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The Latest Breaking News from GST

UPI MDR may attract 18% GST; eligible merchants can claim input tax credit

Effective October 15, UPI payments to merchants (P2M) above Rs 2,000 will attract a 0.4% merchant discount rate with an overall cap of Rs 300. Besides, a flat concessional MDR rate of Rs 5 would be applicable on specific merchant categories such as railways, telecom services, insurance, and fuel for…

The Economic Times

Leading athletes still waiting on large sums owed by ill-fated Grand Slam Track

Agents for many Grand Slam Track stars say they are yet to receive 50% of earnings nearly 15 months on from the collapse of Michael Johnson’s venture

The Guardian - UK

India's economy shatters a 35-year barrier to enter A-rated club

Indian Economy: Japan Credit Rating Agency (JCRA) has upgraded India’s sovereign credit rating from BBB+ to A-, restoring an A rating for India after more than 35 years. The upgrade follows rating increases by Morningstar DBRS, R&I and S&P Global Ratings. India’s strong economic growth, improving fiscal position, stronger banking…

The Economic Times

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The PM has ruled out changing WA’s GST deal. But there’s another option to consider

Anthony Albanese is standing by his promise this week that “there will be no change […] whilst I’m prime minister” to Western Australia’s current share of the goods and services tax (GST).

The Conversation

Chalmers backs commission after WA premier's GST attack

Western Australia's premier crossed the line by calling a federal agency "east coast clowns" over their findings on GST distribution, its commissioner says.

AAP

Q1 earnings show resilience, but downside risks still loom. HSBC explains why

Indian companies delivered better-than-expected Q1FY27 earnings, with around 70% of firms meeting or beating HSBC’s estimates. Mid- and small-cap companies led growth, while financials drove earnings upgrades. However, HSBC flagged risks of downgrades in coming quarters as elevated commodity prices persist and the benefits of GST cuts and inventory gains…

The Economic Times

The 'trustworthy' changes in the lives of India's middle class

Digital payments and tax reforms have significantly altered middle-class spending habits. GST has streamlined consumption taxes, impacting everyday purchases and larger items. Real estate regulations offer homebuyers greater protection during significant financial commitments. JAM trinity and telecom reforms increased formal financial access for many citizens. Infrastructure upgrades and digital services…

The Economic Times

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Kanpur guard earning Rs 10,000 got a Rs 3 crore GST notice last year, lost his job, still running from pillar to post

Kanpur security guard Om Shukla, who earns Rs 10,000 a month, says he was wrongly issued a Rs 3 crore GST recovery notice over a firm called Om Enterprises that allegedly recorded more than Rs 17 crore in business. Shukla claims he never ran the firm and says the case…

The Economic Times

Michael Johnson breaks silence on Grand Slam Track financial disaster

The four-time Olympic champion has discussed Grand Slam Track’s controversial demise and the financial issues that plagued it

The Independent UK

Rajasthan footwear artisan earning Rs 15,000 a month received Rs 6 cr tax notice: A fake TN export firm with Rs 6.7 crore GST due was registered using his PAN

Rajasthan footwear artisan Jitendra Kumar Jingar, who earns Rs 10,000 to 15,000 a month making traditional leather shoes in Balotra district, received a Rs 6.78 crore GST recovery notice from Tamil Nadu's commercial taxes department after a fake export firm was allegedly registered using his PAN. His bank account has…

The Economic Times

ITC fraud worth Rs 74,782 crore detected in FY26; Maharashtra, Gujarat lead

Central GST officers detected over 30,000 input tax credit fraud cases in 2025-26. These cases involved approximately Rs 74,782 crore and led to 358 arrests. Maharashtra and Gujarat reported the highest number of fraud cases and associated financial values. Fake GST registrations using forged documents also contributed to substantial ITC…

The Economic Times

AI tools helping identify GST evasion, easing compliance for honest taxpayers: FinMin

India's Goods and Services Tax (GST) system is leveraging advanced technologies like AI and data analytics to combat tax evasion and streamline processes. This tech-driven approach allows for targeted scrutiny of high-risk taxpayers while easing compliance for others. The number of GST registrations has surged significantly, reflecting economic formalization, and…

