- 08 Jan 2024 05:46 PM
- New
Standard Chartered Ultimate Credit Card: Here are its features, eligibility, and more
Standard Chartered debuted its Ultimate credit card in September 2017, marking the pinnacle of the bank's card offerings to date. Tailored for individuals with substantial incomes seeking an opulent lifestyle, this card delivers unparalleled luxury without compromise. Positioned as a direct competitor to ICICI Bank's Sapphiro credit card and HDFC Bank's Infinia credit card Metal Edition, it initially comprised two variants: the Visa Infinite and Master Card World.
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- 08 Jan 2024 05:49 PM
- New
GST authorities issue demand notices worth ₹1.45 lakh crore in December for FY18: Report
Goods and services tax (GST) authorities issued demand notices totaling ₹1.45 lakh crore to around 1,500 businesses in December, a report said. The notices were sent due to inconsistencies in annual returns and input tax credit claims for the financial year 2018, according to officials.
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- 08 Jan 2024 05:53 PM
- New
Multiple companies got GST notices this new year. Here's why…
Come the new year, multiple large companies have received gifts from the Goods and Services Tax (GST) department in the form of demand notices.
Among these, the Life Insurance Corporation of India (LIC) alone was slapped with notice for around ₹806 crore on January 1. The next day, Hindustan Unilever was sent a GST demand of ₹447.5 crore. Similarly, a series of notices to Asian Paints, Eicher Motors, ICICI Prudential, and Nestle India, with regards to pending GST dues and penalties for FY19 and FY20, have rattled corporate India.
- 08 Jan 2024 06:03 PM
Discussion about Table 14 & Table 15 in GSTR-1: E-Commerce Reporting Simplified
Introduction: The introduction of GSTR-1 Tables 14 and 15 in January 2024 marks a transformative juncture in the Goods and Services Tax (GST) landscape. These tables, focusing on reporting e-commerce transactions, aim to enhance transparency and streamline compliance. In this article, we unravel the intricacies of Tables 14 and 15, exploring their purpose, reporting details, and the profound implications they carry for businesses and e-commerce platforms. As businesses navigate the complexities of these tables, a new era of accurate reporting, reconciliation, and simplified tax administration unfolds, promising a more efficient tax ecosystem under the GST regime.
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- 08 Jan 2024 06:06 PM
GST Crackdown: 29,273 Bogus Firms Exposed, Evading Rs. 44,015 Cr; 121 Arrests Made
Source: https://taxguru.in/goods-and-service-tax/gst-crackdown-bogus-firms-evade-tax.html
Introduction:
In an intensified effort against tax evasion, the Goods and Services Tax (GST) formations, led by the Central Board of Indirect Taxes and Customs (CBIC) and State/UT Governments, have unearthed 29,273 sham firms involved in suspected Input Tax Credit (ITC) evasion amounting to Rs. 44,015 crore since May 2023. This crackdown, aimed at non-existent taxpayers, has resulted in 121 arrests, marking a significant stride in curbing GST fraud.
- 08 Jan 2024 06:10 PM
Pay GST With Credit Card or Debit Card
Source: https://taxguru.in/goods-and-service-tax/pay-gst-credit-card-debit-card.html
Introduction: In an era where digital transactions govern financial landscapes, the Goods and Services Tax Network (GSTN) has taken a significant stride by introducing a streamlined method for taxpayers to settle their GST liability. This novel approach allows individuals and businesses to leverage the convenience of Credit Cards or Debit Cards. However, it’s crucial to note that this option is currently available in specific states. This comprehensive article delves into the intricacies of this payment method, providing a detailed analysis of the steps involved, associated transaction charges, and the states where this facility is presently accessible.
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- 08 Jan 2024 05:35 PM
Mint Primer: What the surprise manufacturing slowdown means
Source: https://www.livemint.com/economy/what-the-surprise-manufacturing-slowdown-means-11704645690648.html
What was surprising about the PMI data?
The manufacturing PMI for December came in at 54.9 as against 56 in November. It was also the lowest since October 2022 when the index fell to 55.3. A reading above 50 means expansion while that lower than 50 means contraction. This surprised many as the economy had just registered a strong 7.6% growth in the July-September quarter on the back of a 7.8% growth in the April-June quarter. The just-concluded festive season, if consumer goods companies are to be believed, has been good, with outstanding retail loans crossing ₹50 trillion for the first time in November last year.
- 08 Jan 2024 05:31 PM
Budget 2024: Skilled Online Games industry stresses for GST review ahead of vote-on-account
As the Indian government prepares for the impending Interim Budget 2024, leaders in the technology and gaming sectors are optimistic and anticipate potential advantages stemming from the forthcoming vote-on-account and the Interim Budget.
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- 05 Jan 2024 05:31 PM
Vodafone Idea to contest ₹10.76 crore penalty order under CGST Act, cites 'wrong transition of CENVAT credit'
Vodafone Idea Limited on 4 January announced that it will take appropriate legal action for rectification and reversal of an order it received under the Central Goods and Services Tax Act, 2017, entailing a penalty of ₹10.76 crore.
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- 05 Jan 2024 05:39 PM
Data recap: GST, car sales, shipping cost
Source: https://www.livemint.com/economy/data-recap-gst-car-sales-shipping-cost-11704367376974.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 Centre’s goods and services tax (GST) collections grew 10.3% year-on-year to ₹1.65 trillion in December. Meanwhile, the recent attacks on vessels in the Red Sea have led to a surge in shipping costs.
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