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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Category : GST | Comments : 0 | Hits : 366

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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Category : Income Tax | Comments : 0 | Hits : 261

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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Category : GST | Comments : 0 | Hits : 334

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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Category : Budget | Comments : 0 | Hits : 234

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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Category : RBI | Comments : 0 | Hits : 242

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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Category : RBI | Comments : 0 | Hits : 287

 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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Category : Income Tax | Comments : 0 | Hits : 296

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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Category : RBI | Comments : 0 | Hits : 266

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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Category : GST | Comments : 0 | Hits : 331

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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Category : SEBI | Comments : 0 | Hits : 324

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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Category : Bank | Comments : 0 | Hits : 361

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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Category : GST | Comments : 0 | Hits : 397

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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Category : RBI | Comments : 0 | Hits : 318

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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Category : SEBI | Comments : 0 | Hits : 546

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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Category : Income Tax | Comments : 0 | Hits : 385

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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Category : Income Tax | Comments : 0 | Hits : 373

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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Category : Income Tax | Comments : 0 | Hits : 335

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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Category : GST | Comments : 0 | Hits : 365

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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Category : RBI | Comments : 0 | Hits : 347

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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Category : GST | Comments : 0 | Hits : 371

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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Category : Income Tax | Comments : 0 | Hits : 331

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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Category : GST | Comments : 0 | Hits : 467

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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Category : CBDT | Comments : 0 | Hits : 601

MFN Status Suspension by Switzerland Not to Impact EFTA Trade Pact with India Switzerland's suspension of the Most Favoured Nation (MFN) clause in its Double Taxation Avoidance Agreement with India will not affect commitments made under the trade pact between India and the EFTA bloc, Commerce...

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Category : Income Tax | Comments : 0 | Hits : 335

IBC amended six times to strengthen the process of Insolvency Resolution, more than 100 amendments in regulations by IBBI for the purpose   To strengthen the process of Insolvency Resolution and to ensure proper implementation of the provisions of Insolvency and Bankruptcy Code, 2016 (IBC),...

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Category : Insolvent Professional | Comments : 0 | Hits : 302

GST On Articles by Cooperative Societies Since its inception on 6th July 2021, it is endevaour of Ministry of Cooperation to encourage states/UTs & cooperative societies to submit their proposals including those related to tax, which are not in parity with the benefits available to other bu...

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Category : GST | Comments : 0 | Hits : 440

 6.68% Of Population Filed Income Tax Return In 2023-24 Fiscal India witnessed a rise in income tax return filings for the 2023-24 fiscal year, with over 8.09 crore returns submitted, compared to 7.40 crore the previous year. However, this represents only 6.68% of the population. Interesti...

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Category : Income Tax | Comments : 0 | Hits : 324

Tax Panel May Consider Lowering GST On Online Food Delivery Fees The GST Council, chaired by India’s finance minister, may reduce the tax on food delivery charges by e-commerce platforms from 18% to 5%, effective January 1, 2024, according to sources. However, food delivery platforms like...

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Category : GST | Comments : 0 | Hits : 302

CBDT launches Electronic Campaign to Address Income & Transaction Mismatches for FY 2023-24 & FY 2021-22 The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual ...

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Category : CBDT | Comments : 0 | Hits : 323

CBDT launches Campaign to intimate taxpayers on mismatch in ITR filed and AIS The Income Tax Department is reaching out to taxpayers and non-filers via SMS and email regarding mismatches between their reported transactions in the Annual Information Statement (AIS) and their Income Tax Returns (...

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Category : Income Tax | Comments : 0 | Hits : 266