No GST on transfer of Jaipur international airport business to Adani Group
  • 22 Apr 2023 05:27 PM
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No GST on transfer of Jaipur international airport business to Adani Group

Source: https://www.livemint.com/news/india/no-gst-on-transfer-of-jaipur-international-airport-business-to-adani-group-11682149398380.html

The AAI had approached the Rajasthan bench of the Authority for Advance Ruling (AAR) seeking a ruling on whether the transfer of the business to Adani Group.

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India well-prepared to meet peak power demand: Singh
  • 21 Apr 2023 10:36 AM
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India well-prepared to meet peak power demand: Singh

Source: https://www.livemint.com/news/india/india-is-well-prepared-to-meet-summer-power-demand-says-power-and-new-and-renewable-energy-minister-raj-kumar-singh-11682014451463.html

New Delhi: Union minister for power and new and renewable energy Raj Kumar Singh expressed confidence that the country is well-prepared to meet demand this summer even as power demand soared to near record levels. In an interview, Singh highlighted the government’s efforts to ensure adequate availability of coal at thermal power plants, with domestic coal stock standing at 31.71 million tonnes as of Wednesday. Edited excerpts:

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Residential vs Commercial: Tips to optimize your property taxes in FY24
  • 15 Apr 2023 06:14 PM
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Residential vs Commercial: Tips to optimize your property taxes in FY24

Source: https://www.livemint.com/money/personal-finance/residential-vs-commercial-tips-to-optimize-your-property-taxes-in-fy24-11681470451239.html

The Income Tax Act of 1961 governs property tax as well as other indirect taxes like GST and stamp duty. In the income tax return, all sorts of properties are taxed under the head "income from house property." Residential and commercial properties are taxed differently in India; for example, residential property taxes are frequently based on the assessed value of the property, whereas commercial property taxes are frequently based on both the assessed value of the property and the income earned by the business. In FY24, here’s how individuals can optimize their residential and commercial taxation.

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Model All India GST Audit Manual 2023
  • 15 Apr 2023 06:19 PM

Model All India GST Audit Manual 2023

Source: https://taxguru.in/goods-and-service-tax/model-india-gst-audit-manual-2023.html

Goods and Services Tax in India has stepped towards the completion of five years. One of the main objectives of introduction of GST was to create one common market in the country by totally removing the wide disparities and compliance complexities of various laws of taxation of the States and Centre. In taxation of goods and services (not as “activities”, per se, but as “objects” or “events”), that had led to not only tax inefficiency but had also interfered in investment decisions of businesses. GST has provided a uniform structure in taxation of goods and services throughout the country. There is total uniformity in terms of the taxable event, tax rates, point of levy, provisions for registration, return filing, tax payment, refunds, audit, adjudication, appeals etc. In fact, the CGST and SGST laws are almost mirror images. GSTN, as an enabling organisation, has created the necessary digital backbone to ensure seamless uniformity in the process and procedures relating to registration of taxpayers, return filing, tax payment, refunds etc.

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Be ready to pay more GST while booking autos! Delhi HC upholds Centre's notification
  • 13 Apr 2023 06:09 PM

Be ready to pay more GST while booking autos! Delhi HC upholds Centre's notification

Source: https://www.livemint.com/news/india/be-ready-to-pay-more-gst-while-booking-autos-delhi-hc-upholds-centre-s-notification-11681378960027.html

Uber India Systems Private Limited argued in its submissions that the imposition of GST on autorickshaw rides booked through their platform could lead to financial implications

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Sugar prices to surge as supplies dwindle
  • 11 Apr 2023 07:20 PM

Sugar prices to surge as supplies dwindle

Source: https://www.livemint.com/industry/manufacturing/sugar-prices-set-to-hit-new-highs-as-production-estimates-cut-and-supply-tightens-potentially-stoking-inflation-and-forcing-rbi-to-keep-interest-rates-high-11681152391433.html

Mill prices of sugar, which have been rising for the past three weeks, are expected to hit new highs in the next few months due to the limited availability of the sweetener in the domestic market.

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Covid jab Covovax to be available on CoWIN soon; to cost ₹225 per dose
  • 11 Apr 2023 07:23 PM

Covid jab Covovax to be available on CoWIN soon; to cost ₹225 per dose

Source: https://www.livemint.com/news/india/covid-jab-covovax-to-be-available-on-cowin-soon-to-cost-rs-225-per-dose-11681179936394.html

According to official sources, Union Health Minister Mansukh Mandaviya has reportedly approved the inclusion of Serum Institute's Covovax on the CoWIN portal as a heterologous booster dose for adults, in light of the increasing cases of COVID-19 in various parts of the country, PTI reported.

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DGGI takes action against Mauritius-based entities for online gambling, betting
  • 11 Apr 2023 07:26 PM

DGGI takes action against Mauritius-based entities for online gambling, betting

Source: https://www.livemint.com/news/india/dggi-takes-action-against-mauritius-based-entities-for-online-gambling-betting-11681199473279.html

The companies based in Cyprus, Mauritius, and Cayman Islands, which are not registered in India, are suspected of assisting numerous high-net-worth individuals.

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Re-globalization with risk control should also mean a growth relook
  • 07 Apr 2023 05:24 PM

Re-globalization with risk control should also mean a growth relook

Source: https://www.livemint.com/opinion/columns/monetary-policy-banking-regulation-and-the-need-for-a-universal-reverse-charge-mechanism-examining-india-s-growth-drivers-and-unmet-needs-11680797391806.html

The unanimous decision of the Monetary Policy Committee (MPC) on 6 April to pause the repo rate at 6.5%, along with the renewed emphasis on banking regulation and supervision, is entirely in accordance with the need of the hour. There is no guarantee that the policy rate will rest at this level. But the pause commendably reflected attentiveness to the impact of policy rate hikes on banks—in particular, the inability of (some if not all) banks to pass on the substantial hike over the past year. And the renewed regulatory focus is clearly a response to the financial turbulence perpetrated by the lack of coherence between monetary tightening in the US and banking regulation (in what is admittedly a more diffuse regulatory structure there).

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