- 07 Apr 2023 05:24 PM
- New
Re-globalization with risk control should also mean a growth relook
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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- 07 Apr 2023 05:32 PM
- New
Online gaming rules provide clarity, will bolster innovation and growth
The amendments in the IT rules for the online gaming industry, which have been formulated and finalized after extensive public consultations by the Ministry of Electronics and Information Technology (MeitY) in a short period of time, is a significant positive development for the online gaming industry. The notification of these rules sends a strong signal from the central government to mainstream online gaming, in line with PM Narendra Modi’s vision of making India a global gaming innovation hub.
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- 06 Apr 2023 05:28 PM
- New
RBI Monetary Policy: No hike in repo rate, RBI keeps it steady at 6.5%
The RBI monetary policy committee (MPC) announced the first bi-monthly policy for FY24 on April 6, concluding a three-day meeting. The MPC, led by RBI Governor Shaktikanta Das, met on April 3, 5 and 6 to review the current monetary policy.
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- 05 Apr 2023 05:50 PM
Coaching sector misappropriates Rs. 14 crores GST collected from students
Acting upon specific intelligence, the officers of Division – VIII, Mumbai East CGST Commissionerate have detected a new modus of tax evasion in the coaching sector. A private limited company M/s Rao Edusolutions Pvt. Ltd., operating under the brand name Rao IIT Academy, has been suspected of collecting GST at 18% on the tuition fees from its students, but declaring unrelated and exempt services in the returns filed with the department. The tuition fees thus collected is believed to have been misappropriated in favour of the company.
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- 04 Apr 2023 05:36 PM
The case for an inequality boom in India is greatly exaggerated
The editorial published in Mint on 16 March 2023, ‘India’s inequity boom is staring undeniably at us’ (bit.ly/3UjjTmF) deserves a counter view on the interpretation of latest income-tax data placed before Parliament recently. It is undeniable that the pandemic has profoundly impacted people’s lives, especially their economic status. The impact has been particularly severe on vulnerable sections of society, including daily- wage earners and informal-sector workers. There should be no attempt to trivialize their suffering.
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- 04 Apr 2023 05:33 PM
Direct tax receipts after refunds in FY23 grow 18%
Gross direct tax collections for FY23 before adjusting for tax refunds stood at ₹19.68 trillion, a growth of 20.33%, CBDT said.
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- 04 Apr 2023 05:30 PM
ITC's cigarettes biz growth prospectus intact despite new tax; brokerage Sharekhan finds stock attractive
FMCG major, ITC emerged as the top underperforming stock on Monday. The stock snapped its 2-days gaining spree and plunged by more than 1% on BSE Sensex. ITC has been in focus after the amendments in the finance bill 2023 on tobacco products. However, brokerage Sharekhan expects the taxation amendments may not have any material impact on tax rates on cigarettes. The brokerage believes ITC's growth prospectus remains intact. Hence, it finds ITC's stock attractive and has recommended buying.
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- 03 Apr 2023 04:12 PM
GST revenues clock 13% growth Year-on-Year
Source: https://taxguru.in/goods-and-service-tax/gst-revenues-clock-13-growth-year-on-year.html
The gross GST revenue collected in the month of March 2023 is ₹1,60,122 crore of which CGST is ₹29,546 crore, SGST is ₹37,314 crore, IGST is ₹82,907 crore (including ₹42,503 crore collected on import of goods) and cess is ₹10,355 crore (including ₹960 crore collected on import of goods). It is for the fourth time, in the current financial year that the gross GST collection has crossed ₹1.5 lakh crore mark registering second highest collection since implementation of GST. This month witnessed the highest IGST collection ever.
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- 03 Apr 2023 04:03 PM
Businesses can revoke GST registration cancellation by paying taxes and penalty before June 30
The government has permitted businesses to apply for the revocation of GST registration cancellation by June 30, 2023, after paying the outstanding taxes, interest, and penalty.
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- 03 Apr 2023 04:07 PM
2nd GST Invoice Registration Portal (IRP) by National Informatics Centre
NIC is happy to introduce eInvoice2 portal. It is second portal of NIC – IRP (National Informatics Centre – Invoice Registration Portal), this is in addition to the existing eInvoice1 portal. Eligible tax payers can register their invoices either on the eInvoice1 portal or on the eInvoice2 portal.
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