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GST meet: Ready-to-eat popcorn to become costly, tax up on used car sales by businesses Ready-to-eat popcorn is set to attract varying GST rates based on its preparation and packaging, it was decided in the 55th GST Council meeting on Saturday.  For popcorn (mixed with salt and spices), it retains the essential character of 'namkeens'. It means a GST of 5 per cent applies if it is supplied loose or unpackaged, while 12 per cent GST will kick in for pre-packaged and labelled popcorn. However, caramel popcorn and similar offerings will attract a higher 18 per ce...
GST meet: Ready-to-eat popcorn to become costly, tax up on used car sales by businesses
GST meet: Ready-to-eat popcorn to become costly, tax up on used car sales by businesses
Source: IANS
2024-12-21 05:19:57 pm
Detailed report on insurance premiums to be presented in next GST Council meet: Samrat Chaudhary The Group of Ministers (GoM) has prepared a detailed report on GST decisions regarding various insurances, and exemption on the premium paid for the policies will be reviewed in the next meeting of the GST Council, Bihar Deputy Chief Minister Samrat Choudhary said on Saturday.   Speaking to IANS after attending the 55th GST Council meeting in Jaisalmer, Choudhary, who also holds the Finance portfolio, said several GoM members suggested that a decision should be taken by holding anothe...
Detailed report on insurance premiums to be presented in next GST Council meet: Samrat Chaudhary
Detailed report on insurance premiums to be presented in next GST Council meet: Samrat Chaudhary
Source: IANS
2024-12-21 05:16:08 pm
55th GST Council meet: All eyes on health insurance premiums, ATF, `Sin Tax` As the 55th meeting of the GST Council was set to begin in Jaisalmer on Saturday, chaired by Union Finance Minister Nirmala Sitharaman, the proposed rate cut on health insurance premiums and the inclusion of Aviation Turbine Fuel (ATF) under the GST ambit would be among the key focus areas.  The GST Council is also set to deliberate on revising the rates of nearly 150 items during the meeting which is likely to help the Centre generate additional revenue of nearly Rs 22,000 crore. ...
55th GST Council meet: All eyes on health insurance premiums, ATF, `Sin Tax`
55th GST Council meet: All eyes on health insurance premiums, ATF, `Sin Tax`
Source: IANS
2024-12-21 09:51:44 am
FM Nirmala Sitharaman to attend the 55th GST Council Meeting in Jaisalmer Union Finance Minister Nirmala Sitharaman has arrived in Jaisalmer for the 55th GST Council meeting scheduled to be held on Saturday at Marriott Hotel.  Chief Ministers, Deputy Chief Ministers, and Finance Ministers from various states, along with Finance Secretaries and senior officials, also reached Jaisalmer on Friday. The dignitaries were welcomed at Hotel Marriott amidst tight security arrangements. Jaisalmer Airport witnessed significant activity as leaders from across the co...
FM Nirmala Sitharaman to attend the 55th GST Council Meeting in Jaisalmer
FM Nirmala Sitharaman to attend the 55th GST Council Meeting in Jaisalmer
Source: IANS
2024-12-21 09:40:52 am
RITES rises on securing order worth Rs 122.60 crore Rites is currently trading at Rs. 301.30, up by 1.25 points or 0.42% from its previous closing of Rs. 300.05 on the BSE. The scrip opened at Rs. 303.95 and has touched a high and low of Rs. 306.00 and Rs. 299.55 respectively. So far 31942 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 413.08 on 27-Feb-2024 and a 52 week low of Rs. 235.25 on 21-Dec-2023. Last one week high and low of the scrip stood at Rs. 309....
RITES rises on securing order worth Rs 122.60 crore
RITES rises on securing order worth Rs 122.60 crore
Source: Accord Fintech
2024-12-18 10:33:50 am
India`s long-term growth story intact, equities to stay buoyant next year The structural long-term growth story for India remains intact driven by favourable demographics and stable governance, and Indian equities are likely to stay buoyant next year, a report showed on Tuesday.  Private banks, capital goods and digital commerce are projected to see strong earnings growth in 2025, according to a note by ITI Mutual Fund. In 2024, bellwether indices – Nifty 50 and Sensex -- generated positive returns of 14.32 per cent and 12.55 per cent, respectively...
