19 Dec 2023 05:59 PM
New

GST Compliance in 2023: File GSTR-9, E-invoice, Amnesty Scheme etc.

Source: https://taxguru.in/goods-and-service-tax/gst-compliance-2023-file-gstr-9-e-invoice-amnesty-scheme-etc.html

Introduction: As we step into the dynamic world of Goods and Services Tax (GST) in 2023, businesses are navigating a landscape marked by continual evolution. The compliance journey has become more intricate, with new regulations, opportunities, and tools reshaping the way organizations manage their GST obligations. This comprehensive guide is designed to be your compass through the complexities, offering insights into critical aspects such as filing Annual Returns, exploring the latest enhancements, and seizing opportunities like the Amnesty Scheme. Whether you’re a seasoned taxpayer or a newcomer to GST, this guide will equip you with the knowledge needed to navigate the intricate web of compliance, ensuring not only adherence to regulations but also capitalizing on the benefits offered by the latest changes in the GST ecosystem. Join us on this journey through the nuances of GST in 2023, where compliance meets opportunity and understanding the intricacies leads to a seamless and empowered business experience.

19 Dec 2023 05:48 PM
New

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

19 Dec 2023 05:52 PM
New

GST Collection Analysis: State-wise Breakdown and IGST Settlement

Source: https://taxguru.in/goods-and-service-tax/gst-collection-analysis-state-wise-breakdown-igst-settlement.html

The Lok Sabha Unstarred Question No. 2373, scheduled for response on Monday, the 18th of December, 2023, delves into the intricate details of the collection and distribution of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST) by the Government of India. Raised by Shri Syed Imtiaz Jaleel, the question seeks comprehensive information on various aspects of the Goods and Services Tax (GST) system, focusing on the financial years over the last half-decade.

19 Dec 2023 05:55 PM

Subsuming Fuels Under GST: Government’s Stand and Implications

Source: https://taxguru.in/goods-and-service-tax/subsuming-fuels-under-gst-government-stand-implications.html

The inquiry posed by Shri Shyam Singh Yadav in Lok Sabha Starred Question No. 212 casts a spotlight on a pivotal aspect of tax policy— the potential subsuming of fuels like petrol, diesel, natural gas, and Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST). The question, scheduled for response on December 18, 2023, prompts the Ministry of Finance to elucidate the government’s stance on this matter. Minister of Finance, Shrimati Nirmala Sitharaman’s response, encapsulated in a statement, outlines the constitutional and legislative framework governing the inclusion of these fuels in the GST ambit. Notably, the absence of recommendations from the GST Council thus far underscores the complexity of the decision-making process, with considerations extending beyond fiscal implications to encompass broader economic and policy dimensions.

18 Dec 2023 05:28 PM

American Express Membership Rewards Credit Card: From rewards to eligibility; all you need to know

Source: https://www.livemint.com/money/personal-finance/american-express-membership-rewards-credit-card-from-rewards-to-eligibility-all-you-need-to-know-11701932538839.html

The American Express Membership Rewards Credit Card (MRCC) brings an array of exclusive perks with every purchase. With a joining fee of ₹1,000 and a renewal fee of ₹4,500 (waived on annual spending of ₹1.5 lacs plus), it offers 1 membership reward point for every ₹50 spent (excluding fuel, utilities, insurance, and cash transactions).

18 Dec 2023 05:34 PM

GST Ethology – Suncraft Energy Private Limited Case – Is it a big relief ??

Source: https://taxguru.in/goods-and-service-tax/gst-ethology-suncraft-energy-private-limited-case-big-relief.html

> The dismissal of Department’s SLP against order of Hon’ble Calcutta Hight Court by the Hon’ble Supreme Court in the case of Assistant Commissioner Of State Tax Vs Suncraft Energy Private Limited & Ors. (Supreme Court of India) is labelled as a big relief for taxpayers.

16 Dec 2023 06:10 PM

Gaming cos get no relief in SC on tax claims exceeding Rs1 trillion

Source: https://www.livemint.com/industry/gaming-cos-get-no-relief-in-sc-on-tax-claims-exceeding-rs1-trillion-11702646741089.html

NEW DELHI : The Supreme Court on Friday declined to grant a stay order on show-cause notices issued by tax authorities to online gaming companies, and adjourned the hearing to 8 January.

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.

14 Dec 2023 06:40 PM

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 06:33 PM

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.