- 02 Jan 2024 05:21 PM
- New
Indian stock market: 6 things that changed for market overnight - Gift Nifty, rise in oil prices to steady dollar
Indian stock market: The domestic equities are likely to open on a positive note Tuesday following mixed cues from global peers.
The Asian markets traded mixed while the US stock futures were flat after returning from a holiday. Investors await key economic data from the Asian region, while keeping an eye on crude oil prices amid tensions in the Red Sea.
- 01 Jan 2024 05:57 PM
- New
Mint Explainer: What to expect from the 16th Finance Commission
The Central government named former vice chairman of Niti Aayog Arvind Panagariya as the chairperson of the 16th Finance Commission. Mint takes a look at what to expect from the new commission, especially when revenue sharing among states is a controversial subject. Panagariya, also a professor at Columbia University, is expected to begin consultations with all states shortly after taking charge.
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- 01 Jan 2024 05:53 PM
- New
Asian Paints gets tax demand of ₹13.83 crore, penalty of ₹1.38 cr from Tamil Nadu GST authority
Asian Paints on Monday said that it has received ₹13.83 crore tax demand, with a ₹1.38 crore penalty from the Deputy Commissioner of State Tax, Chennai, Tamil Nadu.
"An order passed under relevant provisions of the Central Goods and Services Tax Act, 2017 and the corresponding provisions... demanding additional tax on outward supplies, disallowance on account of account of Input Tax Credit (ITC) mismatch between the purchases reported by the supplier in GT return and credit claimed by the company....," Asian Paints said.
- 01 Jan 2024 06:10 PM
Advisory on functionalities available on GST portal for GTA taxpayers
Introduction: Dear GTA Taxpayers, as of 01/01/2024, essential functionalities are available on the portal for efficient Goods and Services Tax (GST) compliance. In this guide, we’ll walk you through the key features to streamline your experience.
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- 01 Jan 2024 06:01 PM
GST collection in December rises 10% YoY to ₹1.65 lakh crore
The government, on Monday, reported a 10 percent year-on-year increase in Goods and Services Tax (GST) collections, totaling ₹1.65 lakh crore, as announced by the Ministry of Finance on January 1.
Although the December GST collections of ₹1.65 lakh crore are 2 percent lower than the ₹1.68 lakh crore recorded in November, it marks the tenth consecutive month where the monthly GST collection has surpassed the ₹1.5-lakh-crore threshold.
- 30 Dec 2023 06:13 PM
Advisory: Date extension for reporting opening balance for ITC reversal
In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electronic Credit and Re-claimed Statement on the GST portal. This ledger serves as a tool for taxpayers to track ITC that has been reversed in Table 4B(2) and subsequently reclaimed in Tables 4D(1) and 4A(5).
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- 30 Dec 2023 05:55 PM
Robust tax mop-up limits fiscal deficit to 50% of FY24 goal
New Delhi: The central government’s fiscal deficit stood comfortably at ₹9 trillion in the April to November period, about half of the estimated full-year target, as tax revenue grew in twin digits, and spending and subsidy outgo were broadly in line with estimates.
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- 30 Dec 2023 06:07 PM
CBIC extends GST dues recovery date
Source: https://www.livemint.com/news/india/cbic-extends-gst-dues-recovery-date-11703873865930.html
New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover dues from businesses for 2018-19 and 2019-20, as the government looks to resolve backlogs and bolster revenues.
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- 29 Dec 2023 05:27 PM
Zomato gets ₹ 401 crore show-cause notice over delivery charges
New Delhi: Food delivery giant Zomato has received a ₹ 401.7 crore show-cause notice for delivery charges collected over two and a half years. The notice, dated 26 December, asks why Zomato shouldn't be liable for this tax amount, including interest and penalties, for the period from 29 October 2019 to 31 March 2022.
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- 29 Dec 2023 05:45 PM
GST Council gives extra time to tax officials for recovery of FY19, FY20 dues
New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20). This move will allow additional time to central and state tax authorities to address backlogs in tax recovery.
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