12 Dec 2024 06:53 PM
New

Fake ITC Frauds: Government Measures and GST Guidelines

Source: https://taxguru.in/goods-and-service-tax/fake-itc-frauds-government-measures-gst-guidelines.html

Government of India has intensified efforts to address fake Input Tax Credit (ITC) frauds, focusing on balancing enforcement with ease of doing business. Top revenue officials have directed State and Central GST enforcement chiefs to prioritize genuine tax evasion over interpretative issues. Two National Conferences of Enforcement Chiefs have been held, resulting in detailed guidelines for investigations that uphold business-friendly practices.

12 Dec 2024 06:44 PM
New

Retailers urge FM and GST Council not to go for higher 35 pc tax rate

Source: https://www.livemint.com/focus/retailers-urge-fm-and-gst-council-not-to-go-for-higher-35-pc-tax-rate-11733993359960.html

New Delhi, Dec 12 (PTI) Indian Sellers Collective, an umbrella body of trade associations and sellers across the country, has urged the finance minister and the GST Council not to accept some of GST rate rationalisation suggestions, including the proposal for inclusion of a special rate of 35 per cent on some products.

12 Dec 2024 07:02 PM
New

GST on Medical Devices And Diagnostics

Source: https://taxguru.in/goods-and-service-tax/gst-medical-devices-diagnostics.html

In response to questions regarding the Goods and Services Tax (GST) on medical devices and diagnostics, the Ministry of Finance clarified the current GST rates. Most medical devices are subject to a GST rate of 12%, while certain medical goods like implants and artificial body parts attract a concessional rate of 5%. The government emphasized that GST rates and exemptions are determined by the GST Council,

12 Dec 2024 06:59 PM

Year-wise and State-wise GST collection (2017-2024)

Source: https://taxguru.in/goods-and-service-tax/year-wise-state-wise-gst-collection-2017-2024.html

Government of India detailed GST collections from its inception in July 2017 to November 2024, categorizing data into year-wise and state-wise segments. GST collections comprise Central GST (CGST), State GST (SGST), Integrated GST (IGST), and cess, with their allocation governed by the Goods and Services Tax Settlement of Funds Rules, 2017. CGST revenue is credited to the Consolidated Fund of India, SGST to state funds, and IGST is apportioned between the Union and States based on consumption.

11 Dec 2024 05:38 PM

E-way bills drop to five-month low in November after festive peak

Source: https://www.livemint.com/economy/eway-bills-drop-to-five-month-low-in-november-after-festive-peak-11733897677115.html

Experts suggest that the decline in e-way bill generation in November stem from high inventory levels accumulated during the festival months.

11 Dec 2024 05:34 PM

Budget 2025-26: Centre may give agriculture boost with loan reforms and credit limit hike

Source: https://www.livemint.com/industry/agriculture/budget-2025-26-agriculture-loan-reforms-11733827338610.html

In the past few years, monsoon disruptions have impacted agriculture, leading to shortages and food price inflation apart from hurting farmers' livelihoods

11 Dec 2024 05:43 PM

India needs reliable data to track capital expenditure across the economy

Source: https://www.livemint.com/opinion/columns/india-needs-reliable-data-to-track-capital-expenditure-across-the-economy-capex-mospi-gstn-mca21-base-11733814689965.html

In 2014, Narendra Modi rode to power promising to kick-start a new investment cycle and end an era of ‘policy paralysis.’ Soon after becoming Prime Minister, he identified the revival of stalled projects as a key priority. But progress remained slow.

10 Dec 2024 07:25 PM

Sanjay Malhotra to command last leg of RBI’s war on inflation

Source: https://www.livemint.com/news/sanjay-malhotra-appointed-next-rbi-governor-11733754726061.html

The war on inflation has a new general leading the charge, as India's top revenue officer Sanjay Malhotra moves from North Block to Mint Road. On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.

10 Dec 2024 07:22 PM

Input Tax Credit fraud: ₹35,132 crore evasion detected by GST officers, over 17,000 fake firms involved

Source: https://www.livemint.com/economy/input-tax-credit-fraud-rs-35-132-crore-evasion-detected-by-gst-officers-over-17-000-fake-firms-involved-11733743236559.html

GST officers have arrested 69 people after detecting cases of ITC evasion of ₹35,132 crore by 17,818 fake firms between April-October, reported the news agency PTI.

05 Dec 2024 05:39 PM

Beverage association raises alarm over potential tax hike on aerated drinks

Source: https://www.livemint.com/industry/beverage-association-gst-hike-on-aerated-drinks-flavoured-drink-coca-cola-pepsico-reliance-consumer-products-dabur-11733313602431.html

The biggest roadblock for the industry is the taxation structure and we are hoping that by March 2026 when the 12% cess goes away, we come back to 28%, Indian Beverage Association said