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Clothing Manufacturers Association of India (CMAI), a textiles body, conducted a study and stated that the imposition of a standard GST of 12% on textiles proposed by the Center may increase prices of low-end garments by 6 percent will result in reducing demand, closure of 95,000 small units and 7-10 lakh job loss. The same […]
Assocham in its recent suggestion the government of India has made a clear indication towards the reduction in the TDS for the next budget and has cited the reason that the litigations of accurate rate on the application. Currently, there are multiple rates on the charts of the Income-tax act on multiple categories of the […]
Beneath the GST nearly 6.12 cr e-way bills for interstate commerce have arrived in the month of November, figured with the lowest in previous 4 months showing moderation in goods dispatches after the festive seasons. Since June 2021 a constant surge has been seen in GST e-way bill generation post falling to below 4 cr […]
The Central Board of Indirect Taxes and Customs (CBIC) urged the field officers to assist in the revision of GST collections from October 2021 that poses the 2nd highest since the government has started the indirect tax rectification in 2017. The indirect tax council asked the senior councils to assist the field officers to ask […]
You shall be surprised to know that as per the report of SBI research, the government exchequer shall improve even after the 2 pandemic shocks that the Indian economy has received — If it is assumed that there would be no third pandemic, the fiscal position of the Centre and states for Financial Year 2022 […]
The launching of e-Invoicing has been a game-changer considering the facts and circumstances in India. It has been a sort of new revolution that shall transform and smoothen. Invoicing Process Revamped Tax Reporting Fuel the Interoperability of the Direct and Indirect Ecosystem Let’s understand the aforesaid transformation with the statistics related to eight months posts […]
GST revenues for March 2021, collected in April 2021, have shot up to a record high of Rs 1,41,384 crore —14% higher than that of the previous month even in the wake up of the second wave of the Corona pandemic. Thanks to GST’s foolproof mechanism that has led to a spurt in GST collection […]
In another breakthrough, The Madras High Court has recently passed a ruling that shall be a lesson for those sellers who escape from paying that tax which buyer has paid, but the seller has not deposited in government exchequer. It is a relief for genuine buyers also. As per the contemporary GST law, buyers can […]
Maharashtra (the state that is the largest contributor to GST exchequer across India) in addition to Madhya Pradesh has imposed lockdown-like curfew instead of complete curfew. Contrarily, other states have imposed night curfews to control the rising number of Covid cases. Due to the closing of various organizations specially profit-seeking organizations like shops, businesses, bottlenecks […]
