- 08 Aug 2024 06:10 PM
- New
Pan masala makers to come under new penalty regime
The Central Board of Indirect Taxes and Customs set 1 October 2024 as the date for implementing the penalty regime for the pan masala industry for any violation in registering their machinery. A penalty of ₹1 lakh per machine has been imposed to deter tax evasion
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- 07 Aug 2024 06:15 PM
- New
GST on Agricultural Equipment: Government’s Stance & Rates
Source: https://taxguru.in/goods-and-service-tax/gst-agricultural-equipment-governments-stance-rates.html
As of August 5, 2024, the GST rates for agricultural equipment and related items remain unchanged. The GST Council, comprising both Union and State members, has not recommended any rate modifications. Agricultural implements like hand tools and animal-driven tools are exempt from GST, while machinery for soil preparation and harvesting is taxed at 12%. Machines for cleaning and sorting agricultural produce are taxed at 18%. The government has introduced several initiatives to support farmers and enhance agricultural profitability. These include income transfers under PM-KISAN, increased Minimum Support Prices (MSPs), crop insurance through PMFBY, improved irrigation under PMKSY, and infrastructure development via the Agri Infrastructure Fund. Other measures include a new procurement policy, Kisan Credit Cards, formation of Farmer Producer Organizations (FPOs), and support for sustainable agriculture practices and drone technology adoption. These efforts aim to reduce input costs and provide financial support to farmers, improving overall profitability in the agricultural sector.
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- 07 Aug 2024 05:59 PM
- New
10 foreign airlines including Emirates and Lufthansa served notices over ₹10,000 crore in unpaid taxes: Report
Directorate General of Goods and Services Tax Intelligence (DGGI) has sent show cause notices to 10 foreign airline operating companies in India, including Emirates, Lufthansa and British Airways, over an alleged non-payment of taxes amounting to ₹10,000 crore.
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- 07 Aug 2024 06:09 PM
GST Exemption for Space Industry: Key Updates & Government Response
On August 5, 2024, the Ministry of Finance addressed questions regarding GST exemptions and financial support for the space industry in Lok Sabha. The government confirmed that GST for satellite launch services, including private providers, was fully exempted from July 27, 2023. The 2024-25 budget allocated ₹13,042.75 crore to the Department of Space, an increase from previous years. In response to demands for productivity-linked incentives (PLI), the government is considering an Investment Incentive Scheme with a proposed outlay of ₹600 crore for new manufacturing facilities. Additionally, the Indian Space Association and other industry bodies have sought increased government spending and support for the private sector, leading to various supportive measures by IN-SPACe, such as seed funding and mentorship programs. The space industry also benefits from exemptions from customs duties and GST for satellites and launch equipment, with concessional rates for other space-related components.
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- 06 Aug 2024 06:12 PM
No relief for Infosys: Indian Government refuses to budge on ₹32,000-crore tax demand, after Canada slaps fine
Infosys has reportedly sought a ten-day extension to submit its response after meeting with Indian Income Tax department officials.
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- 05 Aug 2024 05:45 PM
Mint Quick Edit | Infosys GST bill defies logic
Indian tax authorities apparently expected Infosys to pay GST on services availed by it from its overseas units, but since these went into exports, they would’ve anyway qualified for input tax credit. This muddle should never have arisen. Tax uncertainty is bad for business.
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- 05 Aug 2024 05:49 PM
Switching to a consultancy role from full-time employee can save tax on half of your income
The debate over sticking with full-time job or freelancing generally revolves over which option gives you better control over time and the type of work you want to do. However, freelancing can also save you tax, if done right. Switching to a consulting role with the same company can do this.
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- 05 Aug 2024 05:40 PM
Infosys says DGGI withdraws tax demand of ₹3,898 crore for FY18
A government official earlier told Mint that the Centre was looking at an early resolution of the ongoing tax battle, which began after Karnataka GST officials raised a ₹32,403 crore notice for unpaid taxes for services availed by the firm from its overseas branches between July 2017 and March 2022.
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- 03 Aug 2024 06:00 PM
Centre likely to accept Infosys’ plea on GST notice
New Delhi/Bengaluru: In a move that could bring early closure to a potentially damaging tax litigation, the central government is likely to accept Infosys Ltd.’s plea that goods and services tax (GST) does not apply to the services the company avails from its offshore branch offices, a person with direct knowledge of the matter said.
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- 03 Aug 2024 06:11 PM
Detailed Manual and FAQs on filing of GSTR-1A
Source: https://taxguru.in/goods-and-service-tax/detailed-manual-faqs-filing-gstr-1a.html
In an effort to enhance transparency and compliance in tax filings, the Government of India, through notification no. 12/2024 dated 10th July 2024, introduced Form GSTR-1A. Effective from the July 2024 tax period, this optional form allows taxpayers to add, amend, or rectify any supply details reported or missed in the current period’s GSTR-1 before filing the GSTR-3B return for the same period. Form GSTR-1A becomes available after filing GSTR-1 or after its due date, whichever is later. This article provides a detailed manual for filing GSTR-1A and answers frequently asked questions to guide taxpayers through the process.
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