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.

02 Aug 2024 04:56 PM
New

Key GST Law Changes & Tax Reliefs – Personal income-tax rates

Source: https://taxguru.in/goods-and-service-tax/key-gst-law-changes-tax-reliefs-personal-income-tax-rates.html

In a recent Rajya Sabha session on July 30, 2024, the Minister of State for Finance, Shri Pankaj Chaudhary, addressed questions regarding tax policies. Personal income tax rates have remained stable over the past five years, with specific details provided in an annexure. There are no significant updates on a GST 2.0 regime with a single rate, as changes in GST rates follow recommendations from the GST Council. The GST Council remains the authoritative body for GST policies, as established by Article 279A of the Indian Constitution. Tax relief measures for small businesses include exemptions from GST for certain services, a simplified composition scheme for small retailers, and thresholds for GST registration. Additionally, small retail businesses with profits up to Rs. 7 lakh benefit from tax relief under the new tax regime, with marginal relief available for incomes slightly above this threshold.

02 Aug 2024 04:51 PM
New

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report

Source: https://www.livemint.com/companies/news/after-infosys-tax-authorities-may-issue-gst-notices-to-more-it-companies-for-alleged-tax-evasion-report-11722530834453.html

IT industry body Nasscom says the latest tax demand reflects a lack of understanding of the sector’s operating model.

02 Aug 2024 04:48 PM

‘This GST is bad…’: Mamata Banerjee on why Centre should roll-back GST on insurance premiums

Source: https://www.livemint.com/politics/this-gst-is-bad-mamata-banerjee-on-why-centre-should-roll-back-gst-on-insurance-premiums-11722528242731.html

The West Bengal chief minister also threatened to protest if the government does not withdraw the ‘anti-people’ GST.

02 Aug 2024 04:44 PM

Infosys tax evasion: Karnataka GST body withdraws pre-show-cause notice, orders response to taxman

Source: https://www.livemint.com/companies/news/infosys-tax-evasions-says-karnataka-gst-watchdog-withdraws-pre-show-cause-notice-11722527466379.html

Infosys said in a regulatory filing to the stock exchanges that the Karnataka GST authority has withdrawn the pre-show-cause notice against the IT giant.

02 Aug 2024 04:39 PM

GST collections for July 2024 at ₹1.82 trillion, up 10.3% YoY

Source: https://www.livemint.com/economy/gst-collections-for-july-2024-at-1-82-trillion-up-10-3-yoy-11722520252198.html

The proceeds from the indirect tax were higher than ₹1.74 trillion collected by the governments in June 2024.

01 Aug 2024 06:21 PM

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

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 06:13 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.

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.