- 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
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
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- 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
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.
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- 13 Nov 2024 04:08 PM
- New
‘They’re pissed at 25%. Meanwhile India…’ Deepak Shenoy on India’s credit card interest amid Trump’s tax cut promise
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”.
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- 12 Nov 2024 05:48 PM
New Policy: IDFC Mayura and Ashva credit cards to charge joining fee before dispatch. Details here
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.
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- 11 Nov 2024 06:46 PM
FirstCry parent Brainbees Solutions completes GST inspection; pays ₹1.74 crore in tax review settlement
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.
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- 07 Nov 2024 06:00 PM
Centre-state budget talks, GST Council meet after Parliament session; jobs, growth, urban consumption in focus
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.
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- 07 Nov 2024 06:04 PM
Bibek Debroy and the unbearable lightness of being an economist
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.
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- 07 Nov 2024 06:07 PM
E-way bills hit record high in October driven by festival season demand
India’s e-way bill generation surged to a record 117.25 million in October, reflecting heightened supply chain activity fuelled by festival demand.
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- 06 Nov 2024 04:29 PM
Mint Quick Edit | Stock market drop: It isn’t about the economy
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.
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- 26 Oct 2024 06:38 PM
Request for GST Adjudication Guidelines Issuance by AGFTC and ITBA
All Gujarat Federation of Tax Consultants (AGFTC) and the Income Tax Bar Association (ITBA), representing over 3,000 tax professionals in Gujarat, have submitted a representation to the Indian Government, seeking standardized guidelines for adjudication proceedings under the GST Acts. AGFTC and ITBA emphasize that clear, logically reasoned, and legally sound GST orders are essential for efficient tax administration. Poorly drafted orders often lead to increased litigation, consuming time and resources and causing unnecessary taxpayer grievances. They point to the recent Tamil Nadu Commercial Taxes Department’s circular, which provides detailed guidelines for adjudicating authorities, as an example to follow. This circular outlines key qualities of a well-drafted order, including clarity, logical reasoning, adherence to legal standards, and protection of taxpayer rights. AGFTC and ITBA request similar comprehensive guidelines to be issued by the Central and State Governments under CGST and SGST Acts. These guidelines would promote uniformity across India, reduce litigation, and support the government’s goal of ease of compliance and timely revenue collection.
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