Since the introduction of GST in India, Section 73 of the CGST Act was used to determine the GST demand in genuine cases where no ulterior motive is involved. However, some benchmark changes have been made by the FY 2024-25 budget on recommendation of the 53rd GST council meeting. In this blog, we discuss, the changes made in Section 73 of the CGST Act and how it can benefit the taxpayers.Latest UpdateThe last date to issue Show Cause Notices (SCN) under Section 74 (for FY 2019-20) and Section 73 (for FY 2021-22) is 30th September 2025. Hence, enterprises can expect more number of notices.What is Section 73 of the CGST Act?Section 73 of the CGST Act covers the procedure for the determination of GST demand in general cases where any ulterior motive (involves fraud, wilful misstatement, or suppression of facts)  is not involved, if:Tax is not paid dulyTax paid is short of the actual liabilityTax is erroneously refundedInput Tax Credit (ITC) under Section 73 of the CGST Act 2017 is wrongly availed or utilisedClick here to learn about Section 73 of the CGST Act in detail.Applicability of Section 73 in FY 2024-25 & OnwardsThe FY 2024-25 has seen major changes in Section 73 of the CGST Act. Two big events have changed how your business will be affected by the provisions of Section 73.

Iron and steel are major components of the manufacturing and construction industries. India is the second-largest global producer of iron and steel because we have ample raw materials and human resources. This article provides updates from the 56th GST Council meeting, including changes to the taxation rates for specific iron and steel products to be relevant to the sector and its overall impact on the economy.Key TakeawaysThe 56th GST Council meeting has announced important updates with changes effective from 22nd September 2025:The GST rates on Kerosene burners, stoves, and wood-burning stoves made of iron or steel have been reduced from 12% to 5%.The GST rates on Kitchen or household articles and utensils made of iron or steel have been reduced from 12% to 5%.The GST rates on Milk cans made of iron, steel, or aluminium have been reduced from 12% to 5%.Handicraft art ware made of iron have been reduced from 12% to 5%.GST Rate on Iron and SteelThe manufacturing and sale of all kinds of iron and steel like iron rods, bars, and scraps of iron and steel, etc. are charged at the rate of 18%. Different rates have been provided for different kinds of articles made of iron or steel.HSN Codes for Iron and Steel Most of the iron and steel products fall under the 18% GST category.

‘Global economic integration’ is the link between economies of different countries through trade, investment, technology, and the movement of goods, services, and people. Read more about the types, key drivers, benefits, challenges, role, and some examples too.Types of Economic IntegrationThere are five main types of economic integration, each with deeper cooperation:Free Trade AreaIn a free trade area, countries agree not to charge import taxes on goods traded with each other.For example, the United States, Mexico, and Canada follow this rule under the USMCA agreement.Customs UnionIn the case of a customs union, countries not only remove import taxes among themselves but also decide on the same tax rate for goods that come from outside.For example, Argentina, Brazil, Paraguay, and Uruguay follow this system through MERCOSUR.Common MarketWhen countries form a common market, goods can move across borders. And people, services, and money can move too. For example, the European Economic Area includes EU nations, Norway, Iceland, and Liechtenstein, and it allows them to trade and move labor and capital freely.Economic UnionWith an economic union, countries do all of the above and also agree to follow the same economic rules and, in some cases, use the same currency.For example, the European Union is often treated as an economic union.Political UnionAt the deepest level, a political union is formed when countries come together under one political system.For example, the United States is seen as a political union of its states.Key Drivers of Global IntegrationWhy are countries working together more on the economy?1. Technology: Countries are collaborating more in the economy due to the following reasons:To create better products through shared innovationTo address global challenges togetherTo grow faster and stay competitive2. Trade rules: When countries cut taxes or remove limits on imports and exports, trade becomes easier.

