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GST Retrospective Amendment: Why the Proposed Change Could Hurt Taxpayers

30 Dec, 2024

The GST Council’s retrospective amendment on construction has raised concerns among taxpayers and industry experts alike. The proposed change, aimed at overriding a favorable Supreme Court judgment, could disrupt tax credit availability and increase litigation. Here, we delve into the context, implications, and reasons why this amendment warrants a re-evaluation. Background: Supreme Court’s Landmark Judgment […]

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GST Implications on Guarantees: Key Updates for 2024

30 Dec, 2024

GST Implications on Issuance of Guarantees: Key Insights Guarantees play a pivotal role in financial transactions, ensuring obligations are met in case of a default. Defined under Section 126 of the Indian Contract Act, 1872, a guarantee involves a guarantor committing to fulfill a third party’s liability if the primary debtor defaults. However, the Central […]

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Department of Commerce 2024 Year-End Review: Major Achievements and Milestones

27 Dec, 2024

1. Pioneering Free Trade Agreements India-EFTA TEPA: Transformative Trade Pact The Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) marked a landmark achievement. Signed in March 2024, TEPA brings Switzerland, Iceland, Norway, and Liechtenstein closer to India’s economic vision. EFTA’s $100 billion investment commitment over 15 years and one million […]

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Indian IPOs Debut with Strong Gains: Key Highlights

27 Dec, 2024

Indian IPOs have recently captured significant market attention with several companies delivering exceptional listing gains. The trend underscores robust investor confidence, strategic market timing, and growth potential across sectors. Let’s delve into some key performers and factors influencing these stellar debuts. 1. Mamata Machinery IPO Mamata Machinery made headlines with an impressive 146% gain on […]

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GST Hike: Minimal Impact on Used Car Market

27 Dec, 2024

The GST Council’s recent proposal to increase the Goods and Services Tax (GST) rate on small used cars, including pre-owned electric vehicles, from 12% to 18% has stirred concerns among dealers and buyers. However, branded used car firms and analysts believe this change may have only a limited impact on demand and affordability in the […]

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Nifty 50 Opens Above 23,800: What’s Next for Traders?

27 Dec, 2024

Nifty 50’s Break Above 23,800: A Turning Point? The Nifty 50 index opened above the 23,800 mark today, capturing the attention of market analysts and traders alike. This milestone comes amidst a period of high volatility, with the index trading within a critical range. The focus now shifts to whether the Nifty can sustain this […]

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GST on Used Cars: Simplified Rules, Examples & Exemptions

27 Dec, 2024

GST on Used Cars: Rules, Examples & Exemptions The Goods and Services Tax (GST) Council has clarified the taxation rules for old and used vehicles, including electric vehicles (EVs), making it simpler for businesses and individuals to navigate the system. The Council has introduced a uniform GST rate of 18%, applicable on the seller’s margin. […]

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India’s Economic Ascendancy: Projected 3rd Largest by 2028

26 Dec, 2024

India’s journey to becoming the third-largest global economy by 2028 is a testament to its resilience, reforms, and robust growth trajectory. With forecasts from renowned institutions like the International Monetary Fund (IMF) and S&P Global, India is set to surpass Japan, trailing only the United States and China. Current Economic Standing As of 2024, India […]

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GST Rate Rationalisation – Challenges and Opportunities

26 Dec, 2024

The Complex Balancing Act of GST Rate Rationalisation The ongoing deliberations to rationalise Goods and Services Tax (GST) rates aim to simplify India’s indirect tax system, but balancing the revenue impact poses significant challenges. According to Former CBIC Chairman Vivek Johri, compressing the current four-tier GST structure (5%, 12%, 18%, and 28%) into three slabs […]

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GST Hike on Used Cars: A Shift Toward Informal Channels?

26 Dec, 2024

GST Hike on Used Cars Could Drive Transactions to Informal Channels The GST hike on used cars from 12% to 18%, as proposed by the GST Council, could significantly impact India’s formal used car market. While the move targets vehicles sold with a margin or by businesses claiming depreciation, individual transactions remain taxed at 12%. […]

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