India may soon mandate the invoice management system for large transactions to curb tax evasion and enhance GST compliance. While it promises real-time tracking, experts caution about transition challenges, especially for small businesses.
3 min read7 Feb 2025The gross collection last month stood at ₹1.95 trillion, the highest since the record ₹2.1 trillion recorded in the same month last fiscal. This upward movement in revenue collection comes after a drop in December, when collections fell to a three-month low.
2 min read1 Feb 2025CNG two-wheelers currently attract 28% GST, which the heavy industries wants to be reduced to an ‘appropriate level’.
3 min read30 Jan 2025India imported dry fruits worth $2.85 billion in 2023, making it the world’s largest importer of dry fruits.
2 min read22 Jan 2025Critics say government’s efforts to simplify system and cut red tape are going in reverse; ‘popcorn is popcorn’
4 min read22 Jan 2025This indirect tax system has grown far too complex. A GST regime with uniform rates—based on clear statistical data—within every broad category would enhance fairness, reduce litigation and also improve the ease of doing business in India.
5 min read14 Jan 2025GST Network wrote on X handle that it has sent an incident report to CBIC (Central Board of Indirect Tax) to consider an extension of the deadline, which is set to expire on Saturday.
1 min read10 Jan 2025The stay aims to prevent expiration of notices and address concerns from both gaming companies and the revenue department.
2 min read10 Jan 2025As old tax sources plateau, we need new avenues of taxation. A progressive luxury tax—say on houses priced over ₹10 crore and business-class air travel—can be explored, even as UPI data trails are tracked to assess tax liability.
4 min read9 Jan 2025The total gross GST revenue grew 7.3% to ₹1.77 trillion in December as compared to ₹1.65 trillion in the same month a year ago
2 min read1 Jan 2025The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared