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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

The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

New Delhi, The <keyword id="4914195" type="General" weightage="20" keywordseo="gst-revenues" source="Orion">GST revenues</keyword> for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection 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="80" keywordseo="gst" source="Orion">GST</keyword>) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore. He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent. "GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection efficiency. Tax evasion and avoidance is low.

GST revenues grew 11% to about ₹1.6 lakh crore in August: Revenue secretary

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> hailed the seven-year journey of <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="100" keywordseo="GST" source="keywords">GST</keyword>). Quoting a newspaper report, PM tweeted on the social media platform "X" that GST has improved the lives of 140 crore <keyword id="19916609" type="General" weightage="20" keywordseo="Indians" source="keywords">Indians</keyword>. "For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper." The PM also highlighted that after the implementation of GST, the <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> of the poor and the common man have increased as the GST has reduced <keyword id="20018720" type="General" weightage="20" keywordseo="taxes" source="keywords">taxes</keyword> on various <keyword id="20447338" type="General" weightage="20" keywordseo="household-items" source="keywords">household items</keyword> like flour, curd, detergent, etc. He said, "This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms to transform people's lives". The Goods and Services Tax will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax has reduced on several products and services used by the common man. As per the Central Board of Indirect Tax and Customs, post GST various daily household items have become cheaper. It includes items like flour, television, detergent, hair oil, soap etc. The GST has amalgamated a large number of central and state taxes into a single tax. It also mitigated the ill effects of cascading or double taxation in a major way and paved the way for a common national market. From the consumers' point of view, the biggest advantage is in terms of reduction in the overall tax burden on goods. The Introduction of GST has also made Indian products more competitive in the domestic and international markets owing to the full neutralisation of input taxes across the value chain of production. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid-to-late August. The GST Council proposed exemptions for specific services offered by <keyword id="19909154" type="General" weightage="20" keywordseo="Indian-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Railways" meta.hostid="261" meta.entityid="Indian Railways">Indian Railways</keyword> to the general public, as well as for intra-railway transactions. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This section pertains to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025, will benefit from this waiver.The Council approved an extension for availing input tax credit (ITC) on any invoice or debit note.

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

With the 2024 general elections handing the <keyword id="19894848" type="General" weightage="20" keywordseo="BJP" source="keywords" meta.keywordsubtype="org" meta.entityname="BJP" meta.hostid="261" meta.entityid="BJP">BJP</keyword> and its allies a fractured, albeit ruling majority in the country for the third consecutive time, India is now gearing up for the 2024–25 <keyword id="19908389" type="General" weightage="20" keywordseo="Union-budget" source="keywords">Union budget</keyword>, which will be presented on July 22 between 11 am and 1 pm. The <keyword id="20613906" type="General" weightage="20" keywordseo="economic-survey" source="keywords">economic survey</keyword> is traditionally presented the day before. However, as per reports, the economic survey is likely to be released on July 3rd this year. The famous halwa ceremony will take place 10 days before the budget is tabled. Pre-budget consultations will begin on June 17th. FM <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> will become the first finance minister to have presented seven straight budgets, a record previously held by <keyword id="238033" type="General" weightage="20" keywordseo="Morarji-Desai" source="Orion">Morarji Desai</keyword>, who had six consecutive budget presentations to his name. To date, Sitharaman has tabled five full and one interim budget. The first parliamentary session under Modi 3.0 will kick off on June 24, and the 264th session of the parliament will take place between the 27th of June and the 3rd of August. The year is set to see two budgets: one full-fledged budget in July and an interim budget presented on February 1, 2024. <cmsannotation type="cmsannotation" annotationid="What can we expect from this budget?" comment="subhead" text="What can we expect from this budget?">What can we expect from this budget?</cmsannotation> Presenting an interim budget is customary during election years in India since it facilitates the transfer of work and finances between the outgoing and incoming governments. With the upcoming budget, PM Modi’s government will largely focus on tackling unemployment, issues in the agriculture sector, and maintaining the flow of capital expenditure in the economy. The simplification of the <keyword id="19993914" type="General" weightage="20" keywordseo="GST-regime" source="keywords">GST regime</keyword> and rolling out the 3rd edition of the <keyword id="20359761" type="General" weightage="20" keywordseo="FAME-scheme" source="keywords">FAME scheme</keyword> (Faster Adoption &amp; Manufacturing of Electric Vehicles) will also rank highly on the budget agenda. In that stead, a meeting of the GST council is also scheduled to take place on June 22nd. Additionally, experts are also anticipating the expansion of the PLI (production-linked incentives) schemes in this budget to include other sectors as well. <cmsannotation type="cmsannotation" annotationid="Lesser-known budget milestones" comment="subhead" text="Lesser-known budget milestones">Lesser-known budget milestones</cmsannotation> Till 2019, the union budget was carried in a briefcase, a practice initiated by India’s first FM, Sir RK Shanmukham Chetty. In 2019, the budget was presented as a traditional bahi-khata for the first time. It went paperless in 2021 after the FM introduced the budget via a tablet. Apart from having presented most budgets, Sitharaman also holds the record for having delivered the longest budget speech while presenting the Union budget for 2020–21. She spoke for two hours and 42 minutes. On the other hand, India’s shortest-ever budget speech was given in 1977 by Hirubhai Patel.

