- 22 Apr 2025 06:32 PM
- New
Gold hits ₹1 lakh: Netizens crown Indian women as best investors, calls them ‘lakhpati didis’
Gold prices surge amid the US-China trade war, hitting ₹99,380/10 gm, with retail prices approaching ₹1 lakh after GST. Netizens responded with mixed sentiments, with some praising women investors while expressing concerns over affordability.
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- 22 Apr 2025 06:28 PM
- New
Central, state GST officers detect 25,009 fake firms fraudulently passing ₹61,545 cr ITC in FY25
New Delhi, Apr 21 (PTI) Central and state GST officers have detected 25,009 fake firms involved in fraudulently passing input tax credit (ITC) worth ₹61,545 crore during 2024-25, officials said.
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- 21 Apr 2025 06:53 PM
- New
No GST on UPI Payments Above ₹2,000: Govt Clarifies
Source: https://taxguru.in/goods-and-service-tax/gst-upi-payments-rs-2000-govt-clarifies.html
The Ministry of Finance has dismissed claims suggesting the Government is planning to impose Goods and Services Tax (GST) on Unified Payments Interface (UPI) transactions exceeding ₹2,000. It clarified that such reports are baseless and misleading, and no such proposal is under consideration. GST is only applicable on payment-related charges like the Merchant Discount Rate (MDR). However, since January 2020, MDR has been waived on person-to-merchant (P2M) UPI transactions, making them exempt from GST. To support the growth of UPI-based digital payments, the Government has implemented an Incentive Scheme since FY 2021–22. This scheme aims to offset transaction costs for small merchants and enhance adoption by supporting low-value P2M transactions. The incentive allocations have steadily increased from ₹1,389 crore in FY 2021–22 to ₹3,631 crore in FY 2023–24, underscoring continued support for digital payment systems. The impact of these efforts is evident in India’s growing digital transaction volumes. As per ACI Worldwide’s 2024 report, India accounted for 49% of global real-time transactions in 2023. UPI transaction values surged from ₹21.3 lakh crore in FY 2019–20 to ₹260.56 lakh crore by March 2025. Notably, P2M transactions alone reached ₹59.3 lakh crore, reflecting increased usage among both merchants and consumers.
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- 21 Apr 2025 06:48 PM
TCA Anant: How India’s statistical system could win the ongoing war of narratives
There has been a persistent narrative about the decline of the Indian statistical system. This is despite the fact that the National Statistical Organisation has introduced new sample surveys and increased the periodicity of older ones. Similar developments have occurred in major partner ministries such as labour, education and health. In addition, the availability and accessibility of statistical data have improved significantly over the last decade.
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- 19 Apr 2025 05:34 PM
Penalise officers demanding unnecessary documents for GST registration: CBIC
The apex authority for indirect taxes issues instructions to reduce the compliance burden on taxpayers
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- 19 Apr 2025 05:38 PM
GST rate rationalisation: Is there a second wind coming?
The Indian government is contemplating Goods and Services Tax (GST) rate rationalisation, aiming to simplify the existing four-slab structure. While discussions involve consolidating rates and potentially eliminating the 12% slab, challenges persist in balancing revenue collection and minimising the tax burden on essential goods.
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- 19 Apr 2025 05:27 PM
‘Completely false, misleading…’: Modi govt denies levying GST on UPI transactions above THIS amount
GST on UPI payments? Denying media reports that the government is considering levying a tax on UPI transactions over ₹2,000, the finance ministry said they are completely false, misleading, and without any basis.
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- 18 Apr 2025 05:58 PM
ICICI Prudential receives ₹3.67 crore tax order from GST authorities
ICICI Prudential Life Insurance on Friday said it has received an order from GST Commissioner (Appeals) upholding tax demand of about ₹3.67 crore.
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- 18 Apr 2025 05:52 PM
Service charge returns as menu price hike, diners fear double hit
The ban on service charge won’t make eating out cheaper — leading restaurant chains are looking to raise prices to compensate for the loss. Some customers feel the final charges may be even higher than before, including tips for the waiting staff.
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- 18 Apr 2025 05:55 PM
GST on UPI transactions over ₹2,000? Here’s what you need to know
GST on UPI payments: GST on UPI transactions over ₹2,000? Here's what you need to know
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