India’s Goods and Services Tax (GST) system has come under sharp criticism, with former Infosys CFO Mohandas Pai taking aim at its ambiguities. “This is silly and complex. It will lead to tax terrorism,” Pai wrote on X, adding that it is making citizens “hostages to rent-seeking officials” and creating endless disputes. His message to … Read more
Minutes after the 55th meeting of the Goods and Services Tax (GST) Council concluded in Jaisalmer on Saturday, former Chief Economic Adviser Arvind Subramanian raised sharp concerns over the trajectory of the GST framework. Labeling the decisions as a “national tragedy,” Subramanian accused policymakers of violating the foundational principles of the “Good & Simple Tax” … Read more
Finance Minister Nirmala Sitharaman said that the cost of insurance for policyholders is expected to decrease if the GST Council recommends reducing the GST rate on health and life insurance policies. In a written response in the Lok Sabha on December 2, Sitharaman mentioned that during its meeting on September 9, the GST Council had … Read more
GST charges: Pankaj Chaudhary, minister of state in the Ministry of Finance, disclosed that the government garnered Rs 4,792.4 crores from Goods and Services Tax (GST) applied to education services during the financial year 2023-24. These services are non-exempt under GST, with a 18% tax rate levied on them under Service Accounting Code (SAC) 9992. Answering … Read more
Revenue from goods and services tax (GST) levied on healthcare and life insurance services fetched over Rs 16,000 crore last fiscal, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday. In all, Rs 16,398 crore was collected as GST from healthcare and life insurance services in FY24, including Rs 8,135 crore … Read more
The 54th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman and featuring state finance ministers and tax officials, is set to take place today (September 9). The session will address several critical topics, including the taxation of insurance premiums, proposed rate rationalisations, and a review of online gaming revenues. Taxation on health and … Read more
The GST Council, led by Finance Minister Nirmala Sitharaman, is set to meet on Monday to tackle several pressing issues, with the spotlight on reducing the 18% GST on health and life insurance premiums. While there is growing support for lowering the tax burden, concerns remain over whether the benefits will actually reach policyholders or … Read more
GST rates: The Goods and Services Tax on health and life insurance premiums has been making headlines for quite some time. According to a report by CNBC-Awaaz on August 8, sources familiar with the matter have suggested that a reduction in the GST rate on the premium paid for health and life insurance might be … Read more
As states like Delhi and Goa raised the issue of tax demand on online gaming companies and casinos retrospectively, Revenue Secretary Sanjay Malhotra on Saturday reiterated that 28 per cent GST was levied on online gaming and casinos even before. “Certain members had raised the issue of retrospective taxation. It was informed to them that … Read more
A Parliamentary panel has recommended that the government should propose to the GST Council to reduce tax rates on fertilisers from the current 5 per cent. In its report laid in Parliament on Wednesday, Standing Committee on Chemicals and Fertilizers said the committee have been informed that fertilisers were placed under the 12 per cent … Read more