GST on Insurance Premium: Status of GoM Recommendations
  • 08 Feb 2025 06:49 PM
  • New

GST on Insurance Premium: Status of GoM Recommendations

Source: https://taxguru.in/goods-and-service-tax/gst-insurance-premium-status-gom-recommendations.html

During the 55th GST Council meeting on December 21, 2024, in Jaisalmer, the Group of Ministers (GoM) on Life and Health Insurance requested additional time to finalize its recommendations regarding GST on insurance premiums. The issue concerns the impact of GST on social security and insurance penetration among the general public. The Council agreed to extend the timeline for the GoM to present its recommendations. No final decision has been made on the matter yet.

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GST Collections and Impact on Income Groups
  • 08 Feb 2025 06:21 PM
  • New

GST Collections and Impact on Income Groups

Source: https://taxguru.in/goods-and-service-tax/gst-collections-impact-income-groups.html

Government of India provided details on GST collections over the past five financial years, showing a steady increase in revenue from both domestic sources and imports. However, it does not maintain data on the proportional contribution of different income groups to GST payments. In response to concerns about the tax burden on economically weaker sections, the government clarified that GST rates are not based on consumer income levels but have been structured to exempt or lower taxes on essential goods primarily used by lower-income groups. Any changes to GST rates or exemptions are made based on recommendations from the GST Council, which includes representatives from both the central and state governments. The Council periodically reviews and amends tax rates to ensure fair implementation.

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GST Exemptions for Tirumala Tirupati Devasthanam
  • 08 Feb 2025 06:45 PM
  • New

GST Exemptions for Tirumala Tirupati Devasthanam

Source: https://taxguru.in/goods-and-service-tax/gst-exemptions-tirumala-tirupati-devasthanam.html

Government states that Tirumala Tirupati Devasthanam (TTD) benefits from certain GST exemptions, like all religious institutions. Exemptions include GST-free supply of prasadam, conduct of religious ceremonies, and renting of religious precincts under specified conditions. These conditions include room rentals below ₹1,000 per day, venue rentals below ₹10,000 per day, and shop rentals under ₹10,000 per month. However, TTD still pays GST on taxable activities. The GST collected from TTD in the last five years was ₹36.28 crore in 2024-25 (until December 31, 2024), ₹32.95 crore in 2023-24, ₹32.15 crore in 2022-23, ₹15.58 crore in 2021-22, and ₹14.70 crore in 2020-21.

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GST reduction on health and life insurance premiums: Pending Decisions
  • 08 Feb 2025 06:36 PM

GST reduction on health and life insurance premiums: Pending Decisions

Source: https://taxguru.in/goods-and-service-tax/gst-reduction-health-life-insurance-premiums-pending-decisions.html

In the 55th GST Council meeting held on December 21, 2024, in Jaisalmer, the Group of Ministers (GoM) on Life and Health Insurance requested additional time to finalize their recommendations regarding reducing GST on health and life insurance premiums. The GST Council approved this request, deferring any decisions on the matter until the GoM submits its finalized report. As of now, no changes in GST rates on these insurance premiums have been made.

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Big Brother watching: Optional GST invoice reconciliation to be made mandatory
  • 07 Feb 2025 06:10 PM

Big Brother watching: Optional GST invoice reconciliation to be made mandatory

Source: https://www.livemint.com/news/india/gst-credit-invoice-management-system-ims-gst-gst-reconciliation-tax-credit-claims-gst-compliance-input-tax-credit-11738759410934.html

NEW DELHI : An optional, online system to reconcile transaction details for availing GST credit may soon be made mandatory, according to two persons aware of the development.

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India’s taxation crisis: Can 1% bear such a large country’s burden?
  • 07 Feb 2025 06:17 PM

India’s taxation crisis: Can 1% bear such a large country’s burden?

Source: https://www.livemint.com/opinion/online-views/india-taxation-crisis-1-bearing-tax-burden-budget-2025-nirmala-sitharaman-james-mirrlees-zero-income-tax-new-regime-11738846397183.html

With just about 1% of Indians expected to fund about a third of the government’s gross tax revenue next fiscal year, India has a taxation problem. It is not about high rates, but about who actually pays.

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Ajit Ranade: The budget’s consumption stimulus will stand India in good stead
  • 03 Feb 2025 06:01 PM

Ajit Ranade: The budget’s consumption stimulus will stand India in good stead

Source: https://www.livemint.com/opinion/online-views/budget-2025-speech-nirmala-sitharaman-fiscal-consolidation-income-tax-consumption-stimulus-zero-income-tax-new-regime-11738249149110.html

The big story of finance minister Nirmala Sitharaman’s record eighth budget was its consumption stimulus. This was given by raising the ceiling of tax-free income. No tax is payable for anyone earning an income up to ₹12 lakh. This significant jump in the maximum permissible tax-free income came after a gap of five years—it was raised to ₹7 lakh in 2019.

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Arvind Chari: This is a budget to optimize growth within constraints
  • 03 Feb 2025 05:56 PM

Arvind Chari: This is a budget to optimize growth within constraints

Source: https://www.livemint.com/opinion/online-views/union-budget-2025-speech-nirmala-sitharaman-gdp-growth-fiscal-prudence-rbi-zero-income-tax-middle-class-consumption-11738247926176.html

The first full-year budget of India’s new National Democratic Alliance government, sworn in after the 2024 general election, was presented against the backdrop of a noticeable slowdown in economic growth over the last four quarters. I discussed the issue of whether this slowdown is cyclical or structural in a recent column for Mint, summarizing it as being an issue of expectations.

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Budget 2025 Key Announcements: New tax bill, income tax slab, ITR extension, more from FM Nirmala Sitharaman. Full list
  • 03 Feb 2025 06:09 PM

Budget 2025 Key Announcements: New tax bill, income tax slab, ITR extension, more from FM Nirmala Sitharaman. Full list

Source: https://www.livemint.com/budget/news/budget-2025-key-announcements-new-tax-bill-income-tax-slab-12-lakh-itr-gst-custom-infra-fm-nirmala-sitharaman-full-list-11738457897758.html

Budget 2025 Key Announcements: FM Nirmala Sitharaman announced a new tax bill, changed income tax slab, ITR extension, and more in Budget 2025. We take a look at the full list of key announcements.

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Net GST collection in January rises 11% to ₹1.71 trillion
  • 03 Feb 2025 05:44 PM

Net GST collection in January rises 11% to ₹1.71 trillion

Source: https://www.livemint.com/economy/net-gst-collection-in-january-rises-11-to-1-71-trillion-11738423431731.html

The gross collection last month stood at ₹1.95 trillion, the highest since the record ₹2.1 trillion recorded in the same month last fiscal. This upward movement in revenue collection comes after a drop in December, when collections fell to a three-month low.

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