- 08 Feb 2025 06:42 PM
- New
GST on NBEMS Fees: Refund Process and Court Order
Source: https://taxguru.in/goods-and-service-tax/gst-nbems-fees-refund-process-court-order.html
National Board of Examinations in Medical Sciences (NBEMS) collected ₹39 crore as GST from Diplomate of National Board (DNB) candidates and ₹29 crore from Foreign Medical Graduate Examination (FMGE) candidates on course fee payments. Following a High Court order dated November 1, 2023, NBEMS has stopped levying GST on these fees. The refund process has begun, but detailed data on processed refunds and the breakdown of collected amounts are still being compiled. The Government has not initiated an enquiry on the issue.
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- 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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- 08 Feb 2025 06:21 PM
- New
GST Collections and Impact on Income Groups
Source: https://taxguru.in/goods-and-service-tax/gst-collections-impact-income-groups.html
Government of India provided details on GST collections over the past five financial years, showing a steady increase in revenue from both domestic sources and imports. However, it does not maintain data on the proportional contribution of different income groups to GST payments. In response to concerns about the tax burden on economically weaker sections, the government clarified that GST rates are not based on consumer income levels but have been structured to exempt or lower taxes on essential goods primarily used by lower-income groups. Any changes to GST rates or exemptions are made based on recommendations from the GST Council, which includes representatives from both the central and state governments. The Council periodically reviews and amends tax rates to ensure fair implementation.
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- 08 Feb 2025 06:49 PM
GST on Insurance Premium: Status of GoM Recommendations
Source: https://taxguru.in/goods-and-service-tax/gst-insurance-premium-status-gom-recommendations.html
During the 55th GST Council meeting on December 21, 2024, in Jaisalmer, the Group of Ministers (GoM) on Life and Health Insurance requested additional time to finalize its recommendations regarding GST on insurance premiums. The issue concerns the impact of GST on social security and insurance penetration among the general public. The Council agreed to extend the timeline for the GoM to present its recommendations. No final decision has been made on the matter yet.
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- 08 Feb 2025 06:45 PM
GST Exemptions for Tirumala Tirupati Devasthanam
Source: https://taxguru.in/goods-and-service-tax/gst-exemptions-tirumala-tirupati-devasthanam.html
Government states that Tirumala Tirupati Devasthanam (TTD) benefits from certain GST exemptions, like all religious institutions. Exemptions include GST-free supply of prasadam, conduct of religious ceremonies, and renting of religious precincts under specified conditions. These conditions include room rentals below ₹1,000 per day, venue rentals below ₹10,000 per day, and shop rentals under ₹10,000 per month. However, TTD still pays GST on taxable activities. The GST collected from TTD in the last five years was ₹36.28 crore in 2024-25 (until December 31, 2024), ₹32.95 crore in 2023-24, ₹32.15 crore in 2022-23, ₹15.58 crore in 2021-22, and ₹14.70 crore in 2020-21.
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- 07 Feb 2025 06:10 PM
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
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 05:59 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 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 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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