GST News

GST Council Exempts Gift Vouchers from Taxation, Bringing Relief to Retail and Corporate Sectors

27 December 2024 at 09:04

The GST Council's recent decision to exempt gift vouchers from indirect taxation has been hailed as a game-changer by industry leaders, offering much-needed clarity to the retail and corporate sectors.In its latest meeting, the council clarified that

Posted in GST | 3384 Views

GST Hike on Used Vehicles May Drive More Transactions to Informal Channels

26 December 2024 at 09:01

The GST Council's recent proposal to increase the Goods and Services Tax (GST) rate on used vehicles from 12% to 18% has sparked concerns about its potential impact on India’s formal used car market.

Posted in GST | 2202 Views

New GST Mechanism to Simplify Registration for Small Businesses and New Applicants

26 December 2024 at 09:00

The GST Council, in its December 21, 2024, meeting, granted 'in-principle' approval to a new mechanism aimed at simplifying the registration process for new and small businesses.

Posted in GST | 3225 Views

GST Council Nullifies SC Ruling on Safari Retreats, Shaking Up Real Estate ITC Claim

25 December 2024 at 09:51

The GST Council's recent decision to retrospectively amend the GST law, restricting input tax credit (ITC) on construction services, has sent ripples across the real estate and infrastructure sectors.

Posted in GST | 1 comments | 4044 Views

GST on SaaS Model: Ride-Hailing Platforms Seek Clarity Amid Delayed GST Council Decision

25 December 2024 at 09:47

The GST Council’s decision to defer discussions on the taxation of the Software-as-a-Service (SaaS) model for ride-hailing platforms has left the industry in limbo, sparking concerns over innovation, investment, and the gig economy's future.

Posted in GST | 1887 Views

GST Collections in 2024: Record Revenues Amid Enforcement Measures

25 December 2024 at 09:26

2024 has been a landmark year for India's Goods and Services Tax (GST) regime, achieving record-breaking revenue collections and rolling out targeted measures to curb tax evasion.

Posted in GST | 615 Views

GST Council Takes a Cautious Approach to Key Issues, Says Ajay Seth

24 December 2024 at 09:17

Economic Affairs and Revenue Secretary Ajay Seth, on Sunday, December 22, shed light on the GST Council's cautious stance on several complex issues discussed during its recent meeting.

Posted in GST | 1671 Views

GST Council Clarifies Taxation on Popcorn, No Change in Existing Rates

24 December 2024 at 09:14

The GST Council, during its 55th meeting on Saturday, clarified the taxation rules for popcorn, reaffirming that there would be no change in the existing rates...

Posted in GST | 3387 Views