A Goods Transport Agency (GTA) plays a significant role in the logistics sector by providing transportation services for goods. Under the GST regime, GTAs are subjected to various compliance requirements to ensure accurate tax reporting and avoid penalties.This article explores the essential aspects of GST for GTAs, including GST registration, reverse charge mechanism (RCM), HSN code reporting, and the latest updates under GST regulations.Latest updatesSeptember 2025The definition of Goods Transport Agency (GTA) was updated by Notification No. 16/2025-Central Tax (Rate) to exclude e-commerce operators providing or facilitating local delivery services from the scope of GTA.January 2025HSN reporting will be required for GTA services, specifically for those providing domestic and export transportation services. Businesses with a turnover above ₹5 crore must report 8-digit HSN codes.What is a GTA?As per the updated definition introduced through Notification No. 16/2025-Central Tax (Rate) dated 16th July, 2025, a GTA is:“Any person who provides service in relation to transport of goods by road and issues a consignment note by whatever name called, but does not include(i) an electronic commerce operator by whom the services of local delivery are provided,(ii) an electronic commerce operator through whom the services of local delivery are provided."Watch and learn easily about GTA rules under GST-Why GTA has to pay GST?The GST law exempted below modes of transportation of goods: By road, except the services of:a goods transportation agency;a courier agencyBy inland waterways.Therefore, GST is applicable on Goods Transport Agencies (GTAs).What are the services provided by a GTA?The service includes not only the actual transportation of goods, but other intermediate/ancillary service provided such as-Loading/unloadingPacking/ unpackingTrans-shipmentTemporary warehousing etcIf these services are included and not provided as independent activities, then they are also covered under GTA.What is the GST rate on GTA services? Service by a GTAGST rateCarrying-agricultural produce, milk, salt and food grain including flour, pulses and rice, organic manure, newspaper or magazines registered with the Registrar of Newspapers, relief materials meant for victims of natural or man-made disasters, defence or military equipment0%Carrying- goods, where consideration charged for the transportation of goods on a consignment transported in a single carriage is less than Rs.

In India, mobile phones are subject to an 18% GST, which raises the total price by 18% of the original cost. The 56th GST Council meeting (September 2025) confirmed no change in this rate. Additionally, higher import duties on phone materials are driving up prices. This article explores the GST rate, accessories, import impact, and input tax credit eligibility.Latest UpdatesThe 56th GST Council meeting held on 3rd September 2025 confirmed the GST rate structure changes effective from 22nd September 2025. While GST rates on many consumer electronics, such as air conditioners and televisions, have been reduced from 28% to 18%, the GST rate on mobile phones remains unchanged at 18%.

Various television types are liable for Goods and Services Tax (GST). The implementation of GST and the subsequent subsuming of all other tax regimes have impacted the television industry and its components in different ways. GST on TV has impacted both manufacturers as well as consumers in India.Key TakeawaysThe 56th GST Council meeting has announced important updates with changes effective from 22nd September 2025:GST on all TVs, including those 32 inches or smaller, has been reduced from 28% to 18%.GST on the sale of TVUnder GST, sale of television or sale of TV is taxed as any other electronic item. Section 7 states that any supply will be covered under the scope of GST unless specifically exempted. Hence, sale or leasing of TV is subject to GST at rates discussed in the next section.

GST on air conditioners was initially levied at the highest tax slab, with most electronic goods seeing a reduction in rates. However, air conditioners and large-screen TVs remained unchanged until the 56th GST Council meeting, where key updates were made to adjust the tax structure for these items, improving affordability.Key TakeawaysThe 56th GST Council meeting has announced important updates with changes effective from 22nd September 2025:GST on air-conditioning machines has been reduced from 28% to 18%.How did the Prices Change after GST on Air Conditioners?Before GST, consumer durables such as air conditioners were subject to VAT and excise duty together, adding roughly 23%–27% (varying by state) tax. Under GST, ACs were initially taxed at 28%, which raised retail prices. Following the 56th GST Council decision, the GST rate on air conditioners is now 18%. Assuming businesses pass through the cut, post-GST prices should fall compared to both the earlier 28% regime and many pre-GST scenarios.The price comparison pre and post-GST are shown below:ParticularsPre-GST@28%(Rs)Post-GST@18%(Rs)Cost of manufacturing60,00060,000Transportation etc.5,0005,000Value addition5,0005,000Taxable Value70,00070,000 GST 19,600 (70,000 × 28%)12,600 (70,000 × 18%)Product cost89,60082,600*Assumed to be 14%.

