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Lockdown 4.0: States freed to fix zones, make everyday life easier

NEW DELHI: In the most significant easing of the national lockdown yet, the Centre gave states considerable leeway in reopening market places in addition to standalone shops, allowed intra-state and inter-state passenger vehicle and bus travel and did away with the 33% staffing restriction for businesses to provide a fillip to the economy. The easing

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Non Reduction of Price of ‘Fly Ash Blocks’ Despite GST Rate Reduction was Profiteering: NAA

The National Anti-Profiteering Authority (NAA) held Litecon Industry to be guilty of not passing Goods and Service Tax (GST) benefits to consumers. Where applicant alleged profiteering by respondent in respect of ‘Fly Ash Blocks’ supplied by respondent stating that respondent did not pass on benefit of GST rate reduction from 12 per cent to 5

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Samsonite India Guilty of Profiteering – Not Reduced Suitcase Price Despite GST Rate Reduction

Firm accused of not reducing prices of its products after GST Council brought down the tax rate from 28% to 18% The authority also served a show cause notice on the company as to why should penalty not be imposed on it as it resorted to profiteering. The National Anti-profiteering Authority (NAA) has imposed a

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Mills federation seeks GST cut on sugar, molasses to boost liquidity

The National Federation of Cooperative Sugar Factories has requested the government to do away with the goods and services tax on the sweetener to improve lifting at wholesale and retail levels, which in turn will help increase liquidity of mills, a senior industry official said. “The need of the hour is to come out of the

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GST on director salaries: Firms receive notices despite diverse AAR rulings

Even as authorities of advance rulings (AARs) differ on the liability to pay the GST on salaries paid by firms to directors, some states have already started issuing notices to companies. In April, the Rajasthan Bench of AAR had ruled that remuneration paid to directors of a company would be subject to the GST Even

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Govt must lower GST rates and fuel prices to spur demand: Economist

The government must try and increase the GST threshold to Rs 5 crore and also work towards lowering the average GST rates from the present 14% to spur demand, an economist said. With the Union government rolling out two rounds of stimulus in two days, Soumya Kanti Ghosh, group chief economic advisor, SBI, has suggested

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List of Direct-tax measures announced by the Finance Minister

The Finance Minister, Smt. Nirmala Sitharaman has addressed a press conference on May 13, 2020 to share the details of Rs 20 lakh crore economic package announced by the Prime Minister, Sh.Narendra Modi. The Finance Minister has announced several package for the Micro, Small and Medium Enterprises (MSME) sector to provide them some sort of

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Finance Minister measures for relief and credit support related to o businesses, especially MSMEs

Finance Minister announce measures for relief and credit support related to businesses, especially MSMEs to support Indian Economy’s fight against COVID-19 Rs 3 lakh crore Emergency Working Capital Facility for Businesses, including MSMEs Rs 20,000 crore Subordinate Debt for Stressed MSMEs Rs 50,000 crore equity infusion through MSME Fund of Funds New Definition of MSME

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Self-Reliant India Movement : Prime Minister’s Vision

Call for आत्मनिर्भर भारत or Self-Reliant India Movement • Five pillars of Atmanirbhar Bharat – Economy, Infrastructure, System, Vibrant Demography and Demand • Special economic and comprehensive package of Rs 20 lakh crores – equivalent to 10% of India’s GDP • Package to cater to various sections including cottage industry, MSMEs, labourers, middle class, industries,

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No GST applicable on HLA Testing Services performed in Laboratory outside India

The Karnataka Authority of Advance Ruling (AAR) ruled that the testing services performed by the laboratories outside India are exempted from Integrated Goods and Service Tax (IGST). Where applicant received Human Leukocyte Antigen (HLA) Typing services from overseas laboratory involving various tests for identification of alleles of donor cells and also suitability of potential donor

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