India’s gross Goods and Services Tax (GST) collections stayed above the ₹2 lakh crore mark for the third consecutive month in September, rising 14.7% year-on-year to ₹2.04 lakh crore, according to provisional data released by the government on Thursday (October 1).
\n\nNine years after the rollout of the Goods and Services Tax, the GST Council is likely to consider recasting its tax officers’ committees, making them leaner as the indirect tax regime matures over time, sources said, as per PTI report.
\n\nThe GST Council is likely to consider a proposal to withdraw Integrated GST (IGST) exemption on gold, silver and platinum imports by banks and nominated agencies, sources said, as per PTI report.
\n\nCurrently, imports of gold, silver, and platinum are subject to a 3% IGST. However, this tax is exempt when these precious metals are imported by banks and nominated agencies, which are periodically listed by the government.
\n\nThe GST Council is expected to consider a proposal in its meeting to allow employers to claim input tax credit on premiums paid for insurance coverage provided to employees, as per PTI report.
\n\nUnder the Goods and Services Tax law, GST is exempt on individuals buying life or health policies for…
Original source: https://www.cnbctv18.com/technology/
