11 Jan 2023 05:35 PM
New

India is on path of reform, transform and perform: PM Modi to global investors

Source: https://www.livemint.com/news/india/india-is-on-path-of-reform-transform-and-perform-pm-modi-to-global-investors-11673435085620.html

NEW DELHI: Inviting global investors to India, Prime Minister Narendra Modi on Wednesday said that the country was on the path of reform, transform and perform.

11 Jan 2023 05:41 PM
New

Gift or not? The confusion over GST on promotional schemes run by businesses

Source: https://economictimes.indiatimes.com/small-biz/gst/gift-or-not-the-confusion-over-gst-on-promotional-schemes-run-by-businesses/articleshow/96900657.cms

While the term ‘business’ has been defined under the Central Goods and Services Tax Act, 2017 (the CGST Act), there is no definite yardstick to find out whether an activity is carried out ‘in course or furtherance of business’.

11 Jan 2023 05:46 PM
New

Implementation of Recommendations of 48th GST Council Meeting

Source: https://taxguru.in/goods-and-service-tax/implementation-recommendations-48th-gst-council-meeting.html

Rule 37(1) of the CGST Rules is amended w.e.f 01.10.2022 to provide that a registered person, who fails to pay to the supplier, the amount towards the value of such supply (wholly or partly) along with the tax payable thereon, within the time limit, shall pay or reverse an amount equal to the ITC availed in respect of such supply proportionate to the amount not paid to the supplier along with interest
New Rule 37A of the CGST Rules inserted w.r.t. reversal of ITC by a registered person in the event of non-payment of tax by the supplier by the specified date and mechanism for re- availment of such credit, if the supplier pays tax subsequently

11 Jan 2023 05:49 PM

GST Council Newsletter for the month of December 2022

Source: https://taxguru.in/goods-and-service-tax/gst-newsletter-december.html

In a move to reduce the compliance burden of taxpayers, the Council decided to take measures for decriminalisation of the existing provisions of law. The minimum threshold of tax amount for launching prosecution under GST has been raised from Rs. One Crore to Rs. Two Crore, except for the offence of issuance of invoices without supply of goods or services or both. Similarly, the Council has reduced the compounding amount from the present range of 50% to 150% of tax amount to the range of 25% to 100% to make compounding provisions more attractive for the taxpayers. Further, offences that are specifically covered and are punishable under Indian Penal Code has been excluded from prosecution under the GST law.

11 Jan 2023 05:54 PM

Tamilnadu Govt. issues instructions for GST Intelligence Wing, Roving Squad

Source: https://taxguru.in/goods-and-service-tax/tamilnadu-govt-issues-instructions-gst-intelligence-wing-roving-squad.html

In the circulars in the references 1 to 3 cited, detailed instructions have been issued on the protocol for Roving Squad. The Joint Commissioners (ST), Intelligence have raised certain queries regarding booking of offences by the Roving Squad officers under the provisions of the TNGST Act, 2017 and requested that suitable guidelines may be given for uniformity in levy of penalty relating to various types of offences noticed by the Roving Squad officers and to perform in an efficacious manner.

10 Jan 2023 04:33 PM

MCA waives late fees for 15 days as it migrates to new statutory filing system

Source: https://www.livemint.com/companies/news/mca-waives-late-fees-for-15-days-as-it-migrates-to-new-statutory-filing-system-11673291839384.html

The ministry of corporate affairs on Monday started moving a large part of the corporate reporting process to the revamped compliance portal, MCA21, and has given more time for businesses to file key statutory documents without additional fees.

09 Jan 2023 02:32 PM

Past 8 yrs reforms will help India emerge among top 3 global economies: Piyush Goyal

Source: https://www.livemint.com/news/india/past-8-yrs-reforms-will-help-india-emerge-among-top-3-global-economies-piyush-goyal-11673135838431.html

India will soon emerge among the world's top three developed economies owing to the structural reforms taken in the past eight years, Union Minister for Commerce and Industry Piyush Goyal expressed recently.

09 Jan 2023 02:40 PM

What will be the math behind Budget 2023?

Source: https://www.livemint.com/economy/what-will-be-the-math-behind-budget-2023-11673199003588.html

In the upcoming Union budget, the Centre will make prudent promises as always about keeping its finances in check. But this time, striking the right balance won’t be easy. For one, the 2024 Lok Sabha elections are looming, and the political temptation to spend will be unmissable. A likely slower economic growth next year won’t help either, and high tax revenues can’t be taken for granted. All this makes Budget-framing a challenging exercise.

09 Jan 2023 02:45 PM

Aviation industry seeks tax relief in the Union budget

Source: https://www.livemint.com/budget/expectations/aviation-industry-seeks-tax-relief-in-the-union-budget-11673203382031.html

The civil aviation industry, which is finally experiencing a resurgence after enduring weak demand and debilitating financial losses over the past two years, has seen signs of recovery in the December quarter. The industry now hopes the government will provide relief on taxation in the upcoming Union budget to bring down the cost structure for airports and airlines.

07 Jan 2023 05:03 PM

GST registration applicants’ details will be taken from IT database: CBIC

Source: https://www.livemint.com/economy/gst-registration-applicants-details-will-be-taken-from-it-database-cbic-11673086416685.html

New Delhi: The Central Board of Indirect Taxes and Customs (CBIC) said on Saturday those applying for Goods and Services Tax (GST) registration need not give their mobile phone number and email address.