India’s GST Collections Surge 9.1% to ₹1.84 Lakh Crore in February 2025 India’s Goods and Services Tax (GST) collections for February 2025 have shown a significant growth of 9.1%, totaling approximately ₹1.84 lakh crore. This marks a strong indicator of the country’s resilient economic recovery and …
Latest GST News in 2025: Key Updates, Changes, and Developments As 2025 unfolds, significant updates in India’s Goods and Services Tax (GST) landscape are making waves. Here’s a comprehensive look at the latest GST news, trends, and changes affecting businesses, taxpayers, and government policy. 1. GST …
The Goods and Services Tax (GST) Council is reportedly considering a reduction in tax rates on select items to stimulate consumption while maintaining revenue stability, according to a report citing sources familiar with the discussions. Proposal to Eliminate 12% GST Slab One of the key proposals …
The Indian online gaming industry is at a critical juncture, with Dream11 co-founder and CEO raising concerns over the government’s retrospective GST demands exceeding ₹1.1 lakh crore. He warned that if the Centre continues to insist on the tax recovery, most companies in the sector will shut down. Dream11, India’s most valuable gaming company, itself …
Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday that the average indirect tax under the Goods and Services Tax (GST) has significantly reduced since its rollout. She stated that the average tax under the previous indirect tax regime was 15.8%, while under GST, it has now come down to 11.3%. GST Rates …
In a significant crackdown on GST fraud, the Central GST Itanagar Commissionerate has exposed a massive fake invoice racket involving Rs 658.55 crore in fraudulent transactions without any actual supply of goods. The investigation has revealed the misuse of the Input Tax Credit (ITC) mechanism, causing a loss of nearly Rs 99.30 …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Circular No. 244/01/2025-GST on January 28, 2025, clarifying the GST treatment on co-insurance and reinsurance transactions, based on the 53rd GST Council meeting held on June 22, 2024. Based on the recommendations of the GST Council in its 53rd meeting held …
The GST Portal has now enabled the functionality to file the Letter of Undertaking (LUT) for the Financial Year 2025-26. Exporters and suppliers to Special Economic Zones (SEZ) must renew their LUT annually, as the existing LUT for FY 2024-25 will expire on March 31, 2025. Why Filing LUT is …
Advisory on Business Continuity for e-Invoice and e-Waybill Systems Dear Taxpayers, This advisory is issued to highlight the alternate mechanisms and business continuity plans available for both the e-Invoice and e-Waybill systems. If you have not integrated these alternate mechanisms into your existing systems or are …
Central tax authorities have intensified efforts to combat Goods and Services Tax (GST) evasion in Gujarat, with Finance Minister Nirmala Sitharaman revealing significant enforcement actions in the Rajya Sabha on Tuesday. From FY 2021-22 to FY 2024-25 (up to October 31, 2024), 12,803 cases of GST …
