GST DAY
Need to unbundle natural gas marketing and transportation, says Indian Gas Exchange CEO
Indian Gas Exchange (IGX) CEO Rajesh Kumar Mediratta advocated for an independent system operator to ensure fair access to natural gas pipelines' full capacity for all market players. He proposed the split of gas companies into separate marketing and transportation entities. He emphasised the need for a level playing field through equal access to information and charge mechanisms. Mediratta suggested measures for developing the domestic natural gas market, including bringing gas under GST and enforcing open access in city gas areas.
Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is "Sashakt Vyapar Samagra Vikas" (Empowered Trade Overall Growth).
MSME Day 2024: Participation of women in MSMEs increases but challenges remain
MSME Day 2024: While the role of women has increased significantly in India’s MSME set-up, certain challenges remain which need to be soon addressed. Notably, the women-led MSMEs play a critical role in this set up. They contribute significantly to employment and investment.
Fertilizer stocks plummet up to 9% as GST Council refers exemption recommendation to GoM
Fertilizer stocks like Fertilizers & Chemicals Travancore, GNFC, GSFC, Madras Fertilizers fell up to 9% as the GST council referred a recommendation on exempting the sector from 5% GST to Group of Ministers for rate rationalisation.
Taxpayers can amend sales return form before GST payment
GST taxpayers can now amend Form GSTR-1 with Form GSTR-1A before tax payment, ensuring accurate GSTR-3B filing. Partners like Abhishek Jain from KPMG appreciate the revision option, anticipating mechanisms like GSTR-2B for credit reconciliation. BDO India's Maulik Manakiwala highlights industry consultation, simplifying GST law and compliance, with exemptions for small taxpayers from GSTR-9/9A filings.
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
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Tax sops on accommodation to give leg up to co-living biz
The GST Council's recommendation to exempt GST on accommodation services up to ₹20,000/month benefits the co-living industry, students, and corporate employees. Previously, there was 18% GST on services, clarifying exemptions for hostels and accommodations for professionals.
Simplify GST: Adopting the KISS principle for reform
Sin taxes contradict growth policies like 'Make In India'. 5-star hotels create jobs and attract investment, impacting FDI. Taxing luxury items hampers economic growth and consumer spending.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
Customs department warns against new parcel fraud:'Drug was found in your parcel, will inform police'; how to save yourself from this fraud
New parcel scam: The Central Board of Indirect Taxes and Customs (CBIC) has stated that several people complained to them about a fake parcel scam being conducted in the name of customs. In this scam you get a call from a fake officer informing you that cocaine or other drugs have been found in a parcel with your name. Read to know more about this scam and how to stay safe.
Shipping delays and disruptions erode profitability of MSMEs: Ketan Kulkarni, Allcargo Group
Extended transit times can result in increased transportation expenses and potential penalties for late deliveries, further straining financial resources, says Ketan Kulkarni, Chief Growth Officer, Allcargo Group.
Delta Corp shares surge 15% on GST cut hopes
Shares of Delta Corp, the sole listed company in India's casino gaming industry, saw a significant surge of nearly 15%. This increase in stock price came amidst expectations that the Goods and Services Tax (GST) Council might review the tax structure applicable to online gaming in its upcoming meeting scheduled for June 22.
Siddaramaiah blames GST regime for taxes on autofuel, even as BJP takes out bullock-cart protest
CM Siddaramaiah blames GST regime for fuel price hike, leading to protests by BJP leaders. Petrol price in Bengaluru now Rs 102.84, diesel Rs 88.95.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
GST Council likely to consider a review of 28% tax on online gaming at June 22 meeting
The council may also take up recommendation of the fitment committee on inverted duty structure of 15 items, officials aware of the matter told ET. However, a broader process of rate rationalisation may be pushed for later, they said.
GST Council meeting scheduled for June 22 in New Delhi
The 53rd meeting of the GST Council is slated to convene on June 22, 2024, in New Delhi, following the inauguration of a new government. Previously, the 52nd Meeting of the GST Council took place on October 7, 2023, in New Delhi, with Union Finance & Corporate Affairs Minister Nirmala Sitharaman presiding as the chairperson.
