25 Jun 2024 05:37 PM
New

Hybrids have made a comeback in 2024. Will they spoil the EV party in India?

Source: https://www.livemint.com/auto-news/hybrids-vs-evs-toyota-hyryder-gst-tax-cuts-tata-nexon-11719223245300.html

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.

24 Jun 2024 05:43 PM
New

Mint Quick Edit | GST needs a remake, not just small tweaks

Source: https://www.livemint.com/opinion/quick-edit/mint-quick-edit-gst-needs-a-remake-not-just-small-tweaks-11719164474312.html

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.

24 Jun 2024 05:49 PM
New

Indian stock market: 9 key things that changed for market over weekend - Gift Nifty, Quant Mutual Fund probe to US PMI

Source: https://www.livemint.com/market/stock-market-news/indian-stock-market-8-key-things-that-changed-for-market-over-weekend-gift-nifty-gst-council-meeting-to-us-pmi-data-11719192773133.html

Indian stock market: The domestic equity market indices, Sensex and Nifty 50, are expected to open lower Monday following negative global market cues.

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.

24 Jun 2024 05:52 PM

What does NDA's third term in governance mean for NRI investors?

Source: https://www.livemint.com/money/personal-finance/what-does-ndas-third-term-in-governance-mean-for-nri-investors-modi-3-0-gdp-economy-gst-markets-11718956173168.html

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.

22 Jun 2024 06:35 PM

GST Council meet underway: Here’s what may get cheaper and costlier today; 5 key expectations

Source: https://www.livemint.com/news/india/gst-council-meet-today-what-is-likely-to-get-costlier-and-what-to-get-cheaper-full-detail-here-11719047554737.html

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

22 Jun 2024 06:45 PM

Representation to amend section 73(9) penalty provision of CGST Act, 2017

Source: https://taxguru.in/goods-and-service-tax/representation-amend-penalty-provision-section-73-9-cgst-act-2017.html

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.

21 Jun 2024 06:50 PM

GST Council set to amend alcohol tax laws, enable dispute settlement

Source: https://www.livemint.com/news/india/gst-council-to-clear-law-changes-on-alcohol-enable-dispute-settlement-11718901900865.html

The GST Council plans to amend tax laws to exclude extra neutral alcohol from GST, aiming to streamline industry taxation and resolve longstanding disputes.

20 Jun 2024 06:08 PM

Request to Reduce Mandatory Pre-Deposit & to Clarify Ambiguities for GST Appeals

Source: https://taxguru.in/goods-and-service-tax/request-reduce-mandatory-pre-deposit-clarify-ambiguities-gst-appeals.html

Karnataka State Chartered Accountants Association (KSCAA) has addressed a representation to Smt. Nirmala Sitharaman, Union Minister of Finance and Chairperson of the GST Council, highlighting issues related to mandatory pre-deposits and ambiguities in pre-deposit requirements for appeals before the GST Tribunal. Established in 1957, KSCAA advocates for Chartered Accountants and the business community, aiming to resolve professional challenges through dialogue with regulatory bodies.

20 Jun 2024 06:02 PM

Govt may introduce New form GSTR-1A to allow amendment of GSTR-1

Source: https://taxguru.in/goods-and-service-tax/govt-introduce-new-form-gstr-1a-allow-amendment-gstr-1.html

In its 53rd meeting on June 22, 2024, the GST Council may introduce a new GST return form called GSTR-1A. This form is designed to enhance operational efficiency and compliance for taxpayers by providing a mechanism for making amendments or adding records within the same month or tax period after filing GSTR-1 but before submitting GSTR-3B.