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The Latest Breaking News from Goods and Services Tax

GST reforms aim to boost compliance by removing fear, widening tax base

Rate rationalisation showed that a lower rate yields more revenue as the base widens, and process reforms rest on the same principle. A business that doesn't fear the tax office is more likely to register, report its full sales and grow within the system.

The Economic Times · 10h ago

Politics with Michelle Grattan: Josh Frydenberg plans to keep speaking out

Josh Frydenberg has told The Conversation he will keep speaking out on the need for stronger economic reform, including raising the goods and service tax (GST) – despite his proposal being shot down by Liberal leader Angus Taylor.

The Conversation · Oct 12

Has government imposed 5% GST on e-commerce delivery services ahead of Diwali? Income Tax Dept says this

Recent speculation on social media suggests that a new GST has been introduced for e-commerce delivery services. However, the Press Information Bureau has clarified that instead, the GST rate has been lowered from 18% to 5%. This amendment was part of the 57th GST Council meeting recommendations, aiming for a…

The Economic Times · Oct 12

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SBI refused to close higher fee credit card given to woman who asked for a cheaper one, charged Rs 2,999 instead of Rs 499, ordered to pay Rs 50,000

A Delhi consumer commission has ordered SBI Card to pay Rs 50,000 to a cardholder who asked for a cheaper credit card and was refused. The company has also been told to close the card and issue a bill as on 4 August 2023.

The Economic Times · Oct 11

GST registration changes to get automatic approval for business name, additional address updates

The government has simplified the procedure for amending GST registration details for businesses in India. Changes to legal names, constitutions, and additional places will be processed automatically without officer approval. Businesses can submit Form GST REG-14 for these amendments, which the system will handle automatically upon validation. However, principal place…

The Economic Times · Oct 10

A paid Rs 1,64,900 upfront for iPhone 18 Pro, B chose credit card EMI, C picked no-cost EMI in festive sales – Who saved most after discounts?

The biggest misconception about no-cost EMI is that the bank doesn't charge any interest. In a no-cost EMI, the seller readjusts the interest amount so that the sum of all the EMIs adds up to the price you would pay upfront. However, interest still exists, and interest attracts GST. So,…

The Economic Times · Oct 10

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