Page 10 - Indivjal Dhasmana

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

Chennai tribunal gives split verdict over GST on salaries to expats

The issue dealt with by Cestat was limited to the question of valuation and arriving at the taxable value and not the taxability of the transaction

New bills to replace law on customs, excise, age limits of GSTAT members

The other Bill - The Central Goods and Services Tax (Second Amendment) Bill, 2023 - seeks to raise the age limit for president and members of the GSTAT

Low penetration of vocational, skill training into rural youth: Survey

Almost 13 per cent of those surveyed are getting computer training, followed by stitching, which is being learnt by a bit over three per cent

GST on expat salary: CBIC asks officers not to apply SC order mechanically

Investigation in each case requires a careful consideration of facts, including the terms of contract: CBIC

Twelve of 31 states, UTs project debt more than 35% of GSDP at FY24 end

It is not that only the poor states such as Bihar have high debt in proportion to their GSDP

Tax on expat salaries: Japan firm's India unit gets interim relief on GST

The GST authorities had issued a show cause notice to Kanematsu India, demanding over Rs 2.6 crore on reimbursement of expat employees salaries made by the company to the Japanese parent

Manufacturing sector lags despite over 13% growth in GVA in Q2FY24

Though this was higher than 12.9% in the first quarter, it was nowhere close to 25% that the Modi government wants it to be

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

Airbus supply, support services by Tata to draw 5% GST, rules AAR

Tata Advanced Systems approached the AAR to know if GST is applicable on the supply of the aircraft

Realty boost: IT SEZ developers get flexibility to use vacant space

A notification amending the SEZ Rules, 2006, issued by the ministry, said a part of the SEZ could be declared "non-processing area" where free-zone rules would not apply