02 Aug 2024 04:59 PM
New

GST Registration Cancellations: Reasons & 2021-2024 Data

Source: https://taxguru.in/goods-and-service-tax/gst-registration-cancellations-reasons-2021-2024-data.html

From 2021 to mid-2024, GST registration cancellations in India have been influenced by various factors. In the last three years, the number of cancellations varied significantly across states, with major contributors including Uttar Pradesh, Maharashtra, and Tamil Nadu. The primary reasons for these cancellations include discontinuation of business, failure to file returns, changes in business structure, and fraudulent activities. Additionally, issues such as invalid bank accounts and non-compliance with legal provisions also played a role. The data reveals that each state experienced fluctuations in cancellations, reflecting regional economic conditions and compliance challenges. The total number of cancellations from 2021 to June 2024 stands at over 5.7 million, highlighting ongoing concerns about business adherence to GST regulations.

01 Aug 2024 06:21 PM
New

Taxman puts Infosys on notice for over ₹32,000 crore

Source: https://www.livemint.com/companies/news/infosys-under-dggis-scanner-for-alleged-gst-evasion-of-over-rs-32-000-crore-report-11722435153161.html

Infosys, India's second-largest technology services provider, said it believes the tax does not apply to the services in question.

31 Jul 2024 06:27 PM
New

Nitin Gadkari urges FM Nirmala Sitharaman to remove 18 per cent GST on life, medical insurance premiums: Report

Source: https://www.livemint.com/economy/nitin-gadkari-urges-fm-nirmala-sitharaman-to-remove-18-per-cent-gst-on-life-medical-insurance-premiums-report-11722406056606.html

Nitin Gadkari has urged Finance Minister Nirmala Sitharaman to remove 18 per cent GST on life and medical insurance premiums as it leads to taxing the uncertainties of life and restricts the sector’s growth

31 Jul 2024 06:23 PM

Mint Explainer: What's stopping states from reducing stamp duty

Source: https://www.livemint.com/economy/stamp-duty-registration-fee-real-estate-property-tax-state-revenue-vat-excise-duty-gst-mint-explainer-state-taxes-11722333128525.html

The Centre wants states to moderate stamp duty and offer women buyers a differential and lower rate. While presenting the Union Budget 2024-25 on 23 July, finance Minister Nirmala Sitharaman announced that stamp duty reforms would be made an essential component of urban development schemes.

31 Jul 2024 06:13 PM

Budget is done. Time to review your financial strategy?

Source: https://www.livemint.com/market/stock-market-news/stock-market-investors-market-nifty-keanu-reeves-union-budget-2024-tax-reits-public-sector-units-gdp-rbi-gst-11722331566553.html

New Delhi: The name Henry G. Davis might not ring a bell for most people today, but in the pre-World War II era, he was among the shining stars on Wall Street.

30 Jul 2024 05:59 PM

Budget 2024: Key Changes in GST and Customs

Source: https://taxguru.in/goods-and-service-tax/budget-2024-key-changes-gst-customs.html

The 2024 Budget, analyzed by the Institute of Chartered Accountants of India (ICAI), brings significant amendments to GST and customs duties. Key changes include the exclusion of certain alcohol types from GST under Section 9 of the CGST Act and parallel amendments in the IGST and UTGST Acts. A new Section 11A in the CGST Act empowers the government to regularize non-levy or short levy due to prevalent trade practices, with similar provisions in the IGST and UTGST Acts. Amendments to Section 16 extend the time for availing input tax credit retrospectively and modify credit rules for deregistered taxpayers. Section 17 amendments adjust ITC blockages related to specific tax demands. The Customs Act now aligns with new trade agreements and retrospectively validates GST exemptions for SEZ imports. The Customs Tariff Act sees the removal of Section 6 following the dissolution of the Tariff Commission. These changes aim to streamline tax processes and improve compliance across various sectors.

30 Jul 2024 05:56 PM

GST Registration Approval Time Averages 12.82 Days: Govt

Source: https://taxguru.in/goods-and-service-tax/gst-registration-approval-time-averages-12-82-days-govt.html

On 29th July 2024, the Ministry of Finance addressed the delay in GST registration for businesses in Lok Sabha Unstarred Question No. 1059. Minister of State Shri Pankaj Chaudhary provided details on the average approval times: 8.61 days for applications without clarifications and 17.69 days for those needing further information. The overall average approval time was 12.82 days from application submission. Delays often occur when additional documents or clarifications are required, despite the CGST Rule, 2017 mandating a 7-day approval period post Aadhaar authentication or document submission. Businesses facing delays can register complaints through various channels: the GSTN toll-free number (1800-102-1786), the GSTN self-service portal, or via online chat with GITA on the self-service portal. This ensures multiple avenues for businesses to resolve their GST registration issues efficiently.

30 Jul 2024 05:46 PM

Has Piketty cast a shadow on the budget’s tax proposals?

Source: https://www.livemint.com/opinion/online-views/thomas-piketty-union-budget-2024-taxation-welfare-schemes-capital-gains-tax-gst-collection-employment-indexation-11722279685296.html

Thomas Piketty became famous for his seminal work that was published in a book titled Capital in the Twenty First Century. In this book, he focused on developed countries, especially the US, where he traced the growth of inequality.

30 Jul 2024 05:53 PM

CBIC detect Rs. 36,374 Cr. Fake ITC in FY 2023-24

Source: https://taxguru.in/goods-and-service-tax/cbic-detect-rs-36374-cr-fake-itc-fy-2023-24.html

In a significant revelation, the Central Board of Indirect Taxes and Customs (CBIC) has reported a massive detection of fake Input Tax Credit (ITC) worth Rs. 36,374 crore for the financial year (FY) 2023-24. This figure, unveiled by Union Minister of State for Finance Shri Pankaj Chaudhary, underscores the scale of fraudulent activities involving fake ITC claims. The report highlights the growing trend of ITC fraud and outlines the steps taken by the government to combat this issue.

27 Jul 2024 05:30 PM

Petroleum Products under GST

Source: https://taxguru.in/goods-and-service-tax/petroleum-products-gst.html

In the Lok Sabha session on 25 July 2024, unstarred Question No. 678 addressed whether petrol, diesel, and LPG/CNG might be included under GST. The Minister of State for Petroleum and Natural Gas, Shri Suresh Gopi, clarified that the inclusion of these petroleum products in GST requires a recommendation from the GST Council, which has yet to be made. The GST Council had previously deferred this issue during its 45th meeting on 17 September 2021 due to potential financial impacts on both state and central revenues. The proposal to bring these products under GST has not been revisited or recommended since then. While LPG is included in GST, the prices of other petroleum products under GST remain uncertain, and no conclusive impact on consumer prices can be assessed at this stage.