12 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 More12 Dec, 2024
GST Rate Rationalisation: Mixed Reactions from States The proposed GST rate rationalisation by the Group of Ministers (GoM) has sparked a divided response among Indian states. While some states support the reform, others are wary of its timing due to economic uncertainties and potential impacts on consumption. The Debate: Why States Are Concerned Several non-GoM […]
Read More12 Dec, 2024
Badam Flavoured Milk GST Ruling: Key Insights The Andhra Pradesh High Court (AP HC) recently ruled that badam flavoured milk falls under the classification of “milk,” attracting a GST of 5%, not 12%. This decision aligns with previous rulings, offering significant relief to dairy businesses and consumers. Let’s break down the ruling, its basis, and […]
Read More12 Dec, 2024
Is Cash a “Thing” Under GST Section 67(2)? A Supreme Court Ruling Awaits The Goods and Services Tax (GST) Act empowers officers to search and seize “goods, documents, books, or things” under Section 67(2). However, whether cash qualifies as a “thing” has been a contentious issue, with varying interpretations across High Courts. This ambiguity will […]
Read More12 Dec, 2024
Why Payment Gateways Want GST Waivers on Low-Value Commissions Ahead of the upcoming GST Council meeting on December 21, payment gateway operators are seeking a waiver on the 18% GST levied on commissions for digital payments up to ₹2,000. This request stems from the potential negative impact on digital payment growth, particularly affecting merchants who […]
Read More11 Dec, 2024
55th GST Council Meeting: What’s at Stake for Businesses and Consumers? The 55th GST Council meeting on December 21, 2024, is expected to address pivotal reforms like GST rate rationalisation, inverted duty structure, and taxation on insurance premiums. These decisions could significantly impact India’s taxation system, aiming to enhance efficiency, reduce cascading tax effects, and […]
Read More11 Dec, 2024
India’s Economic Growth: Leading the Global Race India’s economic growth continues to dominate headlines, as it remains the fastest-growing major economy globally. Finance Minister Nirmala Sitharaman recently reaffirmed confidence in India’s growth trajectory, predicting sustained economic expansion not just this year, but well into the future World Bank: Upgraded Growth Forecast The World Bank has […]
Read More11 Dec, 2024
Farmers Call for GST Waiver on Agri Inputs Ahead of Budget 2024 In a recent pre-budget meeting with Finance Minister Nirmala Sitharaman, Indian farmers strongly advocated for the scrapping of GST on agricultural inputs. This demand stems from the increasing financial burden due to taxes on essentials like seeds, manure, and pesticides. Why Farmers Want […]
Read More11 Dec, 2024
GST Share to States: ₹6.42 Lakh Crore Till November The Centre distributed a whopping ₹6.42 lakh crore to states and Union Territories (UTs) from GST collections by November 2024. This amount includes State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST), and compensation cess. Let’s break down the numbers and understand the […]
Read More11 Dec, 2024
GST ITC Evasion by fake firms has reached alarming levels, with authorities detecting fraud worth Rs 35,132 crore between April and October 2024. This revelation highlights the growing need for stringent compliance and data-driven enforcement. The Scope of the Fraud Between April and October 2024, a coordinated special drive led to the detection of 18,876 […]
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