Benefits Of Gst

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20.

Finance Minister Nirmala Sitharaman on Monday said the government has adopted "a pro-poor approach" while implementing Goods and Services Tax, and despite lower taxes rates the revenues as a percentage of GDP have reached the pre-GST level.

In a major Diwali gift to traders of the state, the Punjab cabinet led by Chief Minister Bhagwant Singh Mann today approved the Punjab one-time settlement (OTS) scheme for pre-GST arrears, which will benefit over 60,000 traders.

Lok Sabha today passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal.

"Where confirmed government dues stand reduced as per IBC order then the GST department shall only recover such reduced dues by following the prescribed procedure," EY Tax Partner Saurabh Agarwal said, adding industry stands benefited by this circular.

The National Anti-Profiteering Authority has found L'Oreal India guilty of not passing on GST rate cut benefit worth over Rs 186.39 crore to customers

India Ratings has said GST has not helped states achieve the key objective of boosting their tax revenue

Government is open to considering the restaurant industry's demand of shifting back to higher GST along with benefit of tax credit on their inputs

GST officers have arrested one person for operating a syndicate and issuing fake invoices of Rs 4,521 crore for availing input tax credit (ITC) benefit under goods and services tax, an official statement said on Friday.

The National Automobile Scrappage Policy will benefit all stakeholders as it will boost manufacturing, create jobs and help both the Centre as well as state governments in earning up to Rs 40,000 crore each in GST, Nitin Gadkari said.

JioFiber is offering extra validity on its annual and six-month plans. For instance, if the Rs. 399 base plan is purchased as an annual package, i.e. for 12 months, the price of this annual recharge becomes Rs. 4,788 (plus GST). This pack earlier came with 365 days validity, but Jio Fiber is now giving 30 days extra on the plan.

Central government's LTC cash voucher scheme makes it easier to claim LTC benefits without travelling. Eligible employees can simply buy good and services with GST rates of 12 percent and above through digital platforms. In this article, we explain everything you need to know.

The amendment notified by the Road, Transport and Highways ministry will help the physically challenged citizens properly avail various benefits and financial incentives available while purchasing a new vehicle.

GST Return: Businesses with a nil GST liability in a month will be able to file their return through form GSTR-3B using this SMS-based facility.

GST reduction and incentive based scrappage policy are the need of the hour, but all indirect benefits should curb liquidity crisis and uplift general customers' sentiment.

Life Insurance Corporation of India (LIC) on Thursday said tax authorities have slapped a demand notice of about Rs 605.58 crore on it for short payment of Goods and Services Tax (GST) for financial year 2019-20.

Finance Minister Nirmala Sitharaman on Monday said the government has adopted "a pro-poor approach" while implementing Goods and Services Tax, and despite lower taxes rates the revenues as a percentage of GDP have reached the pre-GST level.

In a major Diwali gift to traders of the state, the Punjab cabinet led by Chief Minister Bhagwant Singh Mann today approved the Punjab one-time settlement (OTS) scheme for pre-GST arrears, which will benefit over 60,000 traders.

Lok Sabha today passed the Finance Bill 2023 with 64 official amendments, including the one that seeks withdrawal of long-term tax benefits on certain categories of debt mutual funds and another for setting up the GST Appelate Tribunal.

"Where confirmed government dues stand reduced as per IBC order then the GST department shall only recover such reduced dues by following the prescribed procedure," EY Tax Partner Saurabh Agarwal said, adding industry stands benefited by this circular.

The National Anti-Profiteering Authority has found L'Oreal India guilty of not passing on GST rate cut benefit worth over Rs 186.39 crore to customers

India Ratings has said GST has not helped states achieve the key objective of boosting their tax revenue

Government is open to considering the restaurant industry's demand of shifting back to higher GST along with benefit of tax credit on their inputs

GST officers have arrested one person for operating a syndicate and issuing fake invoices of Rs 4,521 crore for availing input tax credit (ITC) benefit under goods and services tax, an official statement said on Friday.

The National Automobile Scrappage Policy will benefit all stakeholders as it will boost manufacturing, create jobs and help both the Centre as well as state governments in earning up to Rs 40,000 crore each in GST, Nitin Gadkari said.

JioFiber is offering extra validity on its annual and six-month plans. For instance, if the Rs. 399 base plan is purchased as an annual package, i.e. for 12 months, the price of this annual recharge becomes Rs. 4,788 (plus GST). This pack earlier came with 365 days validity, but Jio Fiber is now giving 30 days extra on the plan.

Central government's LTC cash voucher scheme makes it easier to claim LTC benefits without travelling. Eligible employees can simply buy good and services with GST rates of 12 percent and above through digital platforms. In this article, we explain everything you need to know.

The amendment notified by the Road, Transport and Highways ministry will help the physically challenged citizens properly avail various benefits and financial incentives available while purchasing a new vehicle.

GST Return: Businesses with a nil GST liability in a month will be able to file their return through form GSTR-3B using this SMS-based facility.

GST reduction and incentive based scrappage policy are the need of the hour, but all indirect benefits should curb liquidity crisis and uplift general customers' sentiment.