Indian markets continued their upward trend, with the Nifty 50 reclaiming 25,000 amid GST cut expectations. Analysts foresee a bullish outlook, emphasising crucial resistance and support levels that could influence the index's near-term movement.
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These “next generation GST reforms” are aimed at making India Aatmanirbhar, she told to the GoM during a meeting, adding that the Centre committed to building broad-based consensus with states on next-gen GST reforms.
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Stock market today:The benchmark Nifty 50 Index ended just short of the psychological hurdle of the 25,000 mark. The experts say that one may expect Nifty to move up further in the short term and could reach the upside target of 25300 in the near term. Immediate support is placed at 24850.
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The move to regulate online gaming makes sense, but the proposal to ban any game with a monetary dimension is a total mistake.
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The Indian stock market saw its fourth consecutive day of gains, with the Sensex rising over 400 points and Nifty 50 surpassing 25,000. Easing geopolitical tensions and domestic reforms, particularly GST changes, bolstered market optimism despite concerns about volatility and earnings growth.
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Source: https://taxguru.in/goods-and-service-tax/delhi-cgst-arrests-one-rs-16-30-crore-gst-evasion.html
The Central Goods and Services Tax (CGST) Delhi South Commissionerate has arrested one person for alleged GST evasion of ₹16.30 crore. Following an analysis of GST returns, the anti-evasion branch discovered that three interconnected firms, which provide manpower and facility management services, had consistently under-reported their tax obligations. These companies collected GST from their clients but failed to pay the corresponding amount to the government, a direct violation of the CGST Act, 2017. The arrested individual, who was the director and controlling person for all three firms, admitted to the tax evasion. The offense falls under Section 132(1)(d) of the CGST Act and is considered a cognizable and non-bailable offense due to the evasion amount exceeding ₹5 crore. The accused has been placed in judicial custody for 14 days as the investigation continues to trace the funds and identify any other individuals involved.
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Indian markets rose nearly 1% on August 18, driven by S&P’s credit rating upgrade and easing tariff concerns. Analysts warn of persistent volatility due to global risks, suggesting a balanced investment approach in equities and gold amid uncertain conditions.
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Indian stock markets closed higher on Monday as PM Modi's tax cut proposal spurred gains in autos and consumer durables. The Nifty 50 ended at 24,874, up 1%, while the Sensex rose 0.84%.
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In a significant GST reform, the Central government proposes eliminating the 12% and 28% tax slabs, redistributing items primarily to 5% and 18%. While intended to boost the economy, this could lead to a revenue shortfall in the short term.
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The Indian government proposed that the new GST rates should be at 5% and 18%. The centre has outlined tax rates for cigarettes, sin goods, luxury goods, and daily use items, among others, to be considered and approved by the GST Council in its upcoming meeting.
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