24 Dec, 2024
The 55th GST Council meeting highlighted key unresolved issues that demand immediate attention. Topics such as reducing GST rates on health and life insurance, rationalising rates for food delivery aggregators, and addressing the compensation cess dominated the discussions. However, no final decisions were made, leaving businesses and consumers alike uncertain about future compliance and financial […]
Read More24 Dec, 2024
The Production Linked Incentive (PLI) scheme, launched in 2020, has become a cornerstone of India’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives. Aimed at boosting manufacturing and attracting investments across 14 sectors, the scheme aligns with India’s ambition to make its manufacturing sector globally competitive. Simultaneously, the Goods and Services Tax (GST) system, introduced in […]
Read More24 Dec, 2024
Why the GST Council Struggles to Deliver Big-Ticket Reforms India’s Goods and Services Tax (GST) system, introduced in 2017, was hailed as a game-changer for simplifying taxation and boosting revenue. Yet, despite consistent growth in GST collections, major reforms remain elusive. In this article, we explore the key challenges hindering the GST Council from implementing […]
Read More24 Dec, 2024
How GST Council Revisions Drive EV Growth in India The 55th GST Council meeting, held on December 23, 2024, unveiled significant decisions aimed at transforming India’s electric vehicle (EV) ecosystem. With a focus on promoting sustainability and fostering industry growth, the Council announced key updates for both new and used EVs. In a strategic move, […]
Read More24 Dec, 2024
Penal Charges Exempt from GST: A Milestone Decision The GST Council’s 55th meeting on December 21, 2024, brought welcome relief for borrowers. Penal charges, often imposed by banks for loan repayment delays or document submission failures, will no longer attract Goods and Services Tax (GST). This clarification resolves a contentious issue that arose in April […]
Read More24 Dec, 2024
Introduction: GST Updates Impacting Your Wallet The 55th GST Council Meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant changes. From caramel popcorn tax rates to health insurance relief. Caramel Popcorn Taxed Higher Than Namkeen The GST Council clarified that caramel popcorn, with added sugar, will attract a higher tax rate compared to namkeen. This […]
Read More23 Dec, 2024
The 55th GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, introduced significant reforms to streamline GST processes for small businesses and skilled training providers. These updates aim to foster ease of compliance, promote skill development, and support sustainable growth across industries. Simplified GST Registration for Small Businesses In a move to reduce compliance burdens, […]
Read More23 Dec, 2024
The GST Council recently announced an increase in the tax rate for used cars sold by registered dealers, raising it from 12% to 18%. This change applies specifically to the margin value—the difference between the purchase price and the selling price of the vehicle. Let’s explore the implications of this adjustment and its impact on […]
Read More23 Dec, 2024
GST Updates: Relief, Compliance, and Trade Facilitation Measures The recent GST Council meeting chaired by Finance Minister Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, brought significant updates impacting individuals, businesses, and trade facilitators. Attended by Union Minister of State for Finance Shri Pankaj Chaudhary and key representatives from various states and UTs, the council deliberated on […]
Read More23 Dec, 2024
ED’s Action Against BISWA: Unpacking the PMLA Investigation The Enforcement Directorate (ED), under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, has intensified its investigation against the Bharat Integrated Social Welfare Agency (BISWA). On December 18, 2024, ED conducted search operations at four locations in Odisha and Delhi, leading to significant discoveries […]
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