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GST News

21 Dec 2024

GST Council Postpones Decision On Tax Cut For Life, Health Insurance

GST Council 55th Meeting: The premium paid by senior citizens towards health insurance coverage has been proposed to be exempted from the tax.

Anticancer Drug

06 Dec 2024

Manufacturers Reduce MRP On 3 Anticancer Drugs After BCD, GST Cuts: Centre

In the Union Budget, the government exempted customs duty on three cancer drugs to reduce the financial burden of people suffering from cancer and also to facilitate accessibility.

03 Dec 2024

Stocks Of ITC, Varun Beverages, Godfrey Phillips Decline Amid GST Hike Report

The Group of Ministers (GoM) report is expected to be discussed by the GST Council -- chaired by Union Finance Minister and comprising her state counterparts -- on December 21. A final decision on GST rate changes will be taken by the council.

03 Dec 2024

GST On Cigarettes, Tobacco, Aerated Beverages May Be Hiked To 35%

The GoM report is expected to be discussed by the GST Council -- chaired by Union Finance Minister and comprising her state counterparts -- on December 21. A final decision on GST rate changes will be taken by the council.

18 Nov 2024

GST Council To Discuss Tax Relief For Insurance On Dec 21

GST on premiums paid by individuals, other than senior citizens, for health insurance of up to Rs 5 lakh, is proposed to be exempted.

14 Nov 2024

Number Of ITRs For Incomes Above Rs 50 Lakh Surge 5-Fold In 10 Years

The percentage of income tax collection from taxpayers earning less than Rs 10 lakh has reduced, from 10.17 per cent of the total tax paid in 2014 to 6.22 per cent in 2024.

14 Nov 2024

Electronic toll Collection In India Soars To Record Rs 6,115 Crore In Oct

India’s Goods and Services Tax (GST) collections rose to Rs 1.87 lakh crore in October, the second-highest monthly revenue since the GST system was introduced in 2017.

30 Oct 2024

Important GST Update: No Filing Allowed After 3 Years Of Due Date

The said changes are going to be implemented in the GST portal from early next year (2025).

23 Oct 2024

Ordering Food On Zomato? Your Orders Just Got Pricier; Get Ready To Pay More

Zomato Platform Fee Hike: According to media reports, Zomato's main rival Swiggy offered shares valued at $448 million in its initial public offering, while Zepto raised $340 million in August and is expected to list its shares next year.

21 Oct 2024

Will Term Life Ins Premium, Senior Citizen's Health Coverage Be GST Exempt?

A final decision on GST on health and life insurance premiums, as well as rate rationalisation, is likely to the taken by the GST Council, chaired by Union Finance Minister and comprising state counterparts, in its meeting scheduled to take place next month.

20 Oct 2024

GoM Proposes To Raise GST 0n Luxury Shoes, Watches, Aims Revenue Boost

The GoM members also decided to lower tax rates on 20-litre packaged drinking water bottles and bicycles to 5 per cent from 18 per cent.

19 Oct 2024

GST On Term Life And Senior Health Coverage Likely To Be Exempted

GST On Health Insurance Premium: The GST Council addressed this issue during its September meeting, following discussions about the 18 per cent GST on life and health insurance premiums.

15 Oct 2024

Stamp Duty On Affidavits, Agreements, Related Documents Gets Costlier In Maha

According to the revenue department, stamp duty and registration is one of the major sources of revenue mobilisation after the state GST. In 2023-24, the state had mopped up Rs 40,000 crore through stamp duty and registration.

Uttar Pradesh news

07 Oct 2024

UP Trader Strips To Protest 'GST Harassment', Officials Refute Charges: WATCH

A purported video of the Akshay Jain's protest was widely circulated on social media, with Samajwadi Party chief Akhilesh Yadav sharing it on X.

04 Oct 2024

GST Panel Deliberates On Lowering Rate On Health Insurance, Tractors

As tractor segment volumes saw marginal growth (year-on-year) in September, a reduction in GST on tractors will offset the revenue loss, according to industry experts.

01 Oct 2024

GST Revenue Growth Rate Slows In Sep, Collections At Rs 1.73 Lakh Crore

GST collections during the April-September period of the current fiscal year grew 9.5 per cent to over Rs 10.87 lakh crore.

22 Sep 2024

GST 2.0 Will Further Ease Tax Compliances And Boost Economic Growth

The Finance Minister proposed some measures in the Budget to signal that new GST 2.0 will unlock trade potential and further ease compliances in the tax laws to foster further economic growth.

15 Sep 2024

GST Council Forms GoM To Review Tax Rate On Health, Life Insurance

The 54th GST Council meeting on September 9 decided to set up a GoM to examine and review the present tax structure of GST on life and medical insurance.

10 Sep 2024

What Has Become Cheaper And What Has Become Expensive After GST Council Meet

Over the years, GST has, among others, simplified compliance and reduced the cascading impact of tax.

10 Sep 2024

Will GST On Health, Life Insurance Premiums Be Reduced? Decision In Nov

Currently, 18 per cent GST is levied on health and life insurance premiums.

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