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The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

New Delhi, The government collected Rs 1,51,718 crore gross <keyword id="6354679" type="General" weightage="20" keywordseo="GST" source="Orion">GST</keyword> revenue in October, which is the second highest collection ever after April this year, official data revealed on Tuesday. The monthly GST revenues have been more than Rs 1.4 lakh crore for eight months in a row. The Rs 1.5 lakh crore mark has been crossed for the second time since the inception of GST, official sources said. September saw the generation of 8.3 crore e-way bills, which is significantly higher than 7.7 crore e-way bills generated in August. Out of the total GST collection of Rs 1,51,718 crore for October, CGST was Rs 26,039 crore, SGST was Rs 33,396 crore, IGST was Rs 81,778 crore (including Rs 37,297 crore collected on import of goods) and cess was Rs 10,505 crore (including Rs 825 crore collected on import of goods), which is second highest till date, the data stated. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/sensex-opens-above-61000-while-nifty50-climbs-over-18100-mark/articleshow/95220907.cms">Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark</a> <a href="https://www.businessinsider.in/thelife/personalities/news/jamshed-j-irani-steel-man-of-india-who-advised-governments-and-instituted-a-cricket-trophy/slidelist/95223867.cms">Jamshed J Irani – Steel Man of India who advised governments and instituted a cricket trophy</a> <a href="https://www.businessinsider.in/finance/news/rupee-gains-8-paise-to-82-73-against-us-dollar/articleshow/95221397.cms">Rupee gains 8 paise to 82.73 against US dollar</a>

GST collections touch ₹1,51,718 cr in Oct, second highest since April

New Delhi, The central government on Friday will seek the introduction and passage of the Central Goods and Services Tax (Amendment) Bill, 2023 and <keyword id="4742340" type="General" weightage="80" keywordseo="integrated-goods-and-services-tax" source="Orion">Integrated Goods and Services Tax</keyword> (Amendment) Bill, 2023 in the Lok Sabha. The union cabinet earlier this week had cleared the two bills. The amendment in the <keyword id="4797043" type="General" weightage="80" keywordseo="central-goods-and-services-tax-act" source="Orion">Central Goods and Services Tax Act</keyword> will allow introduction of a 28 per cent goods and services tax rate on horse racing, online gaming and casinos. Similarly, states too will have to amend their individual GST legislations separately. If the bill is passed in the day, the new tax system will become applicable from October 1, as was decided in the <keyword id="6355040" type="General" weightage="80" keywordseo="gst-council" source="Orion">GST council</keyword> meeting held earlier this month. It was decided in that meeting that 28 per cent levy on online gaming, casinos and horse racing will become applicable from October 1 onwards and will be reviewed for six months, and if need arises, changes could bemade in the tax structure after that. Friday being the last day of the monsoon session of Parliament, <keyword id="25455" type="General" weightage="80" keywordseo="finance" source="Orion">Finance</keyword> Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> will introduce the two bills and if the House business continues, then it will also seek to get the two bills passed. Considering the fact that the GST council had to meet twice within a month owing to continuous representations from the gaming industry, seeking to ease the 28 per cent tax slab on gaming, the bills are likely to be pushed for passing as the applicability of the new tax slab is October 1. --IANSans/dpb

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

<keyword id="4914195" type="General" weightage="20" keywordseo="GST-revenues" source="Orion">GST revenues</keyword> rose by 11 per cent to about ₹1.46 lakh crore in November over the year-ago period, the <keyword id="47209" type="General" weightage="20" keywordseo="Finance-Ministry" source="Orion">Finance Ministry</keyword> said on Thursday. This is the ninth straight month when collections from <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword>) has remained above ₹1.40 lakh crore. The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which <keyword id="2411757" type="General" weightage="20" keywordseo="Central-GST" source="Orion">Central GST</keyword> is ₹25,681 crore, State GST is ₹32,651 crore, Integrated GST is ₹77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods). "The revenues for the month of November 2022 are 11 per cent higher than the GST revenues in the same month last year, which itself was ₹1,31,526 crore," the ministry said in a statement. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year. Revenues from GST had touched a record of about ₹1.68 lakh crore in April. The second highest collection was ₹1.52 lakh crore in October. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-on-record-making-spree-rally-for-the-eight-straight-day/articleshow/95912921.cms">Markets on record-making spree; rally for the eight straight day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/bhel-among-5-bidders-for-rs-58000-cr-deal-to-manufacture-maintain-200-vande-bharat-trains/articleshow/95911557.cms">BHEL among 5 bidders for Rs 58,000 cr deal to manufacture, maintain 200 Vande Bharat trains</a>

