On global landscape, the World economic output may exceed 100 trillion for first time in 2022, as per prediction of British Consultancy Cebr. India may overtake France in 2022, and Britain in 2023 to regain its place on the World’s sixth biggest economy. Major economics will have to cope up with inflation also. The news […]
In re Resonance Eduventures Limited (GST AAR Rajasthan) The order is important as it contradicts its own ruling in Symmetric Infrastructure Private Limited dated 02.09.2021 in which Supply of services of coaching to students which also includes along with coaching, supply of goods/printed material/test papers, uniform, bags and other goods to students was held as […]
According to MoF, economic recovery may further strengthen in current H2 of 2021-22 owing to positive market sentiment, exports, vaccination drive, capex expenditure etc. The current mood is backed by governmental policies as well as Reserve Bank’s actions. Still, however, risking inflation, interest rate reversal, commodity prices, rupee weakening, slower consumer demand etc are some […]
According to RBI’s latest bulletin, the Indian economy is poised to regain the ground lost to the pandemic and re-emerge as among the fastest growing countries in the world, supported by the decadal low interest rates, softening inflation and a modest current account surplus. The Indian economy is clearly differentiating itself from the global situation, […]
The growth in manufacturing sector activities in last few months and rise in GST collections in October – November 2021 hint at continuing economic recovery in Q3 of the current fiscal. Economic revival is indicated in term of Purchasing Managers Index (PMI), merchandise exports, GST collection, improvement in hiring etc. The increase in manufacturing activities […]
CBIC has issued two detailed Circulars Nos. 163 and 164 dated 06.10.2021 clarifying various issues on taxability, GST rate, classification and exemptions on goods and services based on recent notifications / changes as per the recommendations of GST Council. Such clarifications would help the taxpayers, professionals and the tax officers in understanding and complying with […]
According to views of NITI Aayog vice Chairman, Indian economy is expected to grow by 10 percent in current fiscal and by 8% plus in financial year 2022-23. It may be noted that IMF has already projected a growth of 9.5% in 2021. It has said that India is likely to be the fastest growing […]
The taxability of accommodation services for use as residence along with certain facilities was examined by Advance Ruling Authority (AAR) of Karnataka with reference to its classification and rate of GST. The appellate authority also confirmed the taxability, HSN classification and rate of GST. In the instant case, the applicant was a company engaged in […]
The 45th meeting of the GST Council was held on 17th September, 2021 in physical mode at Lucknow. The GST Council took various decisions inter alia, including exemptions, rate rationalization, extension of relaxations to Covid supplies, exports, ITC, debit notes, late fees, inclusion of some goods / services in tax net and so on. The […]
Goods and Services Tax Council (GSTC, in short) met for its 45th GST Council meeting in physical form on 17th September at Lucknow (UP). This was the first meeting held physically after a gap of seventeen months, thanks to Covid pandemic. The GSTC considered various issues and concerns confronting GST law, administration, compliance etc and recommendations or […]
