Finally, clarity coming soon on GST on crypto
  • 11 Nov 2022 06:03 PM
  • New

Finally, clarity coming soon on GST on crypto

Source: https://www.livemint.com/market/cryptocurrency/clarity-on-crypto-gst-tax-treatment-soon-11668108576289.html

NEW DELHI : Clarity on applying goods and services tax (GST) on crypto or virtual digital assets appears to be around the corner, with the Central Board of Indirect Taxes and Customs (CBIC) working on an agenda paper on the topic. The board has been interacting with the industry to decide on the GST rate for crypto assets and identify whether they should be classified as ‘goods’ or a ‘service’, besides related issues.

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CBIC issues fresh guidelines on transitional credit
  • 11 Nov 2022 06:07 PM
  • New

CBIC issues fresh guidelines on transitional credit

Source: https://www.livemint.com/news/india/cbic-issues-fresh-guidelines-on-transitional-credit-11668159401165.html

NEW DELHI: The Central Board of Indirect Taxes and Customs (CBIC) has issued fresh guidelines on verification of tax credit claims by businesses relating to their transition to the Goods and Services Tax (GST) regime in 2017.

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‘India a changed nation post demonetisation’: Kotak CEO
  • 09 Nov 2022 05:41 PM
  • New

‘India a changed nation post demonetisation’: Kotak CEO

Source: https://www.livemint.com/news/india/india-a-changed-nation-post-demonetisation-kotak-ceo-11667965265763.html

‘India a changed nation post demonetisation!’ said Kotak Mahindra Bank chief executive Uday Kotak on the sixth anniversary of demonetisation. He said that there were challenges due to demonetisation, however, the country also has positive effects of it.

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India should incentivize state-level fiscal responsibility
  • 07 Nov 2022 05:51 PM

India should incentivize state-level fiscal responsibility

Source: https://www.livemint.com/opinion/online-views/india-should-incentivize-state-level-fiscal-responsibility-11667752420919.html

To ensure fiscal discipline, the government at all levels must be made to face financial consequences of their decisions." That is a quote from Anwar Shah’s paper, ‘Balance, Accountability, and Responsiveness: Lessons about Decentralization’. Dispensations in some states may not have read it. Following the footsteps of Rajasthan and Chhattisgarh, the Punjab government too has given in-principle approval to restore the old pension scheme for its employees. Far from providing a compelling indictment of the new pension scheme, the move backtracks on one of the crucial reforms that helped state governments dodge a ‘fiscal bullet’. But how is it possible for states with two of India’s highest debt-to-GDP levels to take such fiscally profligate actions?

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PwC India’s Tax Academy launches GST executive professional certification
  • 07 Nov 2022 06:02 PM

PwC India’s Tax Academy launches GST executive professional certification

Source: https://www.livemint.com/companies/news/pwc-india-s-tax-academy-launches-gst-executive-professional-certification-11667811639056.html

NEW DELHI: Aimed at equipping India’s workforce with critical job-ready skills, PwC India’s Tax Academy on Monday announced the launch of a first-of-its kind professional certification programme on GST on online learning platform Coursera.

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Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers
  • 07 Nov 2022 06:13 PM

Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers

Source: https://economictimes.indiatimes.com/small-biz/gst/amendment-in-gst-return-format-why-changes-regarding-itc-will-increase-complexity-for-taxpayers/articleshow/95347608.cms

In most companies, the accounting process of vendor invoices is structured in such a manner that the GST amount, which is ineligible for ITC, is not recorded separately rather the entire transaction amount is booked in the expense GL itself

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Haryana cancels GST registration of all non-filers of GSTR-3B till March 2021
  • 05 Nov 2022 05:51 PM

Haryana cancels GST registration of all non-filers of GSTR-3B till March 2021

Source: https://taxguru.in/goods-and-service-tax/haryana-cancels-gst-registration-non-filers-gstr-3b.html

The Excise and Taxation Department, Government of Haryana had identified a list of 373 active registered taxpayers of State jurisdiction who had not filed FORM GSTR-3B up till March 2021. These taxpayers were liable to be cancelled under the provisions of Section 29 of the HGST Act, 2017.

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The big stories of the week gone by - in charts
  • 04 Nov 2022 05:55 PM

The big stories of the week gone by - in charts

Source: https://www.livemint.com/economy/data-recap-capex-plans-gst-mop-up-trade-mismatch-11667491906167.html

Every week, Plain Facts publishes a compilation of data-based insights—complete with easy-to-read visual charts—to help you delve deeper into the stories reported by Mint. The government is planning to raise its capital expenditure to ₹10 trillion in the next financial year to support growth, while its plans to launch sovereign green bonds in the second half of the current year could boost efforts to tackle climate change.

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October e-way bills slip from quarter end peak
  • 03 Nov 2022 06:27 PM

October e-way bills slip from quarter end peak

Source: https://www.livemint.com/news/india/october-e-way-bills-slip-from-quarter-end-peak-11667405843407.html

NEW DELHI : E-way bills generated for transportation of goods within and across states in October slipped from the high level seen at the end of the September quarter but maintained their momentum backed by the festive season demand, showed official data.

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October e-way bills decline from peak in September
  • 03 Nov 2022 06:31 PM

October e-way bills decline from peak in September

Source: https://www.livemint.com/politics/news/october-e-way-bills-decline-from-peak-in-september-11667416655219.html

NEW DELHI : Data from GSTN, the company that processes GST returns, showed that over 76.8 million e-way bills were raised in October, compared with more than 84 million electronic permits raised in September.

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