GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets
Posted Date : 23-Dec-2024 , 02:23:04 pm | Posted By CASANSAAR
GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets
The GST Council will track cigarettes and pan masala to stop tax evasion. A unique code will be placed on products. This will help the government follow the products. The government lose...
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Recommendations of the 55th Meeting of the GST Council
Posted Date : 22-Dec-2024 , 08:41:30 am | Posted By CASANSAAR
The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, today.
The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa, Haryan...
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GST |
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GST Council declared that voucher transactions will not be subject to GST
Posted Date : 21-Dec-2024 , 06:48:54 pm | Posted By CASANSAAR
The GST Council declared that voucher transactions will not be subject to GST, providing relief to retailers. This decision clarifies that vouchers are not considered goods or services, resolving previous disputes and aligning with RBI's classification of vouchers as prepaid instruments. The cou...
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GST |
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RBI imposes Rs 27.30 lakh penalty on IndusInd Bank
Posted Date : 21-Dec-2024 , 06:43:09 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) has fined IndusInd Bank Rs 27.30 lakh for violating deposit interest rate regulations. An inspection revealed savings accounts opened for ineligible entities. The RBI clarified the penalty addresses compliance issues and doesn't invalidate the bank's customer ...
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RBI |
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RBI Prioritizing inflation control amid slowing Economic Growth
Posted Date : 21-Dec-2024 , 06:40:44 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) held its benchmark interest rate steady at 6.25% in December, prioritizing inflation control amid slowing economic growth. Outgoing Governor Shaktikanta Das emphasized the need to balance inflation and growth, while two MPC members favored a rate cut to stimulate the ...
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10% Tax Instead of 5% on Dividend Income from January 1, 2025 in Switzerland
Posted Date : 21-Dec-2024 , 06:30:12 pm | Posted By CASANSAAR
10% Tax Instead of 5% on Dividend Income from January 1, 2025
Higher tax on dividend: From January 1, 2025 Indians need to pay witholding tax at 10% rate instead of 5% rate in Switzerland. Experts say this may result in burden for a company's cash flow and may also result in dead loss for cer...
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Income Tax |
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GST E-Way Bill rules changed; Buyers
Posted Date : 21-Dec-2024 , 06:20:07 pm | Posted By CASANSAAR
GST: A new advisory by GSTN alerted taxpayers about changes being made with E-Way Bill generation time limits which is now reduced to 180 days from the date of the base document. “For instance, documents dated earlier than July 5, 2024, will not be eligible for e-waybill generation starting Ja...
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GST |
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Defers insurance overhaul, recommends 18% tax on used EVs and Smaller Cars
Posted Date : 21-Dec-2024 , 06:15:47 pm | Posted By CASANSAAR
GST Council Meeting Live Updates: Defers insurance overhaul, recommends 18% tax on used EVs and smaller cars
GST Council Jaisalmer Meeting Live Updates: Key highlights so far - 5% GST on ready-to-eat popcorn mixed with salt and spices, provided it is not pre-packaged. - 12% GST on p...
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GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
Posted Date : 21-Dec-2024 , 02:17:09 pm | Posted By CASANSAAR
GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
The GST Council's 55th meeting in Jaisalmer faced a deadlock over proposed GST rate cuts for term and health insurance. Several states, including West Bengal, Kerala, and Karnataka, expressed concerns over...
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Income Tax |
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GST Council meeting of the of the indirect tax began
Posted Date : 21-Dec-2024 , 02:09:29 pm | Posted By CASANSAAR
GST Council meeting begins: Tax rate on electric cars, food delivery apps and flavoured popcorn on cards
The 55th GST Council meeting in Jaisalmer deliberated on tax relief for insurance, increasing the tax rate on used EVs to 18%, clarifying the levy on food delivery apps, and pote...
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GST |
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Pre-Budget Consultation: States seek more fiscal support for capex plans
Posted Date : 21-Dec-2024 , 01:58:34 pm | Posted By CASANSAAR
Pre-Budget Consultation: States seek more fiscal support for capex plans
States urged the Centre for increased interest-free loans, greater capex scheme flexibility, and a higher borrowing limit to boost their economies. They also requested disaster relief funds, Jal Jeevan Mission assistance, ...
