The first question that probably comes to most people's minds when they are considering taking a personal loan or have already taken one is: How much extra do I have to pay over the tenure of the loan? GST is one of the additional costs you will incur when taking a personal loan. This blog discusses everything you need to know about GST on personal loan.GST Rates on Personal Loan-Related ChargesTo answer the question, “How much GST do I have to pay on a personal loan?” it is essential to break down the loan into its components. A personal loan consists of three key components: the principal, interest, and charges such as loan processing fees and foreclosure or prepayment charges.Principal amount - When repaying the principal amount of the loan, you are essentially transferring money to the lender. GST applies to the supply of goods and services, but both are defined in a way that excludes money. The principal amount is not subject to GST, and consequently, there is no GST personal loan EMI.Interest - The charging of interest is an agreement between the borrower and the lender based on predetermined rates that have to conform to guidelines laid down by the Reserve Bank of India.

The GST Network (GSTN) released the April 2025 GST collection report on 1st April 2025. According to the advisory, the total GST collected for the month was Rs.2,36,716  crore, up from Rs.1,96,141 crore in March 2025.Analysis of the GST Collections April 2025The April 2025 GST collection has significantly gone up in comparison with the previous month. The monthly GST collection for April 2025 shows a growth of 20.68% compared to the previous month when it was 12.6% Year-on-year (YoY) basis.    The April 2024 collection stood at Rs.2,10,267 crores per the same report.The key components of April 2025 GST collection include CGST at Rs.48,634 crores, SGST at Rs.59,372 crores, IGST at Rs.1,15,259 crores, and Cess at Rs.13,451 crores. Domestic Transactions witnessed a Yo-Y increase of 10.7%, while revenues from imports significantly rose by 20.8%.CTA 1= GST Collections for April 2025 State-wiseThe government also released the state-wise GST collections for April 2025. Maharashtra again leads the states in absolute gross monthly revenue, followed by Karnataka, Gujarat, and Haryana.Almost every state and union territory improved their GST collections during April 2025 except Mizoram (-28%), Tripura (-7%) and Andhra Pradesh (-3%).Key contributors to monthly revenue, such as Maharashtra and Karnataka, reported a similar growth of 11%.State Wise Growth of GST Revenues during April 2025* State/UTApr-24Apr-25Growth (%)Jammu and Kashmir78988012%Himachal Pradesh1,0151,0948%Punjab2,7963,10411%Chandigarh3133347%Uttarakhand2,239 2,59216%Haryana12,168 14,057 16%Delhi7,772 8,260 6%Rajasthan5,5586,228 12% Uttar Pradesh12,29013,60011%Bihar1,9922,290 15%Sikkim403 470 17%Arunachal Pradesh200 33266%Nagaland86 122 42%Manipur104121 16%Mizoram10878-28%Tripura161 149 -7% Meghalaya234 35050%Assam1,8952,127 12%West Bengal7,293 8,188 12% Jharkhand3,829 4,1679%Odisha5,902 6,174 5%Chhattisgarh4,001 4,135 3%Madhya Pradesh4,728 5,302 12%Gujarat13,301 14,97013%Dadra and Nagar Haveli and Daman & Diu44749611%Maharashtra37,671 41,645 11%Karnataka15,978 17,81511%Goa765 8065%Lakshadweep15287%Kerala3,272 3,436 5%Tamil Nadu12,210 13,83113%Puducherry247 266 8%Andaman and Nicobar Islands6578 21%Telangana6,2366,983 12%Andhra Pradesh4,850 4,686 -3%Ladakh70 723%Other Territory225 261 16% Center Jurisdiction221  30036% *Doesn't include GST on Import of Goods.Monthly Comparison of State-wise SGST Settled, Before and After the SettlementThe following is the state-wise overview of the pre settlement and post-settlement SGST figures for 2025-26 year till date:State/UT2024-25 2025-26 Growth2024-25 2025-26 *Growth*Jammu and Kashmir3623764% 953714-25%Himachal Pradesh3033154% 666536 -20%Punjab9991,082 8% 2,2161,795-19%Chandigarh7579 5%227175-23%Uttarakhand63672113% 917884-4%Haryana2,172 2,515 16% 3,8653,739-3%Delhi2,0272,062 2% 4,093 3,161-23% Rajasthan1,8892,09111% 3,9673,762 -5% Uttar Pradesh4,1214,3155% 8,4947,277-14%Bihar9511,10516% 2,688 2,379 -12%Sikkim699232% 1491576% Arunachal Pradesh10116362% 23431234%Nagaland415842%11113724%Manipur536115% 133104-22%Mizoram5945-25% 132107-19%Tripura8075-6% 198154-22%Meghalaya7611857% 1901973%Assam73582813% 1,5701,344-14%West Bengal2,6402,8608% 4,4343,903-12%Jharkhand9341,08616% 1,3861,280-8%Odisha2,0821,931-7% 2,9962,260-25%Chhattisgarh9299452% 1,4911,093-27%Madhya Pradesh1,5201,68211% 3,7133,130-16% Gujarat4,538 5,28116% 7,0776,908-2%Dadra and Nagar Haveli and Daman & Diu75 8513% 10297-5% Maharashtra11,729 13,17712%  16,959  16,429-3%Karnataka4,7155,57018% 8,0777,016-13% Goa2832985%445394-11%Lakshadweep01 568%512142%Kerala1,4561,5184% 3,0502,253-26%Tamil Nadu4,0664,84819% 6,6605,775-13%Puducherry54575% 12974-43%Andaman and Nicobar Islands3230-5%8884-5%Telangana2,063 2,230 8% 4,0363,596 -11%Andhra Pradesh1,6211,611-1% 3,5522,758-22%Ladakh36373% 61633%Other Territory162448% 779827% ** Post-Settlement GST is cumulative of the GST revenues of the States/UTs and the State GST portion of the IGST settled to the States/UTs.The April 2025 GST collections showcase a strong closure of FY 2024-25, as per the collections report details.Also ReadGST Collection March 2025GST Collection February 2025GST Collection January 2025GST Collection December 2024GST Collection November 2024GST Collection October 2024GST Collection September 2024GST Collection August 2024GST Collection July 2024GST Collection June 2024GST Collection May 2024GST Collection April 2024CTA 3= .