India`s long-term growth story intact, equities to stay buoyant next year
India`s long-term growth story intact, equities to stay buoyant next year
Source: IANS
2024-12-17 05:27:56 pm
Devendra Fadnavis tables bill to amend Maharashtra GST Act Chief Minister Devendra Fadnavis on Tuesday tabled the bill to amend the Maharashtra Goods and Services Tax Act, 2017, in order to implement the decisions taken by the GST Council and to maintain uniformity in applicability of the provisions of the Central Goods and Services Act, 2017 and the state Act.   The bill proposes to make the Input Service Distributor procedure mandatory for the distribution of Input Tax Credit in respect of input services procured by the head office from a t...
Devendra Fadnavis tables bill to amend Maharashtra GST Act
Devendra Fadnavis tables bill to amend Maharashtra GST Act
Source: IANS
2024-12-17 02:07:35 pm
Artefact Projects jumps on bagging order from National Highways Authority of India Artefact Projects is currently trading at Rs. 78.99, up by 2.02 points or 2.62% from its previous closing of Rs. 76.97 on the BSE. The scrip opened at Rs. 79.15 and has touched a high and low of Rs. 79.15 and Rs. 78.00 respectively. So far 16449 shares were traded on the counter. The BSE group 'X' stock of face value Rs. 10 has touched a 52 week high of Rs. 111.00 on 12-Jan-2024 and a 52 week low of Rs. 57.15 on 21-Dec-2023. Last one week high and low of the scrip stood at Rs...
Artefact Projects jumps on bagging order from National Highways Authority of India
Artefact Projects jumps on bagging order from National Highways Authority of India
Source: Accord Fintech
2024-12-17 11:41:46 am
Open networks can create economic impact of Rs 67K cr annually in India`s mobility sector: ONDC Open Networks can generate an annual economic impact of up to Rs 67,000 crore in India’s mobility sector, driving inclusive growth and strengthening local economies, according to a whitepaper, released by the government-run Open Network for Digital Commerce (ONDC) on Monday.  The whitepaper explores how innovative business models on open networks can transform India’s mobility sector. It offers insights into how open networks and new business models can redefine India&rsqu...
Open networks can create economic impact of Rs 67K cr annually in India`s mobility sector: ONDC
Open networks can create economic impact of Rs 67K cr annually in India`s mobility sector: ONDC
Source: IANS
2024-12-16 05:25:37 pm
India`s FDI inflows hit $1 trillion since April 2000 Ministry of Commerce & Industry in its latest release has showed that India has achieved a remarkable milestone in its economic journey, with gross foreign direct investment (FDI) inflows reaching an impressive $1 trillion since April 2000, bolstered by a nearly 26% rise in FDI to $42.1 billion during the first half of the current fiscal year (H1 FY25) as against $33.5 billion in H1 FY24.  The latest release noted that such growth reflects India’s growing appeal as a global ...
India`s FDI inflows hit $1 trillion since April 2000
India`s FDI inflows hit $1 trillion since April 2000
Source: Accord Fintech
2024-12-13 04:01:57 pm
69 pc of $1 trillion FDI inflow into India came in last 10 years: Government Total FDI inflows into India over the last decade (April 2014 to September 2024) amounted to $709.84 billion, accounting for 68.69 per cent of the overall FDI inflow in the past 24 years which crossed the $1 trillion mark, according to the Commerce and Industry Ministry’s year-end review released on Thursday.  “This landmark achievement was bolstered by a nearly 26 per cent rise in FDI to $42.1 billion during the first half of the current fiscal year,” the review sta...
69 pc of $1 trillion FDI inflow into India came in last 10 years: Government
69 pc of $1 trillion FDI inflow into India came in last 10 years: Government
Source: IANS
2024-12-12 06:08:01 pm
India now has 28.55 lakh electric 2Ws, 2.57 lakh electric 4-wheelers: Centre  The total registered electric two-wheelers in the country now stands at 28,55,015, with electric four-wheelers at 2,57,169 (as on December 4), the Parliament was informed on Tuesday.   As per the Vahan portal of the Ministry of Road Transport and Highways, the total number of electric vehicles (EV) registered in Odisha stands at 1,45,479, with an adoption rate of 1.24 per cent, Minister of State for Heavy Industries and Steel, Bhupathiraju Srinivasa Varma told the Lok Sabha in a...
