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With the increasing demand on the back of its cost-effective pricing alternatives as well as flexible work environment, the coworking industry has been gaining momentum. Notably, enterprises and corporations are redirecting their attention to coworking spaces, in line with the adoption of the hybrid work model to address their organizational requirements. The commercial real estate […]
The upcoming Union Budget for the fiscal year 2024-25 might introduce measures to alleviate the minimum threshold, adjust input tax credit, and revise GST rates on insurance products, aiming to facilitate smoother business operations. Nevertheless, Finance Minister Nirmala Sitharaman is likely to refrain from significant alterations to the GST rates due to the presentation of […]
As India awaits Finance Minister Nirmala Sitharaman’s 6th Union Budget, to be presented in Parliament dated February 1, 2024, the nation’s real estate sector, certainly for the affordable housing segment, is poised in expectation. To realize the vision of the government for ‘Housing for All,’ experts and industry leaders have shared their thoughts asking for […]
In December, the combined GST revenue gathered by central and state governments amounted to ₹1.64 trillion, slightly under the average of ₹1.66 trillion per month for the year. However, this still marked a significant 10.3% increase compared to the previous year’s figures. In December 2022 nearly Rs 1.5 trillion is been collected by the Centre […]
In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
In the hope of bringing user-friendly changes to taxpayers and reducing litigation related to indirect taxes, the Center is considering allowing taxpayers to file revised Goods and Services Tax (GST) returns. For income tax filers this provision is already available. Right now, you can’t submit revised returns under GST, only small changes in invoice details […]
Finance Minister Nirmala Sitharaman addressed Parliamentarians’ request to raise the GST registration sales threshold, stating that the GST Council can consider it. However, she emphasized that most small businesses should ideally be part of the GST framework. During her response on the Central Goods and Services Tax (Second Amendment) Bill, 2023 in Rajya Sabha, Sitharaman […]
A significant increase of 56% has been seen in the total number of GST return filings over a period of five years until April 2023, reaching a total of 11.28 million. The Ministry of Finance attributes this surge in GST return filings to taxpayers’ adherence to compliance. The finance ministry recently stated through a social […]
Finance Minister Nirmala Sitharaman presented an amendment bill in the Lok Sabha aiming to simplify the establishment of GST appellate tribunals (GSTAT) by altering its members’ appointment terms. While 28 Tribunals Have been Identified for Setup The Central GST (Second Amendment) Bill, 2023, proposes widening the selection criteria for judicial members. It suggests including advocates […]
