14 Dec 2023 06:33 PM
New

An idea whose time has come: Sugar taxation could spell a healthier India

Source: https://www.livemint.com/opinion/online-views/an-idea-whose-time-has-come-sugar-taxation-could-spell-a-healthier-india-11702482102987.html

The G20 Leader’s Declaration under India’s presidency noted that only 12% of the targets set under the United Nations’ Sustainable Development Goals (SDGs) have been met. Good health and well-being (Goal No. 3) and ensuring safe drinking water (No. 6) are two important SDGs on which India seems to be lagging. We face a huge challenge in keeping our population healthy. On one hand, there is malnutrition, and on the other, the incidence of non-communicable diseases (NCDs) is rising. A study by the Indian Council of Medical Research (ICMR) on diabetes found that in 2021, an estimated 101 million people in India were diabetic, while an estimated 136 million were pre-diabetic. The count of diabetics increased by 44% over the covid pandemic from 70 million in 2019. The International Diabetics Federations’ India Diabetes Report 2000-2045 called India the “diabetes capital of the world’, with 17% of the global diabetic population. It said that by 2045, 135 million Indians will suffer from diabetes. The illness can adversely impact various organs of the body, leading to huge healthcare costs for the government if no action is taken.

14 Dec 2023 06:40 PM
New

Budget 2024: What tax experts expect from FM Nirmala Sitharaman

Source: https://www.livemint.com/budget/expectations/budget-2024-what-tax-experts-expect-from-fm-nirmala-sitharaman-11702538127665.html

As Finance Minister Nirmala Sitharaman prepares to release the Interim Budget 2024, tax experts in the country will be keenly watching for announcements that will impact the nation's economy. The interim Budget 2024-25 will be presented on February 1.

14 Dec 2023 06:36 PM
New

Bill to ease setting up of GST tribunals

Source: https://www.livemint.com/economy/bill-to-ease-setting-up-of-gst-tribunals-11702487431221.html

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday tabled an amendment bill in the Lok Sabha to make it easier to set up GST appellate tribunals (GSTAT) by modifying the terms of appointment of members.

14 Dec 2023 06:44 PM

Interim Budget 2024: Indian Automotive industry ‘not expecting special SOPs… should not come out with surprises'

Source: https://www.livemint.com/budget/interim-budget-2024-indian-automotive-industry-not-expecting-special-sops-should-not-come-out-with-surprises-11701404142923.html

Interim Budget 2024: The work on the upcoming Union Budget 2024 has begun, a report by Financial Express has stated. Finance Ministry that will release the Interim Budget next year will provide a tentative indication of the government’s intent and future push.

13 Dec 2023 06:16 PM

GST Rates For Stationery Items And Online Education

Source: https://taxguru.in/goods-and-service-tax/gst-rates-stationery-items-online-education.html

Introduction: The recent response by the Minister of Finance sheds light on the GST rates for stationery items, primarily used by students, and the taxation on online education services. This article aims to dissect the reasons behind the GST rates and whether there are considerations for revisions.

13 Dec 2023 06:13 PM

Ministry of Finance Crackdown: GST Evasion by Lottery Distributors Exposed

Source: https://taxguru.in/goods-and-service-tax/tax-evasion-lottery-distributors.html

Introduction: The Ministry of Finance has intensified its efforts to combat tax evasion, particularly by lottery distributors. In a recent revelation, 12 cases of GST evasion amounting to Rs. 344.57 crore have been detected, with a successful recovery of Rs. 621.56 crore between July 2017 and November 2023. The Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad, addressed the issue in a written reply to a question in the Lok Sabha, shedding light on the government’s proactive stance against financial irregularities.

13 Dec 2023 06:21 PM

GST Collection 2022-23: States’ Share and Future Prospects

Source: https://taxguru.in/goods-and-service-tax/gst-collection-2022-23-states-share-future-prospects.html

Introduction: The Lok Sabha Starred Question No. 18* delves into the intricacies of GST collection and the devolution process for the financial year 2022-23.

13 Dec 2023 06:25 PM

RIL’s Foreign Asset Acquisitions: Tax Liabilities and Details

Source: https://taxguru.in/goods-and-service-tax/rils-foreign-asset-acquisitions-tax-liabilities-details.html

Introduction: Rajya Sabha Unstarred Question No. 1100 raises inquiries regarding Reliance Industries Ltd.’s (RIL) acquisitions of foreign assets, including Britain’s Stoke Park, Hamley, and US-based Mimosa Network. The article provides insights into the tax liabilities, including GST, associated with these acquisitions and details of RIL’s foreign acquisitions in the last five years.

11 Dec 2023 06:23 PM

New companies are popping up away from old economic hubs

Source: https://www.livemint.com/economy/new-companies-are-popping-up-away-from-old-economic-hubs-11702187914535.html

Close to 110,000 new companies were set up in the first seven months of the financial year. At this pace the number looks set to surpass the record set last year. Several factors are at play, but the big takeaway from a close look at the data is the gains recorded by smaller, traditionally weaker state economies in the incorporation of new companies in recent years.

11 Dec 2023 06:26 PM

LIC gets GST demand and orders worth ₹183 crore for Telangana

Source: https://www.livemint.com/companies/news/lic-gets-gst-demand-and-orders-worth-rs-183-crore-for-telangana-company-denies-impact-on-financials-11702293093097.html

The Life Insurance Corporation of India (LIC) on Monday received a GST order with interest and penalty of ₹183 crore for Telangana.