Jagadish T G & Associates

Revised GST Slabs in India GST is the most important tax-related reformation in the country beginning unity in the taxation structure and reducing the various types of taxes that were applicable in the previous regime. The GST Council meeting is conducted regularly in order to further improve the overall  GST rates for multiple goods . Various states and industries support a decrease in GST tax rate for different items which are taken into discussion in the council meetings. The finance minister Nirmala Sitharaman and its panel of ministers are likely to discuss the complete redesigning of  four slab tax GST rates  under the regime as per the sources. The lower rates could be hiked to 6% and 13% from the current 5% and 12% and it also made to the sources that the GST rates would be finally merged in a lesser slab. The details on the GST rate hike will be clear in the upcoming time. Latest Update in GST Slab Rate 31st March:  Haryana AAR has released the judgement for...

I-Tax Department sets up control room for cash transactions Cash transactions:  The Pune income tax department has set up a special control room for Pune and other districts of Pune division to monitor the misappropriation of money and control transactions during the election period. Suhas Diwase, district collector and district election returning officer, has appealed to citizens to be vigilant and report information that will help the income tax department monitor and curb the misuse of black money in the upcoming general elections. Citizens can register their complaints or report misuse of money by contacting the control room.  This cell will be functional for Pune, Thane, Palghar, Raigad, Ratnagiri, Ahmednagar, Solapur, Satara, Sangli, Sindhudurg, and Kolhapur districts. He added, “Transactions above Rs 10,000 by each candidate should be done by cheque or online.  Managers of district cooperative banks should keep an eye on this.  Every bank in the Lok Sabha cons...

Supreme Court issues notices on plea challenging anti-profiteering provisions The Supreme Court on Friday issued notices to the central government, the Central Board of Indirect Taxes and Customs (CBIC), the Goods and Services (GST) Council and the National Anti-Profiteering Authority (its functions have been taken over by the Competition Commission of India) on a petition challenging a Delhi High Court verdict, upholding the constitutional validity of anti-profiteering provisions filed by a real estate company. The petition, filed by Swati Realty, says the high court erred in failing to appreciate that the impugned provisions under the GST system are ultra vires of the Constitution. Earlier in February, too, the apex court issued a notice to the Union government over the same matter in a separate petition. The Advocate who argued the case for the real estate player in the Supreme Court, said the Delhi HC was in agreement with the submissions of the real estate companies that the metho...

Tax Department Sends Notices to 44 Lakh Taxpayers; CBDT Chairman Highlights Decade of Growth The Central Board of Indirect Taxes and Customs (CBIC) issues an alert on ‘X’ states that before registering on the Indian Customs Electronic Data Interchange Gateway (ICEGATE), users must ensure that their email and phone number are linked with the Goods and Services Tax Network (GSTN) and the Directorate General of Foreign Trade (DGFT). Source #ICEGATE (CBIC)

India's electronics exports increase 23.6% to $29.12 billion in FY24 India exported electronics goods worth $29.12 billion in 2023-24 (FY24), up 23.6 per cent compared to a year ago, even as the country’s total exports contracted 3 per cent. According to commerce department officials, the top five export market of electronics good are — the US, United Arab Emirates, Netherland, United Kingdom, and Italy. During FY24, exports also ventured into new markets, such as Montenegro, Cayman Islands, El Salvador, Turkmenistan, Mongolia, Honduras and St Vincent.   Source from:   https://www.business-standard.com/economy/news/india-s-electronics-exports-increase-23-6-to-29-12-billion-in-fy24-124041600004_1.html