- 21 Feb 2024 05:37 PM
- New
GST Council Newsletter for the month of January 2024
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-january-2024.html
GST Council Newsletter for the month of January 2024
The Finance Bill 2024 proposes substitution of Section 20 of the IGST Act to make registration as an Input Service Distributor (ISD) mandatory for the procurement of common input services and the distribution of associated Input Tax Credit (ITC) to distinct entities. Additionally, Clause (61) of Section 2 of the IGST Act, which defines ISD, is also amended accordingly. Previously, through CBIC Circular No. 199/11/2023-GST dated 17.07.2023, the Head Office (HO) had the flexibility to distribute ITC either through the ISD mechanism or cross charge. However, this amendment now mandates the distribution or allocation of central tax or integrated tax credit charged on invoices received by the ISD. The aim of this amendment is to streamline the process, ensuring consistency and adherence to specified guidelines in the distribution of credit for common input services.
- 16 Feb 2024 05:50 PM
- New
Karnataka lost ₹59,000 crore due to unscientific GST implementation: CM Siddaramaiah slams Centre
During the 15th Budget presentation in the Karnataka assembly, Chief Minister Siddaramaiah criticised the Centre for what he deemed as the "unscientific implementation of GST," resulting in a staggering loss of ₹59,000 crore for the state. Karnataka Chief Minister
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- 15 Feb 2024 05:53 PM
- New
Who profiteered the most from GST tweaks? CCI has clues
Real estate developers have topped the list of businesses facing consumer complaints for suspected goods and services tax (GST)-related profiteering, data from the Competition Commission of India (CCI) showed.
CCI decides on the merit of customer complaints based on an investigation by the Directorate General of Anti-Profiteering (DGAP), which comes under the Central Board of Indirect Taxes and Customs.
- 15 Feb 2024 06:11 PM
Cap lease rate at 40% upon renewal: MROs
Source: https://www.livemint.com/news/india/cap-lease-rate-at-40-upon-renewal-mros-11707931037865.html
NEW DELHI : India’s aircraft maintenance, repair, and overhaul (MRO) units have sought a reduction in rental rates at which the government renews their land leases, Mint has learnt.
“The industry has sought intervention by the civil aviation ministry on lease rentals for the MRO industry. The norms state that a new allotment of Airports Authority of India (AAI) land is approved at 40% of prevailing land lease rates for MRO companies. However, the rates during the renewal of leases are elevated, crossing even 100% of prevailing rates," an industry executive told Mint, on the condition of anonymity.
- 15 Feb 2024 06:07 PM
There's plenty that ails India’s index of industrial production
The index of industrial production (IIP) has in recent years been coming under increasing criticism for not being relevant for contemporary users. A recent op-ed in Mint (‘India’s IIP is losing its relevance as a lead indicator of economic growth’)(bit.ly/42D5YvE) is a good example. These criticisms are valid, and to better understand the disaffection, it is useful to review the manner in which the series is constructed.
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- 14 Feb 2024 06:17 PM
New avatar likely for GST compensation cess
The goods and services tax (GST) compensation cess expiring in March 2026 or before may be replaced with a new levy, if the GST Council feels more revenue is needed, two officials aware of discussions between the Centre and states said.
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- 12 Feb 2024 06:09 PM
Beware of Fake GST Summons: How to Verify – Ministry of Finance Advisory
In an important announcement made by the Ministry of Finance on 10th February 2024, taxpayers have been cautioned against an alarming trend of receiving fake and fraudulent summons for GST violations. The Directorate General of GST Intelligence (DGGI) and the Central Board of Indirect Taxes and Customs (CBIC) have observed that fraudsters are targeting taxpayers with counterfeit summons that may appear legitimate at first glance. These notices even feature Document Identification Numbers (DIN), albeit fake ones, attempting to exploit the trust between the taxpayers and the regulatory bodies.
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- 09 Feb 2024 04:58 PM
From RBI's MPC meet, budget sessions to Gyanvapi Verdict: Here are key events of February 8 to watch out for
India is set to witness a series of important diplomatic, political, judicial and financial events today, February 8. As the country celebrates Valentine week with Propose Day today, important events like budget sessions in different states, Pakistan elections to Gyanvapi Verdict will take place on February 8. Mint brings you a list of important events of the day to watch out for.
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- 07 Feb 2024 05:39 PM
Government’s Crackdown: Rs. 44,000 Crore Fake GST Claims Uncovered
Source: https://taxguru.in/goods-and-service-tax/government-crackdown-fake-gst-claims.html
The Ministry of Finance’s recent revelation regarding fake input tax credit claims in the Goods and Services Tax (GST) system has sparked significant attention. This article delves into the details of the uncovered fraudulent activities, implications for the GST framework, and the measures implemented to address these issues.
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- 07 Feb 2024 05:33 PM
Need stable GST regime for EVs: Mercedes-Benz India
NEW DELHI : A commitment from central and state governments to keep taxes on electric vehicles (EVs) low for a long timeframe will be necessary to ensure their continued adoption, a top official at Mercedes-Benz India, the country’s largest luxury carmaker, said.
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