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The Ministry of Finance (Department of Revenue), via the Central Board of Indirect Taxes and Customs (CBIC), has given Notification No. 29/2024 – Central Tax dated November 27, 2024. The last date is extended from this notification for filing the GSTR-3B return for October 2024 for specific registered assessees in the State of Manipur. Notification […]
In the Lok Sabha, Pankaj Chaudhary, Minister of State for Finance, cited that the amended Section 43B of the Income-tax Act, 1961, introduced in the Union Budget last year, was endorsed via MSME associations in India. The amendment has the motive to address the problem of late payments faced via micro and small enterprises (MSEs), […]
It was revealed by Pankaj Chaudhary minister of state in the Ministry of Finance that the government has collected Rs 4792.4 crores from Goods and Services Tax (GST) applied before the education services in the FY 2023-24. Such services are not waived under GST with an 18% tax rate imposed on them under Service Accounting […]
Under the Central Board of Indirect Taxes and Customs (CBIC) the Ministry of Finance issued Notification No. 27/2024-Central Tax dated November 25, 2024, notifying the list of Goods and service tax commissioner to pass an order to the Directorate General of Goods and Services Tax Intelligence issued notices. On December 1, 2024, the same notification […]
Through Goods and Services Tax (GST) the revenue collected by the union government on healthcare and life insurance services has moved up by 680 per cent to Rs 16,398 crore in 2023-24 from Rs 2,101 crore in 2019-20, Minister of State for Finance Pankaj Chaudhary said in a written reply in Lok Sabha. Marginally GST […]
It was cited by the Kerala High Court that financial grants furnished before the taxpayer for encircling daily functional expenses are not entitled as payment (consideration) for any services that the taxpayer may be furnishing and are not accountable to tax. The Bench of Justice Gopinath P. observed that “The assessee has only received grants […]
The Ministry of Skill Development and Entrepreneurship (MoSD) has recommended categorizing manpower services as “merit services” within the Goods and Services Tax (GST) system. If approved, this reclassification could lower the GST rate on such services from 18% to 5%, making them more affordable for businesses and possibly reshaping the labour market. According to the […]
The Goods and Services Tax (GST) department typically initiates an audit when it detects discrepancies or suspicious activities, such as inconsistencies in GST returns or a significant mismatch between input and output tax credits. After completing the audit, a report is prepared, and a notice is issued to the taxpayer based on the findings. For […]
Sulajja Firodia Motwani, Chair of FICCI’s Electric Vehicle Committee, has called on the government to lower GST rates on EV batteries and charging services to make electric mobility more affordable and competitive. Addressing the FICCI National Conference on EVs, she highlighted the need for swift policy changes to boost the growth in the sector. Although […]
