GST Bill

Bandhan Bank on Monday announced the launch of a new service that allows its customers and non-customers to pay Goods and Services Tax (GST) through online and offline modes. "The initiation of GST revenue collections marks another significant milestone in our efforts to bring government services closer to our customers," said Rajinder Babbar, Executive Director & Chief Business Officer. The Kolkata-based private lender has also been authorised by the West Bengal government to collect taxes and non-tax receipts since February. This mandate allows the bank to collect revenue through the Government Receipt Portal System (GRIPS). Bandhan Bank currently has over 6,300 banking outlets across India.

The government has extended the deadline for implementation of special procedure for registration and monthly return filing of manufacturers of pan masala, gutkha and similar tobacco products till May 15. Earlier in January, the Central Board of Indirect Taxes and Customs (CBIC) had announced the introduction of a new registration and monthly return filing procedure effective April 1, 2024. The move to overhaul the registration, record-keeping, and monthly filing of such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products. The GST law was also amended via Finance Bill 2024, to say that manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. However, this penalty provision is yet to be notified. The procedure was to be applicable for manufacturers of pan-masala, unmanufactured tob

Congress leader Rahul Gandhi on Tuesday slammed the BJP-led Centre, claiming that only some people were benefitting from the "system" in the country while all the others were paying taxes and dying of hunger. If the people raise voice against anything, they have to face action by the ED, CBI and the I-T department, Gandhi said addressing a gathering at Ramgarh chowk in Udaipur area of Chhattisgarh's Surguja district as part of his 'Bharata Jodo Nyay Yatra'. He claimed that violence was happening and hatred was being spread because injustice was being meted out to the people in the country round-the clock. Perhaps, it has been happening so much that people are not even able to realise it. It has become like a habit, Gandhi said. "You (people) must ask a question to yourself thrice a day that how much money you are getting from the country's fund each day. How much return you are getting after your day-long struggle and efforts. In 10 days, you will come to know that you are being ..

Businesses with turnover above Rs 5 crore will not be able to generate e-way bill without including e-invoice details for all B2B transaction from March 1. Under the goods and services tax regime, e-way bills are required for inter-state transportation of goods valued over Rs 50,000. The National Informatics Centre (NIC) said on analysis it was found that some of the taxpayers, who are eligible for e-invoicing, are generating e-way bills without linking with e-invoice for B2B (business to business) and B2E (business to exports) transactions. In some of these cases, the invoice details entered separately under e-way bill and e-invoice are not matching with respect to the certain parameters. This is leading in mismatch in the e-way bill and e-invoice statements. " to avoid such situations, e-way bill generation will not be allowed without e-invoice details from 1st March 2024. This is applicable for e-invoice enabled tax payers and for the transactions related to supplies under B2B a

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226. Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied. "The company will be filing an appeal against the said order," it said. The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said. Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.

Punjab Chief Minister Bhagwant Mann on Monday launched a 'mera bill' app under the 'bill liao inaam pao' (bring a bill, get reward) scheme. The scheme is aimed at enhancing the compliance under the goods and services tax (GST) and thereby the revenue, according to an official release. The scheme is targeted at motivating consumers to get bills from dealers for their purchases made within the state and thereby forcing the dealers to issue the bills for their sales. Mann said the consumers will be encouraged to upload bills of their purchases on the 'mera bill' app to become eligible to participate in a lucky draw, which shall be held at 7th of each month. There will be a maximum 10 prizes per taxation district (29 taxation districts in the state), taking the tally to 290 rewards each month. The reward will be equivalent to five times the taxable value of goods or services declared in the bill with maximum capping of Rs 10,000 for each reward. He said the list of winners will be ..

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The Finance Minister expressed hope that it will help in further improving India's ranking in the World Bank's ease of doing business index

Interview with Chief investment officer, LIC Mutual Fund

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Pre-primary and higher secondary educational services to remain tax-free

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