GST News

GSTN Introduces State-Specific Information Tab in Rajasthan's GST Registration Process

08 February 2025 at 08:52

In a significant update to the Goods and Services Tax (GST) registration process, the GST Network (GSTN) has introduced a new "State-Specific Information" tab in the GST REG-01 application for new registrations in Rajasthan.

Posted in GST | 528 Views

CBIC to Launch Online Customs Refund System in a Month to Streamline Trade

07 February 2025 at 09:02

The Central Board of Indirect Taxes and Customs (CBIC) is set to introduce an online system for customs refunds within the next month, marking a significant step toward full digitization of customs processes in India.

Posted in GST | 1896 Views

GSTN Clarifies E-Way Bill Rules for Precious Metals & Stones Under Chapter 71

07 February 2025 at 08:59

Clarification on E-Way Bill Requirement for Goods under Chapter 71

Posted in GST | 2304 Views

Central GST Commissionerate Uncovers Rs 658.55 Crore Fake Invoice Racket

07 February 2025 at 08:47

In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods.

Posted in GST | 1 comments | 384 Views

GST Council Close to Finalizing Fewer, Lower Tax Rates: FM Sitharaman

06 February 2025 at 08:45

In a significant development for India's taxation landscape, Finance Minister Nirmala Sitharaman announced on Tuesday that the GST Council is close to finalizing its decision on rationalizing GST rates.

Posted in GST | 381 Views

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 | 609 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 | 2355 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 | 4896 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 | 2253 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 | 3555 Views