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the National Restaurant Association of India appealed to the government to reinstate input tax credit for restaurants. Additionally, they recommended an increase in the GST rate existing 5% to 12% in anticipation of the upcoming Union Budget. In a letter addressed to Finance Minister Nirmala Sitharaman, the National Restaurant Association of India emphasized the need […]
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 […]
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 […]
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 […]
Punjab’s Finance Minister, Harpal Cheema, announced on Saturday that the state has witnessed a 16.61 percent growth in gross Goods and Service Tax (GST) collection until November. Furthermore, the Excise revenue has demonstrated a remarkable growth of 11.45 percent in the initial eight months of the fiscal year 2023-24, surpassing the figures recorded during the […]
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 employer of the applicant or taxpayer who has looses to perform his duty to deposit the deducted tax with the dept could not be penalized, Delhi High Court ruled. The same shall always be open for the revenue to move forward against the applicant’s employer for the recovery of the deducted tax. The bench […]
Efforts made by the Delhi government to prevent the entry of fraudulent companies into the GST network are yielding positive results. The Department of Trade and Taxes has established a centralised GST registration cell to get new applications and process them. This initiative has effectively prevented the GST registration of fake trading companies, thereby removing […]
