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Goods and Services Tax (GST) revenues surpassed ₹1.72 lakh crore in January, the second highest monthly collection and the third over the ₹1.70 lakh crore threshold, data released on Wednesday showed, with experts attributing the high number to the resilience of the Indian economy and better tax compliance.

Pan masala and tobacco manufacturers that do not register their packing machines with goods and services tax (GST) authorities may face a penalty of Rs 1 lakh per machine. Further, the machine could also be confiscated by the GST department. To this effect, the Finance Bill, 2024, which was tabled along with the Interim Budget 2024-25, has introduced section 122 in the Central Goods and Services Tax Act in a bid to improve compliance in the evasion-prone sector.

New Delhi: The GST Council may take up a proposal to make biometric-based Aadhaar authentication mandatory pan-India for suspicious persons, seeking GST registration, CBIC chief Sanjay Kumar Agarwal said on Friday. Currently, two states -- Gujarat and Andhra Pradesh -- and the Union Territory of Puducherry have launched Aadhaar authentication of taxpayers on a pilot basis. "That is giving encouraging results. The number of (registration) applications has come down in Gujarat. That is an indication that with these measures, the people who were using other's identities to create fake ITC firms, are now in check.

In a significant boost to the insurance segment in the country, the Standing Committee on Finance of the Lok Sabha has recommended that insurance companies should be allowed composite licensing which will enable an insurer to offer both life and non-life insurance products, including health, motor and term policies. The committee has also proposed a reduction in GST rates from the current level of 18 percent in the case of health insurance and term policies A composite license can cut costs and compliance hassles for insurers, as they can run different insurance lines under one roof. “It can offer customers more choice and value, such as a single policy that covers life, health, and savings,” the panel said in its performance review and regulation of the insurance sector.