On Wednesday, Indian equities markets rose more than 1.2 percent, led by advances in oil and gas corporations such as Reliance Industries and ONGC, as the government reduced the newly-introduced windfall tax on petrol, diesel, aviation fuel, and crude oil, following a dramatic drop in global oil prices. The benchmark BSE Sensex jumped 1.3% to…
The Annual Information Statement was introduced by the Income Tax Department in 2021. (AIS). The AIS is a detailed statement that contains information about all of your financial transactions within a fiscal year (FY). It comprises the information required by the Income-tax Act of 1961. Individual taxpayers must ensure that the income information on their…
To improve taxpayer comfort and ease of submitting returns, the indirect tax department has recommended a series of amendments to the GSTR-3B form, which is a composite return form that includes data of sales, purchases, ITC, and taxes to be paid. The Central Board of Indirect Taxes has recently recommended that GSTR-3B forms have particular…
Customers will be required to pay 5% GST on pre-packaged, branded food goods such as atta, paneer, and curd, as well as hospital rooms with rents above 5,000 rupees, beginning Monday, according to the GST Council’s decision. Furthermore, hotel rooms with daily rates of up to $1,000, maps, and charts, including atlases, would be subject…
Consumers may have to pay more starting July 18 as the Goods and Services Tax (GST) Council approved rate increases to remedy inverted duty structures and the withdrawal of several exemptions. Nirmala Sitharaman, Finance Minister, stated that any rise in GST rates is designed to compensate for “inefficiencies” in the value chain. The minister stated…
Many individuals are hopeful that the deadline for filing tax returns will be extended as the deadline approaches. Our advice is to file your tax return as soon as possible. Whether an extension is granted or not, it is usually preferable to get these things out of the way as soon as feasible. Why wait…
In line with an April agreement, India has requested Australia to accelerate adjustments to laws relevant to the Double Taxation Avoidance Agreement (DTAA), since Indian information technology (IT) firms operating in that country continue to be forced to pay more taxes than they should. Anupriya Patel, minister of state for trade and industry, informed visiting…
Reliance Industries Limited (RIL) and ONGC stock rose on Thursday on media rumors that the government may cut the newly introduced windfall tax in a meeting on Friday. RIL shares increased by 2.4 percent, ONGC by up to 6.6 percent, and Chennai Petroleum Corp by 4.2 percent. Bloomberg reports that the administration is contemplating cutting…
To prevent company harassment, the Central Board of Indirect Taxes and Customs (CBIC) will shortly issue a thorough standard operating procedure (SOP) for delivering summons and notifications under the goods and services tax (GST) system. According to authorities, the new SOP would also allow the board to closely monitor the GST inquiry, including its progress…
The 5% GST on non-ICU hospital rooms costing more than Rs 5,000 would have no influence on affordable healthcare for a huge number of people, according to a top official on Tuesday. Responding to industry comments, revenue secretary Tarun Bajaj rejected the proposal for zero-rating for the healthcare business, stating that such “carve-outs” may create…