- 25 Jan 2023 05:45 PM
- New
India's FY24 gross borrowing could be less than expected: Economists
The government's gross borrowing is expected to be a record ₹16 trillion (about $196 billion) for the fiscal year through March 2024, according to economists
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- 24 Jan 2023 05:38 PM
- New
India needs to use its fiscal armoury to fight inequality
The Oxfam 2023 report Survival of the Richest has set the cat among the pigeons. There is outrage from predictable quarters that it maligns India because it exaggerates its poverty and inequality. The report is also sought to be discredited for its wrong methodology in estimating people’s tax burden. For instance, one finding in the report is that the bottom half of India’s income earners pay nearly two-thirds of the goods and services tax (GST). This is an indirect tax and inherently regressive because it pinches the poor more than the rich. That is because the GST paid depends on the price of the product and not on the income of the payer. Naturally, as a proportion of income, it hurts the poor more. But since the rich have higher consumption and buy more expensive goods, their share of the total GST collected should be disproportionately more.
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- 24 Jan 2023 05:43 PM
- New
Swipe, tap or click: How digital payments power our GST intake
The introduction of a goods and services tax (GST) a little over five years ago was undoubtedly the single-biggest reform of indirect taxes in India. Compliances have eased, logistics have improved, tax incidence has steadily declined, and revenue growth as well as buoyancy have shown marked improvement.
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- 24 Jan 2023 05:47 PM
Tax credits for charity spending by businesses may go
The government is likely to introduce amendments to Goods and Services Tax (GST) law through the Finance Bill, 2023, denying businesses credit for the taxes paid while procuring goods and services that they provide to the community under their corporate social responsibility (CSR) obligations.
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- 24 Jan 2023 05:50 PM
Record e-way bills in December point to robust GST receipts in January
Monthly generation of e-way bills or electronic permits required for shipment of goods within and across states has shot up to an all time high in December, suggesting that Goods and Services Tax (GST) collection in January is likely to be robust
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- 24 Jan 2023 05:56 PM
How to resolve mushrooming GST disputes
Under GST, disputes arise from differences in tax paid by the assessees and the computation of tax liability by authorities.
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- 24 Jan 2023 06:02 PM
Representation Regarding Restriction for Claiming ITC
Source: https://taxguru.in/goods-and-service-tax/representation-regarding-restriction-claiming-itc.html
ALL GUJARAT FEDERATION OF TAX CONSULTANTS
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- 23 Jan 2023 06:09 PM
Uniform GST audits for easier compliance scrutiny on cards
Departmental GST audits have in recent months picked up momentum after businesses were given time to adapt to the new indirect tax regime rolled out in 2017.
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- 23 Jan 2023 06:12 PM
How GST brought cheer to some states, not others
New Delhi: The north-eastern states have been the biggest beneficiaries of the five-year-old goods and services tax (GST) regime, according to the Reserve Bank of India (RBI) report on State Finances released earlier this week. Mint explains how some states gained but others didn’t.
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- 23 Jan 2023 06:16 PM
Budget 2023: 7 experts list what the auto sector expects from this year's budget
Most analysts don't see major announcements in the space, however, they expect some PLI-like incentives, some relief in GST (especially for electric vehicles), and further smoothening in the manufacturing process.
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