- 30 Jul 2024 05:56 PM
- New
GST Registration Approval Time Averages 12.82 Days: Govt
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.
Read More
- 30 Jul 2024 05:53 PM
- New
CBIC detect Rs. 36,374 Cr. Fake ITC in FY 2023-24
Source: https://taxguru.in/goods-and-service-tax/cbic-detect-rs-36374-cr-fake-itc-fy-2023-24.html
In a significant revelation, the Central Board of Indirect Taxes and Customs (CBIC) has reported a massive detection of fake Input Tax Credit (ITC) worth Rs. 36,374 crore for the financial year (FY) 2023-24. This figure, unveiled by Union Minister of State for Finance Shri Pankaj Chaudhary, underscores the scale of fraudulent activities involving fake ITC claims. The report highlights the growing trend of ITC fraud and outlines the steps taken by the government to combat this issue.
Read More
- 30 Jul 2024 05:46 PM
- New
Has Piketty cast a shadow on the budget’s tax proposals?
Thomas Piketty became famous for his seminal work that was published in a book titled Capital in the Twenty First Century. In this book, he focused on developed countries, especially the US, where he traced the growth of inequality.
Read More
- 27 Jul 2024 05:30 PM
Petroleum Products under GST
Source: https://taxguru.in/goods-and-service-tax/petroleum-products-gst.html
In the Lok Sabha session on 25 July 2024, unstarred Question No. 678 addressed whether petrol, diesel, and LPG/CNG might be included under GST. The Minister of State for Petroleum and Natural Gas, Shri Suresh Gopi, clarified that the inclusion of these petroleum products in GST requires a recommendation from the GST Council, which has yet to be made. The GST Council had previously deferred this issue during its 45th meeting on 17 September 2021 due to potential financial impacts on both state and central revenues. The proposal to bring these products under GST has not been revisited or recommended since then. While LPG is included in GST, the prices of other petroleum products under GST remain uncertain, and no conclusive impact on consumer prices can be assessed at this stage.
Read More
- 25 Jul 2024 06:13 PM
Budget 2024: ‘I want to relieve middle class, but I have limitations too,’ says Finance Minister Nirmala Sitharaman
The Finance Minister acknowledges the challenges the middle class faces and emphasises the government's efforts to provide relief through tax adjustments. However, these adjustments may not be sufficient for all middle-class taxpayers, particularly those with higher incomes.
Read More
- 25 Jul 2024 06:06 PM
Income Tax Act revamp: Govt to set up panel to make law simpler for taxpayers
New Delhi: The government will set up an internal panel to overhaul the Income Tax Act, aiming to eliminate outdated provisions and enhance clarity, according to revenue secretary Sanjay Malhotra.
Read More
- 24 Jul 2024 05:31 PM
Budget impact: ITC shares breach ₹500 for the first time on unchanged tobacco taxes, Jefferies’ upgrades to buy
ITC shares rise 3.7% post Budget 2024 as Jefferies upgrades to 'buy'. Stock hits ₹510.60 high with 19% July surge. Unchanged tobacco taxes, stable GST rates, and rural allocation boost non-tobacco businesses.
Read More
- 24 Jul 2024 05:28 PM
The budget proposed an income tax law review. Then tinkered taxes and pre-empted it.
Finance minister Nirmala Sitharaman has proposed complex changes in the direct and indirect tax regime that are sure to give the jitters to taxpayers and investors. Some changes take effect immediately, leaving little scope for tax planning.
Read More
- 23 Jul 2024 05:44 PM
Budget 2024: From F&O to GST optimisation — five things that Indian stock market seeks from FM Nirmala Sitharaman
Budget 2024 expectations: No change in capital gain tax, aggressive divestment policy, etc. are one of those major demands that the Indian stock market seeks from FM Nirmala Sitharaman
Read More
- 23 Jul 2024 06:27 PM
GST Refund Process for Canteen Store Department: Form GST RFD-10A
Editor 22 Jul 2024 1,128 Views 0 comment Goods and Services Tax | News
Sponsored
Goods and Services Tax (GST) system in India allows for the refund of tax paid on inward supplies of goods by the Canteen Store Department (CSD), as outlined in Circular No. 227/21/2024-GST issued by the GST policy wing. GSTN has developed an online functionality on the GST portal for CSDs to file refund applications using FORM GST RFD-10A. Applicants must follow specific prerequisites and relevant dates detailed in the circular. Refund applications must be filed sequentially for each tax period, and if no refund is claimed for a period, a NIL refund claim must be submitted. The process involves selecting the refund period, uploading invoice details, specifying refund amounts (IGST, CGST, SGST), and selecting the bank account for refund disbursement. Once submitted, refund applications cannot be modified. Any issues encountered can be reported via the GST grievance redressal portal.