A recent report highlights that robust GST collections and Central transfers will drive an 8-10% revenue growth for larger states, reaching Rs 38 trillion this fiscal year. Learn more about the expected financial impacts on state revenues from tax collections and grants. ...
Explore the Allahabad High Court's ruling in Excellentvision Technical Academy v. State of U.P., emphasizing the necessity of recording "reasons to believe" before initiating search proceedings under the State GST Act. Understand the implications of the court's decision and its impact on tax department procedures. ...
Explore the Madras High Court's ruling in Zest Buildtek Promotors v. Deputy Commissioner GST, where an attachment order under the Customs Act for service tax recovery was challenged and deemed invalid. Get insights on the court's decision and its implications. ...
Income Tax Department officials caution against filing tax returns with false claims for exemptions and deductions, highlighting severe penalties and imprisonment risks. Learn more from The Hindu. ...
Discover how CBDT Chairman Ravi Agrawal emphasizes the economic impact of tax decisions and urges a 100-day action plan for efficiency and technological integration. ...
The government has raised the windfall tax on domestically produced crude oil to ₹6,000 per tonne, a 46% increase from ₹3,250, effective immediately. Learn more about this tax and its impact on oil prices. ...
Explore the potential increase in standard deduction under India's new tax regime as proposed by Finance Minister Nirmala Sitharaman. Learn about historical changes, current proposals, and economic implications. ...
The Commerce Ministry seeks departmental feedback on revitalizing SEZs, proposing duty foregone sales in the domestic market to promote value addition. Key changes aim to strengthen SEZ-DTA connections and streamline approval processes. ...
Jaipur jewellers are advocating for GST relief and higher cash transaction limits ahead of the Union Budget. Discover their key demands for boosting the goldsmith industry. Source: The Hindu Business Line. ...
The government may replace detailed monthly GST collection statements with a shorter format for clarity. July 2024 collections are Rs 1.74 lakh crore. Final decision pending. ...
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