22 Dec 2023 05:25 PM
New

No Health Tax Proposal for Tobacco Products: Govt

Source: https://taxguru.in/goods-and-service-tax/health-tax-proposal-tobacco-products-govt.html

Introduction: The Government of India, under the Ministry of Finance, has been under scrutiny regarding the implementation of a health tax on tobacco products. This move was suggested by the Parliamentary Committee on Health & Family Welfare, raising questions and concerns. In response to Unstarred Question No-1823 posed in the Rajya Sabha, the Minister of State in the Ministry of Finance, Shri Pankaj Chaudhary, provided insights into the current taxation system for tobacco and addressed the proposal for a health tax.

21 Dec 2023 05:38 PM
New

Banks’ liquidity deficit at near 8-yr high, traders eye repo rollover

Source: https://www.livemint.com/industry/banking/banks-liquidity-deficit-at-near-8-yr-high-traders-eye-repo-rollover-11703154151136.html

Mumbai: Indian banking system is facing a widening liquidity deficit, reaching levels last seen in 2016, that may prompt the central bank to provide another round of short-term cash infusion.

21 Dec 2023 05:35 PM
New

Budget 2024-25: NAREDCO seeks funds for completing stressed and stalled residential projects, input tax credit under GST

Source: https://www.livemint.com/budget/news/budget-2024-25-naredco-seeks-funds-for-completing-stressed-and-stalled-residential-projects-input-tax-credit-under-gst-11703142052176.html

In its pre-budget recommendations, realtors body NAREDCO has sought ₹50,000 crore more fund under SWAMIH to complete stalled housing projects across the country, saying this will benefit consumers as well as the industry.

21 Dec 2023 05:29 PM

GST Council can vet pleas on GST registration threshold: Finance minister

Source: https://www.livemint.com/news/india/gst-council-can-vet-pleas-on-gst-registration-threshold-finance-minister-11703096190162.html

New Delhi: Finance minister Nirmala Sitharaman on Wednesday said the request from Parliamentarians to raise the sales threshold for Goods and Services Tax (GST) registration can be looked into by the GST Council; however, she added that most small businesses ideally should be part of the GST chain.

20 Dec 2023 04:24 PM

Boon or bane? Decoding the reality of zero-cost EMIs

Source: https://www.livemint.com/money/boon-or-bane-decoding-the-reality-of-zero-cost-emis-11702986906052.html

New Delhi: Fancy the new smartphone launched recently that you want to own but cannot afford? No problem. Buy it now and pay for it over 3-8 months. This must be a loan, you may think. Well, that is true but there’s no interest to be paid. So, essentially, you are buying the phone on an interest-free loan. That’s no-cost EMI (equated monthly instalment) for you, ubiquitously being offered on most purchases, both online and offline. Even school fees can now be funded through such no-cost EMI schemes.

19 Dec 2023 05:59 PM

GST Compliance in 2023: File GSTR-9, E-invoice, Amnesty Scheme etc.

Source: https://taxguru.in/goods-and-service-tax/gst-compliance-2023-file-gstr-9-e-invoice-amnesty-scheme-etc.html

Introduction: As we step into the dynamic world of Goods and Services Tax (GST) in 2023, businesses are navigating a landscape marked by continual evolution. The compliance journey has become more intricate, with new regulations, opportunities, and tools reshaping the way organizations manage their GST obligations. This comprehensive guide is designed to be your compass through the complexities, offering insights into critical aspects such as filing Annual Returns, exploring the latest enhancements, and seizing opportunities like the Amnesty Scheme. Whether you’re a seasoned taxpayer or a newcomer to GST, this guide will equip you with the knowledge needed to navigate the intricate web of compliance, ensuring not only adherence to regulations but also capitalizing on the benefits offered by the latest changes in the GST ecosystem. Join us on this journey through the nuances of GST in 2023, where compliance meets opportunity and understanding the intricacies leads to a seamless and empowered business experience.

19 Dec 2023 05:41 PM

From Jewel Box to Market: 5 ways in which you can invest in gold

Source: https://www.livemint.com/money/personal-finance/from-jewel-box-to-market-5-ways-in-which-you-can-invest-in-gold-11702899721852.html

The latest series of Sovereign Gold Bonds (SGBs) released between December 18 and 22, 2023, has sparked a revived interest and contemplation among investors regarding gold-oriented investments. For those unfamiliar, SGBs are government securities measured in grams of gold. These bonds act as an alternative to possessing physical gold, representing not just the prevailing market value of gold upon maturity but also being tradable on the stock exchange.

19 Dec 2023 05:48 PM

Madras High Court Ruling: Impact on GST Council’s Recommendations

Source: https://taxguru.in/goods-and-service-tax/madras-high-court-ruling-impact-gst-council-recommendations.html

Introduction: The Madras High Court recently rendered a significant judgment on the nature of GST Council’s recommendations. In response to an unstarred question in the Lok Sabha, Shri Balashowry Vallabhaneni sought clarification on the implications of this ruling. This article delves into the key aspects of the judgment and its potential impact on the government’s authority to modify GST rates based on the Council’s suggestions. Read: GST Council Can Recommend Rates, But Can’t Determine Classification: HC

19 Dec 2023 05:55 PM

Subsuming Fuels Under GST: Government’s Stand and Implications

Source: https://taxguru.in/goods-and-service-tax/subsuming-fuels-under-gst-government-stand-implications.html

The inquiry posed by Shri Shyam Singh Yadav in Lok Sabha Starred Question No. 212 casts a spotlight on a pivotal aspect of tax policy— the potential subsuming of fuels like petrol, diesel, natural gas, and Aviation Turbine Fuel (ATF) under the Goods and Services Tax (GST). The question, scheduled for response on December 18, 2023, prompts the Ministry of Finance to elucidate the government’s stance on this matter. Minister of Finance, Shrimati Nirmala Sitharaman’s response, encapsulated in a statement, outlines the constitutional and legislative framework governing the inclusion of these fuels in the GST ambit. Notably, the absence of recommendations from the GST Council thus far underscores the complexity of the decision-making process, with considerations extending beyond fiscal implications to encompass broader economic and policy dimensions.

19 Dec 2023 05:52 PM

GST Collection Analysis: State-wise Breakdown and IGST Settlement

Source: https://taxguru.in/goods-and-service-tax/gst-collection-analysis-state-wise-breakdown-igst-settlement.html

The Lok Sabha Unstarred Question No. 2373, scheduled for response on Monday, the 18th of December, 2023, delves into the intricate details of the collection and distribution of Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Integrated Goods and Services Tax (IGST) by the Government of India. Raised by Shri Syed Imtiaz Jaleel, the question seeks comprehensive information on various aspects of the Goods and Services Tax (GST) system, focusing on the financial years over the last half-decade.