The Goods and Services Tax (GST) Council’s fitment committee, composed of revenue officials from both the Centre and states, is expected to provide an explanation of the “ground clearance” criterion and its implementation in the context of utility vehicles (UVs) for purposes of taxation.
Read More
With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for the selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0.
Read More
The CBDT vide Notification No. 61/2023 on August 16, 2023, has utilized its authority under section 56(2)(xiii) and section 295 of the Income-tax Act, 1961, to introduce the “Income tax Amendment (Sixteenth Amendment), Rules, 2023.” These amendments to the Income-tax Rules, 1962, will become effective upon publication in the Official Gazette.
Read More
In an alarming development, the authorities in India are grappling with the escalating prevalence of overseas gaming and betting applications that are evading taxes in the country. The GST probe has found out that these firms are converting earnings into cryptocurrency and utilizing networks of shell companies.
Read More
Heavy to extremely heavy rainfall has badly affected hotel businesses in Himachal Pradesh, where hoteliers have sought deferment of GST and loan repayment for six months. Heavy rainfall in the Himalayan state has caused massive damage to infrastructure and affected the footfalls of tourists, who have either cancelled or postponed their visit due to repeated events of flash floods and landslides.
Read More
With Goods and Services Tax (GST) still far away from ‘one nation, one tax’ objective with several tax slabs and exemptions, an industry body has suggested several measures including clarifying the position on levy of GST on Employee Stock Option Plans (ESOPs) to achieve the goal.
Read More
Addressing the ramparts of Red Fort on the 77th Independence Day on August 15, 2023, Prime Minister Shri Narendra Modi attributed the rise of India from the 10th to 5th largest economy in the world to the efforts of 140 crore people of India. He said this has happened because this Government stopped leakages, created a strong economy, and spent maximum money for the welfare of the poor.
Read More
The Prime Minister, Shri Narendra Modi, speaking from the ramparts of the Red Fort on the occasion of 77th Independence Day on August 15, 2023, said that India’s exports is rising rapidly and the world is saying that India will not stop now.
Read More
The Central Board of Indirect Taxes and Customs (CBIC) has determined that online money gaming companies are subject to an additional tax liability of approximately Rs 45,000 crore. However, the differential taxation treatment between games of skill and chance has now been abolished. The CBIC estimates that the gaming industry alone has evaded Rs 45,000 crore in taxes.
Read More
The Indian government on Monday increased the windfall tax on crude petroleum to Rs 7,100 per tonne from Rs 4,250 per tonne with effect from August 15, according to the notification of Finance Ministry. Along with crude petroleum, Special Additional Excise Duty (SAED) on diesel will also see a rise. It will be hiked to Rs 5.50 per litre from Re 1 per litre at present, said the notification.
Read More
Goods & services tax (GST) as a share of gross domestic products (GDP) has maintained parity with personal income tax, a report by Finance Ministry shows. Economists attribute this to consumption demand, compliance, and some impact of inflation. However, another view is that this trend is not leading to an overall regressive taxation regime.
Read More
A businessman was arrested by the Central GST in Chhattisgarh’s Bilasput district for allegedly availing and utilising input tax credit (ITC) worth Rs 10.14 crore by issuing bogus invoices, an official said on Saturday. Officials of the Central GST on Friday arrested Sanjay Shende under relevant provisions of the Central Goods and Services Tax (CGST) Act, the official said.
Read More
India’s overall exports (Merchandise and Services combined) in July 2023* is estimated to be USD 59.43 Billion, exhibiting a negative growth of (-) 5.06 per cent over July 2022. Overall imports in July 2023* is estimated to be USD 67.77 Billion, exhibiting a negative growth of (-) 12.92 per cent over July 2022
Read More
The Income Tax (I-T) department has completed it’s investigation of insurance companies and found out tax evasion of more than Rs 15,000 crore. The investigation was being conducted to inspect alleged malpractices committed by the insurance companies regarding commission payments.
Read More
Raipur Police on Saturday, August 12, have successfully hunted down multiple groups linked to Mahadev Book and Reddy Anna betting apps. Notably, a chartered accountant (CA), who was also the mastermind of the case, was arrested along with 8 individuals. Moreover, police were also successful in seizure of Rs 14.5 lakh in cash, 21 mobiles, several bank passbooks and cheque books, laptops, computers and books containing transactions record books.
Read More
Genuine enterprises suffer even as taxmen bust networks of fake entities and bogus input tax credit (ITC) claims running into hundreds of crores of rupees. GST data mismatch between the filings of the buyer and the seller debar the former from claiming ITC.
Read More
Finance Ministry takes decision on GST rates on online gaming, casino & horse racing to come into effect from October 01, 2023
Read More
The CBDT vide Notification No. 58/2023 dated August 09, 2023 has extended the applicability of Rule 10TD (1) and Rule 10(2A) of the Income-tax Rules, 1962 (“the IT Rules”), until the Assessment Year 2023-24. Rule 10TD of the IT Rules pertains to the list of eligible international transactions in which the transfer price declared by the assessee is required to be accepted by the Income-tax Authorities.
Read More
Finance minister Nirmala Sitharaman is likely to introduce amendments to the Central GST law on Friday and seek its passage during the monsoon session of Parliament as the government races against time to arm itself with powers to levy tax on online games, casinos and horse racing.
Read More
“The Committee failed to understand this anomaly. The Department has clarified that the raw material of fertilisers like Sulphur has multiple uses and is also used in the production of detergents, paints, dyes etc. Similarly, ammonia too has multiple uses and is also used as refrigerator gas, manufacturing of plastics, explosives, textiles etc,” the report said.
Read More
Automobile dealers’ body FADA on Wednesday sought GST reduction on entry-level two-wheelers to 18 per cent from 28 per cent currently. “With two-wheelers accounting for over 75 per cent of the volume and over 70 per cent of this stemming from the entry-level category, it’s imperative to address the over 20 per cent decline we’ve observed since pre-Covid times,” FADA President Manish Raj Singhania said.
Read More
