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INDIA HINDUSTAN UNILEVER LTD MADE PAYMENT OF 192.55 CRORE OUT OF RS.962.75 CRORE INCOME TAX DEMAND AFTER TRIBUNAL DIRECTED TO DO SO FOR STAYING THE DEMAND TILL DISPOSAL OF APPEAL

In a recent development, GST officials in Vijayawada have taken a decisive step against tax evasion by seizing cigarettes and khaini valued at ₹1 crore. The operation exposed the illicit sale of these items without adhering to GST regulations, leading to a significant evasion of taxes. Key Highlights: - Unregistered Supply Chains: The confiscated goods were linked to an unregistered distribution network that circumvented GST obligations. - Tax Revenue Impact: Authorities project a notable revenue shortfall resulting from the lack of GST payments. - Stringent Measures: This enforcement action highlights the government's unwavering commitment to combat tax evasion within the tobacco industry and its associated sectors. The confiscated items have been impounded, and ongoing investigations aim to pinpoint those responsible for the evasion and facilitate the recovery of the unpaid taxes. #gstupdates #gstcompliance #gstreturns #gstnews #gstindia #gst #gstmitra #capraveensharma #incometaxindia #incometaxreturn #incometax #einvoicing #einvoice #ewaybill #corporate #training #traininganddevelopment #trainings #eventmanagement #event  #CAPS #CAPRAVEENSHARMA #GSTMITRA

Highlights from the 53rd GST Council Meeting: 7 Announcements you cannot miss- 1. Aadhaar-Based Biometric Authentication : To combat fraudulent input tax credit claims made through fake invoices in the cases. 2. GST on Milk Cans: With goal to standardize the tax treatment, a uniform GST rate of 12% was announced for all milk cans, regardless of whether they are made of steel, iron, or aluminum. 3. Indian Railways: Exemption on platform tickets 4. Petrol, Diesel to be considered under the GST Regime 5. Co-living Accommodations: Services related to hostel accommodation (outside educational institutions) were exempted from GST up to ₹20,000 per person, per month. 6. Extension of GSTR4 for small taxpayers 7. GST on Carton Boxes: GST on various types of carton boxes was reduced from 18% to 12%, to benefit both manufacturers and consumers. #theattorneys Source: Mint, MoneyControl, Hindustan Times #GST #GSTcoucil #53GSTcouncilmeeting #india #linkedin

The "cream bun conundrum" highlights how India's GST regime has created significant challenges for the food industry, especially smaller businesses. Under the Goods and Services Tax (GST), different food items are taxed at varying rates, leading to confusion and frustration among business owners and customers alike. For example, a simple bun is tax-free, but when cream is added, it becomes a "cream bun" and incurs an 18% GST, as it is classified as a "pastry." This has resulted in odd situations where customers prefer buying the bun and cream separately to avoid the higher tax LINKEDIN #gstupdates #gstcompliance #gstreturns #gstnews #gstindia #gst #gstmitra #capraveensharma #incometaxindia #incometaxreturn #incometax #einvoicing #einvoice #ewaybill #corporate #training #traininganddevelopment #trainings #eventmanagement #event

What will be the impact of an extension of the GST Compensation Cess beyond March 2026? Dipti Nayak, Director at Bhuta Shah & Co. LLP, believes it could pose a burden on certain businesses and industries. For instance, the continuation of the GST Compensation Cess beyond March 2026 may significantly impact the automotive sector, which plays a pivotal role in driving the growth of the Indian economy. Extending the GST Compensation Cess may not align with public interest, as it could exert inflationary pressures, ultimately burdening consumers. Click on the link to read the article https://lnkd.in/diubDaFa #GSTCompensationCess #IndianEconomy #AutomotiveSector #InflationImpact #TaxPolicy #ConsumerBurden #EconomicGrowth #PublicInterest #BusinessImpact #IndiaTaxes

GST Council Discusses Rate Rationalization and Compensation Cess: Key Updates from FM Nirmala Sitharaman Read more: https://lnkd.in/g7hvBytK #GSTCouncil #TaxRateRationalization #CompensationCess #GSTIndia #NirmalaSitharaman #TaxUpdates #DisasterReliefFunds #ChennaiMetro #IndianEconomy #CensusUpdate #FinanceMinister #GSTRevenue #IndiaTaxNews

📊 Understanding the Legal Position on Financial Credit Notes under GST 📝 Navigating the realm of Financial or Commercial Credit Notes under GST can be complex, especially when it comes to ITC reversal or Output Tax demands. Let's shed some light on the legal landscape through noteworthy case laws: 1️⃣ Andhra Pradesh AAR (Vedmutha Electricals India Pvt. Ltd. - 26-May-2023) Assessee isn't mandated to reverse ITC if financial/commercial credit notes are issued by the supplier, provided the assessee pays the reduced value after adjusting post-sale discounts mentioned in the credit notes along with the original tax amount. 2️⃣ Madras High Court (Supreme Paradise - 10-Jan-2024) Discounts offered to the retailer by the supplier shouldn't impact the retailer's transaction value unless it's a subsidy. Hence, demands for tax on discounts in such cases should be reconsidered. 3️⃣ Madhya Pradesh AAR (Rajesh Kumar Gupta - 06-Jan-2022) Traders can claim ITC for the full GST charged on the supply invoice if credit notes are issued for early payment cash discounts or target incentive schemes without GST adjustment, as these don't constitute services provided by the trader. Understanding these legal precedents is crucial for businesses to navigate GST regulations effectively. Stay informed, stay compliant! #GST #LegalInsights #Finance #BusinessRegulations

Celebrating GST Day and uniting India’s economy through simplicity and efficiency ✅ Eliminates Cascading Tax Effect ✅ Higher Threshold for Registration ✅ Composition Scheme for Small Businesses ✅ Improved Efficiency of Logistics #QualityPackaging #EdibleOilMachinery #GTechPackagingIndia

Gujarat Congress Chief Criticizes GST as "Tax Terrorism," Claims It Burdens Poor, Benefits Wealthy, and Retains State Funds.: The Gujarat Congress chief criticized the Goods and Services Tax (GST) implemented by the Modi government, labeling it as "tax terrorism" that burdens the poor and middle class. He argued that the GST's complex structure disproportionately affects the economically disadvantaged, including farmers, traders, and small business owners, while benefiting the wealthy. The chief claimed that the GST system has pushed many into debt, with the majority of GST revenue coming from ordinary citizens. He also alleged that the central government retains GST cess without distributing it to state governments. http://dlvr.it/THGKtb #GST #TaxReform #EconomicJustice #IndiaPolitics #TaxLaws

GST Council Forms GoM on Compensation Cess Source: CNBC-TV18 🚨 Major Update from the GST Council Meeting: A 10-member Group of Ministers (GoM) has been formed to determine the future of compensation cess in India. 📅 Key Date: Recommendations expected by December 31, 2024. 🔍 Why it matters: • Compensation cess was introduced to aid states during the GST transition. Its future could alter state finances significantly. • Industries like tobacco, luxury cars, and aerated drinks, which attract higher cess rates, could see ripple effects. 💡 Key Insight: Businesses need to brace for potential policy changes that could affect their tax structures. Strategic planning is vital. What’s your take on this? Will this be a turning point for India’s indirect tax system? #GST #TaxPolicy #IndianEconomy