26 Dec, 2024
Assessee Commitment: Ground for GST Registration Restoration In a landmark decision, the Calcutta High Court provided relief to an assessee whose GST registration was cancelled for non-filing of returns. The court emphasized that an assessee’s commitment to file overdue returns, along with payment of taxes and penalties, can serve as a valid ground to overturn […]
Read More26 Dec, 2024
The 55th GST Council Meeting has brought significant updates impacting ITC, RCM, and GST exemptions. These decisions are essential for business compliance and effective tax planning. Here’s a detailed breakdown of the most critical recommendations and resolutions: Key Recommendations 1. Fortified Rice Kernel (FRK) 2. Gene Therapy 3. Merchant Exporters’ Supplies 4. Government Distribution Programs […]
Read More26 Dec, 2024
What to Expect on Nifty Expiry Day As Nifty’s expiry day approaches, traders and market analysts are gearing up for a potentially volatile session. The focus keyphrase, “Nifty Expiry Day Volatility,” highlights the critical nature of this trading day, which coincides with monthly, quarterly, and yearly expiries. Over the past two days, the Nifty index […]
Read More26 Dec, 2024
Introduction The Indian Rupee (INR) recently hit an all-time low against the US Dollar (USD), recording a value of 84.40 in early trade. This decline is attributed to a mix of global economic trends and domestic challenges. Persistent foreign fund outflows, high inflation, and a widening trade deficit have created a perfect storm for the […]
Read More25 Dec, 2024
The GST exemption on gift vouchers has ushered in a wave of optimism for retail and corporate sectors, marking a significant shift in indirect taxation. The GST Council’s recent clarification that gift vouchers are neither goods nor services resolves a persistent ambiguity that has hampered the industry for years. This move is expected to streamline […]
Read More25 Dec, 2024
GST Amendments: Simplicity or Complexity? The recent GST Council meeting in Jaisalmer unveiled a range of amendments aimed at simplifying the GST framework while addressing enforcement challenges. However, some decisions have sparked debates about whether these changes truly align with the original vision of a “Good and Simple Tax.” Retrospective Amendments: A Double-Edged Sword One […]
Read More25 Dec, 2024
GST on Popcorn: Clarifications That MatterAmid recent debates on the Goods and Services Tax (GST) applied to popcorn, particularly in theatres, the government has clarified that there is no increase in GST rates. This reassurance comes after public outcry and critical remarks from experts like former Chief Economic Adviser (CEA) Arvind Subramanian, who highlighted the […]
Read More25 Dec, 2024
The sale of used cars in India has undergone a significant change in GST applicability. The GST Council’s latest decision clarifies that GST on used cars applies only if the sale price exceeds the depreciated cost value, aligning taxation with actual margins. This move simplifies tax computation while ensuring fairness in the second-hand car market. […]
Read More25 Dec, 2024
India’s Goods and Services Tax (GST) system reached a pivotal milestone in 2024, with record-breaking collections and a renewed focus on compliance. The year saw remarkable achievements, such as the highest-ever monthly GST collection of ₹2.10 lakh crore in April, amidst efforts to curb tax fraud and simplify filing processes. However, the complexity of multiple […]
Read More25 Dec, 2024
Introduction The ongoing debate over bringing air turbine fuel (ATF) under the Goods and Services Tax (GST) has sparked concerns among states, with Punjab’s Finance Minister Harpal Singh Cheema strongly opposing the proposal. Highlighting the financial strain it could impose, Cheema argues that transitioning petroleum products, including ATF, from VAT to GST could severely impact […]
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