Microeconomics Overview Microeconomics stands as a vital realm of economics, focusing on the behaviors of key economic agents within a society, namely households, individuals, and businesses. The term “firm” encompasses a wide array of commercial endeavors. Diverging from macroeconomics, which examines the economy holistically, microeconomics concentrates on dissecting the intricate threads of individual economic actions. … Continue reading Microeconomics — Short Summary
Transition and Transformation Towards GST 2.0 — Consultancy Invited to bid
Infosys’ technology support contract for Goods and Services Tax (GST) is set to conclude in September 2024. In response, GST Network (GSTN) has initiated a search for a consultancy firm. This firm’s primary task will be to create a bid document for the selection of a new technology service provider and to outline a strategic … Continue reading Transition and Transformation Towards GST 2.0 — Consultancy Invited to bid
Rule No. 47 — Time Limit For Issuing Services Invoices
Rule 47 deals with the time limit for issuing a tax invoice. In the scenario of providing taxable services, the invoice mentioned in rule 46 must be generated within thirty days from the actual date of supply of the service. Exceptions However, exceptions are in place. If the service provider falls under the category of … Continue reading Rule No. 47 — Time Limit For Issuing Services Invoices
Senior Tax Official Nabbed by CBI for Allegedly Taking a Bribe of Rs 5 Lakh
The Central Bureau of Investigation (CBI) has taken decisive action by apprehending a senior official from the Goods and Services Tax (GST) department in Mumbai. This official, identified as Hemant Kumar, holding the position of Superintendent at the Bhiwandi Commissionerate, was arrested on charges of soliciting and receiving a bribe of Rs 5 lakh. The … Continue reading Senior Tax Official Nabbed by CBI for Allegedly Taking a Bribe of Rs 5 Lakh
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
Maharashtra State Records Highest GST Collection in India at 18% Over 4-Month Period
Maharashtra’s GST revenue surge paints a striking picture, with an unwavering 18% growth from April through July in the current fiscal year. In contrast, the national expansion hovers modestly between 11% and 12%. This remarkable achievement in revenue stands as a testament to Maharashtra’s fiscal resilience. Notably, the state’s financial prowess was manifest in its … Continue reading Maharashtra State Records Highest GST Collection in India at 18% Over 4-Month Period
Detecting Counterfeit GST Invoices — A Practical Guide
In 2017, the Goods and Services Tax (GST) system was introduced with the explicit intention of simplifying taxation processes, supplanting numerous indirect taxes like VAT and service tax. For any business operating under the GST framework, the issuance of invoices is mandatory. These invoices must include a legitimate GSTIN, detailing the segmentation of Integrated GST, … Continue reading Detecting Counterfeit GST Invoices — A Practical Guide
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
MVIRDC Seeks Clarity on ITC for Capital Goods and GST Treatment of ESOPs
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
Ad Revenue from Twitter will attract GST
In August, Elon Musk unveiled an exciting opportunity for X Premium (Blue) subscribers to partake in ad revenue sharing. However, this anticipated remuneration is not exempt from the tax man’s reach, as experts, in conversation with news agency PTI, predict an 18% GST imposition on the ad revenue share doled out by ‘X,’ formerly known … Continue reading Ad Revenue from Twitter will attract GST