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Union Budget 2024: Need a long-term vision

The Budget could have outlined a three-tier Customs duty structure with minimum rate on raw materials, a slightly higher rate on intermediates, and the highest rate on finished products

Union Budget 2024: India's direct tax mopup growing faster than GDP

Simpler TDS structure and tax regime for charities. Changes to reassessment and search provisions and capital gains taxations

Budget cuts Customs duty on slew of items, assures rationalisation of GST

The import duty of gold and precious metal jewellery, platinum as well as silver has been reduced to enhance the domestic value addition in these precious metals

Budget 2024 Updates: Finance Minister Nirmala Sitharaman to present the Union Budget on Tuesday

Union Budget 2024: As Finance Minister Nirmala Sitharaman presents the Union Budget on Tuesday, markets expect tax cuts, infra spending, and a boost to rural demand. Stay with us for all updates

Retrospective GST on e-gaming firms: SC defers hearing to July 31

Thirty petitions have been filed by real-money gaming companies challenging a demand for over Rs 1.5 lakh crore, calculated at 28% on the face value of bets

Nazara Tech's two subsidiaries receive Rs 1,120 cr GST demand notice

Nazara Technologies on Wednesday informed that two of its subsidiaries have received show cause notice and intimation for GST liability adding up to nearly Rs 1,120 crore. Openplay Technologies has received a show cause notice from the Director General of GST Intelligence, Kolkata for a proposed liability of Rs 845.72 crore, while in case of another subsidiary -- Halaplay Technologies -- the liability amounts to Rs 274.21 crore. Both the claims are for the period from 2017-18 to 2022-23. The two subsidiaries are reviewing the notices with their legal counsels and tax advisors to determine their future course of action, Nazara said in a BSE filing. "We wish to inform you of the following developments related to ongoing GST matters of the gaming industry on behalf of our subsidiaries...Openplay Technologies...received a show cause notice on 16th July 2024 under Section 74(1) of the CGST Act, 2017, and the State SGST Act, 2017, from the Director General of GST Intelligence, Kolkata fo

The seven-year itch: Scratching beneath the surface of GST numbers

Every facet from the simplification of compliances and improvements in logistics to robust revenue collections have all been examined at length

Uber, other apps seek govt clarity over GST liability for their business

Move comes after Karnataka AAR exempts Namma Yatri from GST, citing its role as mere intermediary between auto drivers and customers

In a relief to companies, CBIC clarifies taxability on corporate guarantee

In a separate move, CBIC has introduced enabling provisions for allowing rectification of GSTR-1 for businesses

FinMin notifies GSTR-1A, allows taxpayers to amend outward supply form

The finance ministry has notified the GSTR-1A form which will give an option to taxpayers to amend outward supply or sales return form. Last month, the GST Council had recommended providing a new optional facility by way of form GSTR-1A to facilitate the taxpayers to amend the details in form GSTR-1 for a tax period and/ or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. The finance ministry on July 10 notified the GSTR-1A form. Moore Singhi Executive Director Rajat Mohan said the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant enhancement to the GST compliance framework with the optional facility of form GSTR-1A. "By facilitating timely corrections, form GSTR-1A ensures that the correct tax liability is auto-populated in form GSTR-3B, reducing manual errors and fostering a streamlined compliance process," he said. This amendment not only minimizes the risk of penalt

Budget 2024: Travel agents expect GST rate rationalisation for tourism

Travel agents body TAAI on Monday sought a slew of measures, including simple visa requirements and encouraging visa-free entry for tourists visiting India, rationalisation of GST rates and GST credit, and industry status for all stakeholders in the segment, among others, for the domestic travel and tourism sector, which contributes 5.8 per cent to the India's economy. "The Union Budget 2024 holds significant expectations for India's travel and tourism sector. India's travel and tourism sector contributes 5.8 per cent to the GDP and aims for a target of USD 1 trillion by 2047. We hope the budget addresses these priorities," Travel Agents Association of India (TAAI) said. It said that these measures, if implemented, can significantly enhance India's travel and tourism industry, benefiting both businesses and travellers, it said. Travel Agents Association of India (TAAI) in a statement also said that despite its various representations on concerns of ease of doing business, goods and

Towards a good and simple tax

Despite making gains, next-generation reforms are required to expand and streamline the GST

Data analysis and GST policy

The tax reform's happy ending hinges on appropriate policy reforms, which require mining the rich vein of GST data for deeper insights by research outfit

Centre sacrificed large sum of GST revenue to compensate states: Former CEA

The Centre has sacrificed a large portion of revenue from Goods and Services Tax (GST), up to 1 per cent of GDP, every year since the rollout of the new indirect tax regime to fund a 14 per cent compensation guarantee provided to states, former Chief Economic Advisor Arvind Subramanian said on Thursday. Subramanian, who was actively involved in the implementation of the GST regime, also said that it would not be advisable at this point in time to bring petrol and alcohol under the GST. GST was rolled out on July 1, 2017, subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby, simplifying the tax regime. Addressing an event organised by the Centre for Social and Economic Progress(CSEP), Subramanian further said that the GST is a remarkable reflection of cooperative federalism and a counterexample to the narrative of fiscal centralisation by the Centre in the last decade. Subramanian, currently a senior fellow at Peterson Institute for International Economics, said that the

GST Council decisions to be incorporated in the Finance Bill: CBIC Chief

CBIC Chairman Sanjay Kumar Agarwal said at the 53rd GST Council meeting rate rationalisation was proposed on some goods and services

GST's revenue performance: Centre's sacrifice for cooperative federalism

Over the past few years, most commentators have rightly emphasised the tensions in Centre-state fiscal relations, pointing especially to the Centre's repeated recourse to non-sharable cesses

GST Council's key state panel for rate changes may face another revamp

In the last reorganisation of this panel, at the GST Council meeting on June 22, Bihar Deputy Chief Minister Samrat Chaudhary was appointed as its convenor

GST collection at Rs 1.74 trillion in June, but growth slows to 7.7%

GST, which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said

GST: Reimagining input tax credit norms

One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated

GST reduced tax rates on household goods, brought relief to people: FinMin

Goods and Services Tax (GST), which completed 7 years of implementation on Monday, has brought happiness and relief to every home through reduced taxes on household appliances and mobile phones, the finance ministry said on Monday. GST, which subsumed about 17 local tax and cesses, was rolled out on July 1, 2017. The theme of the 7th GST Day is Sashakt Vyapar Samagra Vikas (empowered trade overall growth). "With reduced tax rates on household goods after GST implementation, #7yearsofGST has brought happiness and relief to every home through lower GST on household appliances and mobile phones," the ministry said in a post on X. The GST taxpayer base has increased to 1.46 crore in April 2024 from 1.05 crore as of April 2018. "We have witnessed a quantum jump in taxpayers base along with improved compliance," Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Kumar Agarwal said. Giving comparative charts of pre- and post-GST tax rates of household goods, the ministry