Centre is discussing the issue with states amid industry concerns that denial of input tax credit on construction of own-use assets raises the cost of large investments
Industry seeks wider GST input tax credit on construction and employee-related expenses, arguing that the current restrictions raise business costs and hurt competitiveness
The department is working with taxpayers and other stakeholders to reduce ambiguity and improve consistency as cross-border transactions and business structures become more complex
The exercise covers entities that sent large sums abroad despite reporting little business activity or not filing returns, along with professionals who certified payments.
Eligible taxpayers can disclose specified foreign income and assets under the one-time scheme till December 31, with a 60 per cent outgo in one category and a ₹1 lakh fee in another
Gujarat High Court has barred GST on corporate guarantees issued before October 26, 2023, while retaining the 1% valuation mechanism for guarantees continuing beyond that date
The finance minister said government support should go beyond funding, with technologies having relevant public applications deployed quickly in districts and public facilities
Direct tax revenue collection so far this year has grown faster than the 15.25 per cent growth needed to achieve the full year target this year, compared to last fiscal's actual collection
"No MDR framework has yet been finalised," Sitharaman said. She added that consumers would continue to make instant digital payments through UPI without paying a transaction charge
E-way bill generation rose to 139.79 million in July from 131.91 million a year earlier, indicating sustained movement of goods and resilience in domestic trade
The effective customs duty on gold, silver and precious metals was raised from May 13, with gold imports yielding Rs 100.4 billion in duty through August 2
The MSMED Amendment Bill seeks faster payments, online dispute resolution and easier recovery of dues, but industry bodies flag concerns over TReDS access and implementation
The government procurement platform has facilitated more than 3.78 crore orders in a decade, with MSEs fulfilling orders worth over Rs 9.07 lakh crore.
Industry body FISME has urged the CBIC to protect bona fide GST buyers from suppliers' defaults, expedite refunds and simplify compliance to improve ease of doing business
The India SME Forum estimates the MSME procurement economy at ₹124.9 trillion, but says only 30-40 per cent of spending currently takes place through digital channels
Finance ministry says Bill aims to provide stable and predictable tax treatment, simplify compliance, and make India more attractive for global investment and manufacturing
The government plans to widen tax incentives for offshore funds, electronics, data centres and diamond trading to attract long-term foreign investment and boost ease of doing business
Gross GST collections climbed to ₹2.11 trillion in July as import-related revenue surged nearly 29 per cent, while domestic collections maintained healthy growth