Union budget 2024-25 : When will it be presented, what to expect and more

Both online <keyword id="6376068" type="General" weightage="20" keywordseo="Food-Delivery" source="Orion">food delivery</keyword> platforms charge some money from customers in the name of delivery fees. There is often a dispute between tax officers and food delivery apps regarding the delivery fee, which involves nearly Rs 1000 crore, according to the reports. When reached for a comment, <keyword id="830092" type="General" weightage="20" keywordseo="Zomato" source="Orion">Zomato</keyword> refused. <keyword id="6358977" type="General" weightage="20" keywordseo="Swiggy" source="Orion">Swiggy</keyword> did not comment either. As per Zomato and Swiggy, 'delivery charge' is nothing but the cost borne by the delivery partners who go to deliver food from door to door. Companies simply collect that cost from customers and pass it on to delivery partners. But, tax officials do not agree with this, as per the reports. Last month, Swiggy increased the platform fee from Rs 2 to Rs 3 for food orders. A Swiggy spokesperson told IANS, that "there has been no significant change on platform fee, which is applied by most service players and is a common practice across industries". In April, the company introduced a platform fee of Rs 2 per order, irrespective of the cart value. In August, Zomato also increased its platform fee to Rs 3 per order from an initial Rs 2. Zomato started charging the platform fee from Zomato Gold users, who were previously exempted.

Zomato, Swiggy slapped with Rs 500 crore GST each: Report

The gross GST revenue collections in August witnessed a 28% jump year-on-year basis, as they stood at ₹1,43,612 crore during the month. According to figures released by <keyword id="47209" type="General" weightage="80" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> on Thursday, GST collections in August 2021 were ₹1,12,020 crore. Out of the total collections, CGST was ₹24,710 crore, SGST was ₹30,951 crore, <keyword id="6360947" type="General" weightage="80" keywordseo="igst" source="Orion">IGST</keyword> was ₹77,782 crore (including ₹42,067 crore collected on import of goods), while the cess stood at ₹10,168 crore (including ₹1,018 crore collected on import of goods). "The growth in GST revenue is a clear impact of various measures taken by the <keyword id="6355040" type="General" weightage="20" keywordseo="GST-council" source="Orion">GST Council</keyword> in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis," a Ministry statement said.

GST collections stood at ₹1,43,612 crore in August

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

Chandigarh, Jun 29 (PTI) The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council on Wednesday deferred decision on levying a 28 per cent tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders, Union Finance Minister Nirmala Sitharaman said. A group of ministers headed by Meghalaya Chief Minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, she told reporters here. The council will meet again in the first week of August to decide on the issue, she said. A two-day meeting of the panel considered a report of the GoM but deferred a decision as Goa and some others wanted to make more submissions. The GoM had recommended that online gaming should be taxed at the full value of the consideration, including the contest entry fee paid by the player on participating in the game. In cases of race courses, it had suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers. It also recommended that no distinction should be made on grounds of game of skill or game of chance for the purpose of the levy of GST and should be taxed at the highest rate of 28 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zepto-dunzo-among-the-next-122-unicorns-from-india-heres-the-complete-hurun-list/articleshow/92545281.cms">Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-could-slide-to-82-as-a-strong-dollar-is-nullifying-rbi-efforts/articleshow/92543254.cms">Rupee could slide to 82 as a strengthening dollar is nullifying RBI efforts</a>

