests PM to waive tax on imported life-saving drug

In a letter to PM Narendra Modi on Friday, Kerala CM Pinarayi Vijayan urged him to waive GST and Customs duty on a life-saving drug to be imported from the US for the treatment of an 18-month-old child suffering from Spinal Muscular Atrophy (SMA), a rare disease, in the state.

12 Jun 2021

Coronavirus

GST Council meeting: No tax for COVID-19, black fungus medicines

The Goods and Services Tax (GST) Council on Saturday decided to waive taxes on select items essential in the fight against COVID-19 such as medicines and certain equipment.

26 Feb 2021

Bharat Bandh

Bharat Bandh today against GST, fuel price hike

The Confederation of All India Traders (CAIT) has given a clarion call for a Bharat Bandh on Friday, February 26, to protest against the rise in fuel prices, the new E-way Bill, and Goods and Services Tax (GST).

18 Dec 2020

India

Private security guards to play big role in vaccination drive

The 90 lakh private security guards in the country will have a big role to play in the distribution of the coronavirus vaccine, Union minister G Kishan Reddy said on Thursday, as the government plans to roll out a massive vaccination drive across India.

07 Dec 2020

ITC Limited

GST transactions worth over Rs. 1 lakh crore under scanner

Nearly 13,000 business entities, including some big corporations, allegedly availed of input tax credit (ITC) via fake invoices worth more than Rs. 1 lakh crore, for nearly three years, the Directorate General of Analytics and Risk Management (DGARM) has found.

26 Oct 2020

Maharashtra

Amend or abandon GST: Uddhav Thackeray tells BJP-led Centre

Uddhav Thackeray, the disgruntled former ally of Bharatiya Janata Party (BJP), launched a sharp attack on the Centre on Sunday, saying that the GST system has failed and it should either be amended, or the old system should be brought back.

12 Oct 2020

Nirmala Sitharaman

Centre announces travel payout, festival advance for government employees

To aid the economy, bruised by the coronavirus pandemic, the Centre on Monday announced a few measures for government employees.

12 Jun 2020

X

18% GST on parotas: Internet loses it over absurd rule

Until now, you might not have given much thought to whether you were having your butter chicken or dal makhni with a serving of rotis or parotas.

24 May 2020

Maharashtra

Maharashtra lockdown may not end on May 31, says Thackeray

Maharashtra Chief Minister Uddhav Thackeray on Sunday said that the lockdown may not be lifted on May 31 as the "multiplication of the virus" is picking up.

10 May 2020

India

#FinancialBytes: GST Refund Process - How to claim your refund?

The Goods and Services Tax (GST) regime in India was meant to make businesses hassle-free and more compliant. But, the mammoth of unclear guidelines have made it rather difficult for them.

05 May 2020

India

Popular tech products that Chartered Accountants should know about

In India, Chartered Accountancy (CA) is one of the most respected professional courses. It is a three-level program offered by the Institute of Chartered Accountants of India.

06 Apr 2020

Realme

GST effect: These Realme smartphones have become costlier in India

With an increase in GST rates on smartphones from 12% to 18%, Chinese tech giant Realme has increased the prices of its handsets.

04 Apr 2020

Nokia 5

GST effect: These Nokia smartphones have become costlier in India

With the recent hike in the GST rates on smartphones from 12% to 18%, HMD Global has followed the footsteps of other OEMs to increase the prices of Nokia smartphones.

03 Apr 2020

Samsung

GST effect: These Vivo smartphones have become costlier in India

As the GST rate on smartphones increased from 12% to 18%, several smartphone manufacturers including Apple, Samsung, Xiaomi have hiked the prices of their handsets in India.

01 Apr 2020

Samsung

After Xiaomi, Apple and Samsung increase smartphone prices in India

With the recently-announced 50% hike in GST rates on mobile phones coming into effect today, Apple and Samsung have followed in the footsteps of Xiaomi to increase the prices of their smartphones in India.

01 Apr 2020

Xiaomi

Xiaomi, Redmi, POCO smartphones become costlier due to GST hike

Xiaomi has increased the prices of its smartphones in India, in a bid to cushion the impact of the raised tax on mobile phones.

14 Mar 2020

Infosys

Mobile phones to get more expensive; GST council raises tax

Mobile phones are expected to become more expensive as the government has raised the rate of Goods and Services Tax (GST) on them from 12% to 18%.

