GST News
GoM Proposes GST Exemption on Life and Health Insurance Premiums for Senior Citizens
21 October 2024 at 08:42In a significant development for the insurance sector, the Group of Ministers (GoM) has proposed exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens.
GoM Proposes Lower GST on Water Bottles and Bicycles; Higher Taxes on Luxury Shoes and Watches
21 October 2024 at 08:42The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation met on Saturday to discuss significant tax adjustments aimed at easing the financial burden on consumers.
GoM Discusses Merger of GST Compensation Cess into Main Tax Structure
19 October 2024 at 08:05The Group of Ministers (GoM) on GST Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, convened on October 16 to explore the potential merger of the compensation cess into the broader Goods and Services Tax (GST) framework.
Accountant Accused of Rs 5 Crore GST Scam Using Defunct Factory's GST Number
19 October 2024 at 08:05In a shocking incident from Jamnagar, a local accountant has been accused of scamming a factory owner by fraudulently reactivating a defunct GST number.
GST Fraud Crackdown: Commissioner Unveils New Tactics, Biometric Tech to Catch Masterminds
18 October 2024 at 09:10Since the introduction of the Goods and Services Tax (GST) in 2017, a sophisticated scam has flourished, exploiting systemic loopholes and siphoning thousands of crores from the exchequer each year.
Finance Ministry Amends GST Recruitment Rules 2024: OBC Inclusion & Qualification Relaxation
18 October 2024 at 09:09Ministry of Finance has issued Notification No. 109 (F. No. A-50050/2/2024-Ad.I) dated October 16, 2024, amending the Goods and Services Tax (GST) Council Secretariat, Group ‘A’ Executive Posts Recruitment Rules, 2018
GSTN Releases Additional FAQs on IMS
18 October 2024 at 09:09Invoice Management System (IMS) is now available to taxpayers. This new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC).
GSTN to Implement Hard Locking of Auto-Populated GSTR-3B Values by January 2025
17 October 2024 at 15:05In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improved the GST return filing process and in this endeavor the GST Portal now provides a pre-filled GSTR-3B form
ITC Reversals Under Rule 37A in September GSTR-2B Due to Non-Filing of GSTR-3B by Vendors
17 October 2024 at 08:56Taxpayers are now seeing reversals required under Rule 37A reflected in their September GSTR-2B, showing the Input Tax Credit (ITC) that must be reversed due to the non-filing of GSTR-3B by suppliers for FY 2023-24.
CBIC Issues Clarification on Implementation of Section 16(5) & 16(6) of CGST Act 2017
16 October 2024 at 09:11The Central Board of Indirect Taxes and Customs (CBIC) has issued a significant clarification concerning the implementation of sub-section (5) and sub-section (6) of Section 16 of the Central Goods and Services Tax (CGST) Act, 2017.
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