Category: opinion

The financial landscape is witnessing some notable changes, particularly in G-sec yields and liquidity conditions. Let’s explore these dynamics in detail. G-Sec Yields and RBI’s Rate Decisions G-sec yields are anticipated to ease further, as the Reserve Bank of India (RBI) is expected to maintain the current interest rates in its upcoming June review. This … Continue reading Analyzing the Current State of G-Sec Yields and Systemic Liquidity

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

Is it deemed that SAC 998351, pertaining to veterinary services, qualifies as an exempt supply or a supply that is subject to nil-rated taxation? Answer — Nill Rated

GST revenues have shown a noteworthy 11.3% increase in the first five months of the fiscal year 2023-24, boasting an average monthly collection of ₹1.66 lakh crore, up from approximately ₹1.5 lakh crore in the previous year. This growth was fueled by the exceptional ₹1.87 lakh crore amassed in April, marking an even higher 11.5% … Continue reading Seizing the Opportunity — The Rise in GST Revenues

Are you engaged in freelancing? Are you wondering about the necessity of GST registration for freelancers? Worry not, for we are here to provide assistance. In this article, we will delve into the key aspects of GST registration, its benefits, and the payment conditions relevant to freelancers. Who is required to undergo GST registration in … Continue reading GST For Freelancers In India

The industry body has recently submitted a policy memorandum to the government, outlining a comprehensive set of 12 recommendations aimed at enhancing the efficiency of the indirect tax system, primarily through improvements to the GST portal. This move comes as a response to the prevailing challenges that taxpayers are currently grappling with. Despite strides made … Continue reading MVIRDC Seeks Clarity on ITC for Capital Goods and GST Treatment of ESOPs

This Post discusses the perspectives of Arun Goyal, a retired Indian Administrative Service officer, who is now a member of the Central Electricity Regulatory Commission. Notably, he played a crucial role as an additional secretary during the GST Council’s launch of the Goods and Services Tax (GST), showcasing his deep experience in regulatory matters and … Continue reading Game Changer — The GST has revolutionized India’s economy.

Government entities or suppliers consistently aim to have an advantage in their interactions with private businesses. When contracts are nullified, a common concern arises about managing the previously paid GST, particularly if there’s no applicable outward tax liability. Addressing this matter, Serial Number 3 of Circular Number 137/07/2020-GST dated 13/4/2020 outlines the subsequent details — … Continue reading GST Refunds for Cancelled Contracts — Supplier Obligations

New Delhi: According to a recent statement by the industry association Assocham, the Goods and Services Tax Network (GSTN), the entity responsible for processing GST returns, is considering the release of additional tax-related data concerning geographical and industrial aspects. The Chief Executive of GSTN, Manish Kumar Sinha, expressed this potential development. A dedicated committee is … Continue reading GSTN Considers Increased Public Disclosure of GST-Related Data