GST on casinos, lotteries, horse races deferred as Nirmala Sitharaman reconsiders

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

<ul><li>Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. </li><li>Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions.</li></ul>New Delhi, May 11 (PTI) Businesses with turnover of over Rs 5 crore will have to generate electronic or e-invoice for B2B transactions with effect from August 1. Currently, businesses with turnover of Rs 10 crore and above are required to generate e-invoice for all B2B transactions. The finance ministry through a notification dated May 10 has notified a reduction in threshold for e-invoicing. Effective August 1, any taxpayer with turnover exceeding Rs 5 crore should raise e-invoices for B2B supplies. <keyword id="3419539" type="General" weightage="50" keywordseo="deloitte-india-partner" source="Orion">Deloitte India Partner</keyword> Leader <keyword id="17382865" type="General" weightage="50" keywordseo="indirect-tax-mahesh-jaising" source="Orion">Indirect Tax Mahesh Jaising</keyword> said with this announcement, scope of MSMEs under e-invoicing will be expanded and they will need to implement e-invoicing. "For companies e-invoicing is a boon rather than a bane as suppliers who are e-invoicing compliant result in proper flow of input tax credit and reduce the churn around credit issues," Jaising added. AMRG &amp; Associates Senior Partner <keyword id="2913637" type="General" weightage="80" keywordseo="rajat-mohan" source="Orion">Rajat Mohan</keyword> said phased implementation of e-invoicing has resulted in reduced disruptions, improved compliance and increased revenue. E-invoicing was initially implemented for large companies with turnover of more than Rs 500 crore, and within 3 years the threshold has now been lowered to Rs 5 crore. "Inclusion of MSME sector in the e-invoicing regime would benefit the overall business ecosystem by reducing costs, rationalising errors, ensuring faster invoice processing, and also limiting commercial disputes in the long term," Mohan added. Under <keyword id="6359833" type="General" weightage="50" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with turnover of over Rs 500 crore from October 1, 2020, which was then extended to those with turnover of over Rs 100 crore effective January 1, 2021. From April 1, 2021, companies with turnover of over Rs 50 crore were generating B2B e-invoices, and the threshold was brought down to Rs 20 crore beginning April 1, 2022. From October 1, 2022, the threshold was further lowered to Rs 10 crore. EY Tax Partner Saurabh Agarwal said the industry needs to review their vendor masters and ensure that any vendor supplying goods or services and crossing the threshold turnover of Rs 5 crore is necessarily issuing a e-invoice from August 2023 to avoid any dispute with respect to availment of input tax credit (ITC). SEE ALSO: <a href="https://www.businessinsider.in/tech/news/google-launches-passkeys-for-hassle-free-login-to-gmail-and-youtube-without-a-password-heres-how-to-set-them-up/articleshow/99977103.cms">Google launches Passkeys for hassle-free login to Gmail and YouTube without a password - here's how to set them up</a> <a href="https://www.businessinsider.in/tech/news/apples-safari-is-the-worlds-second-most-used-and-least-vulnerable-desktop-web-browser/articleshow/99926825.cms">Apple’s Safari is the world’s second-most-used and least vulnerable desktop web browser, yet only 1% of Indians use it</a>

Businesses with turnover of over Rs 5 crore to generate e-invoice from August 1

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>

You Searched For "gst august" and got 13 results

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

PTI

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

PTI

54th GST Council meeting to take place on September 9 in New Delhi

ANI

GST revenues grew 11% to about ₹1.6 lakh crore in August: Revenue secretary

PTI

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

ANI

Union budget 2024-25 : When will it be presented, what to expect and more

Ira Alok Puranik

Zomato, Swiggy slapped with Rs 500 crore GST each: Report

IANS

GST collections stood at ₹1,43,612 crore in August

IANS

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

IANS

GST on casinos, lotteries, horse races deferred as Nirmala Sitharaman reconsiders

PTI

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

PTI

Businesses with turnover of over Rs 5 crore to generate e-invoice from August 1

PTI

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

IANS

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