India now has 28.55 lakh electric 2Ws, 2.57 lakh electric 4-wheelers: Centre
India now has 28.55 lakh electric 2Ws, 2.57 lakh electric 4-wheelers: Centre
Source: IANS
2024-12-11 09:09:34 am
Centre gears up to make hallmarking mandatory for gold bullion The government is gearing up to make hallmarking mandatory for gold bullion, a move aimed at ensuring the purity of gold products and safeguarding consumers from potential quality issues, Consumer Affairs Secretary, Nidhi Khare,  said on Friday.  More than 40 crore gold jewellery items have been hallmarked to date -- over 4 lakh gold items being hallmarked per day, the government informed last month. Addressing the Gems and Jewellery Conference by the Confederation of Indian I...
Centre gears up to make hallmarking mandatory for gold bullion
Centre gears up to make hallmarking mandatory for gold bullion
Source: IANS
2024-12-06 03:32:30 pm
RITES soars on securing order worth Rs 148.25 crore Rites is currently trading at Rs. 298.00, up by 10.00 points or 3.47% from its previous closing of Rs. 287.40 on the BSE. The scrip opened at Rs. 293.90 and has touched a high and low of Rs. 299.00 and Rs. 293.15 respectively. So far 18053 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 413.08 on 27-Feb-2024 and a 52 week low of Rs. 235.25 on 21-Dec-2023. Last one week high and low of the scrip stood at Rs. 299...
RITES soars on securing order worth Rs 148.25 crore
RITES soars on securing order worth Rs 148.25 crore
Source: Accord Fintech
2024-12-06 10:23:18 am
Lemon Tree Hotels gains on receiving LoA from Government of Meghalaya Lemon Tree Hotels is currently trading at Rs. 133.65, up by 0.75 points or 0.56% from its previous closing of Rs. 132.90 on the BSE. The scrip opened at Rs. 134.35 and has touched a high and low of Rs. 134.70 and Rs. 133.65 respectively. So far 39470 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 158.05 on 06-May-2024 and a 52 week low of Rs. 112.05 on 21-Dec-2023. Last one week high and low of the scrip stood...
Lemon Tree Hotels gains on receiving LoA from Government of Meghalaya
Lemon Tree Hotels gains on receiving LoA from Government of Meghalaya
Source: Accord Fintech
2024-12-05 10:14:21 am
Shares of tobacco, beverages companies fall on proposed higher GST Rate Shares of tobacco and beverages companies fell on the BSE, amid reports that the government may hike Goods and Services Tax (GST) on cigarettes, tobacco and aerated drinks. Varun Beverages is currently trading at Rs. 621.65, down by 11.15 points or 1.76% from its previous closing of Rs. 632.80 on the BSE. Godfrey Phillips India is currently trading at Rs. 5684.00, down by 73.75 points or 1.28% from its previous closing of Rs. 5757.75 on the BSE. ITC is currently trading at Rs. 472.20...
Shares of tobacco, beverages companies fall on proposed higher GST Rate
Shares of tobacco, beverages companies fall on proposed higher GST Rate
Source: Accord Fintech
2024-12-03 03:20:48 pm
Punjab pitches for continuation of GST compensation beyond March 2026 In a push for the continuation of the Goods and Services Tax (GST) compensation cess regime, Punjab Finance Minister Harpal Singh Cheema on Monday recommended that it goes on beyond March 31, 2026, to ensure that states can mitigate the revenue loss caused by the subsumation of various taxes into the GST.   This recommendation was made during the Group of Ministers (GoM) meeting on compensation cess, which Cheema attended virtually. He emphasised that the GST Council, as per the Go...
