01 Jun 2023 05:14 PM
New

e-Waybill System – 2 Factor Authentication, Deregistration & Common Enrollment

Source: https://taxguru.in/goods-and-service-tax/e-waybill-system-2-factor-authenticationderegistration-common-enrollment.html

Latest Updates on 2 Factor Authentication, Deregistration of Enrolment, and Common Enrollment in e-Waybill System

01 Jun 2023 05:05 PM
New

India's economy to grow 6.5-6.7% in FY24: Industry body

Source: https://www.livemint.com/economy/indias-economy-to-grow-at-6-5-6-7-in-fy24-industry-body-11685613352766.html

The Indian economy remains resilient in the face of a challenging global environment, CII said

31 May 2023 05:38 PM
New

Calculate the tax owed on your purchases with a GST calculator

Source: https://www.livemint.com/brand-stories/calculate-the-tax-owed-on-your-purchases-with-a-gst-calculator-11685524277141.html

As a small business owner, you are used to calculating your GST requirements and making the necessary payments on a monthly basis. Speed up this process and easily know how much tax you owe with the help of a digital GST calculator. Such calculators use specific formulae to quickly calculate GST for purchasers, manufacturers, wholesalers, and retailers.

31 May 2023 05:35 PM

Govt mulls import duty cut on solar panels to 20%: report

Source: https://www.livemint.com/industry/energy/govt-mulls-import-duty-cut-on-solar-panels-to-20-report-11685463631453.html

The government is also seeking a rollback in GST on the devices to make up a shortfall in domestic output amid rising demand for renewable energy, the report said

31 May 2023 05:31 PM

Bringing electricity under GST is likely to take 5-10 years: Sushil Kumar Modi

Source: https://www.livemint.com/economy/bringing-electricity-under-gst-is-likely-to-take-5-10-yrs-11685469274235.html

NEW DELHI : The proposal to include electricity under goods and services tax (GST) is likely to take another five-10 years as states are not yet convinced, and it is still being considered by the GST Council, Sushil Kumar Modi, a member of the Rajya Sabha and former deputy chief minister of Bihar, said in an interview on sidelines of Mint India Public Policy Summit on 26 May. Besides, bringing petroleum products under GST will not be viable, Modi added.

30 May 2023 05:39 PM

Don’t kill gaming with senseless taxation

Source: https://www.livemint.com/opinion/online-views/dont-kill-gaming-with-senseless-taxation-11685427895491.html

On May 11 the Karnataka High Court delivered a ruling on how to tax online games such as Rummy, which should inform the decisions of the Goods and Services Tax Council when it meets in June. The court’s ruling should persuade the council to dump the recommendation of a subcommittee of state finance ministers to levy the tax on the contest entry amount and instead tax only the gross gaming revenue.

30 May 2023 05:26 PM

Decoding the tax impact of ₹2,000 note cash deposits

Source: https://www.livemint.com/money/personal-finance/understanding-tax-implications-of-cash-deposits-in-2-000-notes-rbi-s-announcement-demonetization-2-0-panic-11685380666983.html

The Reserve Bank of India (RBI) made two big announcements on 19 May. It announced a threshold exemption limit of ₹7 lakh for applicability of TCS @ 20% in respect of international credit card spends. Secondly, it announced withdrawal of ₹2,000 notes from circulation. RBI has advised the public to deposit their ₹2,000 notes into their bank accounts and/or exchange them into bank notes of other smaller denominations at any bank branch until 30 September. The exchange limit has been restricted to ₹20,000 at a time.

26 May 2023 05:15 PM

Could a GST cut spur two-wheelers’ sputtering sales?

Source: https://www.livemint.com/industry/retail/can-a-gst-cut-aid-two-wheelers-sputtering-sales-11685032912030.html

After declining heavily for three fiscals in a row between 2019-20 and 2021-22, two wheeler sales grew 17.8% in 2022-23, the highest in a year in over a decade.

23 May 2023 05:12 PM

Process of blocking of E-way Bill and E-invoice generation

Source: https://taxguru.in/goods-and-service-tax/process-blocking-e-way-bill-e-invoice-generation.html

1. Sometimes IRPs may fail to check duplicate IRN from de-dup system for technical reasons. Under this circumstance, it is possible for tax payers to register the same document/invoice at different IRPs. Whenever the de-duplication system comes back to live, only one of the IRP will be able to successfully register the IRN. All other IRPS will fail to register on de-duplication system the IRNs generated with them for the same document. In such cases, the status of these IRNs will be updated as ‘REJ’ by these IRPs. This will be reflected in the ‘Get IRN Details’ API when the tax payers pull the IRNs.

22 May 2023 05:19 PM

Hunt for fake GST registration may turn heat on minnows of e-commerce

Source: https://www.livemint.com/economy/hunt-for-fake-gst-regn-may-turn-heat-on-minnows-of-ecommerce-11684691204612.html

Central and state indirect tax authorities launched a two-month drive on 16 May to weed out entities that secure GST registrations wrongfully, generate fake invoices and pass on bogus tax credits to other entities without any actual sales