The issue of GST on housing society maintenance charges has sparked confusion among housing societies (similarly known as resident welfare associations or RWAs) and apartment owners across India, especially regarding the application of the Rs 7,500 threshold, i.e., whether GST would be charged on the entire amount or excess amount of Rs 7,500. In this article, we will discuss whether GST applies to housing maintenance, how the value of supply under GST will be determined, and its impact on apartment owners and housing societies.What Is Apartment Maintenance?Maintenance for apartments is the amount that apartment owners pay to their housing societies regularly. These charges are used to upkeep the housing society, for example, the common area, gym and lobby cleaning expenses, security guards, water bills, maintenance of lifts and minor repairs. CTA 1= Applicability of GST on Apartment MaintenancePrior to deciding whether GST applies to apartment maintenance, it is important to note that housing societies are regarded as "persons" under the GST Act, regardless of which state cooperative society act they are registered under. Since the housing society charges monthly fees to its residents or members, any services provided by the housing society are considered to be a supply in the course or furtherance of business. Accordingly, the services provided by a housing society are actively covered under GST, subject to certain thresholds discussed below.As per clarification issued by the GST Council and Circular dated 22/07/2019, GST shall only apply to a housing society when its annual turnover for the financial year exceeds Rs.20 lakhs and monthly maintenance charges per member are more than Rs.7,500.Is GST applicable?Annual TurnoverMonthly Maintenance per MemberLess than Rs.7,500More than Rs.7,500Less than Rs.20 LakhsNoNoMore than Rs.20 LakhsNoYesSo, even if monthly maintenance per member is above Rs.7,500 while the housing society's annual turnover is less than Rs.20 lakhs, GST shall not be applicable. It is also essential to note that if monthly maintenance is below Rs.7,500, GST will not be applicable, irrespective of the housing society's annual turnover.An interesting question to consider here is whether the exemption limit will be applied per person or apartment if a person owns two or more apartments in a housing society. In this case, the GST department has clarified that if a member pays maintenance charges for each apartment separately, then the exemption limit of Rs.7,500 shall be applied per apartment.GST Rate on Apartment MaintenanceThe GST rate for apartment maintenance is 18%, which will be applied when monthly maintenance is more than Rs.7,500. For instance, if monthly maintenance is Rs.10,000, GST shall be Rs.1,800 (18% of 10,000) and not on the differential of Rs.2,500 (i.e., Rs.10,000 - Rs.7,500).Calculation of GST on Maintenance ChargesLet's take the example of a GST-registered housing society that has issued the following items to its members in its monthly bill. ParticularIs GST Applicable?AmountGeneral MaintenanceYes10,000Car Parking Charges1,000Sinking Fund1,000Repair & Maintenance1,500Interest on delayed payment50Municipal Property TaxesNo2,500Municipal Water Charges100Total (before GST)16,150The overall bill before GST amounts to Rs.16,150, out of which Rs.2,600 will be paid by the housing society directly to municipal authorities.

