- 20 Jun 2024 06:13 PM
- New
Representation For Changes in GST to reduce litigation of past period
Karnataka State Chartered Accountants Association (KSCAA) recently submitted a representation to Smt. Nirmala Sitharaman, the Honorable Union Minister of Finance and Chairperson of the GST Council, Government of India, dated 17th June 2024. The representation focused on suggesting amendments to the Goods and Services Tax (GST) Act, 2017, based on issues and challenges faced by taxpayers, Chartered Accountants (CAs), and businesses in Karnataka.
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- 20 Jun 2024 06:02 PM
- New
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.
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- 19 Jun 2024 06:44 PM
- New
Statistical reform: Suggestions for the new government’s first 100 days
One of the first things the newly elected government announced was its intention to have its ministries and departments put in place a 100-day agenda of action. In this context, it is worth noting that the BJP, in its election manifesto, had promised that “we will further strengthen the capacity of statistical institutions to give impetus to data-driven policy making." Here, I outline some measures that can be taken over the next 100 days by the government’s statistical agencies towards that goal.
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- 19 Jun 2024 06:40 PM
E-way bills rise to 103.1 mn in May, indicating brisk supply chain movement
The number of e-way bills was short of the record 103.5 seen in March but higher than 96.6 million recorded in April.
The robust e-way bill data suggests GST collections, which stood at ₹1.73 tn in May, will continue to see a healthy growth in June.
- 19 Jun 2024 06:53 PM
18 Major Challenges Faced by GST Taxpayers: Suggestions for Improvement
Rajasthan GST Practitioners Association, in their letter dated June 19, 2024, urges the Finance Minister to address longstanding issues surrounding Goods and Services Tax (GST). As practitioners intimately familiar with GST challenges since its inception in 2017, they highlight critical problems affecting taxpayers today. These include issues such as blocked Input Tax Credit (ITC) due to non-compliant or non-existent sellers, penalties for minor errors in E-way bills, and the inability to amend GSTR-3B returns. They also express concerns over high tax rates on essential items like cement and two-wheelers and advocate for fair treatment by GST officers and simpler procedures for ITC claims. Additionally, they call for a comprehensive GST amnesty scheme to alleviate financial burdens on taxpayers, particularly MSMEs.
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- 19 Jun 2024 06:37 PM
Mint Quick Edit | Will rising direct tax inflows relieve taxpayers?
The Centre’s direct tax collections from 1 April to 17 June climbed 21% over the comparable period a year earlier to ₹4.63 trillion. Time to embark on tax reforms
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- 18 Jun 2024 06:25 PM
Top 6 news on June 17: 15 killed in Kanchanjunga train accident; BJP appoints in-charge for assembly polls, more
Top 6 news on June 17: BJP prepares for assembly polls, appoints in-charge for Maharashtra, Haryana, Jharkhand and J&K. 2 factors that likely caused goods train to collide with Kanchanjunga Express
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- 18 Jun 2024 06:28 PM
Online gaming firms likely to be left in the lurch at GST Council meet
NEW DELHI : New Delhi: Online gaming companies hoping for relief from the GST Council on retrospective taxes adding up to ₹1.12 trillion may have to wait longer. The federal indirect tax body is unlikely to consider the industry’s plea during its meeting on Saturday, according to two officials informed about the council’s plans.
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- 18 Jun 2024 06:33 PM
Centre likely to increase the corpus of interest-free loans to states in upcoming budget
The Centre is considering allocating a higher amount for 50-year, interest-free loans to states in the upcoming annual budget. Two people aware of the matter said that a chunk of these loans will continue to be linked to reforms by the states, albeit the list of reforms will be tweaked.
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- 18 Jun 2024 06:37 PM
We need tax reforms to support India’s expenditure path
The dust from a heated election campaign has now settled down. A new government has been sworn in. The Union finance ministry led by Nirmala Sitharaman is busy preparing the full budget for the current financial year. It is a good time to take a look at the way ahead for Indian fiscal policy over the next five years.
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