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Budget |
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Rate cut would help in reviving economic growth without worsening the inflationary situation
Posted Date : 21-Dec-2024 , 01:54:34 pm | Posted By CASANSAAR
Rate cut would help in reviving economic growth without worsening the inflationary situation: MPC's Nagesh Kumar
RBI MPC member Dr. Nagesh Kumar advocated for a 25-basis point repo rate cut and a 50-basis point CRR reduction to stimulate economic growth without exacerbating inflation. He and ...
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RBI |
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RBI board reviews global, domestic Economic Situation
Posted Date : 20-Dec-2024 , 06:13:18 pm | Posted By CASANSAAR
RBI board reviews global, domestic Economic Situation
The Reserve Bank of India's central board, led by new Governor Sanjay Malhotra, convened to assess the global and domestic economic landscape. The board acknowledged Shaktikanta Das's contributions during his six-year tenure as governo...
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RBI |
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CAG Report Raises red Flags over Income Tax Department
Posted Date : 20-Dec-2024 , 06:08:59 pm | Posted By CASANSAAR
CAG Report Raises red Flags over Income Tax Department’s Handling of Arrears and Outstanding Demands
A CAG report on the functioning of Income Tax Department, tabled in Parliament on Tuesday, has raised concern over non-sharing of data with the audit team relat...
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Income Tax |
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RBI advises states to be more prudent in managing finances
Posted Date : 20-Dec-2024 , 04:50:04 pm | Posted By CASANSAAR
RBI advises states to be more prudent in managing finances
The Reserve Bank of India commends states for fiscal deficit reduction but urges adherence to the 'golden rule' of financing current expenditure with current revenue. The RBI also criticizes excessive subsidies and cash transfer...
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RBI |
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GST Council meet: Ordering from Swiggy, Zomato May Get Cheaper
Posted Date : 20-Dec-2024 , 04:47:15 pm | Posted By CASANSAAR
GST Council meet: Ordering from Swiggy, Zomato May Get Cheaper
The GST Council is expected to discuss lowering tax rates on life and health insurance premiums during its meeting on Saturday. Simultaneously, it may consider increasing taxes on luxury wristwatches, footwear, and apparel, along wi...
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SEBI makes IPO rules stricter for small firms, overhauls investment banking norms
Posted Date : 20-Dec-2024 , 04:31:56 pm | Posted By CASANSAAR
SEBI makes IPO rules stricter for small firms, overhauls investment banking norms
The board has also green lit an expanded definition of Unpublished Price Sensitive Information (UPSI).
The Securities and Exchange Board of India (SEBI) board approved a series of measures on Wednesday, includi...
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SEBI |
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Government Appoints Rama Mohan Rao Amara as SBI Managing Director
Posted Date : 19-Dec-2024 , 06:49:02 pm | Posted By CASANSAAR
Government Appoints Rama Mohan Rao Amara as SBI Managing Director
The State Bank of India (SBI) announced on Wednesday that the Government of India has appointed Rama Mohan Rao Amara as the new Managing Director of the bank. This appointment was reported by Reuters, citing sources.
State...
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Bank |
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GST Authorities, E-Gaming Companies in Race Against Time
Posted Date : 19-Dec-2024 , 02:04:59 pm | Posted By CASANSAAR
GST Authorities, E-Gaming Companies in Race Against Time
The Indian online gaming industry faces a critical deadline as tax authorities prepare to finalize demands based on show-cause notices. The Supreme Court is hearing a case challenging the 28% GST levied on betting amounts, with the indu...
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RBI May face tougher path in Feb rate cut as Fed reshaped global monetary Policy Expectations
Posted Date : 19-Dec-2024 , 01:55:12 pm | Posted By CASANSAAR
RBI May face tougher path in Feb rate cut as Fed reshaped global monetary Policy Expectations
RBI faces a tougher decision on cutting interest rates in February due to a shift in the U.S. Federal Reserve's stance. The Fed's hawkish pause, stronger dollar, and higher U.S. bond yields creat...
