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The Interim Budget 2024 was introduced by FM Nirmala Sitharaman. This was her 6th Budget presentation as the finance minister. The same was the final budget of the current Lok Sabha. Just so you know, the budget that was announced recently is a temporary one. The actual budget will be announced after the elections in […]
With the majority of initial challenges, such as online portal glitches, invoice matching issues, and delays in refunds, largely addressed and monthly revenue consistently exceeding Rs 1.6 lakh crore, experts suggest that the government is poised to advance the second-generation reforms in the GST. In the upcoming interim budget presentation on February 1, Finance Minister […]
Overview of TCS Refund Under GST The Goods and Services Tax (GST) system in India has undergone several revisions aimed at simplifying taxation and fostering economic growth. One notable change that has garnered considerable attention, particularly in the e-commerce sector, is the implementation of the Tax Collection at Source (TCS) provision. This article explores the […]
Over the past nine years, the number of taxpayers who have submitted tax returns has more than doubled, reaching 7.8 crore, thanks to increased compliance and the adoption of technology by the tax department. According to the latest time series data from the Central Board of Direct Taxes (CBDT) for the fiscal year 2022-23, the […]
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 […]
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 […]
The Finance Industry Development Council (FIDC), an organization that represents non-bank lenders, has officially urged the Central Board of Indirect Taxes and Customs (CBIC) to offer explicit clarification concerning the taxation of surplus interest held by Non-Banking Financial Companies (NBFCs) in co-lending arrangements with banks under the Goods and Services Tax (GST) system. This request […]
The Kerala GST Department released a Standard Operating Procedure (SOP) on November 21, 2023, labelled as SGST/973/2023-LEGAL3, specifically addressing cases under the Insolvency and Bankruptcy Code (IBC), 2016 that come before the National Company Law Tribunal (NCLT). The IBC, established in 2016, aimed to streamline the diverse insolvency laws. It delegates insolvency proceedings to specialized […]
