- 31 Jul 2024 06:13 PM
- New
Budget is done. Time to review your financial strategy?
New Delhi: The name Henry G. Davis might not ring a bell for most people today, but in the pre-World War II era, he was among the shining stars on Wall Street.
Read More
- 30 Jul 2024 05:59 PM
- New
Budget 2024: Key Changes in GST and Customs
Source: https://taxguru.in/goods-and-service-tax/budget-2024-key-changes-gst-customs.html
The 2024 Budget, analyzed by the Institute of Chartered Accountants of India (ICAI), brings significant amendments to GST and customs duties. Key changes include the exclusion of certain alcohol types from GST under Section 9 of the CGST Act and parallel amendments in the IGST and UTGST Acts. A new Section 11A in the CGST Act empowers the government to regularize non-levy or short levy due to prevalent trade practices, with similar provisions in the IGST and UTGST Acts. Amendments to Section 16 extend the time for availing input tax credit retrospectively and modify credit rules for deregistered taxpayers. Section 17 amendments adjust ITC blockages related to specific tax demands. The Customs Act now aligns with new trade agreements and retrospectively validates GST exemptions for SEZ imports. The Customs Tariff Act sees the removal of Section 6 following the dissolution of the Tariff Commission. These changes aim to streamline tax processes and improve compliance across various sectors.
Read More
- 30 Jul 2024 05:56 PM
- New
GST Registration Approval Time Averages 12.82 Days: Govt
On 29th July 2024, the Ministry of Finance addressed the delay in GST registration for businesses in Lok Sabha Unstarred Question No. 1059. Minister of State Shri Pankaj Chaudhary provided details on the average approval times: 8.61 days for applications without clarifications and 17.69 days for those needing further information. The overall average approval time was 12.82 days from application submission. Delays often occur when additional documents or clarifications are required, despite the CGST Rule, 2017 mandating a 7-day approval period post Aadhaar authentication or document submission. Businesses facing delays can register complaints through various channels: the GSTN toll-free number (1800-102-1786), the GSTN self-service portal, or via online chat with GITA on the self-service portal. This ensures multiple avenues for businesses to resolve their GST registration issues efficiently.
Read More
- 30 Jul 2024 05:53 PM
CBIC detect Rs. 36,374 Cr. Fake ITC in FY 2023-24
Source: https://taxguru.in/goods-and-service-tax/cbic-detect-rs-36374-cr-fake-itc-fy-2023-24.html
In a significant revelation, the Central Board of Indirect Taxes and Customs (CBIC) has reported a massive detection of fake Input Tax Credit (ITC) worth Rs. 36,374 crore for the financial year (FY) 2023-24. This figure, unveiled by Union Minister of State for Finance Shri Pankaj Chaudhary, underscores the scale of fraudulent activities involving fake ITC claims. The report highlights the growing trend of ITC fraud and outlines the steps taken by the government to combat this issue.
Read More
- 30 Jul 2024 05:46 PM
Has Piketty cast a shadow on the budget’s tax proposals?
Thomas Piketty became famous for his seminal work that was published in a book titled Capital in the Twenty First Century. In this book, he focused on developed countries, especially the US, where he traced the growth of inequality.
Read More
- 27 Jul 2024 05:30 PM
Petroleum Products under GST
Source: https://taxguru.in/goods-and-service-tax/petroleum-products-gst.html
In the Lok Sabha session on 25 July 2024, unstarred Question No. 678 addressed whether petrol, diesel, and LPG/CNG might be included under GST. The Minister of State for Petroleum and Natural Gas, Shri Suresh Gopi, clarified that the inclusion of these petroleum products in GST requires a recommendation from the GST Council, which has yet to be made. The GST Council had previously deferred this issue during its 45th meeting on 17 September 2021 due to potential financial impacts on both state and central revenues. The proposal to bring these products under GST has not been revisited or recommended since then. While LPG is included in GST, the prices of other petroleum products under GST remain uncertain, and no conclusive impact on consumer prices can be assessed at this stage.
Read More
- 25 Jul 2024 06:06 PM
Income Tax Act revamp: Govt to set up panel to make law simpler for taxpayers
New Delhi: The government will set up an internal panel to overhaul the Income Tax Act, aiming to eliminate outdated provisions and enhance clarity, according to revenue secretary Sanjay Malhotra.
Read More
- 25 Jul 2024 06:13 PM
Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman
The Finance Minister acknowledges the challenges the middle class faces and emphasises the government's efforts to provide relief through tax adjustments. However, these adjustments may not be sufficient for all middle-class taxpayers, particularly those with higher incomes.
Read More
- 24 Jul 2024 05:28 PM
The budget proposed an income tax law review. Then tinkered taxes and pre-empted it.
Finance minister Nirmala Sitharaman has proposed complex changes in the direct and indirect tax regime that are sure to give the jitters to taxpayers and investors. Some changes take effect immediately, leaving little scope for tax planning.
Read More
- 24 Jul 2024 05:31 PM
Budget impact: ITC shares breach ₹500 for the first time on unchanged tobacco taxes, Jefferies’ upgrades to buy
ITC shares rise 3.7% post Budget 2024 as Jefferies upgrades to 'buy'. Stock hits ₹510.60 high with 19% July surge. Unchanged tobacco taxes, stable GST rates, and rural allocation boost non-tobacco businesses.
Read More