8 ViewsApril marks a ‘good beginning’ to FY24, the finance ministry said, pointing to strong goods and services tax (GST) collection and other high-frequency data, but flagged downside risks to growth and upside risks to inflation. Corporates have started to invest in new capacity, rural demand is gaining momentum, and consumption has shown steady and […]
Trader of second-hand gold in form of lumps or irregular shapes cannot avail GST chargeability under margin scheme
11 ViewsThe AAR, Karnataka, in the matter of M/s. White Gold Bullion Pvt. Ltd. [Advance Ruling no. KAR ADRG 20/2023 dated May 15, 2023] ruled that purchasing second hand gold in the form of jewellery / parts of jewellery, from unregistered individuals and selling to registered / unregistered dealers, after melting in the form of lumps / […]
Excise and Taxation dept embraces AI to boost state revenue
13 ViewsThe Excise and Taxation Department is taking a bold step towards increasing revenue and strengthening its capacity by embracing modern techniques, including the utilization of Artificial Intelligence (AI). With approval from the Cabinet, the department is set to implement the Revenue Enhancement and Capacity Augmentation project, aimed at mitigating revenue losses associated with the […]
Bihar to levy 2% TDS on supplies of raw materials by MGNREGS vendors
8 ViewsPayments to suppliers of raw material for works under the rural job guarantee scheme MGNREGS in Bihar will henceforth be made only after two per cent TDS (tax deducted at source), in line with recent directions of the ministry of rural development (MoRD) following detection of evasion of goods and service tax (GST) by […]
GST: Automated returns scrutiny set to roll out
14 ViewsBusinesses will have to more careful while filing returns as the automated scrutiny system for the goods and services tax (GST) is about to use advanced artificial intelligence and data analytics to monitor mismatches. Expected to be rolled out over the next few days, the new system is expected to correlate data in the […]
Attitude of Commercial Taxes (GST) Department is not acceptable : Jammu Traders
17 ViewsTraders Federation President Deepak Gupta while addressing a press conference on Friday in the presence of Yashpal Gupta, President Retailers Federation, Anoop Mittal, President Kanak Mandi Traders Association, Prithvi Gupta, Former General Secretary Chamber of Commerce and Industry Jammu and Sham Lal Gupta, Former Sr. Vice President Traders Federation Ware House-Nehru Market (Regd.) Jammu […]
No GST exemption on accommodation to pilgrims outside religious place by charitable trust: Gujarat AAR
15 ViewsA charitable trust providing accommodation to pilgrims visiting Ambaji Temple in a building located outside the boundary of the religious place will not get GST exemption, rules Gujarat’s Authority for Advance Rulings (GAAR). The applicant Ahmedabad based Nandini Ashram Trust provides accommodation to pilgrims who visit the Ambaji Temple and the room rent is […]
GST not paid by some Mizoram contractor
24 ViewsMizoram taxation minister said that there are reports about contractors in the state not paying GST and urged state taxation officials to take note. Addressing a function organized by the taxation department in Aizawl, minister said efforts should be made to ensure that all those who are eligible are registered under GST. Earlier on […]
Tax evasion probe against insurers, MFs widened
24 ViewsTax authorities have widened an ongoing probe against a few financial-sector companies including insurers and mutual funds, for alleged tax evasion, with both the Goods and Services Tax and the Income Tax departments planning to send more show cause notices to them. “This is an industry-wide issue that is being investigated by both the […]
Tax trouble: GST authorities quiz auto dealers on fake invoicing
26 ViewsExpanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law.The authorities are learnt to have questioned the car dealers […]