The upcoming GST Council meeting in Rajasthan on December 21-22, 2024, may bring potential tax relief for insurance policyholders. According to a report, the Council is expected to evaluate proposals to eliminate the 18% GST on term and health insurance premiums, particularly targeting relief for senior …
India recorded significant growth in its Goods and Services Tax (GST) collections for October 2024, showcasing a strong economic momentum. According to the latest data, the total gross GST revenue surged to ₹1,87,346 crore, marking an 8.9% increase from October 2023. Year-to-date (YTD) collections have reached …
The Goods and Services Tax (GST) framework has introduced new guidelines regarding the handling of records on the Invoice Matching System (IMS) dashboard, aiming to improve clarity and streamline the GSTR-2B reconciliation process. Key Highlights of the New Guidelines Deemed Acceptance: Any IMS record where no …
New Compliance Update: Rule 47A for Self-Invoicing under Reverse Charge Mechanism (RCM) – Effective 1st November 2024 Starting from 1st November 2024, a new compliance rule, Rule 47A, mandates a 30-day time limit for issuing self-invoices under the Reverse Charge Mechanism (RCM) for all GST-registered recipients. …
In a bold move advocating for mental health affordability and transparency, 17-year-old Delhi student Anvi Kumar, founder of The Mind Canvas and a student at The Shriram School Aravali, Gurgaon, has filed a Public Interest Litigation (PIL) with the Supreme Court of India. The petition challenges …
Chief Justice of India (CJI) D Y Chandrachud emphasized the significance of cooperative federalism in the governance of India, calling the introduction of the Goods and Services Tax (GST) a “classical example” of this system. Speaking at an inaugural annual lecture series on “Understanding Federalism and Its …
Barring of GST Return on expiry of three years As per the Finance Act,2023 (8 of 2023), dt. 31-03-2023, implemented w.e.f 01-10-2023 vide Notification No. 28/2023 – Central Tax dated 31st July, 2023, the taxpayers shall not be allowed file their GST returns after the expiry …
The Department of Finance’s Joint Secretary has hinted at a potential reduction in Goods and Services Tax (GST) on life and health insurance premiums, making them more affordable for customers, as per a report. Currently, an 18% GST is levied on premiums for term life insurance …
In a landmark decision, the Ministry of Finance has issued a clarification regarding the Goods and Services Tax (GST) applicable to film distribution before October 2021, providing significant relief to the Indian film industry. This long-awaited announcement addresses years of uncertainty faced by production houses, distributors, …
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. The Ahmedabad Crime Branch, with the assistance of local police, is actively pursuing the suspects, many of whom remain on the run. The …
