10 May 2023 05:15 PM
New

Unregistered small businesses can register with lenders for priority sector tag

Source: https://www.livemint.com/economy/unregistered-small-businesses-imes-can-register-with-lenders-for-priority-sector-tag-11683647075324.html

The RBI said the turnover of enterprises exempted from filing returns under the provisions of the Central Goods and Services Tax Act, 2017 shall be the sole criterion to be defined as IMEs for the purpose of UAP

09 May 2023 05:41 PM
New

E-way bills in Apr continue to be robust despite dip

Source: https://www.livemint.com/economy/eway-bills-in-apr-continue-to-be-robust-despite-dip-11683569048565.html

Data from GSTN, the company that processes Goods and Services Tax (GST) related returns, showed e-way bill generation in April fell by about 7% from March but still remained close to the monthly average seen in the March quarter.

09 May 2023 05:46 PM
New

What investors should do after the recent stock market rally

Source: https://www.livemint.com/market/stock-market-news/what-investors-should-do-after-the-recent-stock-market-rally-11683613253632.html

In the later part of the eighteenth century, St. Leger Stakes, a popular horse race, was started as the last leg of the popular British Triple Crown. The race would be held at Doncaster Racecourse in South Yorkshire in September of every year. Soon it became a fashion amongst the British elite – aristocrats, investors, and bankers etc. – to liquidate their financial investments; escape from London heat, move to countryside to rejuvenate, and return only in autumn after the St. Leger Stakes race was over. This practice was described as “Sell in May, go away and don't come back till St. Leger's Day."

08 May 2023 06:26 PM

Open banking is helping revolutionize access to credit

Source: https://www.livemint.com/opinion/columns/how-data-democratization-and-open-banking-can-bridge-india-s-msme-lending-gap-and-drive-socioeconomic-development-11683484024830.html

Despite India’s micro, small and medium enterprises (MSMEs) contributing about a third of the country’s gross domestic product and employing over 110 million people, they struggle to access and afford credit. This credit gap is estimated to be as large as ₹20-25 trillion. MSMEs are overlooked by traditional lenders such as banks because they lack collateral and are unable to produce audited financial data such as balance sheets, income statements or credits in a current account, which renders them unable to prove their creditworthiness. Often, this leads to a vicious debt cycle created by borrowing from informal credit channels, including acquaintances and money lenders, at interest rates that are sometimes twice as high as the formal market’s. This severely hurts the growth of these small businesses and the socioeconomic development of the local communities these businesses are part of.

08 May 2023 06:22 PM

Firms get more time to comply on e-invoices

Source: https://www.livemint.com/news/india/gstn-defers-new-e-invoicing-rule-by-3-months-for-businesses-in-new-delhi-to-prepare-for-compliance-11683482429007.html

GSTN said in an advisory that the imposition of a time limit of seven days on reporting old e-invoices on e-invoice registration portals for taxpayers with sales of ₹100 crore or more, has been deferred by three months.

08 May 2023 06:16 PM

GSTN defers implementation of e-invoice reporting time limit by 3 months

Source: https://www.livemint.com/news/india/gstn-defers-implementation-of-e-invoice-reporting-time-limit-by-3-months-11683472162555.html

GSTN Saturday said it has deferred the last month circular imposing a timeline for businesses with turnover of ₹100 crore and above to upload e-invoices on the IRP within 7 days of the issue by three months

06 May 2023 05:49 PM

Text your tax returns: GSTN’s advice to cos with no tax outgo

Source: https://www.livemint.com/economy/gstn-advises-nil-tax-businesses-to-file-returns-via-sms-to-streamline-it-system-reduce-queue-11683307587070.html

GSTN’s advice comes in the context of close to a million GST-registered businesses filing ‘nil’ returns on the last day of the last return filing cycle on 20 April, slowing down the system.

06 May 2023 05:45 PM

Grounded airlines and sky-high GST collections: Best of the Week

Source: https://www.livemint.com/weekend/grounded-airlines-and-sky-high-gst-collections-best-of-the-week-11683293298909.html

Bangalore as a city is known for its pleasant weather. That wasn't the case since at least February — staying on the top floor means the roof got baked, and I had to live with sweltering heat. Thankfully, this week brought with it rains – Mango showers – that led to the pleasantness that the IT hub is known for

06 May 2023 05:53 PM

Two-month campaign to eliminate fake invoice issuers starts on May 16

Source: https://www.livemint.com/news/india/twomonth-campaign-to-eliminate-fake-invoice-issuers-starts-on-may-16-11683355329715.html

Once identified, both central and state indirect tax administrations will take appropriate action, according to an individual familiar with the matter

05 May 2023 05:50 PM

Fuel under GST: Fears of a revenue hit are exaggerated

Source: https://www.livemint.com/opinion/columns/bringing-oil-under-gst-benefits-outweigh-losses-time-for-reform-sbi-economists-11683226448191.html

GST revenue set another record this April, reaching ₹1.87 trillion, beating the mop-up of ₹1.67 trillion in April 2022. This increase in GST revenue reflects better compliance, besides higher economic activity. The best thing is that even in real terms, India’s GST growth is 8%. With GST revenue reaching normalcy, isn’t it an opportune time to bring oil under the GST regime?