GST revenues rose by 11% to ₹1.46 lakh crore in November: Finance Ministry

States which failed to submit their options before the <keyword id="3680839" type="PERSON" weightage="20" keywordseo="gst-council-meeting">GST Council meeting</keyword> in October will have to wait for at least two years to get compensation on Goods and Services Tax collection shortfall expected during the transition period, Finance Ministry sources said on Monday. The sources said that such states will have to wait till June 2022 to get compensation dues, subject to the condition that the GST Council extends the cess collection period beyond 2022. This is so because the Council is expected to adopt one of the two options given by the Centre to meet the <keyword id="2600993" type="PERSON" weightage="20" keywordseo="GST-compensation">GST compensation</keyword> needs of the states this year. The states which decide against operationalisation of the new <keyword id="9971535" type="UNKNOWN" weightage="20" keywordseo="gst-compensation-formula">GST compensation formula</keyword> will get their dues only to the extent of compensation cess collected in FY21 and distributed in proportion among all states and union territories. The balance shortfall will only be met from the collection of GST compensation cess beyond the five-year transition period that ends in June 2022. This will be subject to GST Council approval to the extension of compensation cess. The GST Council, in its 41st meeting on August 27, 2020, had decided to give its member-states two borrowing options to meet their compensation shortfall and a response time of 7 working days from the formal receipt of the detailed proposal on the options by email. Almost 15 states had submitted their options by September 15 and more have joined since. Option-1 on GST compensation brought before the Council last month allows states to borrow, under a special dispensation from the Reserve Bank of India, a sum of about Rs 97,000 crore shortfall calculated by the Centre that is directly on account of GST implementation. Option-2 allows states to borrow the entire projected GST compensation shortfall of Rs 2,35,000 crore (total shortfall of Rs 3 lakh crore minus Rs 65,000 crore collected as GST compensation cess) for FY21. So far, 21 states/UTs have expressed preference for Borrowing Option-1 proposed by the Centre. With GST Act requiring voting for any resolution regarding an option by at least 20 states, the move is expected to be adopted by the GST Council at its meeting next month. If this option is indeed adopted, all states would be able to move ahead and borrow under the scheme suggested by the Centre to meet their shortfall arising due to GST switchover. If states still opt out, they will have to wait to get full compensation. Among the 21 states/UTs which support the first option on GST compensation are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Manipur, Meghalaya, Mizoram, Nagaland, Odisha, Puducherry, Sikkim, Tripura, Uttarakhand, and Uttar Pradesh. Manipur, the only state which had earlier opted for Option-2, later preferred to change it to Option-1. A few more states are, also, to give their borrowing option in a day or two. However, some of them like Jharkhand, Kerala, Maharashtra, NCT of Delhi, Punjab, Rajasthan, Tamil Nadu, Telangana, and West Bengal are yet to respond to the GST Council proposal to decide their options. Under the existing GST Act, compensation for shortfall in GST collections over an agreed formula is payable by the Centre for the first five years of the operation of the new tax system from July 2017 to June 2022. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/top-ten-phishing-examples-and-tricks-used-by-companies-to-test-their-employees-cybersecurity-smarts/slidelist/78228072.cms">Top ten phishing tricks that companies are using to test their employees’ cybersecurity smarts</a> <a href="https://www.businessinsider.in/stock-market/markets/news/indian-tech-companies-hcl-tech-wipro-infosys-tcs-share-price-are-green-today/articleshow/78228700.cms">It’s not just the DWS deal, Morgan Stanley's outlook has painted HCL Tech green⁠ — along with TCS, Infosys and Wipro</a> <a href="https://www.businessinsider.in/tech/apps/news/google-hits-back-at-paytm-reiterates-that-repeated-policy-violations-will-lead-to-stricter-actions/articleshow/78229677.cms">Google hits back at Paytm ⁠— reiterates that ‘repeated policy violations’ will lead to stricter actions</a>

