14 Dec 2023 06:44 PM
New

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 06:13 PM
New

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 06:16 PM
New

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 06:25 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.

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.

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.

08 Dec 2023 05:24 PM

Data recap: MLA profiles, bullish markets, forex

Source: https://www.livemint.com/news/india/data-recap-mla-profiles-bullish-markets-forex-11701956042499.html

Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. More than 37% of the MLAs elected in the recently concluded assembly elections in five states face at least one criminal case against them, and nearly 45% have assets worth ₹5 crore or more. Stock markets have seen a remarkable rally this week with investors gaining over ₹11 trillion in just four trading sessions in December.

08 Dec 2023 05:31 PM

SOP for verification of Inadmissible ITC of IGST reversal in GSTR 3B

Source: https://taxguru.in/goods-and-service-tax/sop-verification-inadmissible-itc-igst-reversal-gstr-3b.html

Standard Operating Procedures for Monitoring Ineligible IGST Input Tax Credit Reversal by Taxpayers in Return Form GSTR 3B (SOP-1/2023)

07 Dec 2023 06:02 PM

Indian robotics is shackled by high duties. The government must free it

Source: https://www.livemint.com/opinion/first-person/government-must-slash-duties-and-taxes-to-make-indian-robotics-competitive-11701859794692.html

The government of India recently released a draft of the National Strategy on Robotics. Robotics has been receiving a lot of attention lately as one of the27 focus sectors under the Make In India 2.0 initiative. Here you can hear the union minister of electronics and information technology talk about the potential of AI and robotics in India.