17 Dec, 2024
GST Rates on Ready-to-Eat Popcorn: What Businesses Need to Know The GST Council’s Fitment Committee has proposed crucial clarifications on GST rates for ready-to-eat popcorn. This move aims to address ambiguities in popcorn classification and applicable GST rates. These recommendations, if approved, could provide much-needed clarity for businesses and make certain popcorn types more affordable […]
Read More17 Dec, 2024
Why Complex GST Slabs May Hinder Compliance India’s GST system was designed to streamline taxation and boost compliance. However, introducing new slabs, like the proposed 35% rate, may derail these goals. A complex tax structure can encourage black market growth and hurt legitimate businesses. Let’s break down the potential pitfalls of these changes and what […]
Read More17 Dec, 2024
Nifty’s Volatility Surge: Decoding the India VIX Spike The recent spike in India VIX, the “fear gauge” of Indian markets, has rattled investors. On Monday, the India VIX surged by 60%, its highest jump since 2015. This surge reflected a sharp rise in market uncertainty, driven by concerns over a potential US recession and a […]
Read More17 Dec, 2024
Bitcoin Surges to $107K: Is a U.S. Strategic Reserve Coming? Bitcoin’s price has soared past $107,000, fueled by speculation about the creation of a U.S. Bitcoin Strategic Reserve. This buzz follows comments from President-elect Donald Trump, suggesting a friendlier regulatory stance toward cryptocurrencies. The potential reserve, modeled after the nation’s strategic oil reserve, has excited […]
Read More17 Dec, 2024
GST Council Eyes Tax Hike on Used EVs and Cars: What You Need to Know The GST Council meeting scheduled for December 20-21, 2024, in Jaisalmer, Rajasthan, is set to discuss a GST hike on used cars and electric vehicles (EVs). Currently taxed at 12%, the proposal suggests raising this rate to 18%, which could […]
Read More16 Dec, 2024
Biometric-Based GST Registration for 3 States: A Step-by-Step Guide The GSTN (Goods and Services Tax Network) has rolled out biometric-based Aadhaar authentication and document verification for GST registration applicants in Chhattisgarh, Goa, and Mizoram. As per Advisory No. 558 issued on 15th December 2024, the GST registration process now involves risk-based biometric verification to enhance […]
Read More16 Dec, 2024
Punjab GST Scam: ₹163 Crore Fraud Shakes Tax System The Punjab GST Department recently unearthed a massive bogus billing scam involving fraudulent transactions worth ₹163 crore. The scam, centered in Ludhiana, exposed a network of fictitious firms exploiting fake Input Tax Credit (ITC), causing significant losses to the state exchequer. 🚨 Unmasking the ₹163 Crore […]
Read More16 Dec, 2024
Complex GST Slabs Fuel Illicit Trade Growth India’s ambitious Goods and Services Tax (GST) regime aims to simplify taxation. However, the introduction of complex GST slabs may be unintentionally fostering illicit markets, particularly in sectors like tobacco and textiles. This article explores how these multiple slabs encourage illegal trade, impacting the economy and legitimate businesses. […]
Read More16 Dec, 2024
Section 107 and Limitation: GST Appeals Can Get Second Chance Procedural Delays and GST Appeals: An Important Case Section 107 limitation has been a challenge for many GST taxpayers. The recent case of Anand Kumar Hirawat highlights how procedural delays can be addressed fairly under the GST framework. The Background of the Case Anand Kumar […]
Read More16 Dec, 2024
Hearing Opportunity a Must Before Blocking ITC In a recent case, “Hearing opportunity a must before blocking ITC” has emerged as a critical principle of justice. The case sheds light on the need for procedural fairness when tax authorities invoke Rule 86A of the Central Goods and Services Tax (CGST) Rules to block Input Tax […]
Read More