Together, these benefits add up to ₹1.84 lakh*, making Mahindra’s CV portfolio — including Bolero Pik-Up, Maxx Pik-Up, Jeeto, Supro and more — an even stronger value proposition for customers this festive season.

The post Mahindra Announces Festive Benefits on Commercial Vehicles with Savings Up to ₹1.84 Lakh appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

“At Spinny, the customer comes first, always. Whether it’s pricing, quality, or the buying or selling experience, transparency and trust are non-negotiable,” said Hanish Yadav, Senior Vice President & Business Head at Spinny.

“We’ve taken a proactive stance, adjusting prices before the GST reforms take effect. This ensures our customers can make confident decisions today, without waiting or second-guessing market movements.” 

Benefits for car buyers and sellers

Buyers can now enjoy reduced prices across the Spinny inventory, with discounts of up to ₹2 lakh, made effective immediately.
Sellers benefit from continued buyer demand and better resale value, with potential benefits of up to ₹20,000 per car.

Seamless Pricing Adjustment

The recent overhaul of India’s GST framework introduces new tax slabs for the auto sector, 18% GST on small cars and two-wheelers, and 40% on larger/luxury vehicles, while auto component GST has been reduced from 28% to 18%. Although these changes primarily target new vehicles, Spinny acknowledges their indirect impact on the used car ecosystem. Rather than wait for downstream effects to play out, Spinny has moved early, aligning pricing with the evolving market context to deliver immediate value.

The Spinny Way

This isn’t just a pricing strategy, it’s a reflection of Spinny’s values. With a full-stack model and deep insights into buyer behavior, Spinny consistently leads with market responsiveness, transparency, and a seamless ownership experience.

Whether you’re buying your first car or selling your fifth, Spinny ensures a transparent, simple and delightful case ownership experience

The post Spinny Incorporates GST Price Drop in Advance to Deliver Transparent Value for Buyers and Sellers appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Various sectors of the economy, including real estate, are keeping a close eye on the upcoming meeting. According to media reports, the GST Council is expected to mull over a plan of slashing GST on cement, which is an input for the construction and real estate sector, shifting it from the 28 per cent bracket to the 18 per cent bracket.

According to industry experts, the previous four-rate GST structure often led to compliance challenges and higher input cost for sectors like construction, FMCG and automobiles. By rationalizing slabs, the government aims to simplify taxation, reduce cascading effects and improve ease of doing business.

With reduction in the tax burden on key materials real estate developers may experience a decrease in overall cost of construction that could translate into an overall reduction in prices for homebuyers. Moreover, developers believe that a simplified two slab GST structure would streamline tax compliance and reduce administrative burden ultimately benefiting the consumers.

Mr. Ashok Kapur, Chairman, Krishna Group and Krisumi Corporation, said, “The upcoming GST Council meeting is expected to bring a slew of reforms in the GST structure, benefiting the economy as a whole, and the housing sector is well positioned to benefit from the simplified two-slab tax structure of 5% and 18%. With the reduction in the tax on raw materials like cement, the overall cost of constructing homes would certainly see a noticeable fall, benefiting homebuyers in the long run.”

“These reforms are a timely development at a juncture when launching value-driven projects requires more careful planning for real estate developers. Looking ahead, India’s housing sector will continue to show signs of resilience and growth as the demand for quality homes remains strong,” he added.

The post GST Reforms Set to Propel Growth in India’s Housing Sector, Enhancing Value and Transparency appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The post SCOPE conducts workshop on ‘GST: Issues & Implications’ appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The selection of entities for coal/lignite gasification scheme will be carried out through a competitive and transparent bidding process. Furthermore, government is considering providing budgetary support to eligible Government PSUs, and Private sector enabling them to undertake coal gasification projects. In first segment, the government will provide support to Government PSUs. The second segment encompasses both the Private Sector and Government PSUs, with a budget allocation granted to each project. The selection of at least one project under this segment will be determined through a tariff-based bidding process, with criteria formulated in consultation with NITI Aayog. Lastly, the third segment involves the provision of budgetary support for demonstration projects utilizing indigenous technology and/or small-scale product-based gasification plants.

The Ministry is also considering an incentive to reimburse the Goods and Services Tax (GST) compensation cess on coal utilized in gasification projects for a period of 10 years after the commercial operational date (COD), provided that the GST compensation cess is extended beyond FY27. This incentive aims to offset the inability of entities to claim input tax credit for the same.

The post Govt considering Comprehensive Scheme to promote Coal Gasification Projects with an outlay of Rs. 6000 Crore appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Monthly GST revenues more than the ₹ 1.4 lakh crore for six months in a row

The gross GST revenue collected in the month of August 2022 is

₹ 1,43,612 crore of which CGST is ₹ 24,710 crore, SGST is ₹ 30,951 crore, IGST is
₹ 77,782 crore (including ₹ 42,067 crore collected on import of goods) and cess is
₹ 10,168 crore (including ₹ 1,018 crore collected on import of goods).

