The GST Council has reduced taxes on helicopter services for religious travel from 18% to 5%, according to Uttarakhand Finance Minister.
Read MoreIt’s good that the GST Council has reportedly reached a consensus on slashing this tax rate on life and health insurance premiums. But rate multiplicity and frequent tweaks go against reformist ideals.
Read MoreSarjapura is a small town lying at the very edge of the expanding Bengaluru metropolitan sprawl. It is geographically closer to the town of Hosur than to the centre of Bengaluru. Reaching it by car from Bengaluru airport can sometimes take close to three agonizing hours. The drive from the proposed airport in Hosur is expected to be far more convenient.
Read MoreGST earnings of Ram Mandir in Ayodhya? ₹400 cr, says VHP leader Champat Rai
During a visit to Indore, Champat Rai confirmed estimated GST revenues of nearly ₹400 crore from the construction of Ram Temple complex that will feature 18 temples and is designed to handle a significant influx of devotees.
GST Council Meeting Live: One of the primary topics on the agenda is the potential reduction of GST rates on life and health insurance premiums. Currently set at 18%, a rate cut could significantly lower insurance costs for policyholders. The Council is expected to review a report from the fitment committee on the GST levied on life, health, and reinsurance premiums, along with its revenue implications.
Read MoreAuto sector contributes nearly 15 per cent to total GST, says SIAM president, as industry crosses ₹20 lakh crore mark
Read MoreGST Council meeting today: Delhi govt to oppose Goods and Services Tax on payment gateway; ‘hypocrisy’ says Atishi
Read MoreGST Council meet today: From insurance premium taxation, rate rationalisation, to online gaming report — What to expect
Read MoreThe All Gujarat Federation of Tax Consultants (AGFTC) and Income Tax Bar Association (ITBA) have submitted a representation to Finance Minister Nirmala Sitharaman, addressing the high fees for filing appeals with the GST Appellate Tribunal. Currently, the fee structure under the GST Act stipulates fees ranging from ₹10,000 to ₹50,000 for appeals, which the associations deem excessive compared to similar provisions under the Income Tax Act. They advocate for a more reasonable fee structure aligned with the income tax appeals process, where fees range from ₹500 to ₹10,000. The suggested revisions would impose a fee of ₹1,000 to ₹10,000 depending on the case’s tax or input tax credit involved, ensuring a fairer and more accessible appeal process for taxpayers. The associations request the government to consider these changes to create a more equitable and streamlined taxation system under GST, benefiting both taxpayers and businesses.
Read MoreTop Events of the Day: Prime Minister Narendra Modi will meet Abu Dhabi Crown Prince Sheikh Khaled bin Zayed Al Nahyan to discuss key bilateral relations. Meanwhile, Bajaj Housing Finance, India’s second-largest housing finance NBFC, opens its much-anticipated IPO for subscription. In the tech world, Apple is set to launch its highly awaited iPhone 16 series during the 'It’s Glowtime' event.
Read More