26 Mar 2025 06:39 PM
New

Import Duty and GST on Lifesaving Medical Devices

Source: https://taxguru.in/goods-and-service-tax/reducing-import-duty-lifesaving-drugs.html

Indian Government has clarified there are no current plans to reduce import duties on lifesaving medical equipment. Most medical devices attract a basic customs duty (BCD) ranging from 7.5% to 10%, while certain critical equipment, such as coronary stents and assistive devices for the disabled, attract nil BCD. Regarding GST, most lifesaving medical equipment already benefits from a concessional rate of 12%, compared to the standard 18%. The GST Council, a constitutional body representing Union and State Governments, prescribes GST rates and exemptions. No recommendation has been made by the Council for further GST reductions on such devices. For health and life insurance premiums, a Group of Ministers (GoM) was constituted during the 54th GST Council meeting on September 9, 2024, to examine the issues holistically. However, the GoM has not yet submitted its final report. The government also highlights that concessions and exemptions aim to make essential medical equipment accessible while supporting domestic manufacturing through indirect incentives.

26 Mar 2025 06:29 PM
New

Govt Eases GST Compliance for MSMEs & Small Taxpayers

Source: https://taxguru.in/goods-and-service-tax/govt-eases-gst-compliance-msmes-small-taxpayers.html

Government has taken multiple steps to simplify GST compliance for MSMEs and small taxpayers, based on recommendations from the GST Council. The turnover threshold for GST registration was increased to ₹40 lakh for goods suppliers (except special category states), and the composition scheme limit was raised to ₹1.5 crore, reducing compliance requirements for small businesses. The Quarterly Return Monthly Payment (QRMP) scheme allows taxpayers with turnover up to ₹5 crore to file quarterly returns instead of monthly ones. Filing of NIL returns via SMS and a fully electronic refund process have further eased compliance. Businesses with turnover up to ₹2 crore are exempt from annual return filing. An auto-generated return with an editing option is now available, and taxpayers can amend outward supply details in the current tax period. Digital payment options, including UPI and credit cards, have been introduced for GST payments. Additionally, mandatory GST registration for intra-state e-commerce sellers has been waived under certain conditions. A retrospective amendment allows input tax credit claims for earlier financial years until November 30, 2021. Section 128A of the CGST Act waives interest and penalties on demand notices for 2017-2020 if tax dues are paid by March 31, 2025. Pre-deposit requirements for GST appeals have been reduced, late fee structures have been rationalized, and certain GST offences have been decriminalized. These measures aim to streamline tax procedures and improve ease of doing business for small enterprises.

26 Mar 2025 06:23 PM
New

GST on Higher Education: Current Exemptions & Policies

Source: https://taxguru.in/goods-and-service-tax/gst-higher-education-current-exemptions-policies.html

The government has stated that GST rates and exemptions for education services are determined by the GST Council, which includes both Union and State/UT representatives. Any change in GST rates or exemptions follows a deliberative process. Currently, no city-based differential GST rates exist. Several educational services are exempt under Notification 12/2017-Central Tax (Rate), including services provided by educational institutions to students, faculty, and staff, entrance examinations, and admission-related services. Schools receive additional exemptions for transport, catering (including mid-day meals), security, cleaning, and online journals for higher education institutions. The definition of “educational institution” includes pre-schools, schools up to higher secondary, recognized degree programs, and approved vocational courses. Additionally, affiliation services provided by educational boards to government or government-controlled schools are also exempt. Under Notification 02/2017, exemptions extend to printed books (including Braille), newspapers, journals, periodicals, children’s books, slates, chalk, and slate pencils. While the government acknowledges concerns about the financial burden on students, especially in tier-2 and tier-3 cities like Sangli, there is currently no recommendation from the GST Council to alter existing GST rates on higher education services.

26 Mar 2025 06:13 PM

New income tax bill to be tabled in monsoon session: Sitharaman

Source: https://www.livemint.com/politics/policy/new-income-tax-bill-monsoon-session-parliament-nirmala-sitharaman-select-committee-review-finance-bill-google-tax-11742901156076.html

Speaking in the Lok Sabha, Sitharaman said a select committee has been mandated to submit its report on the new bill by the first day of the upcoming monsoon session.

26 Mar 2025 06:33 PM

CGST Delhi East Hosts GST Registration Campaign 2025

Source: https://taxguru.in/goods-and-service-tax/cgst-delhi-east-hosts-gst-registration-campaign-2025.html

CGST Delhi East Commissionerate launched a two-day GST Registration Campaign on March 21-22, 2025, aimed at increasing awareness and compliance among unregistered traders and manufacturers. Helpdesks were set up at key locations in areas like Seelampur, Jaffrabad, and Gandhi Nagar, addressing over 2,000 trader queries. The campaign resulted in more than 100 fresh GST registrations and distributed 7,500 pamphlets in Hindi and Urdu to highlight GST provisions.

26 Mar 2025 06:18 PM

Why a ‘health tax’ alone may not solve India’s junk food crisis

Source: https://www.livemint.com/news/india/ultra-processed-food-india-health-tax-india-economic-survey-india-junk-food-consumption-processed-food-health-risks-11742975221926.html

The growing consumption of ultra-processed food and aggressive marketing techniques by brands, such as pushing them to shelves labelled as healthy, have caught the government's eye. The Economic Survey 2024-25 highlighted the issue and suggested several corrective steps from awareness campaigns and stricter labelling to a ‘health tax’ to curb the excessive consumption of ultra-processed food.

26 Mar 2025 06:36 PM

DGGI Cracks Down on Offshore Gaming Tax Evasion

Source: https://taxguru.in/goods-and-service-tax/dggi-cracks-offshore-gaming-tax-evasion.html

Directorate General of Goods and Services Tax Intelligence (DGGI) has intensified actions against offshore online money gaming entities to curb tax evasion. Around 700 offshore operators involved in gaming, betting, and gambling are under investigation for evading GST by not registering, hiding taxable pay-ins, and bypassing tax regulations.

25 Mar 2025 06:12 PM

IndusInd Bank share price falls over 5% after ₹30 crore penalty for ‘various GST issues’

Source: https://www.livemint.com/market/stock-market-news/indusind-bank-share-price-falls-over-5-after-rs-30-crore-penalty-for-various-gst-issues-11742891325004.html

IndusInd Bank share price has plunged 35% in one month and is down 30% on a year-to-date (YTD) basis. Over the past six months, IndusInd Bank shares have dropped 54%, while the banking stock has declined 34% in two years.

25 Mar 2025 06:07 PM

Goa CM Sawant appointed convenor of GoM on GST revenue analysis

Source: https://www.livemint.com/focus/goa-cm-sawant-appointed-convenor-of-gom-on-gst-revenue-analysis-11742882556463.html

Panaji, Mar 25 (PTI) Goa Chief Minister Pramod Sawant has been appointed as the convenor of the Group of Ministers (GoM) on GST revenue analysis, officials said on Tuesday.

25 Mar 2025 06:05 PM

Opposition leaders press for simplification, reduction of GST

Source: https://www.livemint.com/politics/opposition-leaders-press-for-simplification-reduction-of-gst-11742831101858.html

New Delhi, Mar 24 (PTI) Opposition members on Monday demanded the government to simplify and reduce the Goods and Services Tax (GST) as it is putting the burden on the poor.