- 26 Mar 2025 06:13 PM
- New
New income tax bill to be tabled in monsoon session: Sitharaman
Speaking in the Lok Sabha, Sitharaman said a select committee has been mandated to submit its report on the new bill by the first day of the upcoming monsoon session.
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- 26 Mar 2025 06:16 PM
- New
Budget aims to do reforms to build Viksit Bharat by 2047, says FM Niramala Sitharaman
Finance Minister Nirmala Sitharaman, on Tuesday, underscored the Union government's commitment to providing tax certainty and streamlining business regulations as part of the broader vision to build a Viksit Bharat by 2047.
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- 26 Mar 2025 06:18 PM
- New
Why a ‘health tax’ alone may not solve India’s junk food crisis
The growing consumption of ultra-processed food and aggressive marketing techniques by brands, such as pushing them to shelves labelled as healthy, have caught the government's eye. The Economic Survey 2024-25 highlighted the issue and suggested several corrective steps from awareness campaigns and stricter labelling to a ‘health tax’ to curb the excessive consumption of ultra-processed food.
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- 26 Mar 2025 06:29 PM
Govt Eases GST Compliance for MSMEs & Small Taxpayers
Source: https://taxguru.in/goods-and-service-tax/govt-eases-gst-compliance-msmes-small-taxpayers.html
Government has taken multiple steps to simplify GST compliance for MSMEs and small taxpayers, based on recommendations from the GST Council. The turnover threshold for GST registration was increased to ₹40 lakh for goods suppliers (except special category states), and the composition scheme limit was raised to ₹1.5 crore, reducing compliance requirements for small businesses. The Quarterly Return Monthly Payment (QRMP) scheme allows taxpayers with turnover up to ₹5 crore to file quarterly returns instead of monthly ones. Filing of NIL returns via SMS and a fully electronic refund process have further eased compliance. Businesses with turnover up to ₹2 crore are exempt from annual return filing. An auto-generated return with an editing option is now available, and taxpayers can amend outward supply details in the current tax period. Digital payment options, including UPI and credit cards, have been introduced for GST payments. Additionally, mandatory GST registration for intra-state e-commerce sellers has been waived under certain conditions. A retrospective amendment allows input tax credit claims for earlier financial years until November 30, 2021. Section 128A of the CGST Act waives interest and penalties on demand notices for 2017-2020 if tax dues are paid by March 31, 2025. Pre-deposit requirements for GST appeals have been reduced, late fee structures have been rationalized, and certain GST offences have been decriminalized. These measures aim to streamline tax procedures and improve ease of doing business for small enterprises.
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- 26 Mar 2025 06:39 PM
Import Duty and GST on Lifesaving Medical Devices
Source: https://taxguru.in/goods-and-service-tax/reducing-import-duty-lifesaving-drugs.html
Indian Government has clarified there are no current plans to reduce import duties on lifesaving medical equipment. Most medical devices attract a basic customs duty (BCD) ranging from 7.5% to 10%, while certain critical equipment, such as coronary stents and assistive devices for the disabled, attract nil BCD. Regarding GST, most lifesaving medical equipment already benefits from a concessional rate of 12%, compared to the standard 18%. The GST Council, a constitutional body representing Union and State Governments, prescribes GST rates and exemptions. No recommendation has been made by the Council for further GST reductions on such devices. For health and life insurance premiums, a Group of Ministers (GoM) was constituted during the 54th GST Council meeting on September 9, 2024, to examine the issues holistically. However, the GoM has not yet submitted its final report. The government also highlights that concessions and exemptions aim to make essential medical equipment accessible while supporting domestic manufacturing through indirect incentives.
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- 25 Mar 2025 06:16 PM
Fund transfers to states under 15th Finance Commission declined 52% over 3 years
NEW DELHI : The Centre’s revenue deficit grants to states have sharply declined in recent years, reducing the funds states receive under the 15th Finance Commission’s recommendations.
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- 25 Mar 2025 06:05 PM
Opposition leaders press for simplification, reduction of GST
New Delhi, Mar 24 (PTI) Opposition members on Monday demanded the government to simplify and reduce the Goods and Services Tax (GST) as it is putting the burden on the poor.
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- 25 Mar 2025 06:12 PM
IndusInd Bank share price falls over 5% after ₹30 crore penalty for ‘various GST issues’
IndusInd Bank share price has plunged 35% in one month and is down 30% on a year-to-date (YTD) basis. Over the past six months, IndusInd Bank shares have dropped 54%, while the banking stock has declined 34% in two years.
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- 25 Mar 2025 06:07 PM
Goa CM Sawant appointed convenor of GoM on GST revenue analysis
Panaji, Mar 25 (PTI) Goa Chief Minister Pramod Sawant has been appointed as the convenor of the Group of Ministers (GoM) on GST revenue analysis, officials said on Tuesday.
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- 24 Mar 2025 06:25 PM
Navigating GST registration hurdles: What freelancers and small businesses should know
Registering for GST as a freelancer or small business owner seems simple on paper. A quick look at the mandatory requirements on the official website shows that you need just two documents–your picture and proof of the residence where you will conduct your business, like an electricity bill or a rent agreement.
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