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A recent report has brought attention to the current status of state finances, emphasizing the persistent deficit in budget revenue. The report underscores that this deficit is causing limitations in capital outlay, particularly impacting the allocation of funds for developing assets. Furthermore, the report highlights the necessity of rationalizing the goods and services tax (GST) […]
In October, the combined revenue from Goods and Services Tax (GST) collected by central and state governments reached ₹1.72 trillion, marking a notable 13% surge compared to the previous year. This figure represents the second-highest monthly collection since the implementation of the new tax system in 2017. The cumulative GST earnings for this year align […]
A clarification for the determination of the place of supply has been provided by the Central Board of Indirect Taxes and Customs (CBIC). Through the trade and field formations, the board has obtained the representations asking for clarifications about the determination of the place of supply for the case of the supply of the service […]
Delhi’s GST revenue has achieved a significant increase of nearly 17% during the first half of the current fiscal year compared to the same period in 2022-23. This positive trend has instilled hope in the government, as it anticipates exceeding its estimated collection. According to data, during the initial two quarters of 2023-24, the Delhi […]
Due to substandard government-operated hospitals and a shortage of doctors, healthcare has become a significant industry in India. The proliferation of numerous corporate hospitals and small nursing homes across the nation means that seeking treatment is largely a matter of personal choice and financial means. As of July 2022, hospitals have been brought under the […]
A Division Bench of the Supreme Court recently rendered a significant decision on appeals arising from judgments of the Telangana, Gujarat, and Bombay High Courts. These appeals concerned the validity of the VAT Amendment Act in their respective states, particularly in the context of Section 19 of the Constitution (101st Amendment) Act of 2016. This […]
The Government of Delhi issued notification No. 34/2023-State Tax, F. 3 (14)/Fin. (Exp-I)/2023-24/DS-I/916 on 25.10.2023, providing Goods and Services Tax (GST) registration exemption for vendors who operate through e-commerce platforms for intrastate supplies. The Lieutenant Governor of the National Capital Territory of Delhi, under Section 23(2) of the Delhi Goods and Services Tax Act, 2017 […]
The Finance Ministry’s recent notification stated that the GST mechanism for corporate guarantees will apply prospectively. Following the GST Council’s suggestions dated October 7, a corporate guarantee provided by a parent company to its subsidiary for a bank loan will be subject to an 18% GST. This recommendation was made during the GST Council meeting […]
In a nation as diverse and economically vibrant as India, comprehension and adherence to income tax compliance are crucial factors in fostering financial stability and making a positive contribution to national development. Being the second-most populous country globally, India heavily relies on a robust taxation system to finance essential services and infrastructure initiatives. Effects of […]
