Boosting GST Collection: Congress Guarantee Schemes Chief Minister Siddaramaiah has attributed the surge in Goods and Services Tax (GST) collection in Karnataka to the effective implementation of guarantee schemes by the Congress-led state government. Speaking at an event in Chamarajanagar, Mr. Siddaramaiah highlighted that GST
Insurance Companies Navigate Legal Waters Amidst GST Commission Tax Demand In a bid to resolve a looming tax conundrum, insurance companies are contemplating legal action regarding a tax demand related to commissions paid for co-insurance. The industry seeks clarity from the courts, arguing that subjecting
Empowering Police Welfare: Ministry of Home Affairs Offers 50% GST Relief In an effort to bolster the welfare of law enforcement personnel across the nation, the Ministry of Home Affairs has introduced a significant financial support initiative. Starting April 1, 2024, the Ministry will implement
In a recent decision the Delhi high court has held that the TP is eligible for interest on refund. In GST the rate of interest on refund is 6%. It is mandatory even if the TP has not asked for it specifically for it. This
CESTAT Ruling on Service Tax Imposition The Delhi Bench of Customs, Excise, and Service Tax Appellate Tribunal (CESTAT) recently ruled that the imposition of service tax requires the identification of the specific service provided and consideration received. Conditions for Service Tax Imposition The bench, comprising
Income Tax Department’s Alert to Taxpayers: Addressing Discrepancies The Income Tax Department is taking proactive steps to notify taxpayers about potential inconsistencies between the information provided in their Income Tax Returns (ITRs) and the department’s records of specific financial transactions for the assessment year 2021-22
Income Tax Department Launches E-Campaign To Ensure Tax Compliance for Financial Transactions The Income Tax Department has initiated an e-campaign aimed at ensuring tax compliance for specific financial transactions undertaken by individuals and entities during the Financial Year (F.Y.) 2023-24. Identification of Non-Compliant Cases Following
India-EFTA TEPA: A Landmark in Global Trade India has taken a momentous stride in its global trade relations with the signing of a groundbreaking Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) on March 10, 2024. This landmark agreement signifies
Scam Uncovered in Mumbai: Fictitious Firms in GST Fraud In a startling revelation, authorities in Mumbai have unearthed a sophisticated scam revolving around counterfeit Goods and Services Tax (GST) invoices. This elaborate scheme aimed to falsely claim an astronomical Rs 25.73 crore in GST input
Government Clarification Sparks Debate in Food Industry Recent government clarification has sparked a debate within the food industry, particularly regarding the classification of snacks into extruded and non-extruded categories. According to industry sources consulted by FE, this distinction has significant implications for the Goods and
