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  Now make GST Payments through HDFC Bank, through UPI and Debit card/Credit card; Total States/UTs is 16 The GSTN issued an  Update dated June 27, 2024 , stating that now make GST Payments through HDFC Bank Payment Gateway, through UPI and Debit card/Credit card; Total States/UTs is 16. Here is the List of UTs: Assam Delhi Goa Gujarat Haryana Himachal Pradesh Jammu & Kashmir Jharkhand Karnataka Kerala Madhya Pradesh Maharashtra Odisha Rajasthan Tripura Uttar Pradesh   Rest of India and Banks to be covered soon. This is applicable for all UPIs, Credit/Debit cards powered by Rupay, MasterCard, Visa and Diners via Kotak Mahindra Bank and HDFC Bank. Source from:  https://x.com/Infosys_GSTN/status/1806210264234172626

  Finance Minister Nirmala Sitharaman Chairs First Pre-Budget Consultations With Economists Union minister for finance & corporate affairs, Nirmala Sitharaman, on Wednesday, chaired the first pre-budget consultation with India’s leading economists. This crucial meeting set the stage for the upcoming full budget formulation, bringing together top economic minds to provide valuable insights and recommendations. The meeting was also attended by senior officials from the ministry. “Union Minister for Finance & Corporate Affairs Smt. @nsitharaman chairs the first Pre-Budget Consultations with leading economists in connection with the forthcoming General Budget 2024-25 in New Delhi, today,” the finance ministry posted on social media platform X. Nirmala Sitharaman is set to become the first finance minister to present seven consecutive Union Budgets, surpassing the record of Morarji Desai, who had presented six budgets in a row. “The #PreBudget consultation meeting was also attended

  GST Council likely to recommend relief for sectors hit by inverted duty structure The GST Council is likely to consider a proposal to give relief to sectors such as textiles, fertilizers, leather, etc. that face difficulty due to the  Inverted Duty Structure (IDS). IDS refers to higher duty on input and lower duty on output. Because of this inversion, the producer of such a good applies for a refund. However, getting a refund is not easy because of various reasons, such as calculation. Also, there have been litigations. At the same time, the affected industries face challenges of accumulating  input tax credit (ITC), which becomes a cash flow burden for businesses as they are unable to utilize the credit effectively. The issue of IDS is also before the Group of Ministers (GoM), under the convenorship of Uttar Pradesh’s Finance Minister Suresh Kumar Khanna, looking into rate rationalisation. Though the group has yet to give its final report, it gave an interim report in June 2022 sugg