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Indian Railway Finance Corp. received a goods and services tax demand order totaling Rs 230.55 crore via the Tamil Nadu tax authority. The notice furnished via the assistant commissioner from the sales tax division in Chennai North includes a tax demand of Rs 209.59 crore and a penalty of Rs 20.96 crore, IRFC mentioned in […]
After reports about a GST notice being directed towards IIT-Delhi, the Ministry of Education intervened and initiated discussions with the Ministry of Finance to address the issue. Sources reveal that the following Rs. 120 crore GST notice served to IIT-Delhi concerning research grants received by the institution between 2017 and 2022, the education ministry has […]
On the 23rd of January 2024, the Central Board of Direct Taxes issued Circular No. 01/2024, elucidating the modifications to the Income Tax Act, 1961, introduced by the Finance Act of 2023. The Finance Act, 2023, approved by Parliament, obtained the President’s assent on March 31, 2023, and is now enacted as Act No. 8 […]
Pankaj Singh, the Minister of State in the Ministry of Finance, during a parliament session on Monday, said that there are no additional charges that consumers have to pay on the products that come under Goods and Services Tax (GST), after the MRP. The minister made the aforementioned statement in reply to a query posed […]
The Ministry of Power in the union government is considering requesting a reduction in the goods and services tax (GST) applied to the various parts used in hydropower projects. The ministry is contemplating lowering the GST rates for items such as turbines, steel, and cement, which currently fall under higher tax brackets. This proposal has […]
On the grid-scale battery storage, the power ministry would be acknowledging to suggest cutting the GST to 5% for assisting India in the transition to an energy mix with a bigger share of renewables. There is an 18% GST on the lithium-ion batteries used for utility or grid-scale power projects and 28% for the non-lithium […]
Through the Finance Bill, 2023, the government is likely to make changes to the Goods and Services Tax (GST) law that will prevent businesses from receiving tax credits for the purchases of goods and services that they make on behalf of the community as part of their corporate social responsibility (CSR) obligations. According to two […]
The budget 2021, which was announced by the Finance Minister on Feb 1, 2021, proposed many changes in a range of finance sectors. The sectors which were affected the most by the recent Indian budget are taxation, personal finance, pensioners, etc. A number of proposals for amendment in certain GST rules were also proposed by […]
There is no intention of the tourism industry to seek help for the reduction in the goods and service tax towards the hotel rooms to 12%, stated by the Union Tourism Minister. The minister knew from the tax imposed on several tourism products as well as services which consist of hotels because this will affect […]
