NEWS ABOUT GST
Concierge services take off in India
The concierge services industry in India is witnessing significant growth, catering to diverse needs ranging from luxury purchases to everyday assistance. Companies like Indulge Global, RedBeryl, and Pinch are expanding their services to meet the demands of a wider customer base, including high net worth individuals (HNIs). These services cover a broad spectrum, from organizing exclusive events and securing rare items like Birkin bags to providing emergency assistance such as air ambulances or arranging safe returns after a night out.
Budget 2024: 'More FAME, Less GST' - What the EV industry wants from FM Sitharaman
Industry players are looking forward to potential GST concessions and incentives for electric vehicles in the upcoming Budget FY25. Expectations include policies like FAME 3.0 to enhance the EV ecosystem, promote R&D, and support local manufacturing for sustainable transportation in India.
GST inclusion may double natural gas demand in seven years: Sanjay Kumar, GAIL
We are also hearing this that the excise duty on CNG may be considered for rationalisation by government because the other tax that is there on CNG is basically state VAT.
Post-Covid, 6,000 challengers have emerged that will take on market leaders in next 5 years: Saurabh Mukherjea
Saurabh Mukherjea says the last four years, the post-COVID era, has been about democratisation of profit pools. But it is not democratisation for everybody. It is democratisation for roughly 6,000 companies that are below the top layer, the second decile. In the next five-six years, the challengers will come after the ruling dominant franchises in the country with disruptive, lean, efficient models.
Valuations are up... will profits keep pace?
The market's high valuations necessitate positive earnings surprises for comfort, with bond yields and investor sentiment influencing market trends significantly.
India's economy: A-Z all you need to know before announcement of Union Budget
Union Budget will be announced by Finance Minister Nirmala Sitharaman in late July. The report covers key economic indicators, including India's GDP growth at 7.8% in Q4FY24, concerns over consumption expenditure, stable retail inflation at 4.7%, fiscal deficit reduction to 5.6% in FY24, and a narrowing trade deficit | Budget 2024
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Stocks in news: Happiest Minds, IREDA, Maruti Suzuki, RBL Bank, Shree Cement
India's third largest cement manufacturer Shree Cement announced achieving installed power capacity of 1,000 MW with the commissioning of a 19.5 MW solar power plant at its Andhra Pradesh unit.
India’s ‘sin’ is govt’s bounty: GST cess may deliver Rs 70,000 cr bonanza
The Centre is anticipating a significant surplus of approximately Rs 70,000 crore from GST compensation cess collections, even after repaying loans taken during the Covid-19 period on behalf of states. This unexpected windfall is due to robust collections from sin goods like pan masala, cigarettes, and automobiles. Officials suggest that this surplus could allow for early loan repayments and still leave a substantial amount for other uses.
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.
Bulls Charge Ahead: Investors reap over ₹1 L cr as Sensex, Nifty hit new highs
The 30-share BSE Sensex rose 141 points to settle at 77,479. The broader NSE Nifty gained 51 points to end at 23,567. From the Sensex pack, JSW Steel, Tata Steel, ICICI Bank, Reliance Industries, and Kotak Mahindra Bank emerged as the top gainers, each rising over 1%. Conversely, Sun Pharma, M&M, NTPC, SBI, and Wipro were the top laggards. The Nifty Pharma index fell by 0.5%, primarily due to a 2.2% drop in heavyweight Sun Pharma's shares after its Dadra facility received a warning letter from the US drug regulator.
CII wants Modi 3.0 govt to push land, labour, agri reforms to boost growth
Industry body CII on Thursday made a case for pushing reforms in sectors like land, labour, and agriculture by the Modi 3.0 government to accelerate economic growth, which is estimated to be around 8 per cent in the current financial year. CII President Sanjiv Puri said a lot of policy interventions in the past have put the economy on "a much stronger wicket".
In a growing economy, new defensive sectors tend to emerge: 5 tiles and ceramic and home makers stocks with upside potential of up to 41%
Many times the word, defensive stocks is used on the street. Most of the time it is FMCG, pharma and others which are referred to as defensive stocks. The reason being that the demand for these companies is steady and is not impacted much even when there is any slowdown in an economy. The question is in an economy which is growing faster and new areas of consumption are coming up every second day, where the demand from being seasonal and cyclical has reached a stage where in all economic conditions it stays above single digit, shouldn't those also be considered as defensive and valued accordingly. Probably the Indian economy has reached a stage where the demand for tiles, ceramic and home building products, ex-cement has reached a level where in worst cases it will not go below a point.
Mandatory scrutiny of ITR: Income tax dept reveals the criteria how the ITRs will be selected for the scrutiny
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
Health insurance premium shot up over 25% last year for 52% policyholders, finds survey; here's how the impact can be reduced
Health insurance: Premiums of health insurance policies went up by more than 25% for 52% policyholders in India over the last 12 months. In this article we tell you how this will impact senior citizens and others and how you can take steps to reduce its impact if you are a new health insurance policy buyer.
