26 Mar 2025 06:16 PM
New

Budget aims to do reforms to build Viksit Bharat by 2047, says FM Niramala Sitharaman

Source: https://www.livemint.com/economy/budget-aims-to-do-reforms-to-build-viksit-bharat-by-2047-says-fm-niramala-sitharaman-11742919436096.html

Finance Minister Nirmala Sitharaman, on Tuesday, underscored the Union government's commitment to providing tax certainty and streamlining business regulations as part of the broader vision to build a Viksit Bharat by 2047.

26 Mar 2025 06:36 PM
New

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.

26 Mar 2025 06:33 PM
New

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.

25 Mar 2025 06:16 PM

Fund transfers to states under 15th Finance Commission declined 52% over 3 years

Source: https://www.livemint.com/economy/fund-transfers-to-states-under-15th-finance-commission-declined-52-over-3-years-11742880536416.html

NEW DELHI : The Centre’s revenue deficit grants to states have sharply declined in recent years, reducing the funds states receive under the 15th Finance Commission’s recommendations.

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.

24 Mar 2025 06:25 PM

Navigating GST registration hurdles: What freelancers and small businesses should know

Source: https://www.livemint.com/money/personal-finance/gst-registration-for-freelancers-small-businesses-gst-registration-process-msme-udyam-certificate-professional-tax-11742661198373.html

Registering for GST as a freelancer or small business owner seems simple on paper. A quick look at the mandatory requirements on the official website shows that you need just two documents–your picture and proof of the residence where you will conduct your business, like an electricity bill or a rent agreement.

20 Mar 2025 06:22 PM

GST Reduction on Health Insurance: Government’s Stand

Source: https://taxguru.in/goods-and-service-tax/gst-reduction-health-insurance-governments-stand.html

Indian government has stated that any reduction in GST on health insurance policies is expected to benefit consumers directly, as GST is charged over and above the insurance premium. The government has a regulatory framework to oversee insurance pricing and ensure fair market competition. The GST rates and exemptions are determined by the GST Council, which includes representatives from both the Union and State governments. The issue of GST on health and life insurance was discussed in the GST Council’s 54th meeting in September 2024, leading to the formation of a Group of Ministers (GoM) to examine the matter in detail. During the 55th meeting in December 2024, the GoM requested additional time to finalize its recommendations. Consequently, the government has not yet made any decisions on tax benefits, anti-profiteering measures, or potential revenue losses for states due to GST reduction on health insurance. Further steps will depend on the final recommendations of the GST Council.

20 Mar 2025 06:27 PM

GST on Jeevan Rakshak Policy: Government’s Position

Source: https://taxguru.in/goods-and-service-tax/gst-jeevan-rakshak-policy-governments-position.html

Indian government has stated that any decision on abolishing the 18% GST on Jeevan Rakshak life insurance policies will depend on recommendations from the GST Council, which includes representatives from both Union and State governments. The issue of GST on life and health insurance was discussed in the GST Council’s 54th meeting in September 2024, leading to the formation of a Group of Ministers (GoM) to examine the matter further. During the 55th meeting in December 2024, the GoM requested additional time to finalize its recommendations. As a result, no decision has been made regarding GST exemptions for Jeevan Rakshak policies. Additionally, the government has clarified that there is no proposal to extend tax deductions under the Income Tax Act for premiums paid on Jeevan Rakshak life insurance policies. However, deductions for health insurance premiums continue to be available under Section 80D of the Income-Tax Act, 1961.