In a move poised to significantly impact the business landscape, the Goods and Services Tax (GST) Council, during its forthcoming meeting on June 22, is set to deliberate on a proposal to lower the upfront payment for filing a tax appeal from the current 10% to 7% of the disputed tax amount. This potential reduction … Continue reading GST Council Considers Reducing Upfront Tax Appeal Payment to 7%
Jharkhand High Court Bans After-Hours GST Summons, Citing Coercion Concerns
In a landmark decision, the Jharkhand High Court has unequivocally stated that GST officers must refrain from compelling individuals summoned under GST to provide statements beyond official working hours. The division bench, composed of Acting Chief Justice Shree Chandrashekhar and Justice Navneet Kumar, articulated with clarity, “It is our firm conviction that GST officials should … Continue reading Jharkhand High Court Bans After-Hours GST Summons, Citing Coercion Concerns
GST Council’s High-Stakes Return— Key Reforms and Debates Set for June 22
New Delhi: The formidable GST Council is set to reconvene on June 22, marking its first assembly in eight months and the inaugural meeting since the NDA government reclaimed office. This session promises a dynamic agenda, with pivotal issues such as the tax implications on online gaming—a subject vigorously championed by an influential lobby—likely to … Continue reading GST Council’s High-Stakes Return— Key Reforms and Debates Set for June 22
5% GST Imposed on Bhagat Dhanadal’s Seed Mixes by Gujarat AAR
MUMBAI: In a decisive ruling by the Gujarat Authority of Advance Ruling (AAR), the case of Bhagat Dhanadal Corporation has been adjudicated, establishing a 5% GST rate on its manufactured seed mixes. The corporation’s products, specifically ‘Mix Mukhwas’ and ‘Roasted Til with Ajwain,’ are under scrutiny. The AAR bench meticulously noted that these items predominantly … Continue reading 5% GST Imposed on Bhagat Dhanadal’s Seed Mixes by Gujarat AAR
GST Council to Address Online Gaming Tax and Rate Reforms in High-Stakes Meeting
On June 22, the GST Council will convene its 53rd meeting in New Delhi under the leadership of Finance Minister Nirmala Sitharaman, marking the first such gathering since the recent General Election. The Council is poised to tackle several pivotal taxation issues, including the contentious 28% GST imposed on online gaming, casinos, and horse racing. … Continue reading GST Council to Address Online Gaming Tax and Rate Reforms in High-Stakes Meeting
Oil Minister Puri Aims to Revolutionize Fuel Taxation with GST Inclusion
The Ministry of Petroleum and Natural Gas (MoPNG), under the leadership of Oil Minister Hardeep Singh Puri, is initiating efforts to bring petrol, diesel, and aviation turbine fuel (ATF) under the Goods and Services Tax (GST) regime. This ambitious move seeks to integrate these vital fuels into the GST framework, a measure long advocated by … Continue reading Oil Minister Puri Aims to Revolutionize Fuel Taxation with GST Inclusion
Market Euphoria—Nifty Skyrockets to Unprecedented Heights of 23,323 Amidst Thriving Heavyweight Stocks
In the realm of Indian equity markets, the Nifty index has soared to unprecedented heights, reaching a pinnacle at 23,323, buoyed by substantial gains in heavyweight stocks. This surge, however, has been accompanied by a strategic maneuver by mutual funds (MFs), particularly notable in their divestment from public sector undertakings (PSUs) preceding the anticipated general … Continue reading Market Euphoria—Nifty Skyrockets to Unprecedented Heights of 23,323 Amidst Thriving Heavyweight Stocks
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
High GST Threatens India’s Online Gaming Boom—SOGI Calls for Urgent Tax Reforms
In a robust appeal for the advancement of India’s burgeoning online gaming sector, the Skill Online Games Institute (SOGI) has underscored the imperative for informed GST deliberations to secure the industry’s sustainable growth. Spearheading this advocacy, SOGI’s President, Amrit Kiran Singh, illuminated the detrimental repercussions of the current high tax regime, which he asserts has … Continue reading High GST Threatens India’s Online Gaming Boom—SOGI Calls for Urgent Tax Reforms
Second Term for FM Sitharaman—Anticipated Measures on Inflation and Employment
Finance Minister Nirmala Sitharaman, poised for her second term, returns to the North Block with a formidable agenda, starting with the presentation of the full Union Budget for the fiscal year 2024-25. Her immediate and pressing challenge lies in curbing retail food inflation. As the first full-time female Finance Minister, Sitharaman, 65, has the distinction … Continue reading Second Term for FM Sitharaman—Anticipated Measures on Inflation and Employment