The Goods and Services Tax (GST), now a seven-year-old tax regime in India, has reached a notable level of stability, as evidenced by the consistent rise in collections over its journey. From an average monthly collection of Rs. 90,000 crore during its initial year in 2017-18, GST collections have surged to Rs. 1.68 trillion in … Continue reading GST turns 7 today—Lets reflect
Category: GST
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
GST turned Seven—A Turning Point in Indian Economic Reforms
Seven years after its historic implementation, the Goods and Services Tax (GST) stands as a cornerstone of India’s economic framework, heralding transformative change and solidifying its role as a pivotal fiscal reform. Let’s delve into the remarkable trajectory of GST and its far-reaching impact. As of June 1, 2024, the GST ecosystem comprises 1.46 crore … Continue reading GST turned Seven—A Turning Point in Indian Economic Reforms
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
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!
53rd GST Council Meeting—Railway Services, Solar Cookers, and More Exempted from Tax
In a landmark move during the 53rd GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, a series of pivotal decisions were taken, marking significant reforms in the taxation landscape of India. This council meeting underscored a clear intention from the Centre to streamline and optimize the Goods and Services Tax (GST) framework, with … Continue reading 53rd GST Council Meeting—Railway Services, Solar Cookers, and More Exempted from Tax
Current Indian Polity and recent development in GST
The freshly concluded Lok Sabha elections have yielded a fascinating outcome. Contrary to the anticipated landslide of over 400 seats, the NDA, distinct from BJP, secured a simple majority against its rival alliances. The new BJP-led NDA Government, with Narendra Modi at the helm for a third consecutive term starting June 9, 2024, showcases a … Continue reading Current Indian Polity and recent development in GST
Unveiling the High-Stakes Impact of GST on OIDAR Services
The advent of the Goods and Services Tax (GST) in India marks a pivotal transformation in the nation’s indirect tax structure, fostering a cohesive and streamlined market. Among the various sectors reshaped by GST, the realm of Online Information and Database Access or Retrieval (OIDAR) Services stands out due to its inherently digital nature and … Continue reading Unveiling the High-Stakes Impact of GST on OIDAR Services
Kerala High Court: ITC Conditions and Retrospective Benefits under Section 16(4)
In a significant legal battle, M/S M. Trade Links brought forth a challenge against specific provisions of the Central Goods and Services Tax Act (CGST) and the State Goods and Services Tax Act (SGST) in the Kerala High Court. The core of the dispute centers on Sections 16(2)(c) and 16(4) of the CGST and SGST … Continue reading Kerala High Court: ITC Conditions and Retrospective Benefits under Section 16(4)