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!
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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
Nitin Gadkari Proposes 10% Extra GST on Diesel Vehicles; Market Reacts Sharply
Shares of oil marketing and automobile companies took a significant hit on Tuesday following Union Road Transport and Highways Minister Nitin Gadkari’s proposal to introduce an additional 10% Goods and Services Tax (GST) on diesel vehicles. This move, aimed at reducing emissions, caused immediate ripples across the stock market. Clarification from Gadkari In response to … Continue reading Nitin Gadkari Proposes 10% Extra GST on Diesel Vehicles; Market Reacts Sharply
Continuous Supply of Services under Indian GST & Section 2(33) and Section 31—5A or 5B or 5C of the CGST Act
Section 2(33) of the CGST Act— “(33) ―continuous supply of services‖ means a supply of services which is provided, or agreed to be provided, continuously or on a recurrent basis, under a contract, for a period exceeding three months with periodic payment obligations and includes the supply of such services as the Government may, subject … Continue reading Continuous Supply of Services under Indian GST & Section 2(33) and Section 31—5A or 5B or 5C of the CGST Act
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