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No GST shall be applicable to the government incentives provided to the banks for motivating the practice RuPay debit cards and low-value BHIM-UPI transactions, under the finance ministry. The cabinet ministry has authorized a Rs 2,600-crore incentive program for banks to facilitate RuPay debit cards and low-value BHIM-UPI transactions in the current year. “As recommended […]
A host of procedural amendments in the GST compliances is being reported by the government, along with the levy of interest for the bogus usage of input tax credit and the turnover limit for furnishing the yearly returns for 2021-22 fiscal. GST administration investigated the changes at its meeting in the former week. Through the […]
The new income-tax portal 2.0, which was launched on June 7, is most probably going to add more private banks to its list for payment of income tax, fees, penalty, and refunds under the umbrella of the Income Tax Act 1961. The portal shall also provide multiple payment options that include Unified Payment Interface (UPI) […]
The government is planning to upgrade the QR code for UPI in such a manner that it can include the GST component and show the same separately on the interface. This would make it possible for the government to formulate fiscal incentives for digital payments. Latest Update 19th December 2022 Under the RuPay Debit Card […]
The government has given the exemption in the penalty to those who seek business to consumer B2C transactions for 4 months duration from 1/12/2020 to 31/03/2021 to give invoices excluding dynamic QR code through the enrolled people with the turnover of more than Rs 500 cr says the Department of Revenue (DoR), Ministry of Finance. […]
As the Indian Government is enthusiastic about bringing in more and more digital modes for tax filing and payment, it may soon consider tax payment valid via credit card, Unified Payment Interface (UPI) or even prepaid wallet declared a government official. The government is determined to shift towards more digital modes of tax payment apart […]
Recently, a proposal to provide tax incentives on digital payments through QR code on United Payments Interface (UPI) has been approved by the National Payments Corporation of India (NPCI), which manages the platform. This will benefit the end customers and merchants immensely as they will get some portion of GST (paid on a product or […]
Directorate General of GST Intelligence (DGGI) in another drive to curb the GST leakages in distinct sectors learned about enrolling 41 cases against the pharma majors in the country in FY24. DGGI said that pharma companies have evaded GST on account of brand transfer sales availing the bogus ITC on expired drugs, taking fake GST […]
The state goods and services tax agency in significant revisions has witnessed an average 43% decrease in GSTIN applications submitted monthly since Nov 2023, when the new sort of authentication was added to the process of online registration. The average number of GSTIN (Goods and Services Tax Identification Number) applications received per month from November […]
