- 25 Jul 2024 06:13 PM
- New
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.
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- 25 Jul 2024 06:06 PM
- New
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New Delhi: The government will set up an internal panel to overhaul the Income Tax Act, aiming to eliminate outdated provisions and enhance clarity, according to revenue secretary Sanjay Malhotra.
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- 24 Jul 2024 05:28 PM
- New
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.
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- 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.
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- 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
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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.
- 23 Jul 2024 05:36 PM
What does the economy need? The Economic Survey has few answers.
The Economic Survey serves no surprises. Reflecting the popular discourse, it lists the triple slack of low private sector investment, agriculture failing to make farmers prosperous despite substantial subsidies, and sluggish FDI as each responsible for hurting growth and job creation. But doesn’t spell out the policy changes needed to take the economy out of this pain.
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- 23 Jul 2024 05:48 PM
Budget basics: Your essential guide to the key numbers, in 18 charts
NEW DELHI : The Union Budget is an annual statement of where the central government plans to earn its revenues from and where it plans to spend. It contains several quantitative terms that are a recurring feature, capturing some key dimension of the government’s finances. Here are 18 numbers that matter in this annual statement of intent and here’s what Budget 2024 said about them.
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- 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
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- 23 Jul 2024 06:30 PM
Monthly GST Collections Surge- Gross GST collection July 2022 to June 2024
As of July 22, 2024, the Finance Ministry reported consistent growth in GST collections from July 2023 to June 2024, with amounts increasing month-over-month. Collections ranged from ₹1,48,995 crore in July 2022 to ₹1,73,813 crore in June 2024, reflecting a positive growth trend. The government has paid all GST dues to states and has settled Integrated GST (IGST) balances monthly. It has also fulfilled its GST compensation commitments for the period from July 2017 to June 2022, including additional support for the Covid-19 period with ₹1.1 lakh crore and ₹1.59 lakh crore released as loans. No pending payments are reported. While states, including Bihar, have expressed concerns over increased capital expenditure and requested fiscal support, these issues were discussed during the pre-Budget consultations but no further action has been specified.
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- 23 Jul 2024 06:34 PM
Agriculture Reforms and GST Impact in India: Key Insights
Source: https://taxguru.in/goods-and-service-tax/agriculture-reforms-gst-impact-india.html
Pankaj Chaudhary, addressed concerns about agriculture reforms and GST. He highlighted that agriculture is primarily managed by state governments, but the central government supports farmers through various schemes and increased budget allocations. Despite this, the GST Council, responsible for tax rates, has imposed an 18% GST on certain agricultural machinery to address inverted duty structures. The Council has not recommended reducing this rate, and no immediate changes are anticipated. The Minister also outlined significant achievements in agriculture, including increased budget allocations, record food grain production, enhanced productivity, and various farmer support schemes like MSP increases and income support programs.
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