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Infosys says it's in full compliance after Rs 32,000 crore GST notice

The company, in a regulatory filing, said that the demand was towards the expenses incurred by its overseas brand offices for the period from July 2017 to March 2022

Abolish tax on life, health insurance premiums: Gadkari writes to FM

Gadkari said in his letter that he is writing to the finance minister following a memorandum from the Nagpur Divisional Life Insurance Corporation Employees Union

Infosys gets demand notice for GST evasion of over Rs 32,000 crore

The tax demand relates to services availed by the IT services conglomerate from its overseas branches for five years starting 2017

Please remove GST on life, medical insurance premiums: Nitin Gadkari to FM

In a letter addressed to Finance Minister Nirmala Sitharaman, Nitin Gadkari requested the removal of 18 per cent GST on life and medical insurance premiums.

On the table: Fitment panel working on 2 sets of 3-slab GST structure

The panel is working on two options to keep prices of essential goods in check

GST amnesty scheme: A step forward or a missed opportunity?

While the GST amnesty scheme is a positive step towards improving taxpayer relations, its current form falls short of its potential

'Don't want to raise tariffs to high levels as industry becomes complacent'

Since indirect tax figures are not being released, we are treating GST data in the same manner, he says

Union Budget 2024-25: Propelling India's evolution into 'Viksit Bharat'

With the objective of ease of doing business and in line with recent Goods and Services Tax (GST) council recommendations, various proposals have been introduced under GST

Union Budget 2024: Beginning of remarkable direct tax reforms by Modi 3.0

Income tax changes in Budget 2024: On the personal income-tax front, the tax slab rates have been rationalised only under the new tax regime

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