In a decisive move, the central government has imposed stock limits on tur and chana, effective immediately and lasting until September 30. This measure, targeting wholesalers, retailers, big chain retailers, millers, and importers, aims to curb hoarding and speculative practices, thereby enhancing the affordability of these essential pulses for consumers. The Consumer Affairs Ministry, through … Continue reading Government Enforces Stock Limits on Tur and Chana Until September 30
India Inc’s Justifications for Slow Capex Losing Credibility
As demand resurges and growth prospects brighten, the onus now falls on the industry to ramp up investments. India’s private sector can no longer rely on the government to shoulder the burden of capital expenditure indefinitely. Industry associations, predictably, have begun circulating their standard wish-lists in anticipation of the 2024-25 Budget. These proposals include calls … Continue reading India Inc’s Justifications for Slow Capex Losing Credibility
E-Way Bill Generation in May Soars to 10.32 Crore, Marking Second All-Time High
In a remarkable turn of events, e-way bill generation reached an unprecedented 10.32 crore in May, marking the second-highest figure ever recorded. Traditionally a quieter month, May’s surge can be attributed to a robust demand for electronic items and cooling products. This data, sourced from the GSTN, signifies the third instance of e-way bills surpassing … Continue reading E-Way Bill Generation in May Soars to 10.32 Crore, Marking Second All-Time High
GST Council to Tighten Registration Rules and Offer Relief to E-Commerce Operators
The GST Council is poised to propose stricter regulations for new registrations, with a particular emphasis on biometric verification. Concurrently, there is an anticipation of Tax Collected at Source (TCS) relief for e-commerce operators. These deliberations will be central to the Council’s forthcoming session on June 22, presided over by Finance Minister Nirmala Sitharaman—the first … Continue reading GST Council to Tighten Registration Rules and Offer Relief to E-Commerce Operators
GST Confidence Soars to 84% Among Indian Businesses—Deloitte Survey
In an illuminating development for India’s fiscal landscape, a recent survey by Deloitte reveals a remarkable surge in confidence towards the Goods & Services Tax (GST), with 84% of respondents expressing positive sentiments in 2024, up from 72% in 2023. This data surfaces as the GST regime approaches its seven-year milestone, underscoring a significant maturation … Continue reading GST Confidence Soars to 84% Among Indian Businesses—Deloitte Survey
Kerala High Court Division Bench Halts Lower GST on Malabar Parota
In a significant legal development, the Division Bench of the Kerala High Court has issued a stay on the lower GST ruling for Malabar Parota. This stay comes as a response to the single-judge bench’s earlier decision, which had reduced the GST rate for the product. The interim order, articulated by Justices A. Muhamed Mustaque … Continue reading Kerala High Court Division Bench Halts Lower GST on Malabar Parota
GST Council Poised to Alleviate Inverted Duty Structure Burdens
The GST Council is poised to recommend alleviating measures for sectors beleaguered by the Inverted Duty Structure (IDS), including textiles, fertilizers, and leather. This structural anomaly, where input duties surpass output duties, precipitates a significant accumulation of input tax credit (ITC), imposing onerous cash flow constraints on businesses. The pressing issue of IDS, which has … Continue reading GST Council Poised to Alleviate Inverted Duty Structure Burdens
Chewing Tobacco Manufacturer Evades GST Using Decoy E-Way Bills
In an elaborate scheme to sidestep Goods and Services Tax (GST) regulations, a Western Uttar Pradesh-based chewing tobacco manufacturer has been exposed for employing decoy e-way bills. The strategic evasion, amounting to nearly ₹500 crore, highlights the vulnerabilities within the current tax enforcement framework. Tobacco products, including chewing tobacco, are subject to a substantial GST … Continue reading Chewing Tobacco Manufacturer Evades GST Using Decoy E-Way Bills
GST Council’s Strategic Deliberations—Easing Compliance and Facilitating Trade for MSMEs
In an upcoming session, the GST Council is poised to tackle a comprehensive agenda aimed at streamlining compliance and enhancing trade facilitation, particularly for micro, small, and medium enterprises (MSMEs). Central to these discussions is the proposal to amend the GST framework, introducing significant relief measures for sectors such as online gaming, casinos, and horse … Continue reading GST Council’s Strategic Deliberations—Easing Compliance and Facilitating Trade for MSMEs
Reconstitution of the GST Rate Rationalisation Panel—Bihar’s Deputy CM Takes the Helm
In a significant move, the GST Council has announced the reconstitution of the Group of Ministers (GoM) tasked with recommending GST rate rationalisation. Bihar’s Deputy Chief Minister, Samrat Chaudhary, has been appointed as the new convenor, succeeding Uttar Pradesh’s Finance Minister, Suresh Khanna. The official memorandum, although dated February 27, has only recently been posted … Continue reading Reconstitution of the GST Rate Rationalisation Panel—Bihar’s Deputy CM Takes the Helm