26 May 2023 05:15 PM
New

Could a GST cut spur two-wheelers’ sputtering sales?

Source: https://www.livemint.com/industry/retail/can-a-gst-cut-aid-two-wheelers-sputtering-sales-11685032912030.html

After declining heavily for three fiscals in a row between 2019-20 and 2021-22, two wheeler sales grew 17.8% in 2022-23, the highest in a year in over a decade.

23 May 2023 05:12 PM
New

Process of blocking of E-way Bill and E-invoice generation

Source: https://taxguru.in/goods-and-service-tax/process-blocking-e-way-bill-e-invoice-generation.html

1. Sometimes IRPs may fail to check duplicate IRN from de-dup system for technical reasons. Under this circumstance, it is possible for tax payers to register the same document/invoice at different IRPs. Whenever the de-duplication system comes back to live, only one of the IRP will be able to successfully register the IRN. All other IRPS will fail to register on de-duplication system the IRNs generated with them for the same document. In such cases, the status of these IRNs will be updated as ‘REJ’ by these IRPs. This will be reflected in the ‘Get IRN Details’ API when the tax payers pull the IRNs.

22 May 2023 05:19 PM
New

Hunt for fake GST registration may turn heat on minnows of e-commerce

Source: https://www.livemint.com/economy/hunt-for-fake-gst-regn-may-turn-heat-on-minnows-of-ecommerce-11684691204612.html

Central and state indirect tax authorities launched a two-month drive on 16 May to weed out entities that secure GST registrations wrongfully, generate fake invoices and pass on bogus tax credits to other entities without any actual sales

19 May 2023 05:39 PM

Sebi proposes uniform total expense ratio for mutual funds

Source: https://www.livemint.com/news/india/sebi-proposes-uniform-total-expense-ratio-for-mutual-funds-11684460254627.html

At present, Sebi allows asset management companies to charge unitholders of mutual fund four additional type of expenses over and above the specified TER limits.

18 May 2023 06:05 PM

Reduce GST rates on two-wheelers from 28% to 18%, FADA appeals to GST council

Source: https://www.livemint.com/auto-news/reduce-gst-rates-on-two-wheelers-from-28-to-18-fada-appeals-to-gst-council-11684407898031.html

Two-wheelers accounted for 78% of the total automobile sales in the country in 2016. Due to increasing prices, the contribution has decreased to 72% in 2023, FADA says.

16 May 2023 05:39 PM

NSE India Q4 results: Net profit up 31% year-on-year to ₹2,067 crore; declares dividend

Source: https://www.livemint.com/market/stock-market-news/nse-india-q4-results-net-profit-up-31-year-on-year-to-rs-2-067-crore-declares-dividend-11684170042993.html

NSE India Q4 results: The National Stock Exchange (NSE) reported on Monday that its consolidated net profit for the three months ending in March increased by 31% to ₹2,067 crore.

13 May 2023 06:09 PM

Data mismatches to trigger notices under automated GST scrutiny, say experts

Source: https://www.livemint.com/news/india/data-mismatches-to-trigger-notices-under-automated-gst-scrutiny-say-experts-11683971200753.html

Similar to income tax returns processing, now the process of GST notices will also be automated through a system driven approach instead of direct notices from the assessment officer.