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.
Read MoreIn 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.
Read MoreThe 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.
Read MoreIndia 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.
Read MoreSource: 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.
Read MoreThe 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.
Read MoreNew 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.
Read MoreSource: https://taxguru.in/goods-and-service-tax/11-changes-gst-utilities-forms-gst-portal.html
♦ A taxpayer is suspended on the portal if they do not file six or more consecutive monthly returns /quarterly returns (QRMP) for two tax periods in Form GSTR 3B are issued with a system generated notice for cancellation in Form GST REG-17 for the returns pending to be filed up to the tax period October, 2022 for monthly and up to the September, 2022 quarter for QRMP. This process will be done periodically in the system.
Read MoreIn a step towards boosting the relationship between the Union and State Government, PM Modi will chair the National Conference of Chief Secretaries in Delhi on 6 and 7 January. This will be the second edition of such a conference with Chief Secretaries, the first such conference was held in Dharamshala in June 2022.
Read MoreIn the history of India, there have been critical junctures when the policy terrain saw significant reforms. The past few years make up a transformative period due to a series of major policy initiatives. The policies have spanned various socio-economic and legislative areas, some of the highlights being the implementation of Goods and Services Tax (GST),
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