Businessmen registered on the GST network portal in Punjab’s Bathinda must display their GST number at their premises otherwise they will face a fine of up to Rs 50,000, according to the Central Board of Indirect Taxes and Customs (CBIC).
Read More
“As the levy on the components is at 18% or above, the need is that the levies should at least be below the 18% slab. The recommendation to the finance ministry would be for bringing these items in the 5% slab as suggested by the stakeholders,”
Read More
Gujarat’s GST collection was the third highest in India, following Maharashtra (Rs 23,282 crore) and Karnataka (Rs 11,116 crore). The state’s tax collection growth rate outpaced the national average of 11% for August, when the country collected Rs 1.14 lakh crore in taxes.
Read More
Around 200 firms, including McDonald’s India, L’Oreal, Colgate Palmolive, Castrol, Saint-Gobain, Whirlpool, Mastek, and Domino’s Pizza, have received notices from state authorities seeking tax under the pre-Goods and Services Tax (GST) regime,
Read More
The gross GST revenue collected in the month of August, 2023 is Rs 1,59,069 crore of which CGST is Rs 28,328 crore, SGST is Rs 35,794 crore, IGST is Rs 83,251 crore (including Rs 43,550 crore collected on import of goods) and Cess is Rs 11,695 crore (including Rs 1,016 crore collected on import of goods).
Read More
The notification said that the imports of LPG, liquified propane and liquified butane have been fully exempted from the Agriculture Infrastructure Development cess (AIDC) effective September 1, 2023.
Read More
Dr. V. Anantha Nageswaran, Chief Economic Adviser (CEA), Ministry of Finance, said that at 7.8% year on year, India’s growth rate towers above the growth rate in several other leading economies. India’s economic growth maintained the strong momentum witnessed in the final quarter of FY23
Read More
The Enforcement Wing, south zone Bengaluru of Commercial Taxes Department, Government of Karnataka busted a fake GST bill operators’ racket under which a syndicate was run to help companies in the service sector of manpower and labour supplies to avail fake Input Tax Credit (ITC) and inflate the turnover artificially.
Read More
There has been a lot of discussion surrounding the recent changes to the CGST Act, which will only come into effect once all State GST laws have also been amended. One area of particular concern is the potential retrospective application of these changes to online gaming in India.
Read More
The Goods and Services Tax Network (“GSTN”) has issued an Advisory on Reporting of ITC Reversal Opening Balance.
Read More
State-owned Punjab National Bank (PNB) on Wednesday said it has launched a mobile application based on the GST Sahay scheme, an end–to-end digital product under which lending can be done using GST invoices.
Read More
The tax department is probing an alleged tax evasion by founder of three Indian unicorns — FirstCry.com, Globalbees Brands Ltd and Xpressbees — , according to people familiar with the matter.
Read More
As India is holding its presidency for the G20 Summit, Union Finance Minister Nirmala Sitharaman said that India given the consideration of things and developments across the world, addressing the question of debt distress is a must.
Read More
The Goods and Services Tax (GST) Council was expected to resolve the vexed issue of taxation on e-money gaming companies. After months of deliberations by the group of ministers (GoM), the Council impose 28 per cent GST on bets placed by participants on e-games, but provided relief to companies by restricting it to entry levels.
Read More
The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns.
Read More
The Income Tax Department on August 28, 2023 released the latest Frequently Asked Questions (“FAQs”) for Form 27C.
Read More
The Income Tax Department on August 28, 2023 released an update that enables the Functionality for Revision of Form 27C on the e-Filing portal.
Read More
The Indian Sugar Mills Association (ISMA) called for a change in the Goods and Services Tax (GST) rate applied on vehicles using flex fuels. The sugar industry body urged for flex fuel powered vehicles to be charged at the same GST rate as electric vehicles.
Read More
The GSTN has issued an Advisory dated August 28, 2023 for applicants where GST Registration application marked for Biometric-based Aadhaar Authentication.
Read More
The Supreme Court on August 25 issued notice in two similar writ petitions filed under Article 32 of the Constitution of India, challenging the constitutional validity of several provisions of the Central Goods and Services Tax Act, 2017 (CGST Act) including Section 69 (i.e., power to arrest), 70(1) (i.e., power to summon persons to give evidence and produce documents).
Read More
To promote the practice of customers requesting invoices or bills for all purchases, the Government of India is introducing the "Invoice Incentive Scheme" known as "Mera Bill Mera Adhikaar" in collaboration with State Governments. The Scheme will be launched on September 1, 2023.
Read More
