21 Nov 2023 06:27 PM
New

Capex engines to fire on all cylinders

Source: https://www.livemint.com/economy/capex-engines-to-fire-on-all-cylinders-11700504781583.html

India’s public capital expenditure (capex) blitz will continue at full throttle even as some departments look poised to exhaust their budgets, two persons aware of the plan said. The government intends to achieve this by reducing unproductive expenditure and rerouting money lying unspent in some departments. The government also believes it will be able to meet its record capex targets as well as the fiscal deficit target in an election year, encouraged by record tax collections for the year so far.

18 Nov 2023 02:48 PM
New

Bills for GST appellate tribunals, spending likely in winter session

Source: https://www.livemint.com/news/india/bills-for-gst-appellate-tribunals-spending-likely-in-winter-session-11700246094462.html

New Delhi: The government proposes to introduce two key bills in the upcoming winter session to pave the way for goods and services tax (GST) appeals tribunals and to seek permission for changes in its spending plans, two people aware of the plans said.

11 Nov 2023 05:00 PM
New

Direct taxes jump, in lift for spending

Source: https://www.livemint.com/news/india/direct-taxes-jump-in-lift-for-spending-11699638944792.html

New Delhi: Net direct tax collections in FY24 jumped 22% from a year earlier to touch ₹10.6 trillion, official data released on Friday showed, creating additional spending room for the government in an election year. Provisional data till 9 November showed the government has so far collected 58% of the ₹18.2 trillion budgeted for FY24.

11 Nov 2023 05:13 PM

GST Council Newsletter for the month of October 2023

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

The 52nd GST Council meeting was characterized by significant changes being made to the tax landscape in India. The Council, upholding the spirit of cooperative federalism, decided to cede the right to tax ENA for use in alcohol for human consumption to the States. Moreover, the GST on molasses has been reduced from 28% to 5%, benefiting sugarcane farmers and lowering cattle feed costs. A favorable shift has occurred in the tax rates for millet flour, which will give a fillip to millet consumption in the country as unpackaged millet flour with at least 70% millet content will now enjoy a zero percent tax rate, while packaged and labeled millet flour will be subject to a five percent tax rate. This is particularly significant as we celebrate the year 2023 as the International Year of Millets.

10 Nov 2023 05:50 PM

Request for Extension of Time Limit for Filing FORM GSTR 3B for October 2023

Source: https://taxguru.in/goods-and-service-tax/request-extension-time-limit-filing-form-gstr-3b-october-2023.html

Introduction: In a formal communication to Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Chairman, GST Council, the Gujarat Chamber of Commerce & Industry (GCCI) addresses concerns and seeks an extension for the time limit of filing FORM GSTR 3B for October 2023.

08 Nov 2023 05:37 PM

2- Factor Authentication for e-Way Bill and e-Invoice System

Source: https://taxguru.in/goods-and-service-tax/2-factor-authentication-e-way-bill-einvoice-system.html

2 Factor Authentication is mandatory for taxpayers with AATO Rs 20 Crore and above from 20th November 2023. Users are requested to register for 2FA and also create sub-users so that EWB activities are managed without any problem. Please read the note for more information.

08 Nov 2023 06:01 PM

DGGI Meerut Busts Rs. 1,481 Crore Fake Invoice Syndicate

Source: https://taxguru.in/goods-and-service-tax/dggi-meerut-fake-invoice-syndicate-bust.html

Introduction: In a significant achievement, the Directorate General of Goods and Services Tax Intelligence (DGGI), Meerut Zonal Unit, has taken down a major fake invoicing syndicate that operated with a staggering turnover of Rs. 1,481 crore. This operation has resulted in the uncovering of fraudulent Input Tax Credit worth Rs. 275 crore, facilitated through 102 fake entities to more than 1,000 beneficiary companies. This article delves into the intricacies of the operation, its implications, and the subsequent arrests.

08 Nov 2023 06:05 PM

गुड्स एंड सर्विस टैक्स सेंट्रल मेरठ की इंटेलिजेंस (DGGI) ने बड़ा फर्जीवाड़ा पकड़ा

Source: https://taxguru.in/goods-and-service-tax/goods-services-tax-central-intelligence-dggi-meerut-caught-big-fraud.html

गुड्स एंड सर्विस टैक्स सेंट्रल मेरठ (Goods & Services Tax) की इंटेलिजेंस (DGGI) ने एक बड़ा फर्जीवाड़ा पकड़ा प्रेस विज्ञप्ति का सारांश :- गुड्स एंड सर्विस टैक्स इंटेलिजेंस डायरेक्टर जनरल (DGGI ) मेरठ कि जोनल यूनिट ने बड़े पैमाने पर फर्जी चालान बनाने का एक सिंडिकेट पकड़कर महत्वपूर्ण सफलता प्राप्त की है

08 Nov 2023 06:19 PM

Union Finance Minister Launches 12 GST Seva Kendras in Gujarat

Source: https://taxguru.in/goods-and-service-tax/union-finance-minister-12-gst-seva-kendras-gujarat.html

Introduction: Union Finance Minister Smt. Nirmala Sitharaman recently launched 12 Goods and Services Tax (GST) Seva Kendras in Vapi, Gujarat, as part of the “Mera Bill Mera Adhikaar” campaign. This article delves into the significance of this event and the impact it has on both the local and national economy.

07 Nov 2023 05:41 PM

Punjab cabinet gives nod for settlement of pre-GST arrears, religious tours scheme

Source: https://www.livemint.com/news/india/punjab-cabinet-gives-nod-for-settlement-of-pre-gst-arrears-religious-tours-scheme-11699287110616.html

Chandigarh: Punjab cabinet led by Chief Minister Bhagwant Mann on Monday approved the One Time Settlement scheme that will set the pre-GST arrears of the traders.