Vodafone Idea has received an order from the Commercial Tax Office in Chennai South, Tamil Nadu confirming the penalty of Rs 27.3 crore with along with the demand and interest as applicable. The order passed under Section 74 of Integrated Goods and Services Tax Act, 2017. The penalty is for re-availment of credit reversed earlier in FY20. Read more...

The Transport Minister noted that the Nagpur Divisional Life Insurance Corporation Employees Union urged the removal of GST on life and medical insurance premiums. They argued that taxing these premiums unfairly targets individuals seeking security for their families and hampers the growth of the medical insurance sector. Read more...

Fake input tax credit (ITC) claims detection by central GST officers increased 51 per cent to Rs 36,374 crore in 2023-24, Parliament was informed on Monday. Minister of State for Finance Pankaj Chaudhary shared details of the fake input tax Credit (ITC) cases booked by Central Tax formations during the 2022-23 and 2023-24 fiscals in a written reply to the Lok Sabha. Read more...

The foundation of show cause notice itself was bad in law and the assumption that return could not have been filed in the GST portal of Telangana did not flow from Section 140 of the Central Goods and Services Tax Act, 2017. Read more...

Days after the Union Budget, the union government’s Revenue Secretary Sanjay Malhotra sat down for an extensive interaction with DH’s Gyanendra Keshri and Arup Roychoudhury. Read more...

One may be need to pay more for rice sold in loose quantities greater than 25 kg as it is not classified as an ‘agricultural farm produce.’ This may be possible because of the latest circular issued by the Central Board of Indirect Taxes & Customs (CBIC) based on recommendations of the GST Council. Read more...

Even though micro, small, and medium enterprises (MSMEs) are a key focus area of the Union Budget 2024-25, a section of the industry was left disappointed as it did not review the 45-day payment rule, which requires buyers from these firms to pay tax on delayed payments. Read more...

At the Grand Finale of the HSBC presents CNBC-TV18 SME Champion Awards, Nitin Gadkari, Minister of Road Transport & Highways, spoke about the pivotal role of Micro, Small, and Medium Enterprises (MSMEs) in driving innovation and technological advancement in India. Read more...

While Finance Minister Nirmala Sitharamans budget presentation included a 3 percent reduction in interest rates on education loans, which was welcomed by students from financially weaker backgrounds, it did not meet the broader expectations of the NEET community. Read more...

As Finance Minister Nirmala Sitharaman called for GST rate rationalisation in her Budget speech on July 23, CBIC Chairman Sanjay Kumar Agarwal pitched for a 3-tier rate structure, citing that the rationalisation should be with an aim to reduce litigation and keep rates aligned with their nature. Read more...

Finance Minister Nirmala Sitharaman on Tuesday said the government will strive to simplify further and rationalise GST (Goods and Services Tax). This move would help promote ease of doing business. Read more...

Finance Minister Nirmala Sitharaman on Tuesday tweaked the basic customs duty (BCD) on a slew of items such as mobile phones, gold, critical minerals, telecom equipment, marine products, among others, to give a leg up to domestic manufacturing and boost export competitiveness. Read more...

The government must remove or limit the 18 per cent Goods and Services Tax (GST) on mental health services, and allocate resources strategically to help India become a mentally resilient society, experts said on the eve of the Union Budget presentation on Monday. Read more...

Finance minister Nirmala Sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. The deduction, however, will remain unchanged at ?50,000 under the old tax regime. For family pensioners, the deduction will go up from ?15,000 to ?25,000 under the new regime, Nirmala Sitharaman said. Read more...

The overall expectations from the inaugural budget of the new government, on their third consecutive term, is high. It is expected that this Budget could unveil initiatives aimed at driving key sectoral growth, building infrastructure to the last mile and encouraging new age technology manufacturing. Read more...

The consumer durables sector outlines important expectations for policy considerations as the budget draws near. The industry is pushing for a 5 or 12 per cent GST cut on both entry-level and luxury appliances in order to increase affordability and spur growth for all income brackets. Read more...