GST National Coordination meeting on Friday may discuss tightening noose on fake registrations
Central and state GST officers will convene to discuss various issues, including stricter registration norms to combat fake companies evading taxes. This meeting follows record-high GST collections of Rs 2.10 lakh crore in April, driven by economic momentum and enhanced scrutiny. Among the topics on the agenda are tightening GST registration to deter fraudulent companies and tracking the money trail of GST fraud masterminds.
Vodafone Idea FPO: 5 things to know about India's largest Rs 18,000 crore FPO
Vodafone Idea owes over Rs 2 lakh crore debt to the government, with a large part of it under moratorium until 1HFY26. Post the equity fund-raise, govt shareholding will fall to 24% from 32%.
GSTR-1 deadline has been extended today as recommended by GSTN due to difficulties in filing
GSTR-1 deadline: The last date to file GSTR-1 for March 2024 tax period was April 11, 2024, however GSTN has recommended to the Central Board of Indirect Taxes and Customs (CBIC) that the deadline to file GSTR-1 be extended by one day to April 12, 2024. However as of 1 pm on April 12, 2024 no circular or notification from CBIC has come in this regard.
Congress manifesto resembles Pakistan elections agenda: Assam CM Himanta Biswa Sarma
Assam CM Himanta Biswa Sarma criticizes Congress, alleging their manifesto mirrors Pakistan's elections agenda, emphasizing appeasement. On BJP's foundation day, Sarma invites unity, highlighting BJP's national contributions. Congress vows changes in Manipur, focusing on reconciliation, while BJP condemns their alleged appeasement politics.
Paying gas, electricity, and other utility bills using YES Bank credit card to get costlier from May 1, 2024
YES Bank has revised certain features available on all its credit cards except its premium card variant-private. Further experts say that YES Bank is the first bank in India to impose a 1% extra charge on all utility bill payments via credit cards. A utility bill payment can comprise of paying bills for gas, water, electricity, etc.
Axis Bank revises rules for accessing airport lounges and others; these debit cards to be less rewarding
Axis Bank debit card rules: Airport lounge access rules, BookMyShow offer, EDGE rewards, etc on various Axis Bank debit cards like Burgundy, Priority, Delight, Online rewards, etc have been revised. Now a minimum transaction limit needs to be achieved for airport lounge access. Apart from this, the BookMyShow offer on certain Axis Bank debit cards have also been revised.
Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
The deadline to file updated income tax return (ITR-U) is March 31, 2024 for FY 2020-21 . In light of this deadline, the tax department is sending intimation to taxpayers urging them to check the AIS/Compliance portal regarding identified specified/high value transactions. If an individual is not being able to explain these transactions or give a satisfactory response, income tax notice will be sent.
Deadline for opting GST Composition Scheme for FY 2024-25 is March 31, 2024; file CMP-02 form if eligible
Goods and Services Tax (GST): If you are GST registered and wish to apply for GST Composition scheme for FY 2024-25, then the last date to apply is March 31, 2024. All you need to do is login to the GST portal and go to 'Application to opt for Composition Levy' under Registration tab.
What is the last date to file GST annual return and who should file it?
Goods and Services Tax (GST) annual return has to be filed by every GST registered individual whose annual turnover is over a specified limit. However for filing GST annual return, taxpayers have to file their monthly or quarterly GST return first. GST annual return has to be filed using GSTR 9 and GSTR9C if required.
Overseas job recruitment agents cannot charge more than Rs 30,000: Govt
The Ministry of External Affairs (MEA) has cautioned Indians seeking a job offer abroad to not overpay service fee to overseas recruitment agents. This is because it was noticed that individuals were paying money to the tune of Rs 2 to 5 lakh for overseas job offers.
Upcoming Elections: A short-term rollercoaster ride with a neutral long-term outlook
Elections have been a topic of intense discussion, with investors, traders, retail players, and institutions alike weighing in on the potential impact the upcoming elections may have on the Indian markets.
Don’t be too greedy or too fearful: Chirag Mehta of Quantum Mutual Fund
"With global inflation still above central bank targets, one can expect a ‘higher for longer’ monetary policy stance. Easing of policy is expected in mid-2024 as central bankers try to strike a balance between curtailing inflation and supporting growth," says Chirag Mehta, CIO, Quantum Mutual Fund.
Govt serves online gaming companies tax notices worth Rs 1 lakh crore
Indian tax authorities have served notices worth about 1 trillion rupees ($12.03 billion) to online gaming companies, a government official said on Wednesday
GST registration: How to apply for goods & services tax number in India in 6 steps
Anybody who wants to register or have to register for GST needs to fill up GST REG-01 form online on the GST portal website. This form has two parts- A and B. While part A is simple and easy to fill, it is part B which asks for specific operational details.
What is the penalty for not getting income tax audit done when mandatory?
An income tax audit report has to be mandatorily uploaded on the income tax return (ITR) portal by September 30 for those who are required to conduct an income tax audit. However even if the deadline is missed, one still has to upload the audit report by paying a penalty.
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