03 Jun 2024 06:27 PM
New

GST collection rises 10% to ₹1.73 lakh crore in May 2024, gross GST revenue up 15.3% YoY

Source: https://www.livemint.com/economy/gst-collection-rises-10-to-rs-1-73-lakh-crore-in-may-2024-gross-gst-revenue-up-15-3-yoy-11717250219166.html

The growth in GST collections was driven by an increase in revenues from domestic transactions (up 15.3 per cent) over the slowing of imports (down 4.3 per cent)

03 Jun 2024 06:34 PM
New

Indian stock market: 10 things that changed for market over weekend - Gift Nifty, Exit Polls 2024, GDP to US inflation

Source: https://www.livemint.com/market/stock-market-news/indian-stock-market-10-things-that-changed-for-market-over-weekend-gift-nifty-exit-polls-2024-gdp-to-us-inflation-11717376099822.html

Indian stock market: The Indian equity benchmark indices, Sensex and Nifty 50, are expected to open sharply higher on Monday as the exit polls suggested the Prime Minister Narendra Modi coming back to power for the third term as the BJP-led alliance is likely to win the Lok Sabha elections with a thumping majority. Positive global cues also supported the investor sentiment.

03 Jun 2024 07:05 PM
New

May 2024 GST Collection Hits ₹1.73 Lakh Crore, 10% Growth

Source: https://taxguru.in/goods-and-service-tax/may-2024-gst-collection-hits-1-73-lakh-crore-10-percent-growth.html

The Ministry of Finance has reported a robust performance in Goods and Services Tax (GST) revenue collection for May 2024, reflecting significant economic activity and efficient tax administration. The gross GST revenue for the month of May 2024 stood at ₹1.73 lakh crore, marking a 10% increase from the same period last year. This growth is largely attributed to a 15.3% rise in domestic transactions, indicating a healthy domestic market, although imports saw a 4.3% decline. After accounting for refunds, the net GST revenue for May 2024 amounted to ₹1.44 lakh crore, demonstrating a 6.9% year-on-year growth.

01 Jun 2024 05:55 PM

GST Council Newsletter For April 2024

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-april-2024.html

The April 2024 GST Council Newsletter encapsulates significant discussions, revenue achievements, and updates within the Indian tax framework. The newsletter highlights the third National Coordination Meeting held on May 3rd, focusing on improving GST practices. Attendees discussed strategies to tighten GST registration, address loopholes in the e-way bill portal, and progress in establishing the GST Appellate Tribunal. States shared innovative approaches to combat GST fraud through tracking money trails and identifying risky taxpayers using data analytics and artificial intelligence.

31 May 2024 06:14 PM

RBI relocates 100 tonnes of gold from UK to its Indian vaults: Report

Source: https://www.livemint.com/economy/rbi-relocates-100-tonnes-of-gold-from-uk-to-its-indian-vaults-report-11717127313502.html

RBI relocated over 100 tonnes of gold from UK to India for logistical and storage reasons, hinting at more gold entering the country soon. This move follows RBI's recent acquisition of 27.5 tonnes, increasing its total gold holdings to 822.1 tonnes by March.

23 May 2024 06:10 PM

ICICI Lombard gets GST show-cause notice worth ₹288 crore

Source: https://www.livemint.com/companies/news/icici-lombard-gets-gst-show-cause-notice-worth-rs-288-crore-11716459418281.html

ICICI Lombard General Insurance Company Ltd has received a GST show-cause notice worth ₹288 crore for fiscal year 2020, CNBC-TV18 said in a post on X (formerly Twitter) on Thursday.

21 May 2024 06:32 PM

SC to Review if Supplying Crane for Services Constitutes Transfer of ‘Right to Use’

Source: https://taxguru.in/goods-and-service-tax/sc-review-supplying-crane-services-constitutes-transfer-right-use.html

Supreme Court to examine whether supplying crane for loading, unloading, lifting and shifting services is transfer of “right to use”

21 May 2024 06:26 PM

EVs or hybrids? For Nitin Gadkari, the answer lies in ethanol

Source: https://www.livemint.com/auto-news/gadkari-proposes-14-gst-on-flex-fuel-hybrids-11716186987622.html

The all-electric vision for Indian roads is undergoing a gradual shift, as hybrids charm buyers, and ethanol-powered flex fuel vehicles gain favour in government.

20 May 2024 06:36 PM

There’s a reason why the Indian stock market seems to love the BJP

Source: https://www.livemint.com/opinion/online-views/theres-a-reason-why-the-indian-stock-market-seems-to-love-the-bjp-11716140848610.html

Any stock market discounts future possibilities, especially what may happen in the near future. The Indian stock market isn’t any different. And currently—despite what some pundits who emerge around election time are saying—on the whole, the market is factoring in a Bharatiya Janata Party (BJP) win in the Lok Sabha elections.

20 May 2024 06:31 PM

GST Council to hear gaming firms' plea on past tax demands

Source: https://www.livemint.com/news/gst-council-to-hear-gaming-firms-plea-on-past-tax-demands-11716107887289.html

Online gaming companies received a big blow last year, when the government issued notices to them for over one trillion rupees in goods and services tax (GST). While the matter has ended up in the Supreme Court, the federal indirect taxes body GST Council now plans to consider the impact of the tax demand on the industry's viability, two people aware of the matter said.