Central Government Companies Indian Subcontinent Technology Voice

FM Nirmala asks Infosys to address I-T portal glitches immediately

The tax portal 2.0 of Income Tax department went live on June 7. Since its launch, there were numerous glitches in the functioning. Taking note of the grievances voiced on social media by taxpayers, tax professionals and other stakeholders, the Finance Minister had earlier flagged the issues to Infosys, calling upon them to address these Read More…

Business Indian Subcontinent Industries Regulators

After seven months GST Council met and its highlights

The Goods and Services Tax Council met today for its first meeting in nearly seven months and decided on a slew of matters.   The biggest decision was on reducing the compliance burden on taxpayers, Finance Minister Nirmala Sitharaman, who chaired the 43rd meeting of the Council, said.   To provide relief to small taxpayers, Read More…

East India Indian Subcontinent Voice

FM Nirmala gives reason to CM Mamatha over GST tax on vaccine and Oxygen

Nirmala Sitharaman said the GST on vaccines and drugs helped manufacturers claim Input Tax Credit to keep costs low.   Finance Minister Nirmala Sitharaman on Sunday said that a 5 per cent tax on vaccines and 12 per cent on medicines and oxygen concentrators was necessary to keep costs low, after a new appeal by Read More…

BJP Indian Subcontinent Industries Market

World highest taxed Petrol Diesel prices in India reached all time high

Petrol and diesel prices in the country on Saturday touched new all-time highs after rates were increased for the fourth time this week.   Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies.   This took the petrol price in Delhi to Rs Read More…

Automobile Indian Subcontinent Industries Market

World Highest tax structure India’s Petrol Diesel prices packed all time high

In India Petrol price on Thursday scaled to an all-time high of Rs 84.20 per litre in the national capital after state-owned fuel retailers hiked rates for the second day in a row.   Petrol price on Thursday was hiked by 23 paise per litre and diesel by 26 paise a litre, according to a Read More…

Companies Indian Subcontinent Industries United Kingdom

In 3 months International arbitration cases India lost Rs 32,347 Crores

A three-member tribunal at the Permanent Court of Arbitration in The Hague cited statements by Prime Minister Narendra Modi and other ministers pledging not to use retrospective taxation to overturn a Rs 10,247 crore tax demand on British oil and gas company Cairn Energy Plc.   On November 7, 2014, Jaitley, according to the order, Read More…

Indian Subcontinent Industries Market

GST collections reach 1 Trillion mark after 8 months gap

Goods and Services Tax (GST) collections crossed Rs one trillion mark for the first time in eight months in October, indicating the economy picked from September after India eased a lockdown to contain the spread of the coronavirus.  At Rs 1.05 trillion, collections were not only ten per cent higher than Rs 95,379 crore a Read More…

Business Companies High Court Industries Market

GST : Two High courts given two different orders on Single issue causes havoc

Inside GST  Input tax collection higher than the output tax paid tax Single issue , two High courts given two different orders raised confusions    Contrary to a Gujarat High Court (HC) verdict, the Madras HC on Monday held Rule 89(5) inserted by the government under the CGST Act on restricting such input tax refunds Read More…

Companies Indian Subcontinent Industries Market

Does annual turnover of up to Rs 40 lakhs are exempt from GST could help States recover dues?!

The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax,   Earlier, the GST exemption limit was Rs 20 Read More…