02 Jun 2023 04:46 PM
New

May GST haul swells 12% to ₹1.57 trillion

Source: https://www.livemint.com/news/india/may-gst-collection-in-india-reaches-1-57-trillion-up-12-yoy-experts-expect-double-digit-growth-to-continue-11685641152745.html

New Delhi: Central and state governments collected ₹1.57 trillion in Goods and Services Tax (GST) in May, 12% more than what they netted from the indirect tax a year ago, the finance ministry said on Thursday.

02 Jun 2023 04:49 PM
New

Stock market likely to get a macro boost; which sectors should you bet on?

Source: https://www.livemint.com/market/stock-market-news/stock-market-likely-to-get-a-macro-boost-today-which-sectors-should-you-bet-on-11685674434976.html

This could be one of the most opportune times to bet on the Indian market. The sentiment is bullish due to strong foreign fund flows, impressive quarterly results by India Inc., strong macroeconomic numbers and market-friendly economic policies.

02 Jun 2023 04:52 PM
New

India’s GST Revenue for May 2023 Surpasses ₹1.57 Lakh Crore

Source: https://taxguru.in/goods-and-service-tax/indias-gst-revenue-may-2023-surpasses-1-57-lakh-crore.html

The gross GST revenue collected for May 2023 in India amounted to ₹1,57,090 crore, representing a 12% year-on-year growth compared to May 2022. This marks the 14th consecutive month with GST revenues exceeding ₹1.4 lakh crore and the 5th time crossing ₹1.5 lakh crore since the implementation of GST.

01 Jun 2023 05:05 PM

India's economy to grow 6.5-6.7% in FY24: Industry body

Source: https://www.livemint.com/economy/indias-economy-to-grow-at-6-5-6-7-in-fy24-industry-body-11685613352766.html

The Indian economy remains resilient in the face of a challenging global environment, CII said

01 Jun 2023 05:14 PM

e-Waybill System – 2 Factor Authentication, Deregistration & Common Enrollment

Source: https://taxguru.in/goods-and-service-tax/e-waybill-system-2-factor-authenticationderegistration-common-enrollment.html

Latest Updates on 2 Factor Authentication, Deregistration of Enrolment, and Common Enrollment in e-Waybill System

31 May 2023 05:31 PM

Bringing electricity under GST is likely to take 5-10 years: Sushil Kumar Modi

Source: https://www.livemint.com/economy/bringing-electricity-under-gst-is-likely-to-take-5-10-yrs-11685469274235.html

NEW DELHI : The proposal to include electricity under goods and services tax (GST) is likely to take another five-10 years as states are not yet convinced, and it is still being considered by the GST Council, Sushil Kumar Modi, a member of the Rajya Sabha and former deputy chief minister of Bihar, said in an interview on sidelines of Mint India Public Policy Summit on 26 May. Besides, bringing petroleum products under GST will not be viable, Modi added.

31 May 2023 05:35 PM

Govt mulls import duty cut on solar panels to 20%: report

Source: https://www.livemint.com/industry/energy/govt-mulls-import-duty-cut-on-solar-panels-to-20-report-11685463631453.html

The government is also seeking a rollback in GST on the devices to make up a shortfall in domestic output amid rising demand for renewable energy, the report said

31 May 2023 05:38 PM

Calculate the tax owed on your purchases with a GST calculator

Source: https://www.livemint.com/brand-stories/calculate-the-tax-owed-on-your-purchases-with-a-gst-calculator-11685524277141.html

As a small business owner, you are used to calculating your GST requirements and making the necessary payments on a monthly basis. Speed up this process and easily know how much tax you owe with the help of a digital GST calculator. Such calculators use specific formulae to quickly calculate GST for purchasers, manufacturers, wholesalers, and retailers.

30 May 2023 05:26 PM

Decoding the tax impact of ₹2,000 note cash deposits

Source: https://www.livemint.com/money/personal-finance/understanding-tax-implications-of-cash-deposits-in-2-000-notes-rbi-s-announcement-demonetization-2-0-panic-11685380666983.html

The Reserve Bank of India (RBI) made two big announcements on 19 May. It announced a threshold exemption limit of ₹7 lakh for applicability of TCS @ 20% in respect of international credit card spends. Secondly, it announced withdrawal of ₹2,000 notes from circulation. RBI has advised the public to deposit their ₹2,000 notes into their bank accounts and/or exchange them into bank notes of other smaller denominations at any bank branch until 30 September. The exchange limit has been restricted to ₹20,000 at a time.

30 May 2023 05:39 PM

Don’t kill gaming with senseless taxation

Source: https://www.livemint.com/opinion/online-views/dont-kill-gaming-with-senseless-taxation-11685427895491.html

On May 11 the Karnataka High Court delivered a ruling on how to tax online games such as Rummy, which should inform the decisions of the Goods and Services Tax Council when it meets in June. The court’s ruling should persuade the council to dump the recommendation of a subcommittee of state finance ministers to levy the tax on the contest entry amount and instead tax only the gross gaming revenue.