- 08 Feb 2025 06:18 PM
- New
GST on Health Insurance: Government Review Underway
Source: https://taxguru.in/goods-and-service-tax/gst-health-insurance-government-review-underway.html
Government of India acknowledged concerns regarding the 18% GST on health and life insurance policies. In response, the issue was discussed in the 54th GST Council meeting held on September 9, 2024. The Council decided to form a Group of Ministers (GoM) to review GST on life and health insurance comprehensively. The GoM, led by Bihar Deputy CM Samrat Chaudhary, was tasked with examining potential changes to tax rates. During the 55th GST Council meeting on December 21, 2024, the GoM requested additional time to finalize its recommendations. The Council agreed to extend the timeline, and as of now, no decision has been made regarding a reduction or removal of GST on health or term insurance policies. Any future changes will depend on the GoM’s recommendations and the Council’s approval.
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- 07 Feb 2025 06:10 PM
- New
Big Brother watching: Optional GST invoice reconciliation to be made mandatory
NEW DELHI : An optional, online system to reconcile transaction details for availing GST credit may soon be made mandatory, according to two persons aware of the development.
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- 07 Feb 2025 06:17 PM
- New
India’s taxation crisis: Can 1% bear such a large country’s burden?
With just about 1% of Indians expected to fund about a third of the government’s gross tax revenue next fiscal year, India has a taxation problem. It is not about high rates, but about who actually pays.
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- 03 Feb 2025 05:44 PM
Net GST collection in January rises 11% to ₹1.71 trillion
The gross collection last month stood at ₹1.95 trillion, the highest since the record ₹2.1 trillion recorded in the same month last fiscal. This upward movement in revenue collection comes after a drop in December, when collections fell to a three-month low.
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- 03 Feb 2025 05:56 PM
Arvind Chari: This is a budget to optimize growth within constraints
The first full-year budget of India’s new National Democratic Alliance government, sworn in after the 2024 general election, was presented against the backdrop of a noticeable slowdown in economic growth over the last four quarters. I discussed the issue of whether this slowdown is cyclical or structural in a recent column for Mint, summarizing it as being an issue of expectations.
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- 03 Feb 2025 05:59 PM
‘We are putting money back in the hands of taxpayers’
With this budget we’re stating one thing very clearly, that credit availability is essential for people, for running their businesses, said the finance minister.
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- 03 Feb 2025 06:09 PM
Budget 2025 Key Announcements: New tax bill, income tax slab, ITR extension, more from FM Nirmala Sitharaman. Full list
Budget 2025 Key Announcements: FM Nirmala Sitharaman announced a new tax bill, changed income tax slab, ITR extension, and more in Budget 2025. We take a look at the full list of key announcements.
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- 03 Feb 2025 06:01 PM
Ajit Ranade: The budget’s consumption stimulus will stand India in good stead
The big story of finance minister Nirmala Sitharaman’s record eighth budget was its consumption stimulus. This was given by raising the ceiling of tax-free income. No tax is payable for anyone earning an income up to ₹12 lakh. This significant jump in the maximum permissible tax-free income came after a gap of five years—it was raised to ₹7 lakh in 2019.
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- 03 Feb 2025 06:21 PM
Budget proposal for 200 cancer care centres not enough: skilled oncologists, nurses and equipment needed, say experts
District daycare centres will decentralize cancer care, but India needs thousands more oncologists, specialist nurses and equipment, experts said. Besides, the GST on indigenous cancer drugs need to be removed entirely, said Biocon chairperson Kiran Mazumdar Shaw.
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- 03 Feb 2025 06:18 PM
GST rate rationalisation needed: Finance SecyGST rates need to be rationalised: Finance Secretary
New Delhi, Feb 3 (PTI) Finance Secretary Tuhin Kanta Pandey on Monday said enough experience has been gained with regard to implementation of GST and now the rates need to be rationalised in consultation with states.
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