The All Kerala Gold & Silver Merchants Association has made a compelling plea to the Union Finance Ministry for a reduction in the basic customs duty on gold. The recent escalation of the import duty from 7.5% to 15% has markedly driven up production costs, creating a substantial economic burden on domestic manufacturers and exporters. … Continue reading Kerala Gold Merchants Demand Duty Reduction to Bolster Domestic Production
Kerala’s Gold Merchants Call for Tax Reforms to Revitalize Domestic Industry
In a compelling plea to the Union Finance Ministry, the All Kerala Gold & Silver Merchants Association has underscored the urgent need to revise the basic customs duty on gold to invigorate domestic production and stimulate exports. This call to action follows a substantial hike in import duty from 7.5% to 15%, a move that … Continue reading Kerala’s Gold Merchants Call for Tax Reforms to Revitalize Domestic Industry
Tax Exemption on ESOPs—A Game Changer for MNCs in India
In a landmark decision poised to benefit major technology giants like Google, Microsoft, Oracle, and Walmart, along with a myriad of other multinational corporations (MNCs), the Indian government has announced that Employee Stock Option Plans (ESOPs), Employee Stock Purchase Plans (ESPPs), and Restricted Stock Units (RSUs) offered by foreign firms to their employees in India … Continue reading Tax Exemption on ESOPs—A Game Changer for MNCs in India
Understanding GSTR-3B
GSTR-3B is a monthly summary return filed by registered taxpayers under the Goods and Services Tax (GST) system in India. It provides a snapshot of the total tax liability and input tax credits (ITC) available for a particular month. While not as detailed as other returns, it is crucial for tax compliance. Components of GSTR-3B … Continue reading Understanding GSTR-3B
GST Tax raid Unraveling a Web of Tax Evasion in the Restaurant Industry
In a groundbreaking crackdown, the State Goods and Services Tax (SGST) department has uncovered a vast network of tax evasion amounting to several crores in prominent restaurants across the state. Over the course of a strategic operation, 250 officers from the Intelligence and Enforcement wings executed meticulous raids on 42 establishments, revealing a shocking turnover … Continue reading GST Tax raid Unraveling a Web of Tax Evasion in the Restaurant Industry
Gujarat’s Business Landscape Shaken—A Deep Dive into the GST Impact
In the bustling economic hub of Ahmedabad, the implementation of the Goods and Services Tax (GST) promised a simplified taxation system, designed to enhance business operations. However, data from the state commercial tax department reveals a staggering reality: approximately 405,000 businesses in Gujarat have shuttered since the GST rollout, highlighting significant challenges in the new … Continue reading Gujarat’s Business Landscape Shaken—A Deep Dive into the GST Impact
Landmark GST Exemption on ESOPs for Indian Subsidiaries of Global Giants
In a move poised to significantly benefit multinational corporations like Google, Microsoft, Oracle, and Walmart, the Indian government has announced that Employee Stock Option Plans (ESOPs), Employee Stock Purchase Plans (ESPPs), and Restricted Stock Units (RSUs) provided by foreign firms to their employees in India will not attract Goods and Services Tax (GST), subject to … Continue reading Landmark GST Exemption on ESOPs for Indian Subsidiaries of Global Giants
CBIC Simplifies Valuation Norms for Foreign Supplies to Indian Subsidiaries
In a significant move aimed at streamlining international business transactions, the Central Board of Indirect Taxes & Customs (CBIC) has unveiled new valuation norms concerning services provided by foreign companies to their Indian subsidiaries. These services can now be assessed at open market value, contingent upon the Indian subsidiary receiving full Input Tax Credit (ITC). … Continue reading CBIC Simplifies Valuation Norms for Foreign Supplies to Indian Subsidiaries
High Court Confirms: Dual Show Cause Notices Are Legal and Binding!
In a landmark ruling, the High Court clarified the nuances of jurisdiction concerning the issuance of multiple show cause notices to an individual and their business entities. Imagine you’re an entrepreneur with multiple ventures, and one day, you receive not one, but two show cause notices. The bewilderment and concern are palpable. Can they really … Continue reading High Court Confirms: Dual Show Cause Notices Are Legal and Binding!
Material Recycling Association Pushes for GST Cut on Metal Waste to Propel Circular Economy
Ever felt the weight of a metal scrap in your hands and wondered about its journey? Imagine, for a moment, the immense potential these discarded pieces hold. Now, picture the labyrinthine maze of India’s fragmented scrap collection system. It’s a system riddled with complexities, where many, lost in the intricacies of GST, find themselves ensnared … Continue reading Material Recycling Association Pushes for GST Cut on Metal Waste to Propel Circular Economy