Punjab pitches for continuation of GST compensation beyond March 2026
Punjab pitches for continuation of GST compensation beyond March 2026
Source: IANS
2024-12-03 09:24:18 am
Gross GST collection surges 8.5% to Rs 1.82 lakh crore in November The government in its latest data has said that the total gross Goods and Services Tax (GST) revenue grew 8.5 per cent to over Rs 1.82 lakh crore in November compared to Rs 1.68 lakh crore in the same month a year ago on account of increased sales spurred by the festive season. The Central GST collection stood at Rs 34,141 crore, State GST at Rs 43,047 crore, Integrated IGST (Rs 91,828 crore) and cess (Rs 13,253 crore). During the month under review, GST from domestic transactions grew 9.4...
Gross GST collection surges 8.5% to Rs 1.82 lakh crore in November
Gross GST collection surges 8.5% to Rs 1.82 lakh crore in November
Source: Accord Fintech
2024-12-02 10:13:57 am
Newgen Software Technologies soars on bagging purchase order from RBI Newgen Software Technologies is currently trading at Rs. 1171.25, up by 40.60 points or 3.95% from its previous closing of Rs. 1130.65 on the BSE. The scrip opened at Rs. 1150.00 and has touched a high and low of Rs. 1183.70 and Rs. 1150.00 respectively. So far 21099 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1547.20 on 26-Sep-2024 and a 52 week low of Rs. 626.05 on 15-Apr-2024. Last one week high and low ...
Newgen Software Technologies soars on bagging purchase order from RBI
Newgen Software Technologies soars on bagging purchase order from RBI
Source: Accord Fintech
2024-11-29 10:46:00 am
Innovative financial solutions to boost MSME growth in India: Assocham In order to boost the MSME growth in the country, there is the need for innovative financial solutions and banks should improve transparency in loan approval processes and eliminate unused credit charges, according to a report on Thursday.  MSMEs are a cornerstone of India's economy, contributing nearly 30 per cent of GDP, 45 per cent of manufacturing output and 46 per cent of exports in fiscal year 2024. According to a report by Assocham in collaboration with Egrow Foundation,...
Innovative financial solutions to boost MSME growth in India: Assocham
Innovative financial solutions to boost MSME growth in India: Assocham
Source: IANS
2024-11-28 04:57:30 pm
Mission to make Indian automobile industry world`s largest within five years: Nitin Gadkari Union Transport Minister Nitin Gadkari has said that the Indian automobile industry ranks third globally, behind China and the United States, but the government aims to elevate it to the top position within the next five years. The Indian automobile industry’s market size is around Rs 22 lakh crore. China leads with Rs 47 lakh crore, followed by the US at Rs 78 lakh crore.  Gadkari said ‘Our mission and dream are to make the Indian automobile industry the world’s lar...
Mission to make Indian automobile industry world`s largest within five years: Nitin Gadkari
Mission to make Indian automobile industry world`s largest within five years: Nitin Gadkari
Source: Accord Fintech
2024-11-28 10:21:35 am
India`s real estate sector to cross $4.8 trillion by 2047 The Indian real estate sector is set to cross $4.8 trillion in market size by 2047, contributing over 18 per cent to the projected $26 trillion GDP target for the year, according to a joint report by real estate body CREDAI and Ernst & Young released on Tuesday.   The report expects PropTech to grow at a sustained rate to touch $600 billion in market size by 2047, comprising approximately 12-13 per cent of the entire real estate industry. The study backs the ongoing and projected ...
India`s real estate sector to cross $4.8 trillion by 2047
India`s real estate sector to cross $4.8 trillion by 2047
Source: IANS
2024-11-26 05:48:59 pm
India needs large-scale worker housing infra to truly unleash manufacturing To truly unleash Indian manufacturing, the country must think of building dense, large-scale worker housing as infrastructure, that can reap coordination and externality benefits for several stakeholders and ensure great public returns, according to a report on Tuesday.  New-Delhi-based Foundation for Economic Development underscored the need for worker accommodation as a critical unlock for enabling large-scale, employment-intensive manufacturing. “Our biggest imperative as ...
India needs large-scale worker housing infra to truly unleash manufacturing
India needs large-scale worker housing infra to truly unleash manufacturing
Source: IANS
2024-11-26 05:22:10 pm
Real estate sector should adopt better construction techniques to combat pollution: Piyush Goyal The real estate sector should look at a greater formalisation that will help the industry grow faster along with adopting better construction techniques to combat pollution, Union Commerce and Industry Minister, Piyush Goyal, said on Monday.  Addressing the 25th Foundation Day of the Confederation of Real Estate Developers' Associations of India (CREDAI) here, the minister raised the issue of environmental pollution and urged the industry body to consider setting up a team to stud...
