02 Jan, 2025
Introduction In a significant move to facilitate corporate compliance, the Ministry of Corporate Affairs (MCA) has extended the deadline for filing FORM CSR-2 (Corporate Social Responsibility disclosures) for the financial year 2023-24 to March 31, 2025. This extension, announced via Notification No. G.S.R. 794(E) on December 31, 2024, provides companies with additional time to meet […]
Read More02 Jan, 2025
In May 2023, the Reserve Bank of India (RBI) made a significant announcement: Rs 2000 denomination notes would be withdrawn from circulation. This decision aimed to reduce high-value cash transactions and promote a more digitized economy. Now, over a year later, the results are clear. As of December 31, 2024, an astounding 98.12% of Rs […]
Read More02 Jan, 2025
Introduction The Goods and Services Tax (GST) was implemented to simplify India’s taxation system, but its implications for the healthcare sector have been contentious. While healthcare services are exempt from GST, input taxes on essential medical equipment and services have created significant financial burdens for providers and patients. Rationalising GST rates is essential for affordability […]
Read More02 Jan, 2025
India’s Goods and Services Tax (GST) collections for December 2024 reached a robust Rs 1.77 lakh crore, marking a 7.3% year-on-year growth compared to December 2023’s Rs 1.65 lakh crore. This positive trajectory highlights the resilience of India’s economy amidst global challenges and the effectiveness of its indirect tax framework. A Closer Look at the […]
Read More02 Jan, 2025
The Goods and Services Tax (GST) compensation cess fund is under pressure, with an estimated shortfall of ₹1.37 lakh crore expected by March 31, 2025. This shortfall poses significant challenges for the Centre and states as they reconcile pending payments and plan for future revenue stability. Understanding the GST Compensation Cess The GST compensation cess, […]
Read More02 Jan, 2025
GST Collection Overview The Ministry of Finance has announced that the Goods and Services Tax (GST) collection for December 2024 stood at an impressive ₹1.77 lakh crores. This figure showcases the resilience of India’s tax collection system and the consistent growth of GST revenue over the years. Compared to December 2023, which recorded a collection […]
Read More31 Dec, 2024
The recent technical outage of the GST Network (GSTN) has disrupted logistics and supply chains across India. Critical systems, including the e-way bill and e-invoice generation platforms, have faced downtime, significantly affecting businesses dependent on the seamless movement of goods. This blog explores the implications of these disruptions, insights from recent updates, and potential strategies […]
Read More31 Dec, 2024
GST on Popcorn & Movie Tickets: What You Need to Know Did you know ordering popcorn along with your movie ticket online can attract GST rates between 12% and 18%? Let’s break down the latest GST Council clarifications and how they apply to bundled supplies like tickets and snacks. Key Highlights of GST on Popcorn […]
Read More31 Dec, 2024
Introduction The Central Board of Direct Taxes (CBDT) has issued a crucial update for taxpayers regarding the filing deadlines for belated and revised income tax returns (ITRs) for the Assessment Year (AY) 2024-25. As per a circular dated 31st December 2024, the due date has been extended from 31st December 2024 to 15th January 2025 […]
Read More31 Dec, 2024
Introduction Taxation laws, particularly under the GST regime, aim to ensure compliance while avoiding undue hardship for taxpayers. A recent judgment by the Allahabad High Court in the case of M/s Lakhdatar Traders v. State of Uttar Pradesh sheds light on the validity of penalties imposed when goods in transit are supported by proper documentation, […]
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