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According to an exchange filing, the notice was received "as part of an industry-wide GST investigation, concerning classification of instrument clusters"
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The auto major said that the two orders issued by the Kanpur's GST Department were unwarranted
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The Central Goods and Services Tax (Second Amendment) Bill, 2023, seeks to cap the age for president and members of the GST appellate tribunals (GSTAT) at 70 years and 67 years, respectively, higher than 67 years and 65 years specified earlier.
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Chartered accountants struggle in filing GST returns five years after the introduction of the tax, billed as the single biggest taxation reform in independent India.
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The financial major said that the short-term impact of Goods and Services Tax (GST) disruption will help India see better growth in the second quarter.
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The Goods and Services Tax (GST) council Thursday fixed tax rates on 1211 items, most of which will likely become cheaper.
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The passage of the Bills marks a big step forward in India’s plans to rollout GST from July 1.
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The Lok Sabha will take up the GST Bill today for discussion, consideration and passage.
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Various amenities provided to employees, say free food, car pick up and drops, which are not part of their CTC, can attract a goods and services tax.
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The government wants to avoid any situation where companies try to evade tax. Companies have already engaged tax consultants to get an understanding on how their tax liabilities will change.
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In a pre-Budget meeting with the Finance Minister, some participating members suggested that the upcoming Union Budget should not be a conventional one as these are not normal times, a Finance Ministry statement said.
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The impasse is a matter of concern for the corporates, who feel it may destabilise the economy and hurt business, said Sachin Menon, Head Of Indirect Tax, KPMG.
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TV Narendran says the steel industry as a whole has done well in the last year. The government has helped the industry to deal with anti-dumping duties, but the imposition of minimum import prices has always been a temporary measure.
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This also marks the seventh straight month of positive inflow in equity schemes. Prior to that, such funds had witnessed a pull out of Rs 1,370 crore in March.
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As Muhurat trading kickstarts Samvat 2073 on Sunday, the stage looks set for another robust performance for equities next year. But be mindful of these risks that could hit markets before next Diwali.
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Addressing a seminar on GST here, Sisodia said the Delhi government is a supporter of new tax reforms subject to "non-harassment" of traders.
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Noting that India has managed to combat inflation, the Hudson Institute said the country has the potential to hit double-digit growth rates if it focuses on modernising infrastructure, improving basic amenities and reducing red-tapism.
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The Empowered Panel would have to work on a war footing if they were to ensure that the Central Goods and Service Tax (CGST) and the Integrated Goods and Service Tax (IGST) Bill were passed in the Winter Session, said GST Panel Chairman Amit Mitra.
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India and the US are targeting a four-fold jump in bilateral trade to USD 500 billion in the near future, which stood at nearly USD 110 billion in 2015.
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With GST Bill getting presidential nod, the government has started the process of setting up GST Council and the proposal is likely to be taken up by the Cabinet next week.
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As no one opposed it, Speaker A T Mondal declared that the House approved and adopted the government resolution for ratification of the Bill.
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Underscoring the need for tax reforms in India, the GST bill can clearly be termed as a landmark and India's biggest tax reform since independence.
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US companies have raised issues regarding the GST, solvency and ease of doing business. India has responded to all the queries. But queries concerning H1B visa and participation in APAC raised by Indian companies have not been answered yet.
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The proposal was passed unanimously by the Lower House, making Maharashtra the ninth state to ratify the GST bill, billed as the biggest tax reform since Independence.
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Days after GST Bill was passed by Parliament, Prime Minister Narendra Modi on Sunday gave credit to all political parties who unanimously approved the legislation despite "bitter rivalries", saying it was an example of how big tasks can be done if all parties work together.
_356X200_2844_356.jpg?impolicy=website&width=135&height=80 "Equity MF inflows hit 16-mth high of Rs 9,394 cr in October")
