GST News

GST Collections Surge 12.3% in January 2025 Driven by Strong Domestic Growth

03 February 2025 at 06:52

GST collections for January 2025 soared to ₹1.96 lakh crore, marking a robust 12.3% year-on-year increase from ₹1.74 lakh crore in January 2024.

Posted in GST | 711 Views

No 18% GST on Penal Charges, Confirms Finance Ministry

31 January 2025 at 09:16

In a major relief for borrowers and financial institutions, the Ministry of Finance has clarified that penal charges imposed by banks and NBFCs for non-compliance with loan terms will not attract 18% GST.

Posted in GST | 1 comments | 2436 Views

CBIC Clarifies Late Fee Applicability for GSTR-9C Filing

31 January 2025 at 09:15

CBIC has issued Circular No. 246/03/2025-GST on January 30, 2025, providing clarity on the applicability of late fees for delays in filing the reconciliation statement in FORM GSTR-9C

Posted in GST | 5835 Views

Finance Bill 2025 May Amend CGST Act to Introduce Track and Trace Mechanism for High-Evasion Goods

31 January 2025 at 09:13

The upcoming Finance Bill 2025 may include a significant amendment to the Central Goods and Services Tax (CGST) Act, 2017, introducing a Track and Trace Mechanism aimed at curbing tax evasion in high-risk commodities.

Posted in GST | 2406 Views

GSTN Update: Taxpayers Can Opt for Composition Scheme for FY 2025-26 from 4th Feb to 31st March 2025

30 January 2025 at 09:17

The Goods and Services Tax Network (GSTN) has announced that taxpayers can opt for the Composition Scheme for the financial year 2025-26 by filing Form CMP-02 on the GST Portal.

Posted in GST | 3843 Views

55th GST Council Meeting: Key Clarifications and Regularizations Announced

29 January 2025 at 09:11

The 55th GST Council meeting, held on December 21, 2024, in Jaisalmer, has introduced crucial clarifications and regularizations to streamline tax compliance and provide relief to various sectors.

Posted in GST | 3783 Views

GST Clarification on Co-Insurance and Reinsurance Commission

29 January 2025 at 09:11

The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 244/01/2025-GST on January 28, 2025, clarifying the GST treatment on co-insurance and reinsurance transactions, based on the 53rd GST Council meeting held on June 22, 2024

Posted in GST | 2712 Views

Kerala GST Department Issues Circular to Streamline Notices Under Sections 73 and 74

29 January 2025 at 08:50

In a bid to ensure uniformity and ease of implementation, the Kerala GST Department has issued Circular No. 3/2025-Kerala SGST dated January 20, 2025.

Posted in GST | 576 Views

Biometric Aadhaar Authentication Mandatory for GST Registration in Tamil Nadu & Himachal Pradesh

29 January 2025 at 08:49

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Tamil Nadu and Himachal Pradesh

Posted in GST | 1116 Views

GST Portal Activates LUT Filing for FY 2025-26: Ensure Seamless Exports Without IGST

28 January 2025 at 08:37

The GST Portal has now enabled the functionality to file the Letter of Undertaking (LUT) for the Financial Year 2025-26.

Posted in GST | 3213 Views