02 Aug 2024 04:56 PM
New

Key GST Law Changes & Tax Reliefs – Personal income-tax rates

Source: https://taxguru.in/goods-and-service-tax/key-gst-law-changes-tax-reliefs-personal-income-tax-rates.html

In a recent Rajya Sabha session on July 30, 2024, the Minister of State for Finance, Shri Pankaj Chaudhary, addressed questions regarding tax policies. Personal income tax rates have remained stable over the past five years, with specific details provided in an annexure. There are no significant updates on a GST 2.0 regime with a single rate, as changes in GST rates follow recommendations from the GST Council. The GST Council remains the authoritative body for GST policies, as established by Article 279A of the Indian Constitution. Tax relief measures for small businesses include exemptions from GST for certain services, a simplified composition scheme for small retailers, and thresholds for GST registration. Additionally, small retail businesses with profits up to Rs. 7 lakh benefit from tax relief under the new tax regime, with marginal relief available for incomes slightly above this threshold.

02 Aug 2024 04:51 PM
New

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report

Source: https://www.livemint.com/companies/news/after-infosys-tax-authorities-may-issue-gst-notices-to-more-it-companies-for-alleged-tax-evasion-report-11722530834453.html

IT industry body Nasscom says the latest tax demand reflects a lack of understanding of the sector’s operating model.

02 Aug 2024 04:48 PM
New

‘This GST is bad…’: Mamata Banerjee on why Centre should roll-back GST on insurance premiums

Source: https://www.livemint.com/politics/this-gst-is-bad-mamata-banerjee-on-why-centre-should-roll-back-gst-on-insurance-premiums-11722528242731.html

The West Bengal chief minister also threatened to protest if the government does not withdraw the ‘anti-people’ GST.

02 Aug 2024 04:44 PM

Infosys tax evasion: Karnataka GST body withdraws pre-show-cause notice, orders response to taxman

Source: https://www.livemint.com/companies/news/infosys-tax-evasions-says-karnataka-gst-watchdog-withdraws-pre-show-cause-notice-11722527466379.html

Infosys said in a regulatory filing to the stock exchanges that the Karnataka GST authority has withdrawn the pre-show-cause notice against the IT giant.

02 Aug 2024 04:39 PM

GST collections for July 2024 at ₹1.82 trillion, up 10.3% YoY

Source: https://www.livemint.com/economy/gst-collections-for-july-2024-at-1-82-trillion-up-10-3-yoy-11722520252198.html

The proceeds from the indirect tax were higher than ₹1.74 trillion collected by the governments in June 2024.

01 Aug 2024 06:21 PM

Taxman puts Infosys on notice for over ₹32,000 crore

Source: https://www.livemint.com/companies/news/infosys-under-dggis-scanner-for-alleged-gst-evasion-of-over-rs-32-000-crore-report-11722435153161.html

Infosys, India's second-largest technology services provider, said it believes the tax does not apply to the services in question.

31 Jul 2024 06:27 PM

Nitin Gadkari urges FM Nirmala Sitharaman to remove 18 per cent GST on life, medical insurance premiums: Report

Source: https://www.livemint.com/economy/nitin-gadkari-urges-fm-nirmala-sitharaman-to-remove-18-per-cent-gst-on-life-medical-insurance-premiums-report-11722406056606.html

Nitin Gadkari has urged Finance Minister Nirmala Sitharaman to remove 18 per cent GST on life and medical insurance premiums as it leads to taxing the uncertainties of life and restricts the sector’s growth

31 Jul 2024 06:13 PM

Budget is done. Time to review your financial strategy?

Source: https://www.livemint.com/market/stock-market-news/stock-market-investors-market-nifty-keanu-reeves-union-budget-2024-tax-reits-public-sector-units-gdp-rbi-gst-11722331566553.html

New Delhi: The name Henry G. Davis might not ring a bell for most people today, but in the pre-World War II era, he was among the shining stars on Wall Street.

31 Jul 2024 06:23 PM

Mint Explainer: What's stopping states from reducing stamp duty

Source: https://www.livemint.com/economy/stamp-duty-registration-fee-real-estate-property-tax-state-revenue-vat-excise-duty-gst-mint-explainer-state-taxes-11722333128525.html

The Centre wants states to moderate stamp duty and offer women buyers a differential and lower rate. While presenting the Union Budget 2024-25 on 23 July, finance Minister Nirmala Sitharaman announced that stamp duty reforms would be made an essential component of urban development schemes.

30 Jul 2024 05:56 PM

GST Registration Approval Time Averages 12.82 Days: Govt

Source: https://taxguru.in/goods-and-service-tax/gst-registration-approval-time-averages-12-82-days-govt.html

On 29th July 2024, the Ministry of Finance addressed the delay in GST registration for businesses in Lok Sabha Unstarred Question No. 1059. Minister of State Shri Pankaj Chaudhary provided details on the average approval times: 8.61 days for applications without clarifications and 17.69 days for those needing further information. The overall average approval time was 12.82 days from application submission. Delays often occur when additional documents or clarifications are required, despite the CGST Rule, 2017 mandating a 7-day approval period post Aadhaar authentication or document submission. Businesses facing delays can register complaints through various channels: the GSTN toll-free number (1800-102-1786), the GSTN self-service portal, or via online chat with GITA on the self-service portal. This ensures multiple avenues for businesses to resolve their GST registration issues efficiently.