13 Dec, 2024
🧾 GST Council Updates Simplifying Taxes for a Smoother Economy The GST Council has unveiled a series of reforms designed to streamline the tax system and reduce inefficiencies. From GST rate changes to biometric authentication, these updates aim to make compliance simpler and fairer. Let’s break down the key changes and their impact. 🎯 1. […]
Read More13 Dec, 2024
GSTR-4 Due Date Extended for Composition Taxpayers The GSTR-4 filing due date for composition taxpayers has been extended by the GST Council. Previously set at 30th April, the new due date is 30th June, effective from the Financial Year 2024-25 onwards. This update simplifies compliance for small businesses operating under the Composition Scheme. đź“Ś Key […]
Read More13 Dec, 2024
Why Reducing GST to 5% Makes Health Insurance Affordable Affordable health insurance is crucial for every Indian family, but the current 18% GST on premiums is a hurdle. Industry experts propose reducing GST to 5% rather than exempting it entirely. This approach, they argue, balances affordability and sustainability by preserving Input Tax Credit (ITC) benefits. […]
Read More13 Dec, 2024
New 35% GST Slab: Impact on Indian Retailers and Compliance The introduction of a 35% GST slab and pricing-based tax structure is raising alarm bells among Indian retailers. Trade associations are urging the GST Council and Finance Ministry to reconsider these proposals, arguing that such changes would complicate the GST framework and harm retail businesses. […]
Read More13 Dec, 2024
🚀 GST Relief Measures: Simplified Compliance for Taxpayers The 54th GST Council meeting on September 9, 2024, rolled out several GST relief measures to simplify compliance and ease taxpayer burden. These measures include rate adjustments, exemptions, and relief on past GST demands. Here’s a clear breakdown of the updates and how they benefit taxpayers. đź“ť […]
Read More13 Dec, 2024
When Can Pre-Deposit Be Waived Off in Appeals? Filing an appeal under customs laws requires a mandatory pre-deposit. However, in rare cases, courts may waive this requirement. Let’s explore the key provisions and recent case laws, like the Bombay High Court’s decision in Lalit Kulthia v. Commissioner of Customs, to understand the circumstances where such […]
Read More13 Dec, 2024
Tax Refunds Surge by 46.31%: What You Need to Know Tax refunds have hit an all-time high, jumping by 46.31% to Rs 3.08 lakh crore in FY 2024-25, according to the Finance Ministry. This surge has significant implications for taxpayers, businesses, and the economy. Let’s break down the reasons behind this rise, recent updates, and […]
Read More13 Dec, 2024
Donors to RUPPs Face Tax Deduction Scrutiny The Income Tax Department is scrutinising taxpayers who claimed deductions under Sections 80GGC/80GGB by donating to Registered Unrecognised Political Parties (RUPPs). These taxpayers are now receiving show-cause notices questioning the validity of their deductions. What’s Triggering the I-T Notices? The scrutiny began after investigations revealed that certain RUPPs […]
Read More12 Dec, 2024
GST Rate Rationalisation: States Split Over Economic Timing The proposed GST rate rationalisation by the Group of Ministers (GoM) has sparked a debate among states, revealing a deep divide over its timing and economic implications. States’ Economic Concerns While the GoM advocates streamlining the GST rates, several non-GoM states are worried about the economic climate. […]
Read More12 Dec, 2024
Government Initiatives for Income Tax Relief in Cooperative Societies The Government of India has rolled out several initiatives to provide income tax relief for cooperative societies. These measures aim to empower rural communities, support farmers, and create a fairer tax environment for cooperatives. Reduced Surcharge on Cooperative Societies The surcharge on cooperative societies has been […]
Read More