Month: June 2024
4.05 lakh businesses based in state closed since GST rollout
While the GST regime was aimed at improving business ease and simplifying taxes, some 4.05 lakh businesses based in Gujarat closed after the new regime was rolled out.
MNC arms to pay GST as per transaction value quoted by parents
CBIC on Thursday clarified that if an MNC subsidiary in India as service recipient is eligible to claim full input tax credit (ITC) under the GST, the value declared by the overseas affiliate in the invoice will be treated as the taxable value.
Budget 2024: Real-estate sector hopes for high rebates, GST rate reductions, and other reforms
India’s real estate sector hopes for a series of reforms and incentives that can drive growth and address longstanding challenges. Expectations range from increased rebates on home loan interest rates, GST rate reductions, single-window clearance systems, reduced property prices, and promoting off-centre locations.
Interest equalisation scheme for exporters extended for 2 months; FIEO disappointed
The scheme which provides exporters interest benefits was ending on June 30 this year.
HDFC Life Insurance gets a tax demand of Rs 1,495 cr from I-T dept
HDFC Life Insurance on Friday said it has received a tax demand of Rs 1,495.17 crore from the Income Tax department for the assessment year 2021-22, according to an exchange filing. The tax demand also includes a demand of Rs 592.41 crore as interest.
Budget 2024: Gems, jewellery exporters seek import duty cut on gold, silver, platinum bars to 4%
In a pre-budget meeting with Finance Minister Nirmala Sitharaman, the Gems and Jewellery Export Promotion Council said the Indian gems and jewellery industry contributes around 10% to total merchandise exports.
Tata Consumer gets tax demand of Rs 171.83 crore from Income Tax Department
FMCG firm Tata Consumer Products Ltd on 29 June said it has received a tax demand of Rs 171.83 crore from the Income Tax department for the assessment year 2019-20, firm said in a stock exchange filing.
LIC receives Rs.3.59 crore GST demand order for FY19 in West Bengal
LIC on Friday (June 28) said it received a demand order of Rs.3.59 crore for GST, along with interest and penalties, from the Superintendent of RANGE-III, Large Taxpayer Unit, Corporate Unit, West Bengal.
Oil and gas sector seeks investor-friendly reforms in Budget, wants gas under GST
The county’s oil and gas sector seeks supportive regulatory reforms in order to stabilise gas prices by bringing it under the GST, and steps to increase investment opportunities in the exploration of oil in the upcoming Union Budget.