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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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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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Economic activities picking up? E-way bills on GST site double from April level

However, in March, which is otherwise the busiest month of the financial year, the average e-way bills generated dropped to 13.1 lakh/day due to lockdown imposed in the last week of month. E-way bills are required for GST-registered businesses to transport cargo if it exceeds over Rs 50,000 in value. The average number of e-way

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Govt loses this much GST revenue as corona virus eats up retail trade worth lakhs of crores of rupees

With India being under a lockdown for over a month now, the retail sector has reported massive losses, impacting the GST revenues of the central and state governments. For retailers, another big cause of worry also lurks as even after the government lifts lockdown. With India being under a lockdown for over a month now,

Govt loses this much GST revenue as corona virus eats up retail trade worth lakhs of crores of rupees Read More »

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