The Ministry of Finance has issued an update on Goods and Services Tax (GST) registration processes, which will impact businesses across India. Read more...

The Central Board of Indirect Taxes and Customs (CBIC) via a social media post on July 19, 2024, said that the biometric-based Aadhaar authentication process for Goods and Services Tax (GST) Registration has been made compulsory for those taxpayers who have been identified based on data analytics and risk parameters. Read more...

Nazara Technologies subsidiary Openplay Technologies Pvt Ltd has received a show cause notice on July 16, 2024 from the Director General of GST Intelligence, Kolkata, for a proposed liability of ?845.72 crore for the period from 2017-18 to 2022-23. Read more...

The latest GST council meeting, held on 22 June 2024 set the stage for the announcements in the upcoming budget. The Council delved into multiple industry issues and addressed many matters, largely in favour of the industry. Read more...

In line with the goods and services tax (GST) Councils decision, the government on Wednesday announced that accommodation services less than or equal to Rs 20,000 per person per month and services provided by the ministry of railways to the general public have been exempted from GST with effect from July 15. Read more...

Giving an impetus to the stalled projects of the 44-km-long Ernakulam bypass, a greenfield national highway (NH) corridor linking Kundannoor on NH-66 bypass with Angamaly on NH-544, and the Kollam-Sengottai stretch on NH-744, the Kerala government has issued a government order waiving the State’s share of goods and service tax (GST) and royalty on raw materials for the construction of the two road projects. Read more...

As Finance Minister Nirmala Sitharaman prepares to present the Union Budget for the current financial year on July 23, stakeholders in the education sector have expressed high hopes for reforms and increased financial support. Read more...

Companies delaying payments by more than 45 days to micro and small enterprises (MSEs) for goods or services purchased from them will have to provide additional information in a revised MSME form 1, according to a July 15 notification by the Ministry of Corporate Affairs. Read more...

The nationwide Goods and Services Tax (GST), managed through a 100 percent data-driven digital and real-time tax network (GSTN), was launched on 1 July 2017. In line with yearly practice, monthly receipts and allocation data for June were due for release by the Government of India on 1 July 2024, the seventh anniversary of the GST system. Read more...

While Union Budget 2024 is eagerly awaited by various sectors of the economy, the Micro, Small, and Medium Enterprises (MSMEs) sector stands at the forefront for these expectations. MSMEs constitute the backbone of the Indian economy, contributing significantly to the GDP, to overall employment, and for exports. Read more...

Ahead of the Union Budget, the ministry of skills development and entrepreneurship has proposed amendments in direct and indirect tax rules and Companies Act 2013, with a view to creating a larger pool of employable workforce, and harnessing the demographic dividend. Read more...

Tax experts said the rules notified by the Central Board of Indirect Taxes and Customs (CBIC) following the decision on corporate guarantees in the GST Council meeting on June 22 were draconian and results into significantly higher cost and are detrimental to taxpayers. Read more...

Acting on specific intelligence, officials of the Preventive Unit of Central GST, Belagavi Commissionerate, busted a fake GST invoice racket of Rs 132 crore, involving fake Input Tax Credit (ITC) of Rs 23.82 crore, and arrested one accused. Read more...

India’s leading luxury car manufacturer, Mercedes-Benz, continues to support the government’s sustainability goals as it launched its most affordable electric vehicle (EV), the EQA. In a conversation with Santosh Iyer, the Managing Director and CEO of Mercedes-Benz India, he revealed that the Battery Electric Vehicle (BEV) market has expanded by 60 per cent. Read more...

Finance Minister Nirmala Sitharaman is preparing to present the first Budget in the third term of the BJP-led NDA government on July 23, 2024. Read more...

The National Restaurant Association of India has raised the issue of the lack of input tax credit for the restaurant industry with the Union finance ministry. Read more...