The government has settled ₹ 29,524 crore to CGST and ₹ 25,119 crore to SGST from IGST. The total revenue of Centre and the States in the month of August 2022 after regular settlement is ₹ 54,234 crore for CGST and ₹ 56,070 crore for the SGST.

The revenues for the month of August 2022 are 28% higher than the GST revenues in the same month last year of ₹ 1,12,020 crore. During the month, revenues from import of goods was 57% higher and the revenues from domestic transaction (including import of services) are 19% higher than the revenues from these sources during the same month last year.

For six months in a row now, the monthly GST revenues have been more than the ₹ 1.4 lakh crore mark. The growth in GST revenue till August 2022 over the same period last year is 33%, continuing to display very high buoyancy. This is a clear impact of various measures taken by the Council in the past to ensure better compliance. Better reporting coupled with economic recovery has been having positive impact on the GST revenues on a consistent basis. During the month of July 2022, 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19% higher than 6.4 crore in June 2021.

The chart below shows trends in monthly gross GST revenues during the current year. The table shows the state-wise figures of GST collected in each State during the month of August 2022 as compared to August 2021.

The post ₹ 1,43,612 crore gross GST revenue collected in the month of August 2022 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

Based on intelligence which was analyzed & acted upon by the Gurugram Zonal Unit, it emerged that a merchant, who is an importer and wholesale trader of dry fruits has availed IGST Input Tax Credit on imports, but has further issued duty paid invoices to various non-existent firms, whereas the goods (dry fruits) were sold in the open market to various retailers. Quiet a few of the firms, to whom invoices were issued were found to be non-existent / fake (registered on GST portal under different HSN), who further issued goodless invoices to fraudulently pass on ITC without supply of any goods.  The merchant has rendered itself to liable under Section 122 (i) (ii) of the CGST Act, 2017, etc., as a Consequence of which the merchant has deposited Rs. 5 crore till date, additional recovery in this matter is expected.

In all, 10 such fake firms busted so far in the investigation, have fraudulently availed & passed on Input Tax Credit (ITC) in excess of Rs. 160 crore, bases on inwards from the merchant, and from other fake/cancelled sources, which is under further investigation. Controller of one such firm to whom duty paid invoices were issued without supply of actual goods by the merchant, prima facie passed on fraudulent ITC of Rs. 26.3 crore, was identified as Sh. Pawan Kumar Sharma. It emerged through investigation that Sh. Pawan Kumar Sharma is also proprietor of another firm M/s Pawan Traders also involved in passing on fraudulent Input Tax Credit (ITC).

Accordingly, Shri Pawan Kumar Sharma was arrested on 13.05.2022 under the provisions of Section 69 of CGST Act, 2017 read with clause (b) (c) of subsection (1) of section 132 of CGST Act, 2017 and produced before CMM, Patiala House Court on 13.05.2022, who ordered judicial custody for 14 days.

Further investigations in the matter is under progress.

The post Network of 10 fake firms Busted appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The GST Council has made the following recommendations relating to changes in GST rates on supply of goods and services and changes related to GST law and procedure:

COVID-19 RELIEF                                                                                                   

• As a COVID-19 relief measure, a number of specified COVID-19 related goods such as medical oxygen, oxygen concentrators and other oxygen storage and transportation equipment, certain diagnostic markers test kits and COVID-19 vaccines, etc., have been recommended for full exemption from IGST, even if imported on payment basis, for donating to the government or on recommendation of state authority to any relief agency. This exemption shall be valid upto 31.08.2021. Hitherto, IGST exemption was applicable only when these goods were imported “free of cost” for free distribution. The same will also be extended till 31.8.2021. It may be mentioned that these goods are already exempted from Basic Customs duty. Further in view of rising Black Fungus cases, the above exemption from IGST has been extended to Amphotericin B.

Further relief in individual item of COVID-19 after Group of Ministers (GoM) submits report on 8^th June 2021

• As regards individual items, it was decided to constitute a Group of Ministers (GoM) to go into the need for further relief to COVID-19 related individual items immediately. The GOM shall give its report by 08.06.2021.

OTHER RELIEFS ON GOODS

• To support the LympahticFilarisis (an endemic) elimination programme being conducted in collaboration with WHO, the GST rate on Diethylcarbamazine (DEC) tablets has been recommended for reduction to 5% (from 12%).

• Certain clarifications/clarificatory amendments have been recommended in relation to GST rates. Major ones are, –
  • Leviability of IGST on repair value of goods re-imported after repairs
  • GST rate of 12% to apply on parts of sprinklers/ drip irrigation systems falling under tariff heading 8424 (nozzle/laterals) to apply even if these goods are sold separately.

