08 Jul 2024 07:02 PM
New

Budget 2024 expectations: ‘Need balanced tax structure for economic resilience’

Source: https://www.livemint.com/economy/budget-2024-expectations-need-balanced-tax-structure-for-economic-resilience-11720428366122.html

Anurag Mittal of UTI AMC says, while government welfare spending has increased, the tax burden on individuals compared to corporates needs to be addressed to boost disposable income and consumption.

08 Jul 2024 06:59 PM
New

What are the key changes proposed in the new excise bill?

Source: https://www.livemint.com/money/personal-finance/what-are-the-key-changes-proposed-in-the-new-excise-bill-gst-sez-excise-duty-customs-laws-nda-11720428522658.html

Introduction of new excise bill aims to streamline tax compliance by aligning with GST laws, focusing on tobacco and petroleum oils. Changes include removing SEZs exemption, introducing central excise duty credit, and allowing regularisation of non-levy or short levy of excise duty.

08 Jul 2024 06:56 PM
New

Income tax cuts in Budget: A half-hearted recipe to fix India’s consumption woes

Source: https://www.livemint.com/economy/income-tax-cuts-consumption-budget-shopping-finance-minister-nirmala-sitharaman-rbi-bjp-inflation-gst-11720422898664.html

If media speculation is to be believed, income taxpayers could be in for some relief when finance minister Nirmala Sitharaman presents the Union Budget for 2024-25 in two weeks. There was none in the interim Budget in February—but the context has changed, courtesy of the ruling party's electoral disappointment and a windfall dividend transfer from the Reserve Bank of India (RBI), along with the growing anxiety over weak consumption.

06 Jul 2024 06:39 PM

Bajaj Auto launches world’s first CNG motorcycle at ₹95,000, urges lower GST on two-wheelers

Source: https://www.livemint.com/companies/news/bajaj-auto-first-cng-motorcycle-bajaj-freedom-lower-gst-on-two-wheelers-hero-motocorp-11720178656226.html

The Freedom is powered by a 125cc petrol engine, and is equipped with a 2kg CNG tank and a 2-litre petrol tank, but it can run entirely on CNG. The company claims a mileage of 102 km per kg on CNG and 65 km per litre in petrol mode.

06 Jul 2024 06:44 PM

53rd GST Council Meeting: Impact Analysis by ICMAI

Source: https://taxguru.in/goods-and-service-tax/53rd-gst-council-meeting-impact-analysis-icmai.html

The 53rd GST Council Meeting recommended waiving interest and penalties on demand notices for FY 2017-18 to 2019-20 under Section 73 of the CGST Act, provided the full tax is paid by March 31, 2025. The time limit to avail input tax credit for invoices or debit notes was extended to November 30, 2021, for GSTR 3B returns filed up to that date for FY 2017-18 to 2020-21.

05 Jul 2024 05:34 PM

The week in numbers: GST gloom, capex slowdown, startup funding

Source: https://www.livemint.com/economy/data-recap-gst-capex-slowdown-startup-pe-vc-rbi-heatwave-jewellery-apparel-sip-monsoon-google-sensex-stock-market-11720082057781.html

Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by. The Goods and Services Tax (GST) monthly collections grew at the slowest pace in three years in June, while capital expenditure plans slowed to a multi-year low. Meanwhile, the funding winter ended for the Indian startups, with higher funding and deals in June.

04 Jul 2024 05:53 PM

Heads Up, PayZapp Users! HDFC credit card loads cost more from August

Source: https://www.livemint.com/money/personal-finance/heads-up-payzapp-users-hdfc-credit-card-loads-cost-more-from-august-payzapp-wallet-gst-cred-paytm-mobikwik-11720074912904.html

HDFC Bank introduces 1% charge on rent and educational payments made through third party apps like CRED, PayTM, Mobikwik, and Freecharge with a max fee of ₹3000 per transaction. Charges reduced for transferring PayZapp wallet funds to bank accounts from 2.5% to 1% plus GST from August 1.

03 Jul 2024 06:06 PM

Mint Quick Edit | GST data: What’s the secrecy?

Source: https://www.livemint.com/opinion/quick-edit/mint-quick-edit-gst-data-what-s-the-secrecy-11719940487581.html

The monthly GST revenue data for June is marked by the absence of a formal release with details of the tax intake breakup. What explains this?

03 Jul 2024 06:17 PM

Uttar Pradesh tops Tamil Nadu in GST collection: Myth and reality

Source: https://www.livemint.com/economy/uttar-pradesh-tamil-nadu-gst-collection-centre-state-indirect-tax-excise-duty-consumption-production-11719988467090.html

When Uttar Pradesh reported higher collection of goods and services tax (GST) than Tamil Nadu for April, some painted it as a turning point. The discourse revolved around two hypotheses. One was that Uttar Pradesh (a historical economic laggard) had found new engines to sail past Tamil Nadu (a historical economic leader). Two, fears were coming true that the tax in question, introduced seven years ago, would end up favouring large-consumer states, even if they were economically weak. Neither hypothesis has played out.

03 Jul 2024 06:27 PM

Revenue of India’s top 18 states likely to grow at 8-10% in FY25: Crisil

Source: https://www.livemint.com/economy/revenue-of-india-s-top-18-states-likely-to-grow-at-8-10-in-fy25-crisil-11719988426032.html

This growth will be supported primarily by healthy GST collections and devolution from the union government, which together comprise about 50% of aggregate state revenues, the rating agency said.