Ice cream companies are optimistic about a potential reduction in the Goods and Services Tax (GST) rate, believing it will make ice cream more affordable and boost demand. This anticipated change is especially pertinent following recent elections, as industry leaders hope for favorable economic policies from the new government. Lobbying for Lower GST Rates To … Continue reading Anticipated GST Reduction: A Boost for the Ice Cream Industry
Author: Editorial Staff
Noida Police Arrest Three More in ₹10,000 Crore GST Fraud Case
The Noida police have apprehended three additional members of a gang allegedly involved in a massive ₹10,000 crore Goods and Services Tax (GST) fraud, increasing the total number of arrests to 44. This arrest marks another significant step in the ongoing investigation that began in June 2023. On June 1, 2023, the Noida police announced … Continue reading Noida Police Arrest Three More in ₹10,000 Crore GST Fraud Case
Supreme Court Upholds Integrity of Resolution Plans
In the realm of insolvency and bankruptcy law, the approval of a resolution plan by the National Company Law Tribunal (NCLT) or the National Company Law Appellate Tribunal (NCLAT) imposes stringent obligations on the Successful Resolution Applicant (SRA). The SRA must adhere strictly to the conditions of the approved plan, with no room for deviations … Continue reading Supreme Court Upholds Integrity of Resolution Plans
Finance Minister Nirmala Sitharaman Highlights GST’s Role in Cooperative Federalism and State Empowerment
GST Collections Reach Pre-GST Levels as a Percentage of GDP Union Finance Minister Nirmala Sitharaman recently highlighted the significant progress and impact of the Goods and Services Tax (GST) regime in India. Addressing the media on Monday, Sitharaman noted that GST collections as a percentage of the Gross Domestic Product (GDP) have returned to pre-GST … Continue reading Finance Minister Nirmala Sitharaman Highlights GST’s Role in Cooperative Federalism and State Empowerment
Tipping Point—Analyzing GST Revenues and Reform Imperatives
In a historic milestone, India’s Goods and Services Tax (GST) revenues surpassed ₹2 lakh crore for the first time in April. Typically, April sees the highest GST collections, driven by the fiscal year-end activities in March, when taxpayers finalize their books, hasten to meet tax deadlines, and rectify discrepancies as required by the revenue authorities. … Continue reading Tipping Point—Analyzing GST Revenues and Reform Imperatives
Aurobindo Pharma Faces ₹13 Crore Tax Demand
Updated – May 03, 2024 at 05:35 PM Hyderabad: Aurobindo Pharma Ltd. has been hit with a significant tax demand from the GST authority, amounting to over ₹13 crore. This demand includes interest and penalties related to an ineligible input tax credit (ITC) claim. Tax Order DetailsThe Deputy Commissioner (ST) STU-1 of GST, Punjagutta Division, … Continue reading Aurobindo Pharma Faces ₹13 Crore Tax Demand
Sanjaya Kumar Mishra Appointed as President of GST Appellate Tribunal
The Central Government has taken a significant step in improving tax dispute resolution by establishing the Goods & Services Tax Appellate Tribunal (GSTAT). Retired Justice Sanjaya Kumar Mishra has been appointed as the President of GSTAT, which will feature 31 benches in major cities across India. This move aims to provide businesses with a timely … Continue reading Sanjaya Kumar Mishra Appointed as President of GST Appellate Tribunal
Zomato Faces Significant GST Demand and Penalty
April 20, 2024 Zomato Receives NoticeFood delivery giant Zomato has been hit with a substantial Goods and Services Tax (GST) demand and penalty order amounting to Rs 11.8 crore. This announcement came from the company on April 19, detailing the financial period from July 2017 to March 2021. Breakdown of the GST OrderThe order includes … Continue reading Zomato Faces Significant GST Demand and Penalty
Breaking News—CBIC Imposes Deadline and Streamlines GST Investigation Process with New Guidelines!
The Central Board of Indirect Taxes & Customs (CBIC) has rolled out fresh guidelines for GST investigations, marking a significant shift in approach towards tax compliance and enforcement. These guidelines, unveiled recently, carry pivotal directives aimed at enhancing efficiency, transparency, and accountability in the investigation process. Key Highlights: In Conclusion: The issuance of these guidelines … Continue reading Breaking News—CBIC Imposes Deadline and Streamlines GST Investigation Process with New Guidelines!
Massive GST Evasion Uncovered in Nationwide Crackdown
In a determined effort to combat fraudulent practices in GST transactions, the government has unveiled a major crackdown on fake GST invoices and registrations. This operation exposed 29,000 firms involved in evading ₹44,000 crore in taxes, marking a significant step in ensuring compliance and transparency. Details of the Crackdown The Finance Ministry reported that over … Continue reading Massive GST Evasion Uncovered in Nationwide Crackdown