Finance Minister Nirmala Sitharaman on Sunday said GST exemption to domestic supplies and commercial import of COVID drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent … Read more
Indian non-profit organisations and individuals getting oxygen concentrators as gifts from overseas may end up paying goods and services tax and customs duty on them even though the government has offered relief on the devices, which are in short supply during the ongoing second Covid-19 wave. The government has waived integrated GST and customs duty … Read more
MUMBAI: The benchmark bond yield surged Thursday pulling prices down as an unexpected wholesale price rise coupled with an estimated economic cost of localised lockdown weighed on investor sentiment. The move came on a day when the Reserve Bank of India conducted its first government securities acquisition programme (G-SAP), a mechanism to keep rising yields … Read more
COMPUTERISED GST ADJUDICATION The Comptroller and Auditor General (CAG) has recommended end-to-end computerisation of the show cause notices (SCN) and adjudication process for GST regime and a definite time frame for rollout of simplified GST return forms. “The process of issuance of SCN may be computerised with inbuilt controls to ensure correct computation of demand, … Read more
The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month … Read more
MUMBAI: With the government set to borrow Rs 50,000 crore more in the remaining weeks of the fiscal month, Friday’s auction has seen the weighted average yields hitting the roof at 6.18 per cent which is the highest this fiscal. At 6.18 per cent, the weighted average yield has spiked to its highest level this … Read more
Steps taken by the government to deal with COVID-19 pandemic are resulting in ‘V-shaped’ economic recovery and the country is likely to witness double-digit growth in 2021-22, Minister of State for Finance Anurag Singh Thakur said on Thursday in the Lok Sabha. Replying to a discussion on the second and final batch of the supplementary … Read more
Today is the day of the Bharat Vyapar Bandh called by the Confederation of All India Traders (CAIT) to protest against “draconian” rules of GST and foul play by etail giants. According to claims made by CAIT, over 40,000 business organisations across India involving more than 8 crore traders will keep their businesses shut. The … Read more
The Centre’s three farm laws were aimed at making India’s farm sector flexible to deal with uncertain future events such as climate change and changing consumer behaviour, according to Sanjeev Sanyal, principal economic adviser at the finance ministry. The farmer protests are unlikely to dent the economy or have any impact on the national gross … Read more
Mumbai: Exporters have dragged the Revenue Intelligence (DRI), India’s primary anti-smuggling intelligence agency to various courts following notices over allegedly wrongfully availing Goods and Services Tax (GST) exemptions. Exporters have filed various writ petitions in Gujarat High Court, Punjab High Court, Bombay High Court and Madras High Court. Some of the courts have decided to … Read more