- 07 Aug 2024 06:09 PM
- New
GST Exemption for Space Industry: Key Updates & Government Response
On August 5, 2024, the Ministry of Finance addressed questions regarding GST exemptions and financial support for the space industry in Lok Sabha. The government confirmed that GST for satellite launch services, including private providers, was fully exempted from July 27, 2023. The 2024-25 budget allocated ₹13,042.75 crore to the Department of Space, an increase from previous years. In response to demands for productivity-linked incentives (PLI), the government is considering an Investment Incentive Scheme with a proposed outlay of ₹600 crore for new manufacturing facilities. Additionally, the Indian Space Association and other industry bodies have sought increased government spending and support for the private sector, leading to various supportive measures by IN-SPACe, such as seed funding and mentorship programs. The space industry also benefits from exemptions from customs duties and GST for satellites and launch equipment, with concessional rates for other space-related components.
Read More
- 06 Aug 2024 06:12 PM
- New
No relief for Infosys: Indian Government refuses to budge on ₹32,000-crore tax demand, after Canada slaps fine
Infosys has reportedly sought a ten-day extension to submit its response after meeting with Indian Income Tax department officials.
Read More
- 05 Aug 2024 05:45 PM
- New
Mint Quick Edit | Infosys GST bill defies logic
Indian tax authorities apparently expected Infosys to pay GST on services availed by it from its overseas units, but since these went into exports, they would’ve anyway qualified for input tax credit. This muddle should never have arisen. Tax uncertainty is bad for business.
Read More
- 05 Aug 2024 05:49 PM
Switching to a consultancy role from full-time employee can save tax on half of your income
The debate over sticking with full-time job or freelancing generally revolves over which option gives you better control over time and the type of work you want to do. However, freelancing can also save you tax, if done right. Switching to a consulting role with the same company can do this.
Read More
- 05 Aug 2024 05:40 PM
Infosys says DGGI withdraws tax demand of ₹3,898 crore for FY18
A government official earlier told Mint that the Centre was looking at an early resolution of the ongoing tax battle, which began after Karnataka GST officials raised a ₹32,403 crore notice for unpaid taxes for services availed by the firm from its overseas branches between July 2017 and March 2022.
Read More
- 03 Aug 2024 06:08 PM
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.
Read More
- 03 Aug 2024 06:00 PM
Centre likely to accept Infosys’ plea on GST notice
New Delhi/Bengaluru: In a move that could bring early closure to a potentially damaging tax litigation, the central government is likely to accept Infosys Ltd.’s plea that goods and services tax (GST) does not apply to the services the company avails from its offshore branch offices, a person with direct knowledge of the matter said.
Read More
- 03 Aug 2024 06:11 PM
Detailed Manual and FAQs on filing of GSTR-1A
Source: https://taxguru.in/goods-and-service-tax/detailed-manual-faqs-filing-gstr-1a.html
In an effort to enhance transparency and compliance in tax filings, the Government of India, through notification no. 12/2024 dated 10th July 2024, introduced Form GSTR-1A. Effective from the July 2024 tax period, this optional form allows taxpayers to add, amend, or rectify any supply details reported or missed in the current period’s GSTR-1 before filing the GSTR-3B return for the same period. Form GSTR-1A becomes available after filing GSTR-1 or after its due date, whichever is later. This article provides a detailed manual for filing GSTR-1A and answers frequently asked questions to guide taxpayers through the process.
Read More
- 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.
Read More
- 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.
Read More