Food delivery platform Zomato has been slammed with tax demand and penalty worth Rs 23.26 crore from Karnataka tax authorities. However, Zomato believed it had a strong case on merits and it will raise an appeal against the order before the appropriate authority. The demand order for the interest penalty and overuse of the input […]
Online food delivery giant, Zomato, finds itself embroiled in a Goods and Services Tax (GST) penalty issue with the Deputy Commissioner of State Tax in Gujarat. The penalty stems from an audit of Zomato’s GST returns and accounts for the financial year 2018-19, highlighting an alleged excess availment of input tax credit and short payment […]
Manufacturers of pan masala, gutka and similar tobacco products will be subject to penalties of up to Rs 1 lakh if they fail to register their packing machinery with GST authorities, effective 1 April. The aim is to combat revenue leakage in the tobacco manufacturing sector, as per amendments introduced in the Finance Bill, 2024, […]
India’s Goods and Services Tax (GST) revenue for January 2024 has jumped to Rs 1,72,129 crore, reflecting an impressive 10.4 per cent Year-on-Year (Y-o-Y) growth. This is the second-highest monthly collection ever and the third time in the fiscal year 2023-24 that collections topped Rs 1.70 lakh crore. From April 2023 to January 2024, gross GST collections totaled […]
In an exclusive conversation with BW Businessworld, Vikas Gupta, CEO of the education and stationary products business division, of ITC Ltd enlightened the current scenarios and plans of the Stationery market. The global stationery market stands at 26.06 billion US dollars in 2023 and is predicted to reach 39.32 billion by 2033, as stated in […]
FMCG sector navigates muted rural demand and eyes government support in the upcoming budget for growth, innovation and healthier product incentives The rural demand has been muted over the past quarter for almost all fast-moving consumer goods (FMCG) companies. The Interim Budget that will be presented on 1 February will be a Vote on Account […]
The food and hospitality sector stands united, appealing to the government for the restoration of input tax credit for GST, citing the escalating costs faced by the industry As Finance Minister Nirmala Sitharaman is gearing up to unveil the Union Budget 2024 on 1 February, all sectors have articulated their expectations from the government. The […]
Retailers gear up for Budget 2024, seeking tax cuts, green push and digital boost. With the expected growth rate in mind, retailers are looking forward to specific measures in the Interim Budget 2024. They are expecting government support in terms of taxes and incentives to boost the sector’s growth. “Reducing gross and services tax (GST) […]
The government should not reduce import charges on electronic components used in smartphone manufacture in the next Budget since the present tariff system has proven successful and altering it might affect local manufacturing, according to a GTRI report released on Monday. The Global Trade Research Initiative (GTRI) stated that keeping existing rates will assist in […]
Hindustan Unilever, the FMCG manufacturer has announced that it has received Goods and Services Tax (GST) demands and penalties totalling Rs 447.5 crore from the authorities. The company has received a total of five orders passed from different zones of GST officials over issues such as disallowance of GST credit, salaries including allowances paid to […]