States not choosing GST compensation options by October will have wait another two years

The <keyword id="6357307" type="General" weightage="80" keywordseo="central-government" source="Orion">central government</keyword> has released an amount worth Rs 17,000 crore to states and <keyword id="6357801" type="General" weightage="80" keywordseo="union" source="Orion">Union</keyword> territories towards the balance GST compensation for the period April to June 2022. The total amount of compensation released to the States/UTs so far, including thus Rs 17,000 crore, during the year 2022-23 is Rs 1,15,662 crore, the Ministry of Finance said in a statement on Friday. "This is despite the fact that total Cess collection till October 2022 is only Rs.72,147 crore and the balance of Rs. 43,515 crores is being released by the Centre from its own resources. With this release, the Centre has released, in advance, the entire amount of Cess estimated to be collected this year till March-end available for payment of compensation to States," the statement added. This decision was taken to assist the States in managing their resources and ensuring that their programmes especially the expenditure on capital is carried out successfully during the financial year. "Even in May this year, the Central Government had released Rs. 86,912 crores as provisional GST compensation to States for the period Feb-May'2022 despite the fact that there was only about Rs. 25,000 crores in the GST Compensation Fund, by making arrangement of funds of around Rs. 62,000 crores from its own resources," the statement said. Goods and Services Tax was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. For providing compensation to States, Cess is levied on certain goods and the amount of Cess collected is being credited to Compensation Fund. Compensation to States is being paid out of the Compensation Fund with effect from July 1, 2017. In other news, Union Finance Minister <keyword id="2640262" type="General" weightage="80" keywordseo="nirmala-sitharman" source="Orion">Nirmala Sitharman</keyword> has chaired a pre-Budget meeting with the finance ministers of all States and Union Territories today for taking their inputs and suggestions for the upcoming Budget for 2023-24. Besides Sitharaman and state/UT finance ministers, Union MoS for Finance Pankaj Chaudhary and <keyword id="1073554" type="General" weightage="80" keywordseo="bhagwat-karad" source="Orion">Bhagwat Karad</keyword>, secretaries from various arms of the Union finance ministry, Chief Economic Advisor Anantha Nageswaran, among others attended the meeting. The Budget for 2023-24 is likely to be tabled on February 1. Notably, it will be the last full Budget for Modi 2.0 government before the <keyword id="6355187" type="General" weightage="80" keywordseo="lok-sabha" source="Orion">Lok Sabha</keyword> elections to be held in April-May of 2024. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/india-uae-in-talks-for-rupee-dirham-denominated-bilateral-trade/articleshow/95766169.cms">India, UAE in talks for rupee-dirham denominated bilateral trade</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/forex-kitty-grows-for-2nd-consecutive-week-rises-2-54-bn-to-547-25-bn/articleshow/95767390.cms">Forex kitty grows for 2nd consecutive week; rises $2.54 bn to $547.25 bn</a>

Centre releases ₹17,000 cr as GST compensation to States/UTs

The government has extended the deadline for filing <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the <keyword id="12579914" type="General" weightage="50" keywordseo="central-board-of-indirect-taxes-and" source="Orion">Central Board of Indirect Taxes and</keyword> <keyword id="6360806" type="General" weightage="50" keywordseo="customs" source="Orion">Customs</keyword> (CBIC) said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved the extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in a staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states.GST Network (GSTN) provides the technology backend for running <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST). <keyword id="6354512" type="General" weightage="50" keywordseo="infosys" source="Orion">Infosys</keyword> is the service provider for GSTN. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-falls-12-paise-to-82-91-against-us-dollar/articleshow/95003236.cms">Rupee falls 12 paise to 82.91 against US dollar</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/if-you-are-looking-to-add-sparkle-to-your-portfolio-this-diwali-here-are-ten-stocks-for-samvat-2079/articleshow/95007121.cms">If you are looking to add sparkle to your portfolio this Diwali, here are ten stocks for Samvat 2079</a>