Real estate sector should adopt better construction techniques to combat pollution: Piyush Goyal
Real estate sector should adopt better construction techniques to combat pollution: Piyush Goyal
Source: IANS
2024-11-26 09:07:22 am
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet The GST Council will hold its next meeting in Rajasthan’s Jaisalmer on December 21, during which it is likely to take a decision on exempting or lowering the GST rate on health and life insurance.  The council, chaired by Union Finance Minister Nirmala Sitharaman, may also take up the issue of rationalising GST rates on a number of goods consumed by the common man such as bottled drinking water and notebooks for students, to bring them under the 5 per cent slab from 12 per cent ...
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet
GST Council likely to decide on tax relief for life & health insurance at Dec 21 meet
Source: IANS
2024-11-19 10:03:15 am
Centre launches campaign for assessment year 2024-25 to help taxpayers In a bid to help taxpayers, the government on Saturday launched a compliance-cum-awareness campaign for the assessment year (AY) 2024-25.  The campaign by the Central Board of Direct Taxes (CBDT) will assist taxpayers in accurately completing Schedule Foreign Assets (Schedule FA) and reporting income from foreign sources (Schedule FSI) in their income tax returns (ITR). According to the Ministry of Finance, compliance with Schedule FA and FSI is mandatory under the Black Money (Und...
Centre launches campaign for assessment year 2024-25 to help taxpayers
Centre launches campaign for assessment year 2024-25 to help taxpayers
Source: IANS
2024-11-16 05:03:44 pm
Electronic toll collection in India soars to record Rs 6,115 crore in Oct Electronic toll collection in the country soared to a record Rs 6,114.92 crore in October this year as economic activity surged during the festive month, according to the latest figures compiled by the government.  The collection is the highest ever in a month since the compiling of electronic toll data started in 2021 and represents a 7.6 per cent increase over the monthly average of Rs 5,681.46 crore for the previous six months, the official figures showed. Total electronic toll ...
Electronic toll collection in India soars to record Rs 6,115 crore in Oct
Electronic toll collection in India soars to record Rs 6,115 crore in Oct
Source: IANS
2024-11-14 12:39:00 pm
E-way bills for goods soar to record high as trade surges in Oct The e-way bill generation for the transportation of goods from production centres to markets across the country soared to a record high of 11.7 crore during October, representing a 17 per cent jump over the same month of the previous year, data from the Goods and Services Tax Network (GSTN) showed.    The surge in e-way bills reflects the increase in economic activity as the manufacturing sector accelerates to meet the growing demand in the economy during the festive season. T...
E-way bills for goods soar to record high as trade surges in Oct
E-way bills for goods soar to record high as trade surges in Oct
Source: IANS
2024-11-08 12:34:52 pm
GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October The goods and services tax (GST) collections stood at Rs 1.87 lakh crore in October, an 8.9 per cent rise from Rs 1.72 lakh crore in GST revenue in the same month last year, government data showed on Friday.   It is the eighth consecutive month when GST collections stayed above the Rs 1.7 lakh crore mark. According to the official data, CGST, SGST, IGST, and cess all increased in the last month. In October, Rs 33,821 crore was collected as Central GST (CGST) while State GST (SGST) ...
GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
GST collections see 8.9 pc YoY growth at Rs 1.87 lakh crore in October
Source: IANS
2024-11-02 08:51:08 am
India poised to continue sustained growth trajectory: Finance Minister Finance Minister Nirmala Sitharaman has said that India is poised to continue its sustained growth trajectory and enhance its contribution to global growth significantly. She also noted that at the current rate, India is likely to be the world's third-largest economy by 2027. While addressing the Roundtable on 'Investment Opportunities in India' at the New York Stock Exchange, Finance Minister shared the contours of various policy reforms and initiatives that are shaping India, wi...
