Finance minister Nirmala Sitharaman tackled criticism over taxation with a firm defense rooted in facts and personal understanding. Speaking on the challenges faced by the middle class, she outlined her government’s efforts to simplify taxes and ensure fairness. “I wish to do more, but there are limitations,” she was quoted as saying in an interview … Read more
Experts in the field on Tuesday clarified that the GST Council has not recommended the imposition of any new tax for old and used vehicles in the recent meeting. The experts clarified that the GST Council has simplified the tax rate and recommended unifying and prescribing a single rate of GST on the sale of all old … 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
New Delhi: Amit Yadav, secretary, ministry of social justice & empowerment, has said the government is drafting its first new senior citizens policy in 25 years and proposing amendments to the Maintenance and Welfare of Parents and Senior Citizens Act 2007 to meet the evolving needs of this age group. The Association of Senior Living … Read more
The Goods and Services Tax Network (GSTN) has introduced Form GST DRC-03A on the GST portal to assist taxpayers in managing their tax demands more efficiently. This new tool is specifically designed to allow taxpayers who have utilized the DRC-03 form to make payments, to directly allocate these payments to a specific GST demand order. … Read more
GST Network on Sunday said the monthly returns data of July and August 2017, the initial months of the Goods and Services Tax rollout, has been restored on the portal. The GSTN had last week said it is implementing its data policy, as per which data for taxpayers will be retained for seven years only. … 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