CBIC issued Circular No. 229/23/2024-GST on July 15, 2024, detailing GST rates and classification for solar cookers, fire water sprinklers, poultry-keeping machinery parts, and more, based on the 53rd GST Council meeting recommendations. Learn more about the key clarifications and regularizations. ...
Discover CBIC's latest clarifications on GST exemptions for Indian Railways, transactions between SPVs and Railways, RERA statutory collections, digital payment incentives, reinsurance of specified insurance schemes, and certain accommodation services. Read Circular No. 228/22/2024-GST for detailed insights. ...
The National Restaurant Association of India (NRAI) pushes for input tax credit in the upcoming budget, advocating for a 12% GST option to avoid double taxation and support the restaurant industry’s growth. ...
Explore recent rulings from various Indian High Courts addressing the imposition of penalties for minor typographical errors in e-way bills. Learn how intent to evade tax is crucial in these cases, shaping the future of GST compliance and enforcement. ...
The Madras High Court quashed the assessment order in Amarjyothi Carrying Corporation v. Assistant Commissioner (ST), ruling that the assessee is entitled to a personal hearing after tax appropriation, ensuring fair treatment in GST proceedings....
The Central Board of Direct Taxes reports a 24.07% increase in net direct tax collections, reaching Rs 5.74 lakh crore as of July 11, 2024. Corporate and personal income taxes drive this growth, reflecting a positive trend for FY 2024-25....
The Federation of Automobile Dealers Associations (FADA) calls for vehicle depreciation benefits for individuals and reduced corporate tax rates for LLPs and partnerships, aiming to boost taxpayer numbers and stimulate automobile demand. Finance Minister Nirmala Sitharaman will present the Union Budget on July 23, 2024. ...
Experts discuss the recent GST notification clarifying that the 1% charge on corporate guarantees applies annually, not per transaction. Learn about the implications for businesses with mixed taxable and exempt income and the need for further guidance. ...
Learn about the CBIC's exemption of Compensation Cess on aerated beverages and energy drinks supplied to authorized customers by Unit Run Canteens under the Ministry of Defence, effective from July 15, 2024, as per Notification No. 01/2024....
CBIC revises GST rates effective July 15, 2024, as per the 53rd GST Council Meeting recommendations. Key changes include new rates for milk cans, cartons, boxes, and solar cookers. Learn more about the updated GST rates and their impact....
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