27 Dec 2023 05:52 PM
New

GST Council Newsletter for the month of November 2023

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-november-2023.html

Introduction: The November 2023 GST Council Newsletter (Issue-56) brings pivotal updates on the Goods and Services Tax, including robust growth, amnesty for appeals, and the introduction of biometric Aadhaar authentication. In this comprehensive overview, we delve into the significant developments shaping the fiscal landscape.

26 Dec 2023 05:33 PM
New

Request to Extend due date of GSTR 9, 9A & 9C for financial year 2022-23

Source: https://taxguru.in/goods-and-service-tax/request-extend-due-date-gstr-9-9a-9c-financial-year-2022-23.html

Introduction: The U.P. Tax Bar Association, Varanasi, has submitted a formal request to the Hon’ble Finance Minister of the Government of India seeking an extension of the deadline for filing GST Annual Return Forms GSTR 9, 9A & 9C for the financial year 2022-23. The association, comprising over 2100 members, emphasizes the need for an extended timeline due to the challenging circumstances and ongoing engagements in responding to departmental notices and assessments.

25 Dec 2023 05:34 PM
New

Centre, Deloitte studying impact of GST on power

Source: https://www.livemint.com/news/india/centre-deloitte-studying-impact-of-gst-on-power-11703439696061.html

NEW DELHI : As the government looks to bring electricity under goods and services tax (GST), the Union power ministry is looking at its likely impact on the industry, states’ revenue and household electricity bills. Electricity is one of several commodities like petrol, diesel and natural gas that have so far remained out of the purview of GST.

25 Dec 2023 05:22 PM

Players in crossfire as online gaming firms grapple with massive tax hit

Source: https://www.livemint.com/industry/players-in-crossfire-as-online-gaming-firms-grapple-with-massive-tax-hit-11703422072913.html

NEW DELHI : Playing real-money games such as rummy or poker might get more expensive as gaming startups scramble for ways to cope with the impact of higher taxes.

22 Dec 2023 05:25 PM

No Health Tax Proposal for Tobacco Products: Govt

Source: https://taxguru.in/goods-and-service-tax/health-tax-proposal-tobacco-products-govt.html

Introduction: The Government of India, under the Ministry of Finance, has been under scrutiny regarding the implementation of a health tax on tobacco products. This move was suggested by the Parliamentary Committee on Health & Family Welfare, raising questions and concerns. In response to Unstarred Question No-1823 posed in the Rajya Sabha, the Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, provided insights into the current taxation system for tobacco and addressed the proposal for a health tax.

21 Dec 2023 05:35 PM

Budget 2024-25: NAREDCO seeks funds for completing stressed and stalled residential projects, input tax credit under GST

Source: https://www.livemint.com/budget/news/budget-2024-25-naredco-seeks-funds-for-completing-stressed-and-stalled-residential-projects-input-tax-credit-under-gst-11703142052176.html

In its pre-budget recommendations, realtors body NAREDCO has sought ₹50,000 crore more fund under SWAMIH to complete stalled housing projects across the country, saying this will benefit consumers as well as the industry.

21 Dec 2023 05:29 PM

GST Council can vet pleas on GST registration threshold: Finance minister

Source: https://www.livemint.com/news/india/gst-council-can-vet-pleas-on-gst-registration-threshold-finance-minister-11703096190162.html

New Delhi: Finance minister Nirmala Sitharaman on Wednesday said the request from Parliamentarians to raise the sales threshold for Goods and Services Tax (GST) registration can be looked into by the GST Council; however, she added that most small businesses ideally should be part of the GST chain.

21 Dec 2023 05:38 PM

Banks’ liquidity deficit at near 8-yr high, traders eye repo rollover

Source: https://www.livemint.com/industry/banking/banks-liquidity-deficit-at-near-8-yr-high-traders-eye-repo-rollover-11703154151136.html

Mumbai: Indian banking system is facing a widening liquidity deficit, reaching levels last seen in 2016, that may prompt the central bank to provide another round of short-term cash infusion.

20 Dec 2023 04:24 PM

Boon or bane? Decoding the reality of zero-cost EMIs

Source: https://www.livemint.com/money/boon-or-bane-decoding-the-reality-of-zero-cost-emis-11702986906052.html

New Delhi: Fancy the new smartphone launched recently that you want to own but cannot afford? No problem. Buy it now and pay for it over 3-8 months. This must be a loan, you may think. Well, that is true but there’s no interest to be paid. So, essentially, you are buying the phone on an interest-free loan. That’s no-cost EMI (equated monthly instalment) for you, ubiquitously being offered on most purchases, both online and offline. Even school fees can now be funded through such no-cost EMI schemes.

19 Dec 2023 05:48 PM

Madras High Court Ruling: Impact on GST Council’s Recommendations

Source: https://taxguru.in/goods-and-service-tax/madras-high-court-ruling-impact-gst-council-recommendations.html

Introduction: The Madras High Court recently rendered a significant judgment on the nature of GST Council’s recommendations. In response to an unstarred question in the Lok Sabha, Shri Balashowry Vallabhaneni sought clarification on the implications of this ruling. This article delves into the key aspects of the judgment and its potential impact on the government’s authority to modify GST rates based on the Council’s suggestions. Read: GST Council Can Recommend Rates, But Can’t Determine Classification: HC