GST News

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 | 1551 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 | 2298 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 | 2082 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 | 981 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 | 549 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 | 900 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 | 1293 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 | 3708 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 | 1053 Views

GSTN to Implement Hard Locking of Auto-Populated GSTR-3B Values by January 2025

17 October 2024 at 15:05

In order to assist taxpayers in filing their returns and minimizing human errors, GSTN has continuously improved the GST return filing process and in this endeavor the GST Portal now provides a pre-filled GSTR-3B form

Posted in GST | 2556 Views