- 02 Aug 2024 04:48 PM
- New
‘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
- New
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Infosys said in a regulatory filing to the stock exchanges that the Karnataka GST authority has withdrawn the pre-show-cause notice against the IT giant.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 04:59 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
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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- 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 06:13 PM
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.
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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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- 30 Jul 2024 05:59 PM
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.
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- 30 Jul 2024 05:56 PM
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.
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