Blog

India wants to amend the tax treaty with Australia

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…

Shares of RIL and ONGC rise as the government considers lowering windfall taxes on gasoline and diesel

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…

CBIC will provide a standard operating procedure for GST summons and notifications

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 over Rs 5,000 would not affect affordable healthcare, according to the Revenue Secretary

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…

GST: No Need For FY22 Annual Return If Turnover Is Up To Rs 2 Crore; GSTN Payment Can Be Made Via UPI

GST Council Recommendations Accepted: The government has exempted registered people with aggregate revenue of up to Rs 2 crore in the fiscal year 2021-22 from filing the annual return for the fiscal year. According to an official statement issued on Wednesday, the Unified Payments Interface (UPI) and IMPS payments mechanisms have also been introduced to…

GST after five years and the path forward

Chandrajit Banerjee wrote this. On June 30, 2022, the unified Goods and Services Tax (GST), hailed as a historic and game-changing reform, will complete five years of effective implementation. GST, widely regarded as one of the most significant tax changes in Indian history, is viewed as a shining example of cooperative federalism aimed at moving…

Karnataka businessmen will conduct a bandh in protest of the GST on rice and foodgrains

The Agricultural Purchase Marketing Committee (APMC), commission agents, buyers, dealers, and labor unions are protesting the introduction of a 5% GST on rice, wheat, pulses, and other foodgrains in Karnataka on Friday. APMC and the state’s rice mills will stay closed. The State Rice Mill Owners’ Association has halted all operations and urged that the…