- 26 Mar 2025 06:13 PM
- New
New income tax bill to be tabled in monsoon session: Sitharaman
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.
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- 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.
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- 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.
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- 25 Mar 2025 06:16 PM
Fund transfers to states under 15th Finance Commission declined 52% over 3 years
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.
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- 25 Mar 2025 06:12 PM
IndusInd Bank share price falls over 5% after ₹30 crore penalty for ‘various GST issues’
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.
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- 25 Mar 2025 06:07 PM
Goa CM Sawant appointed convenor of GoM on GST revenue analysis
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.
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- 25 Mar 2025 06:05 PM
Opposition leaders press for simplification, reduction of GST
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.
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- 24 Mar 2025 06:25 PM
Navigating GST registration hurdles: What freelancers and small businesses should know
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.
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- 20 Mar 2025 06:31 PM
Impact of GST Hike on Agricultural Pump-Sets
Source: https://taxguru.in/goods-and-service-tax/impact-gst-hike-agricultural-pump-sets.html
Indian government has acknowledged that manufacturers of agricultural pump-sets have reported a decline in sales due to the increase in GST from 12% to 18%. However, no official data on a 10% decline in sales has been brought to the government’s notice. The GST rate hike was implemented following the 47th GST Council meeting in June 2022, based on recommendations from the Group of Ministers on Rate Rationalization. The increase aimed to correct the inverted duty structure. Regarding concerns over claiming input tax credit refunds, the government clarified that since both pumps and their parts now fall under the 18% GST bracket, the issue of refunds does not arise. Any future changes in GST rates will depend on further recommendations from the GST Council.
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- 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.
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