- 26 Jun 2024 06:11 PM
- New
Businesses in Tamil Nadu, Uttar Pradesh, Maharashtra lead in GST return filing
While UP and Tamil Nadu file more returns than Maharashtra on a monthly basis, in the last month of every quarter, when smaller businesses with annual sales of up to ₹1.5 crore also file returns, Maharashtra has an edge
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- 26 Jun 2024 06:18 PM
- New
Budget 2024: Expectations for tax sops under old regime run high
The finance ministry introduced a new tax regime in the financial year 2020-21 with lower tax rates in exchange for most major tax deductions and exemptions available under the old regime.
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- 25 Jun 2024 05:37 PM
- New
Hybrids have made a comeback in 2024. Will they spoil the EV party in India?
New Delhi: In January, Utkarsh Nigam, a resident of Bengaluru, was convinced his next car would be electric. The 38-year-old had test-driven all the electric vehicles (EVs) in the market, zeroed in on one, and discussed financing options with the dealer. Then, in March, as he was returning from Kodagu (Coorg) after a long weekend, he met a middle-aged couple stranded 80 kilometres from Bengaluru. Their electric car had run out of juice. Fortunately, the battery had died near an eatery that had a charging point, but they would have to wait an hour while it recharged.
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- 25 Jun 2024 05:42 PM
GST Council Newsletter May 2024
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-2024.html
In the GST Council Newsletter for May 2024, it was reported that the gross GST revenue collected for the month reached ₹1.73 lakh crore, marking a 10% increase compared to the same period last year. This growth was driven by a notable rise in domestic transactions, although imports saw a slight decline. After refunds, the net GST revenue stood at ₹1.44 lakh crore, reflecting a 6.9% growth year-on-year. Additionally, the newsletter highlighted the appointment of Justice (Retd.) Sanjaya Kumar Mishra as the first President of the GST Appellate Tribunal (GSTAT), marking a significant milestone in the resolution of GST-related disputes.
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- 24 Jun 2024 05:43 PM
Mint Quick Edit | GST needs a remake, not just small tweaks
The GST Council has announced various changes to make compliance easier. Good. For impact, though, it needs to move beyond minutiae and take up ambitious reforms.
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- 24 Jun 2024 05:52 PM
What does NDA's third term in governance mean for NRI investors?
As the National Democratic Alliance (NDA) embarks on its third term in governance, there is a palpable sense of anticipation among Non-Resident Indian (NRI) investors. The NDA's consistent emphasis on economic reforms, infrastructural development, and ease of doing business has historically resonated well with the investor community.
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- 24 Jun 2024 05:56 PM
28 Recommendations of 53rd GST Council Meeting
Source: https://taxguru.in/goods-and-service-tax/28-recommendations-53rd-gst-council-meeting.html
GST Council recommends waiving interest and penalties for demand notices issued under Section 73 of the CGST Act (i.e. the cases not involving fraud, suppression or wilful misstatement, etc.) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid upto 31.03.2025.
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- 24 Jun 2024 05:49 PM
Indian stock market: 9 key things that changed for market over weekend - Gift Nifty, Quant Mutual Fund probe to US PMI
Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower Monday following negative global market cues.
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- 22 Jun 2024 06:45 PM
Representation to amend section 73(9) penalty provision of CGST Act, 2017
All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA) have jointly submitted a representation to the Union Minister of Finance, Smt. Nirmala Sitharaman, requesting an amendment to the penalty provisions under section 73(9) of the CGST Act, 2017. These associations, representing a substantial body of tax professionals and advocates, argue that the current penalty system, which imposes a penalty of ten percent of the tax amount or ten thousand rupees, whichever is higher, for genuine mistakes is excessively harsh. They propose that the minimum penalty be reduced to one thousand rupees or be set at a maximum of twenty-five thousand rupees, in line with the general penalty provision under section 125 of the Act.
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- 22 Jun 2024 06:35 PM
GST Council meet underway: Here’s what may get cheaper and costlier today; 5 key expectations
At the GST Council meeting, several issues pertaining to the GST regime, such as tax rates, modifications to policies, and administrative challenges are likely to be discussed
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