- 07 Nov 2024 06:07 PM
- New
E-way bills hit record high in October driven by festival season demand
India’s e-way bill generation surged to a record 117.25 million in October, reflecting heightened supply chain activity fuelled by festival demand.
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- 07 Nov 2024 06:00 PM
- New
Centre-state budget talks, GST Council meet after Parliament session; jobs, growth, urban consumption in focus
NEW DELHI : Finance minister Nirmala Sitharaman is set to consult state finance ministers on the FY26 Union Budget following Parliament’s winter session, which concludes on 20 December. Her focus: strategies to drive job creation and economic growth amid signs of easing urban consumption.
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- 07 Nov 2024 06:04 PM
- New
Bibek Debroy and the unbearable lightness of being an economist
Seeing that I prefer fountain pens, Bibek Debroy suggested that I should write an economic history of India, telling the story through the decline of fountain pens manufacturing post-Independence.
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- 06 Nov 2024 04:29 PM
Mint Quick Edit | Stock market drop: It isn’t about the economy
India’s manufacturing PMI climbed to 57.5 in October, while the month’s GST mop-up stood at ₹1.87 trillion. Corporate earnings and urban consumption have shown signs of weakness and stock prices have slid, but this doesn’t reflect weakening confidence in our economy.
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- 26 Oct 2024 06:38 PM
Request for GST Adjudication Guidelines Issuance by AGFTC and ITBA
All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA), representing over 3,000 tax professionals in Gujarat, have submitted a representation to the Indian Government, seeking standardized guidelines for adjudication proceedings under the GST Acts. AGFTC and ITBA emphasize that clear, logically reasoned, and legally sound GST orders are essential for efficient tax administration. Poorly drafted orders often lead to increased litigation, consuming time and resources and causing unnecessary taxpayer grievances. They point to the recent Tamil Nadu Commercial Taxes Department’s circular, which provides detailed guidelines for adjudicating authorities, as an example to follow. This circular outlines key qualities of a well-drafted order, including clarity, logical reasoning, adherence to legal standards, and protection of taxpayer rights. AGFTC and ITBA request similar comprehensive guidelines to be issued by the Central and State Governments under CGST and SGST Acts. These guidelines would promote uniformity across India, reduce litigation, and support the government’s goal of ease of compliance and timely revenue collection.
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- 24 Oct 2024 06:24 PM
GST Council Newsletter August 2024
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-august-2024.html
Second National Conference of Enforcement Chiefs of State and Central GST Formations took place on August 20, 2024, in New Delhi, chaired by Revenue Secretary Sanjay Malhotra. This conference followed a special drive aimed at identifying and eliminating fake GST registrations. It included attendance from various enforcement and intelligence authorities such as the CBDT and the Directorate of Enforcement. The Revenue Secretary emphasized the need for a balance between enforcement actions and the ease of doing business, urging the identification of masterminds behind fraudulent activities. Presentations covered technological initiatives to combat GST evasion, along with case studies addressing issues in various sectors. The need for a national register of enforcement actions was highlighted, and participants discussed the importance of engaging with the trade community to foster compliance. The conference served as a platform for sharing experiences and strategies among GST enforcement officials.
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- 23 Oct 2024 06:43 PM
UP police seize 12 kg gold worth ₹9 crore during checking at Yamuna Expressway
Mathura Police seized 12.5 kg of illegal gold worth ₹9.25 crore from a car on Yamuna Expressway, leading to arrests and investigations by GST and IT departments due to lack of official documents.
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- 21 Oct 2024 06:38 PM
Top events on Oct 20: GoM meet on GST rejig, Congress first candidate list for Maha polls, PM in Varanasi, more
Top events on October 20: Key events include PM Modi's visit to Varanasi for inaugurating projects and announcing ₹1,360 crore in initiatives. Additionally, Congress will release its first candidate list for Maharashtra Assembly Elections; read to know more
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- 21 Oct 2024 06:41 PM
GST changes: What is likely to get cheaper? Health insurance, packaged water, shoes on the list
A Group of Ministers (GoM) has recommended reducing GST rates on several essential items like packaged water, bicycles, and exercise notebooks while also providing tax relief to senior citizens on health and term life insurance premiums.
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- 17 Oct 2024 05:48 PM
ED conducts raids in Gujarat in GST fraud case
About 23 premises in cities of Rajkot, Junagadh, Ahmedabad, Bhavnagar and Veraval were being raided by the federal agency after a case was filed under the Prevention of Money Laundering Act (PMLA), a report said.
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