- 30 Aug 2024 06:14 PM
- New
How India’s GST revenues can sustain their incline
Globally, one of the widely tracked economic metrics is the tax-to-GDP ratio. Taxes comprise direct and indirect taxes. In India, the Centre’s gross tax revenue-to-GDP has increased and the share of indirect taxes in tax collections has decreased over the last decade.
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- 30 Aug 2024 06:10 PM
- New
Top news on August 29: Markets hit record highs, Reliance AGM 2024 announcements, LIC gets GST demand penalty notice
Stock market today: Sensex, Nifty 50 hit record highs led by Reliance, Tata Motors, ITC; mid, smallcaps falter
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- 29 Aug 2024 06:48 PM
- New
Shipping Corporation of India receives ₹160 crore GST demand notice for FY2020
Shipping Corporation of India received a ₹160 crore goods and service tax (GST) demand notice from the Deputy Commissioner of State Tax, Government of Maharashtra, for the financial year 2019-20, on Thursday, August 29.
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- 29 Aug 2024 06:44 PM
Mint Explainer: Why Tiger Global’s win against the taxman is a major victory for Indian companies
The Delhi High Court on Wednesday overturned the Authority of Advance Rulings’ order denying Tiger Global Management the benefits of grandfathering provisions under the India-Mauritius Double Tax Avoidance Agreement (DTAA) when it sold its investments in Flipkart in 2018.
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- 28 Aug 2024 06:14 PM
Unified Pension Scheme will not be rolled back, says government official in response to trade union demand
No major decision on tax rate rationalization is expected in the upcoming GST Council meeting, slated to be held in New Delhi on 9 September
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- 28 Aug 2024 06:17 PM
ICICI Prudential gets GST demand notice of ₹429 crore from Maharashtra tax authority
The company will challenge the GST demand notice with the Commissioner (Appeals) within the prescribed timeframe, according to the statement. In addition to the GST demand, the notice also includes interest and penalties, as noted in the post-market exchange filing.
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- 26 Aug 2024 06:14 PM
‘18% GST on health, life insurance is a burden,’ Derek O’Brien pens Sitharaman
‘18% GST on health, life insurance is a burden on 45 crore Indians’: Derek O’Brien pens Nirmala Sitharaman
TMC leader Derek O'Brien urges Finance Minister Nirmala Sitharaman to remove the 18% GST on health and life insurance premiums ahead of GST Council meeting on September 9.
- 26 Aug 2024 06:18 PM
Follow-up on Unscrupulous practices by SGST Officials to harass stakeholders
Chartered Accountants Association (CAAS) of Surat has expressed continued concern over the unscrupulous practices of SGST officials in Gujarat, which persist despite previous representations and assurances of corrective actions. In a follow-up communication, CAAS highlighted ongoing issues with delayed registrations, refunds, and high-pitched assessments, all of which are allegedly manipulated by officials seeking bribes. Despite the implementation of mechanisms to expedite processes, stakeholders across Gujarat report widespread delays, arbitrary rejections, and unnecessary hurdles. CAAS points out that these delays not only hinder business operations but also violate citizens’ fundamental rights under Article 19(1)(g) of the Constitution. The association also criticized the backlog of appeals, which they claim is a deliberate attempt by the SGST department to pressure taxpayers into paying bribes instead of pursuing litigation. Furthermore, the CAAS highlighted the misuse of discretionary powers in assessments, where officers pass inflated tax orders without proper consideration of submissions, urging the department to address the incompetence and deliberate malpractice of officials. The association warned that without immediate corrective action, they would seek constitutional remedies to protect the rights of stakeholders.
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- 24 Aug 2024 06:07 PM
IIT Delhi and six educational institutions receive GST exemption notices: Report
IIT Delhi, six other educational institutions receive GST exemption notices totaling approximately ₹220 crore: Report
A CNBC TV 18 report said all seven institutions were given show-cause notices in early August for non-payment of GST on grants received for conducting research
- 22 Aug 2024 06:43 PM
GST: Infosys, foreign airlines, shipping lines may see relief as concerns rise for ‘ease of doing business’, says report
The Centre may provide relief to corporates, including Infosys, foreign airlines, and shipping lines, amid concerns over ease of doing business. The GST Council is set to meet on September 9.
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