Fund released for farmers was due month ago, PM Modi did no special favour to them: Congress
Congress criticizes PM Modi for delayed release of PM-Kisan Samman Nidhi fund, calling it farmers' legitimate entitlement. Demand for legal MSP, farm loan waiver to benefit farmers.
Fund released for farmers was due month ago, PM Modi did no special favour to them: Congress
Taking charge as prime minister in his third term, Modi on Monday signed his first file authorising the release of the 17th instalment of the PM-Kisan Samman Nidhi fund, amounting to nearly Rs 20,000 crore that will benefit around 9.3 crore farmers.
GSTN rolls out form for tobacco manufacturers to report inputs, outputs to tax authorities
The GST Network (GSTN) has introduced a new form, GST SRM-II, for manufacturers of pan masala and tobacco products to report inputs and outputs, aiming to curb tax evasion. This form, implemented shortly after the rollout of GST SRM-I for registering machines, requires detailed monthly reporting. The Central Board of Indirect Taxes and Customs (CBIC) had announced these changes in January to enhance GST compliance for such manufacturers, with penalties for non-compliance.
Central Excise Bill may be introduced in budget session
The Centre is set to introduce the Central Excise Bill, 2024 to replace the outdated Central Excise Act, 1944 and align excise law with GST and customs. The bill aims to reduce compliance burden, enhance transparency, and address excise duty exemptions for SEZs. It also empowers authorities to demand duty and introduces the concept of 'related persons' from customs and GST laws.
Gas sector may come under GST purview in Modi 3.0, GAIL, MGL to be top beneficiaries: Citi
Citi Research suggests yet-to-form NDA government could bring gas sector under GST tax. Top bets in energy sector are GAIL (India) and Mahanagar Gas Limited (MGL).
India has come a long way from fragile 5 days, time to race ahead
While India is integrating into global value chains (GVCs), the benefits via higher overall exports are not yet visible. We also need to create millions of jobs for youth joining the working-age population. There are also global uncertainties to navigate. Higher volatility, repeated supply shocks, higher geopolitical risks and climate change are the new normal. Against this backdrop, the agenda for the next five years requires prioritisation based on five key issues.
Energy transition, electrification theme to provide big investment opportunity: Nirav Sheth
We need to look forward to the next big critical event which is budget and I believe that that will set the tone for what India needs to do for the next 5-10 years and I believe that you are likely to see a reasonable level of indirect reforms.
No tax recovery within three months of notice, says CBIC
The letter was written after the board noted that many tax officers were abusing the exceptional case clause, initiating recovery proceedings before the expiry of the specified three-month period, even in routine cases, forcing the companies to move courts to seek stay on the recovery process. This attracted not only adverse comments from the judiciary but in some cases even penalty.
Mallikarjun Kharge promises to exclude agricultural equipment from GST ambit if voted to power
Congress President Mallikarjun Kharge declared that if the INDIA bloc gains power, they will exempt agricultural equipment from GST. He criticised the current government for firing tear gas at protesting farmers. He promised legal MSP guarantee and free grains distribution. He further addressed the drug issue in Punjab, and pledged support for MSMEs.
View: Your first 100 days to-do list, Gov
The upcoming government will have its work cut out for it as it steps into power following the conclusion of the 18th Lok Sabha polls. While the current administration has made strides in improving the business environment in India, there are key reforms that the new government must prioritize to fully capitalize on the country's growth potential.
Nifty’s next move to 25,000 will come with a GST rate rejig: Ajay Srivastava
Ajay Srivastava, CEO of Dimensions Corporate, highlights the need for a GST rate rejig to boost the consumer side of the market. He emphasizes the importance of stimulating consumption to enhance the overall market performance. Srivastava also says that this is a market which favours momentum investing more than value investing and that is the key takeaway as the market hits new highs.
Angel tax destroyed startup ecosystem, GST killed gaming industry, says Priyank Kharge
His comments come as political parties are in the middle of the Lok Sabha election, with two more phases scheduled over the next ten days.
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