The GST on health insurance premiums initially led to higher costs for policyholders. However, with the 56th GST Council meeting (September 2025), significant reforms were introduced to make health insurance more affordable. This article explores the impact of GST on health insurance premiums and the key changes introduced in the latest GST reforms.Key TakeawaysNo GST  on all individual health insurance policies (family floater, senior citizen plans included) and related reinsurance services from 22 September 2025.GST exemption applies to both new and renewal premiums for individual health covers.Group health insurance policies still attract 18% GST.Input Tax Credit (ITC) remains blocked for health insurance taken for employees, except as specifically allowed by law.The article covers the latest GST rate on health insurance. Can we claim Input Tax Credit (ITC) on employees' health insurance under GST? Read and find out.What is GST on Health Insurance?GST on health insurance is a tax levied on the premium paid for health insurance policies. Until recently, this tax was charged at 18%.

GST circulars are issued by the department to provide a large number of people any clarifications needed or communicate decisions taken. Whereas, orders are issued for an immediate effect of compliance regarding any matter that needs attention.Now, you can stay updated and read on here about the most recent circulars and orders of all years since the inception of GST.Central Tax CircularsNotification NumberDateSubjectDescription251/08/202512-Sep-2025Clarification on various doubts related to treatment of secondary or post-sale discounts under GSTClarification on treatment of secondary or post-sale discounts under GST:No need to reverse Input tax credit when suppliers issue financial or commercial credit notes that do not reduce the original tax liability or transaction value.Post-sale discounts given by manufacturers to dealers are not considered when the dealer sells on a principal-to-principal basis, and there is no agreement between the manufacturer and the end customer.If the manufacturer has an agreement with the end customer and funds a price reduction via credit notes to the dealer, the discount is an inducement and becomes part of the consideration for the dealer’s supply to the end customer.General post-sale discounts are not applicable to separate services provided by the dealer. GST is payable only when the dealer provides specified promotional or support services under a clear agreement with defined consideration (for example, advertising, co-branding, special sales drives, exhibitions, customer support).Administrative actions: Issue suitable trade notices and report any implementation difficulties to the Board.250/07/202524-Jun-2025Reviewing authority, Revisional Authority and Appellate Authority in respect of orders passed by Common Adjudicating Authority (CAA) for show cause notices issued by DGGIReview, revision and appeal for O-I-Os passed by Common Adjudicating Authorities (CAA) in DGGI casesScope: Standardises authorities for review, revision, and appeals against O-I-Os issued by CAAs (Addl./Joint Commissioners posted in specified Commissionerates).Reviewing authority (Sec. 107): Principal Commissioner/Commissioner of Central Tax under whom the CAA is posted.Revisional authority (Sec. 108): Same Principal Commissioner/Commissioner.Appellate authority (Sec.

A GST readiness checklist will come in handy for all the finance teams to effectively and efficiently implement the changes introduced by the GST 2.0 reforms, while staying compliant. The 56th GST Council held on 3rd September 2025 at New Delhi introduced us to the GST 2.0 reforms. Significant decisions were taken for implementing next-gen GST reforms- the two-tier GST rate structure of 5% and 18%, removal of the 12% and 28% slabs, and automated refunds. Accordingly, the CBIC has issued notifications on 17th September 2025 notifying all the GST rate changes, exemptions and amendments to the CGST Rules. Most of the rate changes and new rules apply from 22nd September 2025, while some are retrospective from 1st April 2025 or come into effect on 1st October 2025. Key TakeawaysGST 2.0 introduces simplified slabs that are easy to understand, reducing classification disputes.Enterprises must realign systems, compliance framework and financial planning. They must be proactive to adapt and comply with new rules.The introduction of digital compliance tools and the removal of GST compensation cess reduce compliance costs and remove bottlenecks, making it easier to start and grow new ventures.Understanding New GST SlabsGST 2.0 has introduced new GST slabs, which are rational and simplified.Rationalised GST slabs by merging 12% and 18% into a standard slab.