15 Feb 2024 06:07 PM
New

There's plenty that ails India’s index of industrial production

Source: https://www.livemint.com/opinion/online-views/theres-plenty-that-ails-india-s-index-of-industrial-production-11707916942675.html

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.

15 Feb 2024 05:53 PM
New

Who profiteered the most from GST tweaks? CCI has clues

Source: https://www.livemint.com/news/who-profiteered-the-most-from-gst-tweaks-cci-has-clues-11707924072663.html

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.

14 Feb 2024 06:17 PM
New

New avatar likely for GST compensation cess

Source: https://www.livemint.com/politics/policy/new-avatar-likely-for-gst-compensation-cess-11707846327831.html

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.

12 Feb 2024 06:09 PM

Beware of Fake GST Summons: How to Verify – Ministry of Finance Advisory

Source: https://taxguru.in/goods-and-service-tax/beware-fake-gst-summons-verify-ministry-finance-advisory.html

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.

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

Source: https://www.livemint.com/news/from-rbis-mpc-meet-budget-sessions-to-gyanvapi-verdict-here-are-key-events-of-february-8-to-watch-out-for-11707352932553.html

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.

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.

07 Feb 2024 05:53 PM

Aadhaar-Based Authentication For GST Registration

Source: https://taxguru.in/goods-and-service-tax/aadhaar-based-authentication-gst-registration.html

The Lok Sabha recently raised queries regarding the implementation of Aadhaar-based authentication for GST registration in Andhra Pradesh. In response, the Ministry of Finance provided insights into the pilot project’s progress, data analytics mechanisms, and training initiatives for GST officials in the state.

07 Feb 2024 05:44 PM

Government Uncovers 4,153 Bogus Firms in GST Evasion Scandal

Source: https://taxguru.in/goods-and-service-tax/government-uncovers-gst-bogus-firms.html

The Ministry of Finance’s recent disclosure regarding the involvement of bogus firms in the evasion of input tax credit (ITC) under the Goods and Services Tax (GST) system has raised significant concerns. This article explores the details of the detection, implications, and government actions to prevent such financial crimes.

07 Feb 2024 06:31 PM

Elimination of Inequality in Income & Living of Citizens by GST Implementation

Source: https://taxguru.in/goods-and-service-tax/elimination-inequality-income-living-citizens-implementation-gst.html

The Goods and Services Tax (GST) implementation in India aimed to simplify the indirect tax system, create a unified market, and eliminate cascading tax effects. However, questions arise regarding its impact on income equality and living standards. This article delves into whether GST has fulfilled its objective of reducing inequality, analyzes tax collection improvements, and examines official data.

07 Feb 2024 06:35 PM

GST Input Tax Credit: Issues, Settlements and Government Measures

Source: https://taxguru.in/goods-and-service-tax/gst-input-tax-credit-issues-settlements-government-measures.html

The availability of GST input tax credit (ITC) has been a subject of concern for traders in India. Questions have arisen regarding limitations, settlements, and government measures to address related issues. This article delves into the details of these matters, providing clarity on the provisions, challenges faced by traders, and the steps taken by the government to resolve them.