Before GST was implemented silver was taxed by 1% excise duty and 1% VAT and this tax structure varied based on state regulations. The tax structure for buying and selling silver was complicated! However, when GST was introduced, it reduced these multiple taxes and introduced a flat 3% GST rate under the current tax system.  Let’s understand the GST rate for different silver products with different HSN codes and learn how to calculate taxes with examples.CTA 1= GST Rates on Silver with HSN CodeBusinesses can easily follow tax rules under GST due to the standardised HSN (Harmonised System of Nomenclature) code 7106 for silver items. However, there are different HSN codes defined for various forms of silver products, such as silver powder, silver sheets, silver bars, etc. This helps avoid confusion, simplifies tax filing, and makes the trade process smooth. Let’s look at GST rates on various silver products, along with their HSN codes. Silver Items HSN CodeGST RateSilver (including gold or platinum-plated silver) unwrought or in semi-manufactured forms or powder form71063%Silver powder710610003%Unwrought Silver7106913%Other Unwrought Silver710691003%Silver grains710691103%Other forms of silver710691903%Semi-manufactured silver7106923%Sheets, Plates, Strips, Tubes and Pipes710692103%Silver Bar710692203%Other semi-manufactured silver710692903%The types of taxes imposed on silver under the GST law include CGST, SGST/UTGST and IGST, depending on the place of supply. It is in line with taxes imposed on any other precious metals.How to Calculate the Silver PriceThe final price of silver depends on factors such as taxes, hallmarking, and making charges. Use the below formula to calculate the price after taxation. Silver price = (Silver price per gram x Volume of silver purchased x Purity of the silver) + 3% GSTThis may also include making charges with GST again. Let’s say you’re buying 1% purity silver of 100 gm. Price of silver = (95 x100 x1) = Rs.9,500GST charges =  3% (95 x100 x1) = Rs.285Total price of silver = 9,500 + 285 = Rs.9,785Let’s assume the making charges for the jewellery is 5%. So, the total price will be = Rs.9,785 + 5% of Rs.9,785 = Rs.10,274.25The formula provides buyers with transparent cost information about the silver they purchased relative to both its weight and purity levels.Let’s see how GST has influenced its overall cost and taxation.Impact of GST on SilverHere is a comparison table of silver prices before and after GST to understand how it impacts buyers' current purchasing power. ParticularsPre-GST  PricePost-GST PriceSilver price (1 kg)99,50099,500Custom Duty (10%)9,9509,950Sub-total1,09,4501,09,450Excise duty (1%)1,094NASub-total1,10, 5441,09,450VAT (1%)1,105NASub-total1,11,6491,09,450GST on silver (3%)NA3,284sub-total1,11,6491,11,734Making charges on 1KG (12% of 99,500)7,9207,920sub-total119,5691,20,654GST on making chargers (5%)NA496sub-total1,19,5691,21,150With GST, the final price of 1kg of silver has increased due to the 3% GST on silver and additional GST on making charges.CTA 3= .

Unified Payments Interface, commonly known as UPI, is one of the most favoured online payment methods for retail consumers and small businesses. It is due to the convenience, speed, attractive cashback and coupon offers that UPI has to offer. It has recently been in the spotlight again due to the proposed applicability of GST on UPI transactions. While UPI remains tax-free, in this article, we will cover the applicability of GST on associated service charges for the usage of UPI, related exemptions, and recent policy developments in India.Is GST Applicable on UPI Transactions?There is no GST levied on UPI transactions, irrespective of the transaction amount or whether the transaction is between two individuals (peer-to-peer or P2P) or between an individual and businesses (peer-to-merchant or P2M). However, if any service charges are levied by payment aggregators (for example, Razorpay, PhonePe, Google Pay or Paytm), such charges are covered under the scope of GST.A proposal to levy GST at 18% on UPI service charges for transactions above Rs.2,000 was discussed in 2024, but the same has not yet been implemented by the GST Council.CTA 1= GST on UPI Transaction ChargesTransaction AmountTransactio Fees GST Applicable?Value of SupplyGST Rate Up to Rs.2,000Not ApplicableNot ApplicableNot ApplicableNot ApplicableMore than Rs.2,000Could be  charged by payment intermediariesYes, on the transaction feesPayment gateway charges18%It is pertinent to note that GST shall be levied on payment gateway charges levied by payment aggregators and not on the transaction value. Exemption on UPI TransactionRecently, the Ministry of Finance, through its press release dated 18/04/2025, clarified that it does not intend to levy GST on transaction value exceeding Rs.2,000 on person-to-merchant transactions. The government has removed the merchant discount rate, or simply its transaction fees, since December 2019. Since there is no value of supply, GST shall not be applicable.GST Compliance for Businesses Using UPIMerchants using UPI must maintain proper accounting records in compliance with not only GST but also other applicable laws and regulations.