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RBI |
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SEBI bans You Tube Influencer with 19 Lakh - Plus Subscribers for Investment Scam; fines Rs. 9.5 Crore
Posted Date : 18-Dec-2024 , 06:54:59 pm | Posted By CASANSAAR
SEBI bans You Tube Influencer with 19 Lakh - Plus Subscribers for Investment Scam; fines Rs. 9.5 Crore
India's securities market regulator Securities and Exchange Board of India (SEBI) has taken action against YouTuber Ravindra Balu Bharti and his company, Ravindra Bha...
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SEBI |
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Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal
Posted Date : 18-Dec-2024 , 06:38:19 pm | Posted By CASANSAAR
Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal
India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jump...
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Income Tax |
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India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports
Posted Date : 18-Dec-2024 , 06:32:51 pm | Posted By CASANSAAR
India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports
India is poised to levy a temporary 25% tax on steel imports to counter inexpensive imports, primarily from China. Small manufacturers' initial opposition subsided after assurances of reduced steel prices from larger do...
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Income Tax |
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CBIC Chairman Shri Sanjay Kumar Agarwal launches new initiatives to enhance taxpayer services
Posted Date : 18-Dec-2024 , 06:27:32 pm | Posted By CASANSAAR
The four citizen-centric initiatives include revised Citizen's Charter, Revamped Citizen's Corner for complete tax related information, ‘Ease of Doing Business’ tab for making suggestions, and CBIC Archives for tax repository
Shri Sanjay Kumar Agarwal, Chairperson, Centr...
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Income Tax |
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GST rates on insurance: Group of Ministers submits report, Council to consider proposals
Posted Date : 18-Dec-2024 , 06:21:43 pm | Posted By CASANSAAR
GST rates on insurance: Group of Ministers submits report, Council to consider proposals
Among the recommendations are GST exemption for pure term life insurance policies that cover family members, exemption on health insurance for senior citizens beside lowering the GST rate on all individual ...
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GST |
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The year of the pause: - How RBI maneuvered its policy in 2024
Posted Date : 18-Dec-2024 , 06:17:33 pm | Posted By CASANSAAR
The year of the pause: - How RBI maneuvered its policy in 2024
India's benchmark interest rate, held steady at 6.5% since late 2018, remains unchanged as inflation control remains a key focus. Despite a 5.4% GDP growth slump in Q2 2024, the RBI prioritizes disinflation efforts, citing persi...
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RBI |
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Entry of RR No./eT-RRs in EWB system Post EWB-FOIS Integration
Posted Date : 18-Dec-2024 , 06:11:08 pm | Posted By CASANSAAR
Dec 18th, 2024
Subject: Guidance for Accurate Entry of RR No./eT-RRs following the Integration of E-Way Bill (EWB) with Freight Operation Information System (FOIS) system of Indian Railways.
Dear Taxpayers,
This advisory is being issued to inform you that the FOIS of Indian Rai...
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GST |
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Error In Assessment of Income Tax Identified
Posted Date : 18-Dec-2024 , 11:05:34 am | Posted By CASANSAAR
The Comptroller and Auditor General (CAG) uncovered widespread errors in income tax assessments, potentially costing the government ?5,728.8 crore. The CAG also highlighted significant tax evasion in the distilleries and breweries sector, leading to a revenue loss of ?12,781 crore and criticized the...
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Income Tax |
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GST Advisory on Updates to E-Way Bill and E-Invoice Systems
Posted Date : 18-Dec-2024 , 10:47:57 am | Posted By CASANSAAR
Dec 17th, 2024
GSTN is pleased to announce that NIC will be rolling out updated versions of the E-Way Bill and E-Invoice Systems effective from 1st January 2025. These updates are aimed at enhancing the security of the portals, in line with best practices and government guidelines.
2. Mul...
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GST |
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CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
Posted Date : 18-Dec-2024 , 09:31:59 am | Posted By CASANSAAR
The Income Tax department on Tuesday said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs for the financial years 2023-24 and 2021-22.
In a statement, t...
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CBDT |
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