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The Federation of Karnataka Chambers of Commerce and Industry (FKCCI) greeted the new GST reforms, stating that they will be effective for the industry, trade sector, and consumers. GST Council member B.T. Manohar mentioned that the overall revision will benefit the common man. The request to reclassify goods under the Harmonised System of Nomenclature (HSN) […]
Under the chairpersonship of the Union Finance & Corporate Affairs Minister, Smt. Nirmala Sitharaman, the 56th meeting of the GST Council was held in New Delhi. With regard to changes in GST tax rates, providing relief to the common man, the aspirational middle class people, and introducing measures for the facilitation of trade in GST, […]
Taxpayers can now make GST payments using the Unified Payments Interface (UPI) and debit/credit cards introduced under the Goods and Services Tax Network (GSTN). This decision is expected to ease tax compliance by offering faster, more flexible, and user-friendly payment options. In 24 States and Union Territories, including Delhi, Maharashtra, Karnataka, Gujarat, Tamil Nadu, Kerala, […]
India’s Goods and Services Tax (GST) system includes a feature known as Input Tax Credit (ITC). This mechanism allows businesses to avoid paying tax on inputs where tax has already been paid, thereby reducing their overall tax burden. However, since companies must comply with specific rules and deadlines, they often face challenges in consistently monitoring […]
A comprehensive overhaul of India’s consumption tax has been approved by the Goods and Services Tax (GST) Council. This reform, the first since its introduction in 2017, significantly reduces duties on essential household items, medicines, small cars, and appliances. The changes will impact a wide range of products, including toothpaste, insurance, tractors, and cement. The […]
The Supreme Court of India has rejected a request from the Union of India regarding the refund of unused taxes related to a system where higher tax rates apply to goods that are typically bought rather than sold. The Court pointed out that this matter had already been resolved in a past decision. Furthermore, the […]
In today’s meeting, the Goods, Services Tax Council, led by Finance Minister Nirmala Sitharaman, will discuss a shift to a two-slab system anticipated to lessen the costs of daily items by rationalising and reducing the brackets under which most goods are taxed. Below Are the Updates Recommendations on rate rationalisation, which Prime Minister Narendra Modi […]
The ITAT Jodhpur has ruled that rectification under section 154 of the Income Tax Act, 1961, is allowable where an inadvertent mistake in tax return filing results in double taxation of the same income. The appellant, M/s Jain Natural Pickles Private Limited, encountered a survey u/s 133A of the Income Tax Act, 1961, during which […]
The 56th GST Council meeting in New Delhi, chaired by Finance Minister Nirmala Sitharaman, focused on amending GST slabs, easing compliance, and executing next-generation GST reforms. FMCG, auto, and cement sectors are expected to benefit under the proposed tax cuts, ensuring relief for consumers. The first day of the meeting on 3rd September revolved around […]
