- 12 Aug 2024 06:01 PM
- New
Batchmates hail appointment of ‘disciplinarian’ Somanathan as cabinet secretary
New Delhi: The appointment of senior IAS officer T.V. Somanathan as the new cabinet secretary of India has been hailed by many of his colleagues and batchmates as the right choice to lead the country's bureaucracy.
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- 12 Aug 2024 06:07 PM
- New
An action plan to ensure small businesses don’t fall short of credit
India’s 60 million micro, small and medium enterprises (MSMEs) employ over 110 million people, contribute nearly 30% of gross domestic product (GDP) and account for about 50% of exports.
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- 10 Aug 2024 06:10 PM
- New
GST on health and life insurance: How much do tax rates impact your premiums? check here
GST on insurance: How much do GST rates impact your insurance premiums? Will they reduce after a possible rate cut? Check how the GST rate impacts your health insurance premiums.
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- 09 Aug 2024 05:36 PM
GST likely to be reduced on health and life insurance premiums: Report
The rate of goods and service tax paid on health and life insurance is likely to be reduced, according to a report. The government has collected nearly ₹24,000 crore as GST from the health and life insurance segment in the last three years.
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- 09 Aug 2024 05:42 PM
Bajaj Finance gets ₹341 crore GST ’evasion’ notice from DGGI, faces massive penalty bill: Report
Bajaj Finance is under scrutiny for allegedly evading ₹341 crore in taxes by mislabeling service charges as interest, risking an ₹850 crore penalty. The company faces accusations of wrongly categorizing charges to benefit from tax exemptions, as per reports.
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- 08 Aug 2024 06:20 PM
States should have heart to take call on removal of 18% GST on insurance: Nirmala Sitharaman
FM Nirmala Sitharaman told the Opposition in Lok Sabha that those demanding the removal of 18% GST on premiums on life and medical insurance should ‘first convince their respective state’s finance ministers', adding that opposition-ruled states ‘should make recommendations at the GST Council meet’.
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- 08 Aug 2024 06:10 PM
Pan masala makers to come under new penalty regime
The Central Board of Indirect Taxes and Customs set 1 October 2024 as the date for implementing the penalty regime for the pan masala industry for any violation in registering their machinery. A penalty of ₹1 lakh per machine has been imposed to deter tax evasion
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- 07 Aug 2024 06:09 PM
GST Exemption for Space Industry: Key Updates & Government Response
On August 5, 2024, the Ministry of Finance addressed questions regarding GST exemptions and financial support for the space industry in Lok Sabha. The government confirmed that GST for satellite launch services, including private providers, was fully exempted from July 27, 2023. The 2024-25 budget allocated ₹13,042.75 crore to the Department of Space, an increase from previous years. In response to demands for productivity-linked incentives (PLI), the government is considering an Investment Incentive Scheme with a proposed outlay of ₹600 crore for new manufacturing facilities. Additionally, the Indian Space Association and other industry bodies have sought increased government spending and support for the private sector, leading to various supportive measures by IN-SPACe, such as seed funding and mentorship programs. The space industry also benefits from exemptions from customs duties and GST for satellites and launch equipment, with concessional rates for other space-related components.
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- 07 Aug 2024 05:59 PM
10 foreign airlines including Emirates and Lufthansa served notices over ₹10,000 crore in unpaid taxes: Report
Directorate General of Goods and Services Tax Intelligence (DGGI) has sent show cause notices to 10 foreign airline operating companies in India, including Emirates, Lufthansa and British Airways, over an alleged non-payment of taxes amounting to ₹10,000 crore.
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- 07 Aug 2024 06:15 PM
GST on Agricultural Equipment: Government’s Stance & Rates
Source: https://taxguru.in/goods-and-service-tax/gst-agricultural-equipment-governments-stance-rates.html
As of August 5, 2024, the GST rates for agricultural equipment and related items remain unchanged. The GST Council, comprising both Union and State members, has not recommended any rate modifications. Agricultural implements like hand tools and animal-driven tools are exempt from GST, while machinery for soil preparation and harvesting is taxed at 12%. Machines for cleaning and sorting agricultural produce are taxed at 18%. The government has introduced several initiatives to support farmers and enhance agricultural profitability. These include income transfers under PM-KISAN, increased Minimum Support Prices (MSPs), crop insurance through PMFBY, improved irrigation under PMKSY, and infrastructure development via the Agri Infrastructure Fund. Other measures include a new procurement policy, Kisan Credit Cards, formation of Farmer Producer Organizations (FPOs), and support for sustainable agriculture practices and drone technology adoption. These efforts aim to reduce input costs and provide financial support to farmers, improving overall profitability in the agricultural sector.
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