21 Sep 2023 05:49 PM
New

Liquidity deficit hits ₹1.46 tn

Source: https://www.livemint.com/news/india/liquidity-deficit-hits-1-46-tn-11695224314388.html

Banks’ borrowing from the Reserve Bank of India through the marginal standing facility window also stood higher at ₹ 1.97 trillion. MSF is a window for banks to borrow from RBI when interbank liquidity dries up.

21 Sep 2023 05:53 PM
New

GST Network new ledger for ITC reversal and reclamation: How it works? Steps that taxpayers need to take

Source: https://www.livemint.com/money/personal-finance/gst-network-new-ledger-for-itc-reversal-and-reclamation-how-it-works-steps-that-taxpayers-need-to-take-11695262294307.html

In a bid to simplify compliance and provide better visibility to the regulator, the Goods and Services Tax Network (GSTN) has introduced an all-new ledger to track the reversal and reclamation of the Input Tax Credit (ITC). Known as Electronic Credit and Re-claimed Statement (ECRS), it will provide taxpayers with the balance of all input tax credit that has been reversed and reclaimed on a particular date.

21 Sep 2023 05:59 PM
New

Advisory on Issue of B2B e-Invoices for Government Supplies

Source: https://taxguru.in/goods-and-service-tax/advisory-issue-b2b-e-invoices-government-supplies.html

The National Informatics Centre has issued a crucial clarification regarding the issuance of Business-to-Business (B2B) e-invoices for supplies made to government departments or agencies. This clarification aims to provide insights into the applicability of e-invoicing rules and compliance for transactions involving government entities.

20 Sep 2023 05:31 PM

Advisory: Geocoding Functionality for Additional Place of Business

Source: https://taxguru.in/goods-and-service-tax/advisory-geocoding-functionality-additional-place-business.html

Goods and Services Tax Network (GSTN) announces the activation of geocoding functionality for the “Additional Place of Business” address across all States and Union Territories. This development builds upon the successful implementation of geocoding for the principal place of business, a feature introduced in February 2023. To ensure transparency, consistency, and accuracy, GSTN has geocoded over 2.05 crore addresses for both principal and additional places of business to date, with new addresses being geocoded since March 2022 at the point of registration.

19 Sep 2023 06:56 PM

Gadkari’s diesel tax gaffe underscores policymakers' need to focus on outcomes, not the process

Source: https://www.livemint.com/opinion/online-views/gadkaris-diesel-tax-gaffe-underscores-policymakers-need-to-focus-on-outcomes-not-the-process-11695036974135.html

Minister for Road Transport and Highways Nitin Gadkari is undoubtedly a man in a hurry. His go-getter attitude has undoubtedly transformed highway construction in India. Under his remit, the pace of road construction in India has leapfrogged from around 3 km per day to around 37 km per day.

19 Sep 2023 07:05 PM

WTC Mumbai submits memorandum for GST issue redressal

Source: https://economictimes.indiatimes.com/small-biz/gst/wtc-mumbai-submits-memorandum-for-gst-issue-redressal/articleshow/102831432.cms

This memorandum highlights the emerging challenges or concerns of the industry and suggests suitable recommendations to address these challenges.

16 Sep 2023 05:40 PM

Thirty one GST appellate tribunal benches to be set up across the country

Source: https://www.livemint.com/news/india/thirty-one-gst-appellate-tribunal-benches-to-be-set-up-across-the-country-11694787906443.html

New Delhi: The Centre has notified setting up of 31 GST appellate tribunal benches across the country to ensure quick resolution of disputes related to Goods and Services Tax (GST) between the government and businesses, and central and state governments.

16 Sep 2023 05:47 PM

GST Council Newsletter for the month of August 2023

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-august-2023.html

GST Council recommended certain amendments in CGST Act, 2017 and IGST, Act 2017, including amendment in Schedule III of CGST Act, 2017, to provide clarity on taxation of supplies in casinos, horse racing and online gaming

15 Sep 2023 05:39 PM

GST on brand name usage baffles banks

Source: https://www.livemint.com/industry/banking/gst-on-brand-name-usage-baffles-banks-11694715629173.html

Banks are facing uncertainty on the applicability of goods and services tax (GST) on the use of a common brand name of the bank by all its branches and subsidiaries, said two people privy to the development.

14 Sep 2023 05:37 PM

Sovereign Gold Bond: Five reasons to buy SGB series-II that closes for subscription tomorrow

Source: https://www.livemint.com/money/personal-finance/sovereign-gold-bond-five-reasons-to-buy-sgb-series-ii-that-closes-for-subscription-on-september-15-11694680454137.html

Sovereign Gold Bonds (SGBs) offer assured returns, no storage hassles, no capital gains tax, can be used as collaterals for loans, and have no GST or making charges