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“Chennai Infrastructure Projects Affected by Revised GST Rates”
Impact of Revised GST Rates on Infrastructure Projects The recent adjustments in Goods and Services Tax (GST) rates for work contracts and sub-contracts have brought about significant implications for infrastructure projects in Chennai. Challenges Faced by Local Authorities Local authorities, including the Greater Chennai Corporation
Strengthening GST Administration in Delhi
Introduction: Finance Minister Atishi outlined the state’s plan to strengthen its Goods and Services Tax (GST) administration, aiming for a faceless system. She emphasized the need to modernize the IT infrastructure of GST and transition to a faceless tax administration model. Tax Collection Growth: According
Exploring Lower GST for Flexible Fuel Vehicles (FFVs)
Introduction: The Ministry of Heavy Industries is currently assessing proposals to decrease the Goods and Services Tax (GST) on flexible fuel vehicles (FFVs) from the prevailing 28 percent. This initiative responds to requests received by the ministry, advocating for a reduction in GST rates to
“Delhi’s Budget 2024-25: Strengthening GST Administration”
Delhi Government to Modernize GST Administration in Budget 2024-25 During the presentation of the annual budget for 2024-25, Delhi’s Finance Minister Atishi announced plans to enhance the Goods and Services Tax (GST) administration, aiming to make it more efficient and faceless to bolster revenue collection.
“Supreme Court Seeks Consolidation of GST Cases on Real Money Gaming”
Introduction The Union government’s recent filing of a transfer petition before the Supreme Court to consolidate pending cases challenging GST notices issued to real money gaming companies has sparked significant interest in legal circles. This move comes amidst a backdrop of ongoing legal battles across
“18% GST on Processed Pulses and Agricultural Brokerage”
GST Applicable to Processed Pulses: AAR Ruling In a recent ruling, the Andhra Pradesh authority for advance rulings (AAR) has declared that processed pulses obtained after dehusking and splitting of grains do not qualify as agricultural produce, thus subjecting them to goods and services tax
“CGST Arrest: Crackdown on Tax Evasion Scheme”
Introduction: On March 1, 2024, the CGST Mumbai Zone, CGST Navi Mumbai Commissionerate, made a significant arrest that sent shockwaves through the financial sector. The Head of Finance of M/s Foodlink F&B Holdings India Pvt Ltd, Mumbai, was apprehended for allegedly orchestrating a massive tax
“Adapting to Tax Changes: Strategies of Online Gaming Companies”
Navigating Taxation Challenges: Online Gaming Companies’ Strategic Responses The online gaming industry, encompassing platforms like poker, rummy, and fantasy sports, is facing significant challenges amidst an evolving taxation landscape. With the introduction of increased indirect taxes, companies in this sector are strategically adapting to retain
“CBDT Allows Audit Report Rectification for Tax Exemption”
CBDT Allows Rectification of Incorrect Audit Report Forms for A.Y. 2023-24 In a recent development, the Central Board of Direct Taxes (CBDT) issued Circular No. 02/2024 dated March 05, 2024, granting a window for trusts and institutions to rectify incorrect audit report forms submitted for
Real Estate Sector’s GST Woes: Seeking Relief and Review
Real Estate Firms Seek Relief from GST Authorities Real estate firms across India are currently facing a challenging situation as they have received notices from GST authorities regarding unpaid taxes on intra-group royalty payments and corporate guarantees. These payments, utilized for brand name usage in
“NFRA Chairman Pandey Prioritizes Audit Quality”
Ajay Bhushan Pandey, NFRA Chairman, Emphasizes Focus on Audit Quality Ajay Bhushan Pandey, the chairman of the National Financial Reporting Authority (NFRA), recently discussed the upcoming annual inspections of major audit firms in a conversation with ET. Contrary to speculation, Pandey clarified that these inspections
“Former Income Tax Officials Jailed for Bribery in India”
Ex-Income Tax Officials Sentenced for Bribery: A Blow to Corruption in India A recent verdict by a CBI court has brought to light the pervasive issue of corruption in India, as two former income tax officials, Mahesh Sompura and Mukesh Raval, were each sentenced to