- 23 Jul 2024 06:30 PM
- New
Monthly GST Collections Surge- Gross GST collection July 2022 to June 2024
As of July 22, 2024, the Finance Ministry reported consistent growth in GST collections from July 2023 to June 2024, with amounts increasing month-over-month. Collections ranged from ₹1,48,995 crore in July 2022 to ₹1,73,813 crore in June 2024, reflecting a positive growth trend. The government has paid all GST dues to states and has settled Integrated GST (IGST) balances monthly. It has also fulfilled its GST compensation commitments for the period from July 2017 to June 2022, including additional support for the Covid-19 period with ₹1.1 lakh crore and ₹1.59 lakh crore released as loans. No pending payments are reported. While states, including Bihar, have expressed concerns over increased capital expenditure and requested fiscal support, these issues were discussed during the pre-Budget consultations but no further action has been specified.
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- 23 Jul 2024 06:27 PM
- New
GST Refund Process for Canteen Store Department: Form GST RFD-10A
Editor 22 Jul 2024 1,128 Views 0 comment Goods and Services Tax | News
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Goods and Services Tax (GST) system in India allows for the refund of tax paid on inward supplies of goods by the Canteen Store Department (CSD), as outlined in Circular No. 227/21/2024-GST issued by the GST policy wing. GSTN has developed an online functionality on the GST portal for CSDs to file refund applications using FORM GST RFD-10A. Applicants must follow specific prerequisites and relevant dates detailed in the circular. Refund applications must be filed sequentially for each tax period, and if no refund is claimed for a period, a NIL refund claim must be submitted. The process involves selecting the refund period, uploading invoice details, specifying refund amounts (IGST, CGST, SGST), and selecting the bank account for refund disbursement. Once submitted, refund applications cannot be modified. Any issues encountered can be reported via the GST grievance redressal portal.
- 23 Jul 2024 06:40 PM
- New
Request for Income Tax Return Filing Extension Due to ITD Portal Glitches
The Bikaner Tax Consultants Association, a leading body of chartered accountants and tax advocates in the Bikaner region, has formally requested an extension of the Income Tax Return (ITR) filing deadline. In a letter dated July 20, 2024, addressed to Smt. Nirmala Sitharaman, the Hon’ble Finance Minister, the Association has highlighted significant issues faced by taxpayers and professionals due to technical glitches in the Income Tax Department (ITD) portal and anomalies concerning Section 87A of the Income Tax Act. The letter calls for an extension of the filing deadline to mitigate the current challenges and ensure accurate and timely submissions.
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- 23 Jul 2024 06:34 PM
Agriculture Reforms and GST Impact in India: Key Insights
Source: https://taxguru.in/goods-and-service-tax/agriculture-reforms-gst-impact-india.html
Pankaj Chaudhary, addressed concerns about agriculture reforms and GST. He highlighted that agriculture is primarily managed by state governments, but the central government supports farmers through various schemes and increased budget allocations. Despite this, the GST Council, responsible for tax rates, has imposed an 18% GST on certain agricultural machinery to address inverted duty structures. The Council has not recommended reducing this rate, and no immediate changes are anticipated. The Minister also outlined significant achievements in agriculture, including increased budget allocations, record food grain production, enhanced productivity, and various farmer support schemes like MSP increases and income support programs.
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- 23 Jul 2024 06:43 PM
Budget 2024: GST a Success, Reduced Tax Burden on Common Man
Source: https://taxguru.in/goods-and-service-tax/budget-2024-gst-success-reduced-tax-burden-common-man.html
In her Union Budget 2024-25 speech, Finance Minister Smt. Nirmala Sitharaman praised GST as a significant success, noting its role in reducing the tax burden on the common man, simplifying compliance, and lowering logistics costs for businesses. Recent amendments to GST laws include exempting Extra Neutral Alcohol used in liquor production from central tax and modifying provisions in IGST and UTGST Acts. The time limit for claiming input tax credits has been extended, and new provisions will streamline the issuance of demand notices and orders. The period for taxpayers to avail reduced penalties has been increased from 30 to 60 days. Additionally, the pre-deposit amounts for appeals have been reduced, and time limits for filing appeals before the Appellate Tribunal are adjusted to prevent appeals from being time-barred. Other changes include empowering the government to designate GST Appellate Tribunals for anti-profiteering cases. These reforms aim to further simplify and rationalize the tax structure, amplifying the benefits of GST across various sectors.
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- 23 Jul 2024 06:47 PM
Budget 2024: Explanatory Memorandum for Notifications 29-39 Customs & 51/2024 (N.T.)
Budget 2024: Explanatory Memorandum to Notification Nos. 29 to 39-Customs, dated the 23rd July, 2024 and Explanatory Memorandum to Notification Nos. 51/2024-Customs (N.T.), dated the 23rd July, 2024
On July 23, 2024, several important amendments to customs regulations were introduced through Notifications Nos. 29 to 39-Customs and Notification No. 51/2024-Customs (N.T.). These updates include revisions to existing notifications such as the duty-free import of commercial samples (No. 29/2024), changes in Basic Customs Duty (BCD) rates (No. 30/2024), and adjustments to the India-UAE Comprehensive Economic Partnership Agreement (CEPA) rates (No. 31/2024). Other amendments address Additional Import Duty Cess (AIDC) (No. 32/2024), concessional rates for precious metals (No. 33/2024), and electronics-related notifications (No. 34/2024). Additionally, Health Cess revisions (No. 35/2024), exemptions for critical minerals (No. 36/2024), and export duties on raw hides (No. 37/2024) were included. Notifications No. 38/2024 and No. 39/2024 extend validity and re-import periods. The Explanatory Memorandum to Notification No. 51/2024-Customs (N.T.) introduces a New Shippers Review process under the Customs Tariff Rules, 1995, aiming to enhance tariff assessment efficiency.
- 23 Jul 2024 05:48 PM
Budget basics: Your essential guide to the key numbers, in 18 charts
NEW DELHI : The Union Budget is an annual statement of where the central government plans to earn its revenues from and where it plans to spend. It contains several quantitative terms that are a recurring feature, capturing some key dimension of the government’s finances. Here are 18 numbers that matter in this annual statement of intent and here’s what Budget 2024 said about them.
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- 23 Jul 2024 05:36 PM
What does the economy need? The Economic Survey has few answers.
The Economic Survey serves no surprises. Reflecting the popular discourse, it lists the triple slack of low private sector investment, agriculture failing to make farmers prosperous despite substantial subsidies, and sluggish FDI as each responsible for hurting growth and job creation. But doesn’t spell out the policy changes needed to take the economy out of this pain.
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- 23 Jul 2024 05:44 PM
Budget 2024: From F&O to GST optimisation — five things that Indian stock market seeks from FM Nirmala Sitharaman
Budget 2024 expectations: No change in capital gain tax, aggressive divestment policy, etc. are one of those major demands that the Indian stock market seeks from FM Nirmala Sitharaman
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- 23 Jul 2024 05:39 PM
Economic Survey: The government’s recipe for growth, in 12 charts
New Jobs, New Skills
One of the biggest priorities the Survey identifies is job creation, for both new workforce entrants and those leaving agriculture. It forecasts a need to create 7.8-8.1 million jobs a year, or about 103 million jobs by 2036 (Chart 1a).