- 03 Aug 2024 06:08 PM
- New
Advisory in respect of Changes in GSTR 8: TCS Rate reduction wef July 10, 2024
On August 2, 2024, the Goods and Services Tax (GST) authorities issued an advisory regarding the reduction in the Tax Collected at Source (TCS) rate. Effective from July 10, 2024, the TCS rate has been reduced from 1% to 0.5%—0.25% CGST + 0.25% SGST/UTGST, or 0.5% IGST, as per Notification No. 15/2024 dated July 10, 2024. For the period from July 1 to July 9, 2024, the old rate of 1% remains applicable, and taxpayers are required to collect and report TCS at this rate for transactions during these dates. Starting July 10, 2024, the new reduced rate must be applied. Additionally, some taxpayers have experienced validation errors while filing GSTR-8 for July 2024. The GST Network (GSTN) team is addressing these issues and expects to have the system updated by August 6, 2024, midnight. Taxpayers are advised to update their systems accordingly and accept the inconvenience during this transition.
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- 02 Aug 2024 04:59 PM
- New
GST Registration Cancellations: Reasons & 2021-2024 Data
Source: https://taxguru.in/goods-and-service-tax/gst-registration-cancellations-reasons-2021-2024-data.html
From 2021 to mid-2024, GST registration cancellations in India have been influenced by various factors. In the last three years, the number of cancellations varied significantly across states, with major contributors including Uttar Pradesh, Maharashtra, and Tamil Nadu. The primary reasons for these cancellations include discontinuation of business, failure to file returns, changes in business structure, and fraudulent activities. Additionally, issues such as invalid bank accounts and non-compliance with legal provisions also played a role. The data reveals that each state experienced fluctuations in cancellations, reflecting regional economic conditions and compliance challenges. The total number of cancellations from 2021 to June 2024 stands at over 5.7 million, highlighting ongoing concerns about business adherence to GST regulations.
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- 02 Aug 2024 04:56 PM
- New
Key GST Law Changes & Tax Reliefs – Personal income-tax rates
In a recent Rajya Sabha session on July 30, 2024, the Minister of State for Finance, Shri Pankaj Chaudhary, addressed questions regarding tax policies. Personal income tax rates have remained stable over the past five years, with specific details provided in an annexure. There are no significant updates on a GST 2.0 regime with a single rate, as changes in GST rates follow recommendations from the GST Council. The GST Council remains the authoritative body for GST policies, as established by Article 279A of the Indian Constitution. Tax relief measures for small businesses include exemptions from GST for certain services, a simplified composition scheme for small retailers, and thresholds for GST registration. Additionally, small retail businesses with profits up to Rs. 7 lakh benefit from tax relief under the new tax regime, with marginal relief available for incomes slightly above this threshold.
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- 02 Aug 2024 04:51 PM
After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report
IT industry body Nasscom says the latest tax demand reflects a lack of understanding of the sector’s operating model.
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- 02 Aug 2024 04:48 PM
‘This GST is bad…’: Mamata Banerjee on why Centre should roll-back GST on insurance premiums
The West Bengal chief minister also threatened to protest if the government does not withdraw the ‘anti-people’ GST.
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- 02 Aug 2024 04:44 PM
Infosys tax evasion: Karnataka GST body withdraws pre-show-cause notice, orders response to taxman
Infosys said in a regulatory filing to the stock exchanges that the Karnataka GST authority has withdrawn the pre-show-cause notice against the IT giant.
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- 02 Aug 2024 04:39 PM
GST collections for July 2024 at ₹1.82 trillion, up 10.3% YoY
The proceeds from the indirect tax were higher than ₹1.74 trillion collected by the governments in June 2024.
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- 01 Aug 2024 06:21 PM
Taxman puts Infosys on notice for over ₹32,000 crore
Infosys, India's second-largest technology services provider, said it believes the tax does not apply to the services in question.
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- 31 Jul 2024 06:23 PM
Mint Explainer: What's stopping states from reducing stamp duty
The Centre wants states to moderate stamp duty and offer women buyers a differential and lower rate. While presenting the Union Budget 2024-25 on 23 July, finance Minister Nirmala Sitharaman announced that stamp duty reforms would be made an essential component of urban development schemes.
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- 31 Jul 2024 06:27 PM
Nitin Gadkari urges FM Nirmala Sitharaman to remove 18 per cent GST on life, medical insurance premiums: Report
Nitin Gadkari has urged Finance Minister Nirmala Sitharaman to remove 18 per cent GST on life and medical insurance premiums as it leads to taxing the uncertainties of life and restricts the sector’s growth
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