The Economic Times

Govt extends GST Appellate Tribunal appeal filing deadline to July 31 after portal rush

Taxpayers now have until July 31, 2026, to file appeals with the Goods and Services Tax Appellate Tribunal (GSTAT). This extension, a month beyond the previous June 30 deadline, comes after a recent surge in filings caused technical issues on the GSTAT portal. The move provides crucial extra time for…

The Economic Times

New GST jurisdiction to handle pending cases after business shift: CBIC

Taxpayers shifting their business location will now have their ongoing tax proceedings seamlessly transferred to the new jurisdictional authority. The Central Board of Indirect Taxes and Customs clarified that any investigations or notices issued by the previous authority remain valid and will be continued by the new one. This move…

The Economic Times

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The Economic Times

MSMEs and GST@9: Journey so far and next phase of reforms

For India Inc., including MSMEs, the focus appears to have shifted from stabilisation to optimisation, as confidence grows on account of digital adoption, proactive policy changes and responsive tax administration.

The Economic Times

India to release first-ever monthly index tracking services sector output from July 14

India is launching a new Index of Services Production (ISP) to track the services sector's growth, mirroring the Index of Industrial Production. This crucial macroeconomic indicator, with 2024-25 as the base year, will be released monthly with a 60-day lag, starting with April 2026 data on July 14. The ISP…

The Economic Times

GST wins India Inc's vote, but businesses seek faster refunds and smarter reforms: Deloitte

India's GST regime has achieved widespread acceptance, with digitisation and rate adjustments hailed as major successes. Businesses now prioritize clearer interpretations, uniform audits, and faster refunds to ease working capital. The corporate sector is eager for AI-powered compliance tools and a unified taxpayer dashboard, signaling a push for more advanced,…

The Economic Times

GST@9: Building a more seamless, certainty-driven input tax credit framework

A more balanced and predictable approach can help safeguard revenue, reduce disputes, enhance taxpayer confidence, and create a more efficient GST ecosystem for businesses.

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The Economic Times

12 years of PM Modi: Bold reforms, decisive decisions and political turning points

After 12 years at the helm, Prime Minister Narendra Modi reflects on a transformative journey filled with key reforms that have altered India's economic landscape, from the sweeping GST to the bold move of demonetisation. His tenure has also witnessed pivotal constitutional shifts, notably the revocation of Article 370, which…

The Economic Times

Income tax burden reduction over 12 years reflects 'Ramrajya', government says

A government booklet marks Narendra Modi's tenure as India's longest-serving Prime Minister. It highlights tax reductions and reforms like GST and Digital India. These initiatives have built public trust and supported India's journey towards becoming a USD 5-trillion economy. Increased taxpayer confidence fuels investment in national development.

The Economic Times

SC verdict on GST leaves real-money gaming firms staring at a Rs 92,000-crore question

Wednesday’s ruling, backing tax demands on past transactions, could have major financial implications for the sector. A lawyer representing one of the large gaming companies involved in the dispute said platforms will now have an opportunity to individually respond to the GST department’s show-cause notices.

The Economic Times

Businesses can digitally record 'goods delivered' on e-way bill portal: GSTN

GST registered businesses can now digitally close e-way bills upon delivery completion. This new voluntary feature on the GST portal strengthens transaction trails and accountability. Previously, e-way bills tracked goods movement but lacked a formal completion record. This move aims to improve data integrity and traceability. Experts suggest this could…

The Economic Times

Why Kuehne+Nagel is betting big on India’s supply chain ambitions

The global logistics major says it will double its warehousing capacity in India by 2030, as it sees the country emerging as one of the world’s key supply chain hubs.

The Economic Times

Missed GST return filing? Your GST registration could be suspended; check the legal position

GST registration can now be suspended for even minor delays in filing returns, a shift from the previous six-month rule. Experts highlight this change, enacted in 2022, is causing business disruptions. While authorities have more flexibility, concerns are raised about arbitrary actions and the need for clearer guidelines and appeal…

The Independent UK

Michael Johnson to give back alleged $500,000 ‘secret’ payment from Grand Slam Track

Johnson is said to have advanced ‘millions’ while Grand Slam Track confirmed the former Olympic champion will return a disputed $500k ‘reimbursement’

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