17 Feb 2020

India

#CareerBytes: Career options to choose from after pursuing Chartered Accountancy

In India, Chartered Accountancy (CA) is one of the most sought-after professional courses.

01 Feb 2020

Narendra Modi

Budget 2020: Nirmala Sitharaman reveals three themes of Budget

As she rose to present her second Union Budget today, Finance Minister Nirmala Sitharaman said the budget for the financial year of 2020-21 revolves around three themes: Aspirational India, Economic development for All, and building a Caring society.

TRAI reduces cable-pricing: 200 channels now available at Rs. 153

After several calls of concern, Telecom Regulatory Authority of India (TRAI) has made amendments to New Tariff Order (NTO), the regulatory framework that went into effect in April 2019 and gave consumers an option to pay for what they watch.

27 Dec 2019

India

#CareerBytes: Popular software/tech products that Chartered Accountants should learn about

In India, Chartered Accountancy (CA) is one of the most respected professional courses. It is a three-level program offered by the Institute of Chartered Accountants of India.

08 Dec 2019

India

#FinancialBytes: GST Refund Process - How to claim your refund?

The Goods and Services Tax (GST) regime in India was meant to make businesses hassle-free and more compliant. But, the mammoth of unclear guidelines have made it rather difficult for them.

29 Nov 2019

Reliance Industries

JioFiber introduces new Rs. 351, Rs. 199 prepaid broadband plans

Reliance Jio has introduced a couple of new prepaid broadband plans for its fiber-to-the-home JioFiber service.

26 Nov 2019

India

Ultraviolette F77 v/s Ather 450: Which e-vehicle is better?

Bengaluru-based Ultraviolette Automotive has recently announced its F77 all-electric performing bike in India. The premium two-wheeler comes with a superbike-like design, a range of 130-150km, and a claimed top speed of 147 km/hour.

21 Sep 2019

India

GST Council meeting: Push for hospitality; no relief for auto-sector

Union Finance Minister Nirmala Sitharaman addressed the media, following the 37th GST Council meeting in Goa yesterday.

20 Sep 2019

Nirmala Sitharaman

Government cuts corporate tax rate to 22% for domestic companies

In a move which is expected to boost growth and provide some respite to the sluggish economy, the government has decided to slash income tax for corporates.

Amid economic slowdown, Anurag Thakur faces embarrassment at auto event

On Friday, Minister of State for Finance Anurag Thakur addressed the slowdown in the auto industry at the Automotive Component Manufacturers Association of India (ACMA) annual summit in New Delhi.

05 Sep 2019

Kiku Sharda

Kiku Sharda charged 78,650/- for tea, but he isn't complaining

Kiku Sharda, who often leaves you in splits with his jokes on The Kapil Sharma Show, grabbed headlines after he shared a bill where he was charged 78,650/- for just two cups of beverages, but he said "I'm not complaining."

21 Aug 2019

India

Parle sales drop amid economic-slowdown; 10,000 employees may be laid-off?

India's leading biscuit maker, Parle Products Pvt. Ltd. may have to lay off up to 10,000 of its employees, as economic growth continues to slow down, a company executive said yesterday.

12 Aug 2019

India

Mumbai hotel charges Rs. 1,700 for two boiled-eggs; Twitter reacts

If you thought that paying over Rs. 400 for two bananas was a bit extravagant, you are in for more surprise.

06 Aug 2019

India

Tata Tigor EV gets Rs. 80,000 price-cut post GST reduction

Tata Motors has reduced the prices of its Tata Tigor EV in India by Rs. 80,000.

27 Jul 2019

Electric Vehicles

GST Council reduces tax on electric cars to 5%

In a move to push people towards electric vehicles, the Goods and Services Tax (GST) Council slashed the tax rate on electric vehicles (EVs), bringing it down from 12% to 5%, on Saturday.

24 Jul 2019

Chandigarh

Rahul Bose was charged Rs. 442.50 for two bananas. What?

Luxury comes at a price, even if one eats something as cheap as bananas at a top-tier hotel.

16 Jul 2019

India

#FinancialBytes: Minimum balance rules of SBI, HDFC, ICICI bank

Saving bank accounts require the customers to maintain a certain specified average monthly balance (AMB).

25 Jun 2019

Narendra Modi

Aligarh: This Kachori seller earns Rs. 60L; gets tax notice

There may be many reasons for why Prime Minister Narendra Modi's pakoda selling advice doesn't work, and you can add another to your list: pakodas aren't kachoris.