India poised to continue sustained growth trajectory: Finance Minister
India poised to continue sustained growth trajectory: Finance Minister
Source: Accord Fintech
2024-10-22 12:43:40 pm
Shift from agriculture to manufacturing must for India`s growth: Amitabh Kant  India’s G20 Sherpa and former NITI Aayog CEO Amitabh Kant contends that in order for India to grow at high rates of nine to ten per cent and become a developed economy by 2047, the country’s GDP has to grow by nine times and per capita income by eight times, with manufacturing and urbanisation playing a key role in the process. He also hailed India's chairmanship of the G20 and batted for lateral entry into the government service. "Our manufacturing has to gro...
Shift from agriculture to manufacturing must for India`s growth: Amitabh Kant
Shift from agriculture to manufacturing must for India`s growth: Amitabh Kant
Source: IANS
2024-10-20 05:57:22 pm
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr In a significant development, the Group of Ministers (GoM) on Saturday agreed upon some Goods and Services Tax (GST) rate revisions that are likely to bring in an additional Rs 22,000 crore revenue.  The GoM, headed by Bihar Deputy Chief Minister Samrat Chaudhary, suggested raising GST rates on several luxury items, including high-end wristwatches and shoes. The GoM proposed to increase the GST rate on wristwatches priced above Rs 25,000 from 18 per cent to 28 per cent. Also, shoes...
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr
GoM proposes to raise GST on luxury shoes, watches, aims revenue boost by Rs 22,000 cr
Source: IANS
2024-10-20 09:22:15 am
GST on term life insurance premium, senior citizens likely to be exempted The Group of Ministers (GoM) on Saturday more or less decided to exempt the goods and services tax (GST) on term life insurance premiums and premiums paid by senior citizens for health cover.  The GST exemption/reduction on life and health insurance is a long-pending demand of the industry as the move would alleviate the tax burden on both insurers and policyholders.  While most of the panel members of the GoM, led by Bihar Deputy Chief Minister Samrat Chaudhary, pitched for &...
GST on term life insurance premium, senior citizens likely to be exempted
GST on term life insurance premium, senior citizens likely to be exempted
Source: IANS
2024-10-20 09:06:25 am
Combined capital spending of state governments likely to expand by 13% in FY25: ICRA Credit rating agency ICRA has projected the combined capital spending of a sample of 13 major state governments to expand by 13% to Rs 6.5 trillion in FY25. However, this entails a miss, relative to the FY25 Budget Estimate (BE) of Rs 7.2 trillion, following a dull start to the capex in the initial months of this fiscal as well as the anticipated undershooting in states’ revenues.  The rating agency foresees a modest slippage in the combined revenue and fiscal deficits of the 13...
Combined capital spending of state governments likely to expand by 13% in FY25: ICRA
Combined capital spending of state governments likely to expand by 13% in FY25: ICRA
Source: Accord Fintech
2024-10-17 02:50:29 pm
India`s industrial production sees marginal contraction, manufacturing production rises  India's Index of Industrial Production (IIP) saw a marginal contraction of 0.1 per cent in the month of August, against July's 4.7 per cent as manufacturing production rose by 1 per cent, the Ministry of Statistics data showed on Friday.   In the manufacturing sector, the top three positive contributors were the manufacturing of basic metals (3.0 per cent), electrical equipment (17.7 per cent), and chemicals and chemical products (2.7 per cent) in August. The growth r...
India`s industrial production sees marginal contraction, manufacturing production rises
India`s industrial production sees marginal contraction, manufacturing production rises
Source: IANS
2024-10-12 10:53:52 am
GST panel deliberates on lowering rate on health insurance, tractors As the government focuses on GST 2.0 which further eases tax laws, enhance tax simplification and adoption of technology, the ministerial panel tasked to rationalise rates is deliberating on lowering GST on essential items like health insurance and tractors up to 5 per cent.  As tractor segment volumes saw marginal growth (year-on-year) in September, a reduction in GST on tractors will offset the revenue loss, according to industry experts. Tractors currently attract 12-28 per cent GS...
GST panel deliberates on lowering rate on health insurance, tractors
GST panel deliberates on lowering rate on health insurance, tractors
Source: IANS
2024-10-05 09:03:54 am
Prioritising export growth must to reach $500 bn electronics manufacturing by FY30: Industry  To achieve the goal of $500 billion local electronics manufacturing by FY30, the industry must prioritise export growth to emerge as one of the top three global exporters in this domain by 2030, industry players said on Saturday.  The electronics industry is growing at a rapid pace owing to multiple production-linked incentive (PLI) schemes. The country witnessed rapid growth in electronics manufacturing – from Rs 1.9 lakh crore in 2014-15 to Rs 9.52 lakh crore in producti...
Prioritising export growth must to reach $500 bn electronics manufacturing by FY30: Industry
Prioritising export growth must to reach $500 bn electronics manufacturing by FY30: Industry
Source: IANS
2024-09-28 01:41:43 pm
GST 2.0 will further ease tax compliances and boost economic growth Goods and Services Tax (GST) is one of the major economic reforms in the last decade in India which replaced the Value Added Tax (VAT) system.     It paved the way for economic growth, lower logistics costs, and ease of doing for business. Now the Union government is focusing on GST 2.0 which further eases tax laws, enhance tax simplification and adoption of technology. In Budget 2024, Finance Minister Nirmala Sitharaman emphasised further simplification of tax laws and the ...
GST 2.0 will further ease tax compliances and boost economic growth
GST 2.0 will further ease tax compliances and boost economic growth
Source: IANS
2024-09-22 03:59:08 pm
DGGI proposes global cooperation to curb GST evasion in OIDAR GST investigation arm the Directorate General of GST Intelligence (DGGI) has suggested reciprocal arrangements with foreign governments for information sharing and enforcement measures as well as blocking of websites to prevent tax evasion in Online Information and Database Access or Retrieval (OIDAR) services like e-gaming, online education and advertisement.  The move has been necessitated as it has come to DGGI's notice that there are entities, including online casinos that are...
DGGI proposes global cooperation to curb GST evasion in OIDAR
DGGI proposes global cooperation to curb GST evasion in OIDAR
Source: Accord Fintech
2024-09-17 12:22:20 pm
Account Aggregators facilitating loan disbursement worth Rs 4,000 cr a month In a remarkable achievement of the country’s fintech ecosystem, the Account Aggregator (AA) framework is now being used to facilitate loan disbursement worth about Rs 4,000 crore a month, a report showed on Monday.  The lending firms have used the AA framework to facilitate loans worth Rs 42,300 crore since September 2021 till March 2024, with cumulative average loan ticket size at Rs 1,00,237 for the same period, according to Sahamati, an industry alliance for the AA ecosystem ...
Account Aggregators facilitating loan disbursement worth Rs 4,000 cr a month
Account Aggregators facilitating loan disbursement worth Rs 4,000 cr a month
Source: IANS
2024-09-16 02:34:25 pm
Expert views on the renting of commercial properties brought under the reverse charge mechanism by Shrinivas Rao, FRICS, CEO, Vestian Below the Expert views on the renting of commercial properties brought under the reverse charge mechanism by Shrinivas Rao, FRICS, CEO, Vestian   “Earlier, Goods and Services Tax (GST) was charged under Forward Charge Mechanism (FCM) only while renting a commercial property by a GST unregistered person (landlord) to a GST registered person (tenant). This caused significant revenue leakage for the government as the Reverse Charge Mechanism (RCM) was not applied. To stop t...
Expert views on the renting of commercial properties brought under the reverse charge mechanism by Shrinivas Rao, FRICS, CEO, Vestian
Expert views on the renting of commercial properties brought under the reverse charge mechanism by Shrinivas Rao, FRICS, CEO, Vestian
Source: Vestian
2024-09-10 02:44:46 pm
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global Below the Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global   "The council has taken various rate rationalisation measures like reduction of GST on cancer drugs from 12% to 5%, namkeens, sharing helicopters for pilgrimage which will lessen the burden on consumers. Council has also decided that foreign airlines will be exempt from GST on services imported from related parties which will help in settling ongoing litigations. For B2C transa...
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global
Reaction Quote on GST Council by Mr. Shivashish Karnani, Head of GST, at DPNC Global
Source: PR Agency
2024-09-10 12:04:34 pm
Industry experts hail significant resolutions announced at GST Council meeting The industry experts on Monday welcomed some significant resolutions announced during the 54th GST Council meeting chaired by Finance Minister Nirmala Sitharaman.  They said that Group of Ministers’ (GoM) recommendation by end of October on the GST rate for health and life insurance will be the one to watch closely. “Specific sectors like automobile, etc. would keenly look forward to the decision on compensation cess and its fate. Another notable development is the prop...
Industry experts hail significant resolutions announced at GST Council meeting
Industry experts hail significant resolutions announced at GST Council meeting
Source: IANS
2024-09-10 10:28:53 am
GST cut on health insurance premium deferred, cancer drugs to become cheaper The GST Council, headed by Finance Minister Nirmala Sitharaman, on Monday announced setting up a Group of Ministers (GoM) on slashing the tax rate on life and health insurance, as well as reducing the GST on cancer drugs and 'namkeens' (selected snacks).  The GoM on life and health insurance will be headed by Bihar Deputy Chief Minister Samrat Choudhary, who is currently heading the panel on GST rate rationalisation. The 54th GST Council meeting reached a “broad conse...
GST cut on health insurance premium deferred, cancer drugs to become cheaper
GST cut on health insurance premium deferred, cancer drugs to become cheaper
Source: IANS
2024-09-10 10:25:41 am
Revenues from online gaming surged 412 pc at Rs 6,909 crore: Finance Minister Nirmala Sitharaman Finance Minister Nirmala Sitharaman on Monday informed that revenue from online gaming has increased 412 per cent, reaching Rs 6,909 crore in six months, from the increased levy on the sector.  Addressing a press conference after the 54th GST Council meeting, the Finance Minister said revenues of casinos have "jumped by 30 per cent". "For casinos, revenue increased 30 per cent to Rs 214 crore over the six months," she said. In July last year, online games, bo...
Revenues from online gaming surged 412 pc at Rs 6,909 crore: Finance Minister Nirmala Sitharaman
Revenues from online gaming surged 412 pc at Rs 6,909 crore: Finance Minister Nirmala Sitharaman
Source: IANS
2024-09-10 10:19:28 am
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes With an aim to ensure less burden on the taxpayers, the 54th GST Council meeting on Monday is likely to deliberate on a slew of issues, including rate rationalisation, taxation of insurance premiums, online gaming, and more.  According to industry sources, the GST Council meeting, chaired by Finance Minister Nirmala Sitharaman, is also likely to discuss the operationalisation of the GST Appellate Tribunal mechanism which is a key step towards streamlining dispute resolution under GST....
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes
GST Council meet: Taxation on insurance premium, rate rationalisation key hopes
Source: IANS
2024-09-09 09:13:10 am
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman Union Finance Minister Nirmala Sitharaman on Thursday said that the goods and services tax (GST) rate is much below the revenue neutral rate (RNR), originally suggested at 15.3 per cent, which means less burden on taxpayers.  The current average GST rate has decreased to 12.2 per cent as of 2023, much below the revenue neutral rate in GST, the Finance Minister said during an event organised by the Revenue Bar Association here. The government needs to raise revenue, "but simpli...
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman
GST rate much below revenue neutral rate to lessen burden on taxpayers: FM Nirmala Sitharaman
Source: IANS
2024-09-05 04:19:30 pm
54th GST Council meeting - Expectation Input Insurance Sector by Sandeep Pareek, Partner, Indirect Tax, BDO India Below the 54th GST Council meeting - Expectation Input Insurance Sector by Sandeep Pareek, Partner, Indirect Tax, BDO India   Perspective - Will the GST council remove GST on term insurance in its upcoming meeting? Multiple stakeholders, including sitting ministers, have requested for exempting GST on term insurance as well as health insurance. It is likely that the GST Council may favourably consider this demand of the industry, especially if the revenue loss, due to grant o...
54th GST Council meeting - Expectation Input Insurance Sector by Sandeep Pareek, Partner, Indirect Tax, BDO India
54th GST Council meeting - Expectation Input Insurance Sector by Sandeep Pareek, Partner, Indirect Tax, BDO India
Source: BDO India
2024-09-04 03:44:07 pm