06 Dec, 2024
October Tax Decline: Corporation and Personal Tax Impact October 2024 witnessed a significant dip in corporation and personal income tax collections, primarily due to economic cycles and the festival season’s impact. Corporation tax fell 16% YoY to ₹26,356 crore, while personal income tax dropped 12% YoY to ₹61,937 crore. This resulted in an overall 11.9% […]
Read More06 Dec, 2024
Vishal Mega Mart and MobiKwik: Exciting IPOs in December 2024 India’s IPO market is buzzing with excitement as Vishal Mega Mart IPO and MobiKwik IPO prepare to open for subscription this December. These two major launches are drawing attention for their scale, strategic moves, and potential returns for investors. Vishal Mega Mart IPO 1. Issue […]
Read More06 Dec, 2024
The Reserve Bank of India (RBI) has announced its decision to maintain the repo rate at 6.5%, aligning with its inflation-targeting framework and economic stability goals. The announcement comes amidst widespread speculation about potential rate hikes due to global economic conditions and domestic inflationary pressures. What is the Repo Rate? The repo rate is the […]
Read More06 Dec, 2024
Is a 35% GST Slab the Right Move? Insights from Experts The GST Council is set to discuss a Group of Ministers’ (GoM) proposal to introduce a special GST rate of 35%, targeting tobacco products, aerated beverages, and other luxury goods. Currently, most of these items fall under the 28% GST slab, with additional cess […]
Read More06 Dec, 2024
Madras HC Ruling Strengthens GST Authorities’ ECL Blocking Powers In a landmark judgment, the Madras High Court reinforced the authority of State Goods and Services Tax (GST) officials to block the electronic credit ledger (ECL) of businesses accused of fraudulent input tax credit (ITC) claims. The court emphasized that this action is within the purview […]
Read More06 Dec, 2024
Introduction: Will GST Cuts Make Insurance Affordable? Reducing GST rates on health and life insurance policies is a much-discussed move that could potentially ease financial burdens on policyholders. However, many industry experts argue that slashing GST alone won’t resolve affordability issues unless insurers are allowed Input Tax Credit (ITC) benefits. Without ITC, operational costs for […]
Read More05 Dec, 2024
Understanding the High Court’s Verdict on Illegal Arrest in GST Fraud In a landmark judgment, the Bombay High Court declared the arrest of a sales tax officer in a ₹175 crore GST scam illegal, shedding light on critical procedural lapses during tax investigations. The case not only highlights the importance of adherence to legal protocols […]
Read More05 Dec, 2024
A Major Blow to Money Laundering Operations The ED money laundering case involving Bihar-cadre IAS officer Sanjeev Hans and others has reached a critical stage. In a major operation conducted on December 3, 2024, the Enforcement Directorate (ED) raided 13 locations across Delhi, Gurgaon, Kolkata, Jaipur, and Nagpur. The raids resulted in the recovery and […]
Read More05 Dec, 2024
ED’s Major Action Against Cyber Fraud: ₹5.23 Crore Assets Attached The Enforcement Directorate (ED) has made significant strides in combating cybercrime by issuing a Provisional Attachment Order under the Prevention of Money Laundering Act, 2002 (PMLA). The order, dated December 3, 2024, targets assets worth ₹5.23 crore linked to Kunal Gupta, the owner of M/s […]
Read More05 Dec, 2024
Sequential Filing of GSTR-7: A Critical Update for Deductors The recent Notification No. 17/2024-Central Tax issued on 27th September 2024 has introduced mandatory sequential filing for GSTR-7 returns starting from the October 2024 tax period. This change aims to streamline compliance and eliminate discrepancies in return filing. Let’s break down the update and its implications. […]
Read More