Tax authorities will not accept any new investigation for anti profiteering cases under goods and services tax (GST) from the next financial year (2025-26). The centre on Tuesday notified April 1, 2025 as a cut off date after which no new anti-profiteering investigations will be accepted, giving the business the autonomy to set prices for … Read more
GST Network on Sunday said the monthly returns data of July and August 2017, the initial months of the Goods and Services Tax rollout, has been restored on the portal. The GSTN had last week said it is implementing its data policy, as per which data for taxpayers will be retained for seven years only. … Read more
Automobile dealers using demonstration vehicles or demo cars for promoting sales can claim input tax credit (ITC) under the GST law, the CBIC has said. However, no ITC would be available if demo cars are used by dealers for their own purpose during the course of the business. In a circular, the Central Board of … Read more
In what can be disheartening for auto companies such as Maruti Suzuki, Toyota and Honda, G20 Sherpa Amitabh Kant announced on Tuesday that the government will maintain a large duty differential between electric vehicles and hybrids to promote zero-emission technologies and green mobility in India. Speaking at an event organised by Mercedes-Benz Research and Development … Read more
Mitali Nikore, Founder & Economist, Nikore Associates, says large number of voters not paying taxes in India is a structural issue. There is a need to look at the corporate taxes and the taxes on small businesses and startups because startups get a lot of exemptions and some support which they should as should MSMEs. … Read more
Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising GST rates on EVs and its components, ahead of the upcoming Budget 2024-25. In its recommendations submitted to the Ministry of Finance and the nodal ministry for automotive industry, the Ministry of Heavy Industries, … Read more
Shares of fertilizer stocks like Fertilizers & Chemicals Travancore, GNFC, GSFC, Madras Fertilizers among others fell by 9% as the GST council has referred a recommendation on exempting the fertilizer sector from the current 5% GST to the Group of Ministers on rate rationalisation. Shares of Fertilizers & Chemicals Travancore fell by 9.5% to day’s … Read more
Mumbai: Auto industry body, Society of Indian Automobile Manufacturers (Siam) has written to the government requesting for a reduction in the GST on two-wheelers. It has suggested that the government adopts three range slabs of reducing the rate-from the current 28% to 18% for internal combustion engine powered two wheelers, to 5% from the current … Read more
NEW DELHI: The Madras HC has stayed a GST demand of about Rs 80 crore on salary paid by Hyundai Motors to seconded employees. The company had challenged the December 23, 2023 tax demand notice from the GST authorities, which had considered the entire salary amount paid to seconded employees as taxable. Secondment, a common … Read more
New Delhi: India’s economy started the fourth quarter on a strong note, National Council of Applied Economic Research (NCAER) said in its monthly economic review, Wednesday. NCAER noted that high frequency indicator like Purchasing Managers’ Index and Goods and Services Tax collection indicated a resilient economy with services accelerating and manufacturing gaining momentum. “The markers … Read more