SERVICES

• To clarify those services supplied to an educational institution including anganwadi(which provide pre-school education also), by way of serving of food including mid- day meals under any midday meals scheme, sponsored by Government is exempt from levy of GST irrespective of funding of such supplies from government grants or corporate donations.

• To clarify these services provided by way of examination including entrance examination, where fee is charged for such examinations, by National Board of Examination (NBE), or similar Central or StateEducational Boards, and input services relating thereto are exempt from GST.

• To make appropriate changes in the relevant notification for an explicit provision to make it clear that land owner promoters could utilize credit of GST charged to them by developer promoters in respect of suchapartments that are subsequently sold by the land promotor and on which GST is paid. The developer promotor shall be allowed to pay GST relating to such apartments any time before or at the time of issuance of completion certificate.

• To extend the same dispensation as provided to MRO units of aviation sector to MRO units of ships/vessels so as to provide level playing field to domestic shipping MROs vis a vis foreign MROs and accordingly, –

• GST on MRO services in respect of ships/vessels shall be reduced to 5% (from 18%).
• PoS of B2B supply of MRO Services in respect of ships/ vessels would be location of recipient of service

• To clarify that supply of service by way of milling of wheat/paddy  into flour (fortified with minerals etc. by millers or otherwise )/rice to Government/ local authority etc.for distribution of such flour or rice under PDS is exempt from GST if the value of goods in such composite supply does not exceed 25%. Otherwise, such services would attract GST at the rate of 5% if supplied to any person registered in GST, including a person registered for payment of TDS.

• To clarify that GST is payable on annuity payments received as deferred payment for construction of road. Benefit of the exemption is for such annuities which are paid for the service by way of access to a road or a bridge.

• To clarify those services supplied to a Government Entity by way of construction of a rope-way attract GST at the rate of 18%.

• To clarify that services supplied by Govt. to its undertaking/PSU by way of guaranteeing loans taken by such entity from banks and financial institutions is exempt from GST.

The post COVID-19 related medical goods given full exemption from IGST appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

The Government of Indiahad set up a special borrowing window in October, 2020 to meet the estimated shortfall of Rs.1.10 lakh crore in revenue arising on account of implementation of GST. The borrwoings are being done through this window by the Government of India on behalf of the States and UTs.  The borrowings have been done in 10 rounds. The amount borrowed so far was released to the States on 23^rd October, 2020, 2^nd November, 2020, 9^th November, 2020, 23^rd November, 2020, 1^st December, 2020, 7^th December, 2020, 14^th December, 2020, 21^st December, 2020, 28^thDecember, 2020 and 04^th January, 2021.

The amount released this week was the 10^th instalment of such funds provided to the States. The amount has been borrowed this week at an interest rate of4.1526%.So far, an amount of Rs.60,000 crore has been borrowed by the Central Government through the special borrowing window at an average interest rate of 4.6892%.

In addition to providing funds through the special borrowing window to meet the shortfall in revenue on account of GST implementation, the Government of India has also granted additional borrowing permission equivalent to 0.50 % of Gross States Domestic Product(GSDP)to the states choosing Option-Ito meet GST compensation shortfall to help them in mobilising additional financial resources. All the States have been given their preference for Option-I. Permission for borrowing the entire additional amount of Rs.1,06,830 crore(0.50 % of GSDP) has been granted to 28 States under this provision.

The amount of additional borrowing permission granted to 28 States and the amount of funds raised through special window and released to the States and Union Territories so far is annexed.

Statewise additional borrowing of 0.50 percent of GSDP allowed and amount of funds raised through special window passed on to the States/UTs till 04.01.2021

The post Instalment of Rs.6,000 crore released to the States appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.

On the basis of evidence gathered, stocks seized and confessional statements recorded the total duty evasion is estimated to be approx. Rs. 831.72/- crore. Further investigation is in progress.

One person has been arrested in the matter on the basis of his involvement in the manufacture and supply of goods without issue of any invoice with the intention to evade tax, as well as in transporting, removing, depositing, keeping, concealing, supplying, or purchasing any goods in violation of the provisions of Section 132(1)(a) and (h) of CGST Act, 2017, which are cognizable and non-bailable under Section 132(5) being punishable under Section 132(1)(i) of the said Act. The accused person has been arrested and produced before the Metropolitan Magistrate (MM), Patiala House Court on 02.01.2021 and has been sent to 14 days judicial custody by the MM. Further investigation is underway to identify the key conspirator/s of the case and to recover the tax dues involved.

Delhi Zone has been making sustained efforts to check evasion of GST, leading to detection of Rs 4,327 crore in the current Financial Year and 15 persons have been arrested in these matters.

The post GST duty evasion of around Rs 831.72 crore appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.