Under GST, taxpayers are required to file various forms at different stages of the compliance process, such as registration, return filing, input tax credit claiming, tax payment, and refund claiming. In this article, we will explore in detail the significance of knowing about GST forms and their significance in complying with GST regulations. What is a GST Form? A GST form is a document or an online form that taxpayers in India use to ensure compliance with the GST regulations. Every GST form is designed to capture specific information related to GST compliance and is required to be filed within the prescribed due dates to avoid penalties or interest, wherever applicable. Forms play a crucial role in maintaining compliance under GST, including registration, filing returns, claiming an input tax credit (ITC), paying taxes, and obtaining refunds. Different Classifications of GST Forms GST forms serve as essential compliance tools for taxpayers to adhere to the regulations laid out by the government. These forms can be categorised into several classifications-Returns: These are the forms that are used by taxpayers to report their outward and inward supplies together with the GST liability to the government. Examples include GSTR-1, GSTR-3B, and GSTR-9.Registration Forms: These are the forms that are used by taxpayers to apply for GST registration.

GST news and updates must be tracked by every business for ensuring timely and 100% compliance. Read on to get the latest developments from CBIC, GST Council and GST Network/portal on GST returns and compliances, e-way bills and e-invoicing systems. Latest GST News1. 2025 GST Updates14 May 2025In GST, withdrawal applications of (APL 01W) filed before final acknowledgement (APL 02) are automatically approved, changing the appeal status to “Appeal withdrawn.” If filed after, approval from the Appellate authority is needed.Once approved by the Appellate authority, the appeal status changes from “Appeal submitted” to “Appeal withdrawn.”Under Section 128A, appeals must not remain pending. Taxpayers must upload a screenshot showing “Appeal withdrawn” when filing waiver applications.21st March 2025There were issues noticed in filing applications SPL 01/SPL 02 on the GST portal such as order number not found, order/payment details discrepancies. GSTN issued an advisory to clarify taxpayers.

There is a lot of conversation going around about the economies of nations. Is it really important to know about them? Well, the fact is, a nation’s economy directly tells us about the financial condition of that country. And it has got to do everything about the functioning of that nation.So, let’s discover the largest economies in the world, their importance, and what exactly we can predict about the economy in the future, say, for the year 2050.Top 10 Largest Economies in the World 2025As per the World Economic Outlook April 2025 edition of International Monetary Fund (IMF), India will surpass Japan as the world's fourth-largest economy by 2025, with a GDP of $4.19 trillion. It is anticipated to overtake Germany and rise to the third-largest by 2028. This demonstrates how quickly India is expanding and gaining significance globally.The following are the top 10 economies of the world 2025:RankCountryGDP (USD Trillion)GDP Per Capita(Current Price) (USD thousand)1United States Of America (U.S.A)30.5189.112China19.2313.693Germany4.7455.91 4India4.192.885Japan4.1933.966United Kingdom (U.K.)3.8354.957France3.2146.398Italy2.4241.099Canada2.2353.5610Brazil2.139.96[Source: ForbesIndia]Importance of Economic SizeEconomic size is like measuring how big a country's economy is by looking at the value of everything it makes and sells in a certain period.

The GST Amnesty Scheme was introduced by the government to provide relief to taxpayers who missed filing GSTR-3B for the previous tax periods. In this article, get complete details of the applicability, benefit, and working of this scheme with the latest updates. Also, learn about the late fee relief, the issues that were unresolved and possible solutions. Latest Updates :14th May 2025In GST, withdrawal applications of (APL 01W) filed before final acknowledgement (APL 02) are automatically approved, changing the appeal status to “Appeal withdrawn.” If filed after, approval from the Appellate authority is needed. Once approved by the Appellate authority, the appeal status changes from “Appeal submitted” to “Appeal withdrawn.” Under Section 128A, appeals must not remain pending. Taxpayers must upload a screenshot showing “Appeal withdrawn” when filing waiver applications.26th March 2025A new GST Amnesty Scheme 2024 was introduced via the CGST 21/2024 Notification under Section 128A for conditional waiver of interest and penalties for tax demands from FY 2017-18 to 2019-20 under the CGST Section 73.

GST rates list is crucial for every Indian business and consumer to know. When the GST Council revises the Goods and Services Tax (GST) rates, it hits respective industries, trade bodies and end consumers, impacting the economy. Everyone tends to evaluate their position as a result of this change. Our comprehensive GST rates list for 2025 highlights all the updated rates and the recent changes after the 55th GST Council meeting. Clear HSN cum GST rates finder helps you identify the accurate and latest GST rate applicable for the product/service. Whether you're a business or a consumer, stay informed with the latest GST updates for seamless transactions.In this article, learn the meaning of GST rates, different types, classification, and get all the latest updates on GST rates in India 2025.GST Rates Meaning Every business registered under GST must raise invoices with GST amounts charged on the supply value.