22 Nov 2024 05:32 PM
New

Free Webinar: Invoice Management System from Oct 1, 2024 – Register Now

Source: https://taxguru.in/goods-and-service-tax/free-webinar-invoice-management-system-oct-1-2024-register-now.html

Summary: The Invoice Management System (IMS), launched on October 1, 2024, aims to simplify the management of invoices and input tax credits under GST. This webinar, scheduled for November 24, 2024, at 11 AM on YouTube, is designed for business owners, tax professionals, and finance teams seeking to streamline their GST processes. The session will cover practical insights into real-time invoice sharing,

21 Nov 2024 06:27 PM
New

Frooti maker faces 12% revenue drop amidst tax hike challenges

Source: https://www.livemint.com/companies/frooti-maker-faces-12-revenue-drop-amidst-tax-hike-challenges-parle-agro-itc-coca-cola-reliance-11732105279774.html

The decrease in revenues and profits for Parle Agro Pvt. Ltd in FY2023-24 was due to significant tax policy changes as Appy Fizz faced a drastic fourfold GST increase, to 40% from 12%. This tax hike considerably impacted Parle Agro's pricing strategy, it said.

20 Nov 2024 05:34 PM
New

Edible oil or cosmetic? Small coconut oil packs pose a big tax question

Source: https://www.livemint.com/industry/coconut-oil-hair-oil-marico-parachute-bajaj-consumer-care-dabur-supreme-court-edible-oil-tax-classification-gst-slabs-11731928266809.html

The seemingly trivial question is close to being answered, after winding through a tax tribunal, a government department, and India's top court for over 15 years. At stake: Heavy taxes and higher prices if the product is labelled a kitchen ingredient, and potential impact on other dual-use products.

19 Nov 2024 07:05 PM

FICCI electric vehicle chief calls for tax cuts on batteries, charging services to boost affordability

Source: https://www.livemint.com/auto-news/ficci-electric-vehicle-chief-calls-for-tax-cuts-on-batteries-charging-services-to-boost-affordability-11732006435392.html

Sulajja Firodia Motwani, chairperson of the Electic Vehicle Committee at FICCI, called for GST on charging services and batteries to be reduced to 5 per cent to make EVs more affordable for consumers.

19 Nov 2024 06:56 PM

‘Time to learn Kannada and permanently settle in Bengaluru,’ says X user as Delhi’s AQI touches ‘severe plus’ category

Source: https://www.livemint.com/news/india/time-to-learn-kannada-and-permanently-settle-in-bengaluru-says-x-user-as-delhis-aqi-touches-severe-plus-category-11731994542380.html

Delhi's air quality remains in the 'severe plus' category with an AQI of 488, prompting the Supreme Court to mandate strict enforcement of anti-pollution measures. Concerns rise as smog impacts visibility and health in several northern cities, including Mumbai.

19 Nov 2024 06:51 PM

GST Council’s December Meet: Waiver of levy on health, life insurance premiums on agenda

Source: https://www.livemint.com/economy/gst-councils-december-meet-waiver-of-levy-on-health-life-insurance-premiums-on-agenda-11731982161732.html

The GST Council is gearing up to make significant strides in tax policy. Its upcoming meeting on December 21 in Jaisalmer, Rajasthan, will focus on tax relief to consumers, particularly senior citizens, by potentially exempting GST on health and life insurance premiums.

19 Nov 2024 07:01 PM

Indraprastha Gas and Mahanagar Gas face perils of policy controls

Source: https://www.livemint.com/market/mark-to-market/igl-mgl-indraprastha-gas-mahanagar-gas-shares-apm-gas-pricing-cng-petrol-diesel-gst-excise-duty-cut-11731996421859.html

City gas distributors Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) have suffered two consecutive blows in a month. The government has reduced the supply of cheaper natural gas by 20% for IGL and 18% for MGL,effective 16November. This follows a previous reduction of 21% for IGL and 20% for MGL, effective 16 October.

16 Nov 2024 06:41 PM

GSTR-2B Duplicate Issue Identified: GSTN Working on Fix

Source: https://taxguru.in/goods-and-service-tax/gstr-2b-duplicate-issue-identified-gstn-working-fix.html

TG Team 15 Nov 2024 9,543 Views 0 comment Goods and Services Tax | Featured, News
Sponsored

The Goods and Services Tax Network (GSTN) has recently identified a glitch affecting certain taxpayers’ GSTR-2B for September and October 2024. In a tweet posted by GSTN’s official handle @Infosys_GSTN, taxpayers were informed that some invoices are being duplicated in GSTR-2B for these months. The GSTN team has assured taxpayers that they are working on resolving the issue with urgency.

14 Nov 2024 05:46 PM

New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works

Source: https://economictimes.indiatimes.com/wealth/tax/new-gstn-feature-to-correct-mistakes-in-gst-invoice-matching-process-for-claiming-input-tax-credit-know-how-it-works/articleshow/115257184.cms

The Goods and Services Tax Network has introduced the Invoice Management System (IMS) on the GST portal, effective October 1, 2024. This new feature is designed to assist GST-registered taxpayers in claiming input tax credit (ITC) with fewer disputes. With IMS, invoice data entered by sellers in a designated form on the GST portal will automatically appear in the buyer's IMS. Using this information, buyers can choose to accept, reject, or leave the invoice pending. Once a buyer accepts an invoice, it will then be included in their GSTR-2B as an eligible input tax credit.

14 Nov 2024 05:36 PM

Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST

Source: https://economictimes.indiatimes.com/wealth/tax/faster-itc-claim-now-suppliers-can-see-and-take-action-on-whether-buyer-rejected-the-invoice-or-accepted-it-on-the-new-ims-portal-of-gst/articleshow/115259139.cms

Business News›Wealth›Tax›Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST