Overview of February 2024 GST Revenue: Total collection: ₹1,68,337 crore Growth rate: 12.5% increase compared to February 2023 Breakdown: Domestic transactions – 13.9% rise; Import of goods – 8.5% increase Net of refunds: ₹1.51 lakh crore, marking a 13.6% growth over the same period last
Inauguration of Hearings The Supreme Court’s 9-judge Constitution Bench commenced hearings on February 27, diving deep into the complexities surrounding the taxation of mineral-bearing lands. Focus on Royalty Characterization The focal point of the discussions revolves around the characterization of royalty under Section 9 of
Petitioner Eden Real Estates Pvt. Ltd. & Anr Respondent The Assistant Commissioner of State Tax, Bhabanipur Charge & Ors. Comment Whether the provisions of IBC will supersede the provisions of GST. In case the supplier couldn’t pay the tax due to insolvency whether
In an important updated the Delhi sales tax bar association demonstrated against the department.The reason behind that was the vague notices and orders by the GST department. AI generated vague notices The department is sending notices based on the AI data. Now AI lists every
Introduction: In a bid to modernize and streamline import duty payments, the Indian government has introduced the Electronic Cash Ledger (ECL) as the designated mode of payment for goods imported through International Courier terminals, effective from March 01, 2024. Implementation Timeline: The journey towards adopting
Introduction: In a landmark endeavor aimed at revolutionizing regional trade efficiency, Union Finance Minister Smt. Nirmala Sitharaman inaugurated the Electronic Data Interchange (EDI) at Land Customs Stations (LCS) in the North East Region. This momentous step is poised to enhance transparency, streamline operations, and bolster
Introduction Indirect tax experts are seeking clarity on the levy of Goods and Services Tax (GST) on corporate guarantees provided by Indian companies on behalf of their subsidiaries. A notification issued by the finance ministry in October 2023 has sparked discussions and raised questions regarding
Promising Start to Q4 India’s economy kicked off the fourth quarter on a positive note, as indicated by the National Council of Applied Economic Research (NCAER) in its latest economic review. Key Indicators The report highlights several key indicators pointing to a robust and resilient
GST Rules Update: Effective March 1, businesses with a turnover exceeding ₹5 crore will face new GST rules. They must now include e-invoice details for all B2B transactions to generate e-way bills for inter-state goods transportation valued over ₹50,000. This change aims to streamline tax
Introduction The Indian Auto LPG Coalition (IAC) has urged the national government to reduce the Goods and Services Tax (GST) on Auto LPG from 18% to 5%, aligning with recent adjustments in the natural gas sector. This call for action comes in response to Andhra
