Page 10 - Indivjal Dhasmana

Delhi HC upholds validity of anti-profiteering provisions under GST

The court held that anti profiteering provisions pertain to commensurate reduction of prices when gst rates are reduced or due to input tax credit and hence these provisions are in public interest

'No spectacular announcements': Will FM walk the talk on interim Budget?

The Interim Budget due on February 1, 2024, will include a Vote on Account to ensure that the government's expenditure does not get affected in view of the Lok Sabha elections

Direct tax-GDP ratio rises to 15-year high of 6.11% during FY23, shows data

However, direct tax collections rose higher than economic growth during FY23

In India's drive to boost tourism, tax becomes roadblock for industry

Sector struggling to recover from effects of pandemic created 1.6 mn jobs in 2023

Employees' payment for canteen services will not attract GST: AAR

GST and input tax credit applicable for company's payment to canteen service provider not recovered from employees

FY24 per capita income growth may be lowest in 21 years barring FY20, FY21

This was despite the real gross domestic product (GDP) being projected to grow by 7.3 per cent in the current financial year by the first advance estimates

Real, nominal GDP growth, inflation play out differently this time around

This happened because inflation, as viewed by GDP deflators, is expected to be quite lower than initially projected for first time, contrary to what had happened ahead of 3 previous interim Budgets

Net direct tax mop-up rises 19% to Rs 14.7 trillion till January 10

RE for mop-up could be higher than BE as collections cross 80% of FY24 target

Will govt compromise on capex for fiscal consolidation ahead of polls?

National Democratic Alliance governments have not compromised on capex for fiscal consolidation so far, at least in their concluding years

Containing fiscal deficit at 5.9%: Low nominal GDP growth a challenge

The Budget had assumed nominal GDP to grow 10.5 per cent during 2023-24, but advance estimates have projected it to expand by just 8.9 per cent

India's economy likely to grow nearly 7% in FY24, say economists

First Advance Estimates for 2023-24 would be released by the NSO today

Govt issues bare minimum terms of reference for 16th finance commission

The ToRs for the Commission strictly align with what is broadly enshrined in the Constitution

Record 81.8 mn ITRs filed till Dec 31, rises 9% in current assessment year

To encourage taxpayers to file their ITRs and forms early, over 1.03 billion outreaches were made through targeted e-mail, SMS and other creative campaigns

GST receipts decline to three-month low but hold on to Rs 1.65 trn in Dec

Average monthly gross GST collection -- Rs 1.66 trillion in the first nine months -- represents a 12 per cent rise over the Rs 1.49 trillion recorded in the corresponding period of FY23

High indebted Punjab, Himachal may breach BE of fiscal deficit in FY24

Punjab had over 40% debt as a proportion of GSDP in 2019-20 too, while Himachal Pradesh had 39.1%

FinMin economic advisors question rating agencies' view on India's progress

Criticise "unilateral measures" by advanced economies to combat climate change

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

Direct taxes mop up after refunds in FY24 at Rs 13.7 trn till Dec 17

It was backed by a 20% increase in advance tax revenues

SC quashes GST department's plea against HC order on input tax credit

Experts divided on whether the verdict will set a precedent in similar cases

Alcohol body seeks better market access for Indian products in EU markets

The CIABC has demanded that the EU should remove the non-tariff barriers which prevent the vast majority of Indian products from being sold in the EU