Category: news

Nitin Gadkari Proposes Additional 10% GST on Diesel Vehicles; Market Reactions Swift

In a significant move aimed at reducing emissions, Union Road Transport and Highways Minister Nitin Gadkari recently suggested implementing an additional 10% GST on diesel vehicles. This announcement, made at the Society of Indian Automobile Manufacturers (SIAM) annual convention, caused immediate ripples in the market, with shares of oil marketing and automobile companies taking a … Continue reading Nitin Gadkari Proposes Additional 10% GST on Diesel Vehicles; Market Reactions Swift

RBI Directs Banks to Stop Charging Punitive Interest: Implications for Borrowers

The Reserve Bank of India (RBI) has just issued new guidelines to banks and lenders on how they can charge borrowers for defaults, missed payments, or violations of terms. These guidelines aim to bring clarity and fairness to the way banks impose extra charges on borrowers who fail to meet their payment obligations. In a … Continue reading RBI Directs Banks to Stop Charging Punitive Interest: Implications for Borrowers

Online Money Gaming Companies Confront Enormous Rs 45,000 Crore Tax Demand Following 28% GST Imposition

Online gaming companies that used to claim they offered skill-based games are now facing the possibility of owing an extra tax of about Rs 45,000 crore, according to a report by ET. The Central Board of Indirect Taxes and Customs (CBIC) has looked into the GST (Goods and Services Tax) obligations that these companies have … Continue reading Online Money Gaming Companies Confront Enormous Rs 45,000 Crore Tax Demand Following 28% GST Imposition

Union Cabinet Clears Bill to Amend GST Laws for Online Gaming, Casinos, and Horse Racing

The Union Cabinet on Wednesday cleared a bill to amend laws to bring clarity related to the uniform 28 percent GST at full face value for online gaming, casinos, and horse racing, government sources confirmed. The statutes to be amended through the latest bill include CGST, IGST, and UT GST laws. The bill is expected … Continue reading Union Cabinet Clears Bill to Amend GST Laws for Online Gaming, Casinos, and Horse Racing

Indian Banks Engage in Branch Opening Spree with Focus on Deposits

In the realm of Indian banking, particularly within the enclave of private sector institutions, a conspicuous defiance of the presumption that digital transactions would consign physical branches to obsolescence has taken shape. In a bold and strategic move, these banks are orchestrating a fervent expansion of their branch networks, spurning the predicted diminution of brick-and-mortar … Continue reading Indian Banks Engage in Branch Opening Spree with Focus on Deposits

May 2023: Record-Breaking Rs.1,57,090 Crores Achieved in Gross GST Revenue Collection | Official Announcement

Press Release: 01/06/2023 In May 2023, an impressive sum of Rs. 1,57,090 crores has been amassed as Gross GST revenue. The Government has diligently allocated Rs. 35,369 crore to CGST and Rs. 29,769 crore to SGST from IGST. Following the customary settlement, the total revenue for CGST stands at a commendable Rs. 63,780 crores, while … Continue reading May 2023: Record-Breaking Rs.1,57,090 Crores Achieved in Gross GST Revenue Collection | Official Announcement

Report: Government’s Crackdown on Tax Violators Uncovers 10,000 Instances of Fraudulent GST Registrations

In a remarkable demonstration of collaborative efforts, tax enforcement authorities from both the central and state governments have taken swift and decisive action against tax offenders. Their vigilant crackdown has already yielded significant results, as an astounding number of over 10,000 fraudulent Goods and Services Tax (GST) registrations were unearthed during the inaugural week of … Continue reading Report: Government’s Crackdown on Tax Violators Uncovers 10,000 Instances of Fraudulent GST Registrations

Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau

Pine Labs, a prominent player in the realm of digital payments, has now aligned itself with the emerging trend among technology enterprises to defer their initial public offerings (IPOs). In an exclusive interview with ET, Amrish Rau, the CEO of Pine Labs, firmly expressed his decision to withhold the planned IPO, citing the tumultuous state … Continue reading Pine Labs The Emerging Force in Indian FinTech, but no IPO in the current situation says CEO Amrish Rau

In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?

No, in a B2C (business-to-consumer) transaction under the Goods and Services Tax (GST) regime, tax invoices and payment receipts are not the same things. A tax invoice is a document that is issued by the supplier to the customer, and it contains all the necessary details required under GST laws to record a taxable supply … Continue reading In a B2C (business-to-consumer) transaction under the GST invoices and receipt are same?