03 Dec, 2024
The GST Group of Ministers (GoM) on rate rationalisation is gearing up for significant reforms in the Goods and Services Tax (GST) structure. Their recent report, finalised on December 2, suggests sweeping changes across 148 items, including textiles, luxury goods, and essential commodities. These changes are set to be discussed at the 55th GST Council […]
Read More03 Dec, 2024
GST Evasion by Crypto Exchanges: A Deep Dive In a shocking revelation, the Ministry of Finance disclosed that 17 cryptocurrency exchanges in India have been booked for GST evasion amounting to ₹824.14 crore. This significant evasion was highlighted during a parliamentary session when Minister of State for Finance, Pankaj Chaudhary, responded to an unstarred question […]
Read More03 Dec, 2024
Can Excess Stock Lead to Section 130 Proceedings Under CGST? The Hon’ble Allahabad High Court, in a landmark ruling, clarified the boundaries of Section 130 of the Central Goods and Services Tax Act, 2017 (CGST Act). The court stated that excess stock findings during inspections cannot automatically trigger proceedings under Section 130 unless the intent […]
Read More03 Dec, 2024
Understanding the Alpha Security Case and Your ITC Rights n a recent ITC reversal case, the Madras High Court emphasized the importance of fair adjudication, setting aside an order that violated the principles of natural justice. Here’s what you need to know about the case, its implications, and how it highlights taxpayer rights. Case Background […]
Read More03 Dec, 2024
Introduction: A Bold Tax Reform in the Works The Group of Ministers (GoM) on GST rate rationalization has proposed a 35% GST slab for tobacco products and aerated beverages, replacing the current 28% rate. This measure, part of broader tax reforms, aims to streamline revenue generation while promoting public health. If approved, this move could […]
Read More02 Dec, 2024
December 2024 is a critical month for taxpayers in India, with multiple deadlines set by the Income Tax Department. Staying on top of these due dates not only ensures compliance but also saves you from hefty penalties. This blog covers all the important tax deadlines for December 2024, helping you stay financially disciplined. Here’s your […]
Read More02 Dec, 2024
Introduction: India’s economic landscape reveals a puzzling divergence: Goods and Services Tax (GST) revenues are rising, yet Gross Domestic Product (GDP) growth shows signs of stagnation. In November 2024, GST collections surged 8.5% year-over-year, reaching ₹1.82 trillion. However, GDP growth for the July-September quarter slowed to 5.4%, the lowest in two years. Understanding the GST […]
Read More02 Dec, 2024
Does Cross-Empowerment of State Officials Require Notification? The Kerala High Court recently took a significant step in resolving an ongoing debate regarding cross-empowerment of State officials under the Goods and Services Tax (GST) Act. Justice P. Gopinath, while hearing a writ petition, referred the matter to a division bench for a detailed examination. This decision […]
Read More02 Dec, 2024
GST E-Invoicing: Approved Apps for Quick Verification The Goods and Services Tax Network (GSTN) has released a list of five approved mobile apps for GST invoice verification, making it easier for businesses to ensure compliance and claim input tax credits (ITC) effectively. These apps streamline the GST e-invoicing process, offering a user-friendly interface to validate […]
Read More02 Dec, 2024
The Rajesh Power Services SME IPO made waves on December 1, 2024, with its remarkable 90% premium listing. This performance reflects robust investor confidence but has also sparked debates about sustainability. Let’s explore the key highlights and broader market implications. Rajesh Power SME IPO: Stellar Listing Performance The SME IPO listed at ₹636.50 on the […]
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