- 09 Sep 2024 06:34 PM
- New
GST Council today: Insurance premium tax, online gaming report — Expectations
GST Council meet today: From insurance premium taxation, rate rationalisation, to online gaming report — What to expect
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- 09 Sep 2024 06:40 PM
- New
Auto industry contributes nearly 15 per cent to total GST, says SIAM President
Auto sector contributes nearly 15 per cent to total GST, says SIAM president, as industry crosses ₹20 lakh crore mark
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- 09 Sep 2024 06:43 PM
- New
Representation to Reduce fees for filing appeal to GST Appellate Tribunal
The All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA) have submitted a representation to Finance Minister Nirmala Sitharaman, addressing the high fees for filing appeals with the GST Appellate Tribunal. Currently, the fee structure under the GST Act stipulates fees ranging from ₹10,000 to ₹50,000 for appeals, which the associations deem excessive compared to similar provisions under the Income Tax Act. They advocate for a more reasonable fee structure aligned with the income tax appeals process, where fees range from ₹500 to ₹10,000. The suggested revisions would impose a fee of ₹1,000 to ₹10,000 depending on the case’s tax or input tax credit involved, ensuring a fairer and more accessible appeal process for taxpayers. The associations request the government to consider these changes to create a more equitable and streamlined taxation system under GST, benefiting both taxpayers and businesses.
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- 09 Sep 2024 06:36 PM
GST Council Meeting Live Update: Council at broad consensus on insurance premium tax cuts, decision at next meeting
GST Council Meeting Live: One of the primary topics on the agenda is the potential reduction of GST rates on life and health insurance premiums. Currently set at 18%, a rate cut could significantly lower insurance costs for policyholders. The Council is expected to review a report from the fitment committee on the GST levied on life, health, and reinsurance premiums, along with its revenue implications.
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- 07 Sep 2024 05:46 PM
Foreign airlines, IT services, pvt R&D on GST Council agenda
On Monday, the Goods and Services Tax (GST) Council will take up the issue of taxing services related to foreign airlines in India, relief for certain helicopter services, work related to software exporters such as Infosys Ltd, and core research by private enterprises.
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- 06 Sep 2024 06:45 PM
Electric vehicles don’t need subsidies now, says transport minister Nitin Gadkari
Nitin Gadkari pointed to falling battery costs and low GST as reasons subsidies on EVs are no longer needed, with price parity expected in two years.
Despite government efforts, only 5.28% of two-wheelers and 1.99% of four-wheelers sold since 2018 are electric.
- 06 Sep 2024 06:47 PM
The week in charts: GDP forecast, Adani shopping list, ₹250-SIP
Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The World Bank upgraded its FY25 GDP forecast for India and Adani group is looking to acquire multiple FMCG businesses. Meanwhile, GST on health and life insurance premia could be discussed at the GST council meeting on Monday.
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- 06 Sep 2024 06:49 PM
Parking at Delhi airport costs ₹5,770; then, owner finds the car damaged: Man describes ’worst experience’
Deepak Gosain was handed a staggering bill of ₹5,770 for parking his car at the Delhi's IGI Airport, which comprised of ₹4,889.83 in parking fees and ₹880.17 in GST.
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- 05 Sep 2024 06:17 PM
GST Council meeting: Big relief may be coming for policyholders. Details here
GST Council meeting: Planning to buy insurance? Hold on! Major relief may be coming for policyholders. Details here
The 54th GST Council meeting on September 9, 2024, may address removing the 18 percent GST on term life insurance premiums, a demand from various stakeholders aiming to reduce costs for consumers and promote insurance uptake in India.
- 04 Sep 2024 06:10 PM
GSTN to roll out invoice management system from October 1; details here
In an advisory to Goods and Services Tax (GST) payers, GSTN said to enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the IMS is being launched.
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