BCAS Urges Extension of GSTR-3B Filing Deadline Due to Diwali Clash The Bombay Chartered Accountants’ Society (BCAS) has urgently requested that the government extend the due date for filing the monthly GSTR-3B return for the relevant period, citing a direct clash with the Diwali festival. Key Reason for the Demand Diwali Clash: The normal due… Read More »
FHRAI Demands Major GST Relief for Hospitality Sector The Federation of Hotel and Restaurant Associations of India (FHRAI) has called on the Finance Minister for urgent and extensive Goods and Services Tax (GST) reforms to provide significant financial relief to the hospitality sector. Key Demands for GST Relief Regularization of Past Dues: FHRAI urged the… Read More »
High Demand for Passenger Vehicles Expected to Continue Beyond Festive Season The President of the Society of Indian Automobile Manufacturers (SIAM) stated that the high demand currently being observed for Passenger Vehicles (PVs) is likely to be sustained well beyond the festive season. Key Factors for Sustained Growth Impact of GST Rate Cuts: The recent… Read More »
GST Cut on Pashmina Boosts Traditional Handicraft Sector A Minister announced that the reduction in the Goods and Services Tax (GST) rate on Pashmina products has provided a significant boost to the traditional handicraft sector, particularly in regions specializing in this high-value textile. Key Impact of the GST Rate Cut Affordability and Sales: The tax… Read More »
GST Rate Cuts to Drive Growth and Livelihoods in Nagaland The recent Goods and Services Tax (GST) rate rationalisation, featuring cuts primarily from 12% to 5% on various local and essential products, is set to significantly boost Nagaland’s economy by improving affordability, enhancing market access, and empowering small enterprises. Key Sectoral Gains from Rate Reductions… Read More »
DGFT Amends Diamond Imprest Authorisation Policy The Directorate General of Foreign Trade (DGFT) has announced key amendments to the Diamond Imprest Authorisation Policy. These changes are aimed at streamlining the import and export procedures for the diamond and jewelry industry. Key Policy Changes Imprest Authorisation Scheme: The Diamond Imprest Authorisation scheme allows diamond and jewelry… Read More »
GST 2.0: The Fiscal Trade-Off on Consumption The GST 2.0 rate rationalization is expected to provide a boost to private consumption and market sentiment in the short term, but it is not straightforward to conclude that it will increase overall consumption (public plus private) or GDP growth due to significant fiscal trade-offs. Arguments Favoring Consumption… Read More »
DGFT Amends Areca Nut Import Policy with New CIF Value Restrictions The Directorate General of Foreign Trade (DGFT) has issued a notification amending the import policy for Areca Nut, introducing new restrictions based on the product’s Minimum Import Price (MIP) or Cost, Insurance, and Freight (CIF) value. Key Policy Changes Minimum CIF Value Restriction: The… Read More »
Smartphone Makers May Pay Over ₹3 Trillion in Taxes by End of PLI The article reports that the government expects domestic and international smartphone manufacturers participating in the Production-Linked Incentive (PLI) scheme to contribute over ₹3 trillion (₹3 lakh crore) in total taxes by the time the scheme concludes. Key Projections and Context Total Tax… Read More »
Government Leans on Quick Commerce for Real-Time Price Checks The government is relying heavily on quick commerce platforms to conduct real-time price monitoring and ensure that the benefits of the recent GST rate cuts are quickly and fully passed on to consumers. How Quick Commerce Platforms Are Used Real-Time Data Access: Quick commerce platforms, unlike… Read More »