Category: news

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

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

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

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

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

The panel responsible for evaluating tax adjustments within the Goods and Services Tax (GST) Council has, in preparation for the upcoming October 7th meeting, voiced its disapproval of the industry’s plea to reduce taxes on tobacco products. Specifically, the industry had requested a standardized additional compensation cess on cigarettes, a compensation cess on bidis, an … Continue reading GST panel opposes tobacco product tax reduction.

In the serene ambiance of New Delhi, Finance Minister Nirmala Sitharaman expounded on the profound impact of the Goods and Services Tax (GST) on the North Eastern states during her address at the distinguished ‘Conclave 2023.’ The states of the Northeast have experienced a substantial surge in their revenue collections since the inception of this … Continue reading Northeast Region—Top GST Beneficiary — Nirmala Sitharaman

A significant incident of Goods and Services Tax (GST) fraud has been uncovered in the Palghar district of Maharashtra, resulting in the arrest of an individual responsible for embezzling a substantial sum of Rs 18.66 crore from the government’s coffers. Dhiren Chandrakant Shah, the proprietor of a private enterprise known as Archana Impex, stands accused … Continue reading Palghar, Maharashtra — Private Firm Proprietor Arrested in ₹18.66 Crore GST Fraud

An individual, as yet unidentified, has been formally charged with the fraudulent acquisition of a GST registration number, leading to a substantial financial loss of Rs 12.36 crore for the UT Excise and Taxation Department. Deepak Bhatt, an excise and taxation officer, initiated the complaint, revealing that a business entity by the name of M/s … Continue reading GST Registration Fraud Results in Rs 12-Crore Loss for Department

In a significant development that provides clarity to businesses engaging in promotional schemes for expansion, the Karnataka Authority for Advance Ruling (AAR) has issued a ruling regarding the eligibility of input tax credit (ITC) for performance-based promotional schemes. The ruling distinguishes goods provided free of charge to distributors or retailers upon meeting specific sales purchase … Continue reading Karnataka AAR Clarifies — GST Promotional Schemes Aren’t Gifts, Tax Credit Eligible