though the profits-neutral rate from the RBI analyze is breached into the drawback of your method... That calls for a correction," Sitharaman instructed reporters once the 47th council Conference below.

two. Restructuring of prices: The inverted responsibility composition, particularly in the pharma and textile sectors is a issue of worry and There's been call for restructuring of this.

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The GST Council is ready to debate several actions at its upcoming meeting on June 22 to pave the way in which for broader tax reforms in The brand new governing administration's to start with entire finances.

The CBIC's circular clarifying the levy's validity faces authorized challenges, with recent stays providing non permanent relief to influenced organizations. The issue's resolution will impression firms and tax revenues.

area sixteen amended to allow taxpayers’ assert of input tax credit score based upon GSTR-2A and 2B. Henceforth, ITC on invoices and debit notes could be availed only when the details of these types of invoice or debit Observe happen to be furnished from the supplier while in the statement of outward supplies, and these specifics have been communicated towards the recipient of this sort of invoice or debit Observe.

GST Authorities can investigate affairs of taxpayers for an extended period of five many years and nine months. it is actually prevalent knowledge that GST Authorities requires facts and documents for this kind of extensive period of time and that far too inside very limited time.

Under GST, a connected occasion transaction is taxable at 18 % and its compliance is extremely stringent for international companies.

Additionally, the delay in starting these tribunals had burdened the Writ Courts, which needed to get up far more fact-primarily based cases which might have been dealt with from the GSTAT. 

over and over the word, defensive shares is made use of on the street. usually it is FMCG, pharma and Other individuals that happen to be referred to as defensive shares. The explanation getting the demand for these organizations is regular and isn't impacted A lot even when There's any slowdown in an economic system. The question is within an financial state which is growing faster and new areas of consumption are arising just about every next working day, wherever the demand from customers from getting seasonal and cyclical has achieved a phase the place in all economic situations it stays above one digit, shouldn't These also be considered as defensive and valued appropriately.

The business in general, he continued, is seeking to The brand new coalition govt for aid due to the complications encountered Because the implementation of The brand new corporate warranty valuation rule. “The industry is hoping for an Modification/clarification to repair the value of offer foundation, the actual personal loan quantity disbursed and the non-applicability with the rule the place entire ITC is on the market to recipients,” he explained. fifteen:35 (IST) 22 Jun 2024 GST Council Meeting 2024 Live: Nirmala Sitharaman chairs the GST Council satisfy

built-in refund method with refund disbursal by single authority for being launched from 24th September, 2019

(two) The officer can difficulty observe below segment seventy four to multiple people for tax quick paid out or extra ITC claims by fraud. Now, it really is amended that the officer can confiscate and seize merchandise or vehicles even just after concluding proceedings get more info towards all people liable to pay certain or standard penalties.

The past media reviews of the GST price cut on cement in line with the sector desire will not be made the decision though the fitment committee might carry up the matter prior to the GST Council.