16 Nov 2024 06:41 PM
New

GSTR-2B Duplicate Issue Identified: GSTN Working on Fix

Source: https://taxguru.in/goods-and-service-tax/gstr-2b-duplicate-issue-identified-gstn-working-fix.html

TG Team 15 Nov 2024 9,543 Views 0 comment Goods and Services Tax | Featured, News
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The Goods and Services Tax Network (GSTN) has recently identified a glitch affecting certain taxpayers’ GSTR-2B for September and October 2024. In a tweet posted by GSTN’s official handle @Infosys_GSTN, taxpayers were informed that some invoices are being duplicated in GSTR-2B for these months. The GSTN team has assured taxpayers that they are working on resolving the issue with urgency.

14 Nov 2024 05:36 PM
New

Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST

Source: https://economictimes.indiatimes.com/wealth/tax/faster-itc-claim-now-suppliers-can-see-and-take-action-on-whether-buyer-rejected-the-invoice-or-accepted-it-on-the-new-ims-portal-of-gst/articleshow/115259139.cms

Business News›Wealth›Tax›Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST

14 Nov 2024 05:46 PM
New

New GSTN feature to correct mistakes in GST invoice matching process for claiming input tax credit; Know how it works

Source: https://economictimes.indiatimes.com/wealth/tax/new-gstn-feature-to-correct-mistakes-in-gst-invoice-matching-process-for-claiming-input-tax-credit-know-how-it-works/articleshow/115257184.cms

The Goods and Services Tax Network has introduced the Invoice Management System (IMS) on the GST portal, effective October 1, 2024. This new feature is designed to assist GST-registered taxpayers in claiming input tax credit (ITC) with fewer disputes. With IMS, invoice data entered by sellers in a designated form on the GST portal will automatically appear in the buyer's IMS. Using this information, buyers can choose to accept, reject, or leave the invoice pending. Once a buyer accepts an invoice, it will then be included in their GSTR-2B as an eligible input tax credit.

13 Nov 2024 04:08 PM

‘They’re pissed at 25%. Meanwhile India…’ Deepak Shenoy on India’s credit card interest amid Trump’s tax cut promise

Source: https://www.livemint.com/economy/us-pissed-at-25-percent-while-india-deepak-shenoy-on-bank-credit-card-interest-charges-gst-donald-trump-tax-cut-promise-11731470158899.html

Investor Deepak Shenoy has highlighted that bank's credit card interest charges in India, excluding GST, far exceed charges in the Unite States, amid Donald Trump's promise to cap the credit card interest rates for “a period of time”.

12 Nov 2024 05:48 PM

New Policy: IDFC Mayura and Ashva credit cards to charge joining fee before dispatch. Details here

Source: https://www.livemint.com/money/personal-finance/new-policy-idfc-mayura-and-ashva-credit-cards-to-charge-joining-fee-before-dispatch-details-here-11731397588824.html

Credit cards: IDFC First Bank now requires an upfront joining fee for its Mayura and Ashva credit cards to discourage non-serious applicants. The fees are ₹2999 plus GST for Ashva and ₹5999 plus GST for Mayura, compliant with RBI guidelines on credit card activation.

11 Nov 2024 06:46 PM

FirstCry parent Brainbees Solutions completes GST inspection; pays ₹1.74 crore in tax review settlement

Source: https://www.livemint.com/companies/news/firstcry-parent-brainbees-solutions-completes-gst-inspection-pays-1-74-crore-in-tax-review-settlement-11731298171015.html

The GST inspection focused on reported mismatches between GST return filings in forms GSTR-3B and GSTR-2A across the financial years 2018-19, 2019-20, 2020-21, and 2022-23.

07 Nov 2024 06:04 PM

Bibek Debroy and the unbearable lightness of being an economist

Source: https://www.livemint.com/opinion/online-views/bibek-debroy-prime-minister-economic-advisor-gst-political-economy-constitution-railway-budget-11730957882059.html

Seeing that I prefer fountain pens, Bibek Debroy suggested that I should write an economic history of India, telling the story through the decline of fountain pens manufacturing post-Independence.

07 Nov 2024 06:07 PM

E-way bills hit record high in October driven by festival season demand

Source: https://www.livemint.com/economy/eway-bills-hit-record-high-in-october-driven-by-festival-season-demand-11730975847871.html

India’s e-way bill generation surged to a record 117.25 million in October, reflecting heightened supply chain activity fuelled by festival demand.

07 Nov 2024 06:00 PM

Centre-state budget talks, GST Council meet after Parliament session; jobs, growth, urban consumption in focus

Source: https://www.livemint.com/economy/centre-state-budget-talks-gst-council-meet-parliament-session-jobs-growth-urban-consumption-gst-rates-govt-capex-11730956063935.html

NEW DELHI : Finance minister Nirmala Sitharaman is set to consult state finance ministers on the FY26 Union Budget following Parliament’s winter session, which concludes on 20 December. Her focus: strategies to drive job creation and economic growth amid signs of easing urban consumption.

06 Nov 2024 04:29 PM

Mint Quick Edit | Stock market drop: It isn’t about the economy

Source: https://www.livemint.com/opinion/quick-edit/stock-market-slump-indian-economy-manufacturing-gst-collection-october-pmi-11730774902375.html

India’s manufacturing PMI climbed to 57.5 in October, while the month’s GST mop-up stood at ₹1.87 trillion. Corporate earnings and urban consumption have shown signs of weakness and stock prices have slid, but this doesn’t reflect weakening confidence in our economy.