GST News

Softy Ice-Cream Mix Classified as Sugar-Based, Will Attract 18% GST: AAR Ruling

22 October 2024 at 08:45

In a recent ruling, the Rajasthan bench of the GST AAR determined that the softy ice-cream mix, sold by VRB Consumer Products, is primarily sugar-based, and not a milk product. As a result, it will attract a Goods and Services Tax (GST) rate of 18%.

Posted in GST | 783 Views

GST Scam Exposes 35 Accused, Chartered Accountants in the Spotlight

22 October 2024 at 08:41

In a rapidly unfolding investigation into a multi-crore GST scam, 35 individuals have been named as accused, including Siddharth Barad, nephew of BJP MLA Bhaga Barad.

Posted in GST | 1404 Views

GST Panels Propose Major Rate Changes for 100+ Products

22 October 2024 at 08:41

The GoM will submit its recommendations to the GST Council by October-end, which will make the final decision. Additionally, the panel also addressed the GST on around 100 products.

Posted in GST | 2241 Views

GoM Proposes GST Exemption on Life and Health Insurance Premiums for Senior Citizens

21 October 2024 at 08:42

In a significant development for the insurance sector, the Group of Ministers (GoM) has proposed exempting Goods and Services Tax (GST) on term life insurance premiums and health insurance premiums paid by senior citizens.

Posted in GST | 1911 Views

GoM Proposes Lower GST on Water Bottles and Bicycles; Higher Taxes on Luxury Shoes and Watches

21 October 2024 at 08:42

The Group of Ministers (GoM) on Goods and Services Tax (GST) rate rationalisation met on Saturday to discuss significant tax adjustments aimed at easing the financial burden on consumers.

Posted in GST | 837 Views

GoM Discusses Merger of GST Compensation Cess into Main Tax Structure

19 October 2024 at 08:05

The Group of Ministers (GoM) on GST Compensation Cess, led by Minister of State for Finance Pankaj Chaudhary, convened on October 16 to explore the potential merger of the compensation cess into the broader Goods and Services Tax (GST) framework.

Posted in GST | 384 Views

Accountant Accused of Rs 5 Crore GST Scam Using Defunct Factory's GST Number

19 October 2024 at 08:05

In a shocking incident from Jamnagar, a local accountant has been accused of scamming a factory owner by fraudulently reactivating a defunct GST number.

Posted in GST | 720 Views

GST Fraud Crackdown: Commissioner Unveils New Tactics, Biometric Tech to Catch Masterminds

18 October 2024 at 09:10

Since the introduction of the Goods and Services Tax (GST) in 2017, a sophisticated scam has flourished, exploiting systemic loopholes and siphoning thousands of crores from the exchequer each year.

Posted in GST | 1131 Views

Finance Ministry Amends GST Recruitment Rules 2024: OBC Inclusion & Qualification Relaxation

18 October 2024 at 09:09

Ministry of Finance has issued Notification No. 109 (F. No. A-50050/2/2024-Ad.I) dated October 16, 2024, amending the Goods and Services Tax (GST) Council Secretariat, Group ‘A’ Executive Posts Recruitment Rules, 2018

Posted in GST | 3483 Views

GSTN Releases Additional FAQs on IMS

18 October 2024 at 09:09

Invoice Management System (IMS) is now available to taxpayers. This new system shall facilitate taxpayers in matching their records/invoices vis a vis issued by their suppliers for availing the correct Input Tax Credit (ITC).

Posted in GST | 909 Views