Govt extends deadline for filing September GST return till Oct 21

<ul><li>The <keyword id="6354977" type="General" weightage="20" keywordseo="Supreme-Court" source="Orion">Supreme Court</keyword> has allowed the government to appeal against the ₹923 crore GST refund to <keyword id="15491" type="General" weightage="20" keywordseo="Airtel" source="Orion">Airtel</keyword>.</li><li>The Delhi High Court in May 2020 had ordered the government to verify and refund excess taxes paid to the telco.</li><li>Airtel had claimed that it paid an excess amount of GST as the GSTR-2A return form was not operational.</li></ul>In a major setback to Indian telecom operator Airtel, the Supreme Court (SC) has allowed the Indian government’s appeal against the Delhi High Court’s order granting ₹923 crore in tax refunds to the company. In May 2020, the Delhi High Court had ordered the government to verify and refund the ₹923 crore of excess goods and services tax (GST) paid by Airtel between July and September 2017. Soon after the verdict, the government moved the Supreme Court challenging the Delhi High Court order. The Sunil Mittal-led telco had claimed that it had paid an excess amount of GST as the GSTR-2A return form was not operational during the period. GSTR-2A is a system-generated return that includes all the outward supplies. Authorities had claimed that the telco had under-reported input tax credit during the period. Bharti Airtel was trading at ₹694.60 at 12:40 p. m., down by over 1% on October 28. <cmsannotation type="cmsannotation" annotationid="Airtel applies for AGR dues moratorium" comment="subhead" text="Airtel applies for AGR dues moratorium">Airtel applies for AGR dues moratorium</cmsannotation> Earlier this month, Airtel <a href="https://www.businessinsider.in/business/telecom/news/airtel-opts-for-agr-dues-moratorium-becomes-the-second-telco-to-do-so/articleshow/87254202.cms">opted</a> for the adjusted gross revenue (AGR) dues moratorium offered as part of the <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-and-jio-welcome-telecom-relief-package-but-analysts-are-divided-on-whether-it-is-enough/articleshow/86252002.cms">telecom relief package</a> by the government. The telco is expected to free up its cash-flow by up to ₹40,000 crore due to the moratorium. In addition to Airtel, Vodafone Idea has also opted for the moratorium and is expected to free up its cash-flow by up to ₹60,000 crore for four years. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-cements-its-lead-over-airtel-in-both-total-as-well-as-active-subscribers/articleshow/87156675.cms">Reliance Jio cements its lead over Airtel in both total as well as active subscribers</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-vodafone-idea-shares-jump-after-government-proposes-to-withdraw-13000-crore-demand-for-spectrum-usage-charges/articleshow/86775903.cms">Airtel, Vodafone Idea shares jump after government proposes to withdraw ₹13,000 crore demand for spectrum usage charges</a> <a href="https://www.businessinsider.in/policy/legal/news/cloud-kitchens-are-restaurants-ice-cream-is-not-food-and-other-important-clarifications-that-will-affect-gst-rates/articleshow/86841614.cms">Cloud kitchens are restaurants, ice cream is not food and other important clarifications that will affect GST rates</a>

You Searched For "GST october" and got 8 results

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

PTI

GST collections touch ₹1,51,718 cr in Oct, second highest since April

IANS

Centre seeks to amend GST Act to levy 28% tax on online gaming, casinos

IANS

GST revenues rose by 11% to ₹1.46 lakh crore in November: Finance Ministry

PTI

States not choosing GST compensation options by October will have wait another two years

IANS

Centre releases ₹17,000 cr as GST compensation to States/UTs

ANI

Govt extends deadline for filing September GST return till Oct 21

PTI

Airtel GST refund – Supreme Court allows government appeal against ₹923 crore relief

Rounak Jain

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