Union Bank of India’s Post

🌟🌍 Exciting update from Lok Sabha! 🌟🌍 Today, FM Nirmala Sitharaman clarified the extension of GST Compensation Cess in Lok Sabha, shedding light on this crucial development that directly impacts businesses and taxpayers across the country. The clarification provided by FM Sitharaman has paved the way for a better understanding of the GST Compensation Cess extension, bringing clarity to the business community and taxpayers. This will undoubtedly help in aligning business strategies and financial planning with the latest regulations. The extension of GST Compensation Cess is a significant update that businesses and individuals need to be informed about. It's essential to stay updated with these developments to ensure compliance and effective financial management. Let's stay informed and navigate these changes together! 💼💡 #GST #LokSabha #FMNirmalaSitharaman #BusinessUpdates #TaxCompliance #FinancialPlanning Note: AI-powered post. May contain errors.

Prof. Santosh Kumar Dash has co-authored an article with Sidharth R, in today's Telangana Times, assessing the need for GST 2.0 and why today's economic and financial climate is the best for the implementation of the same. You can read the article in its entirety on the link below. https://lnkd.in/drgzNfSi #IRMA #GST #FacultyShowcase #FacultyPublication

The Modi Government 3.0 presented its first full Budget on July 23, 2024, focusing on Viksit Bharat by 2047. Key highlights included job creation, youth skilling, MSME support, and ease of doing business. Tax reforms met several expectations with the abolition of angel tax and equalisation levy, but investors were surprised by buy-backs being treated as dividend income and increased capital gains tax rates. The new Section 74A in GST now unifies the limitation period for SCNs to 42 months. Customs changes aim to boost domestic manufacturing with new exemptions and increased duties. Check out the detailed highlights from the #UnionBudget2024 by the IndusLaw team. #Budget2024 #IndusLaw #EconomicReforms #TaxReforms #GSTUpdates #DomesticManufacturing #AngelTax #EqualisationLevy #InternationalTax #Buyback #CapitalGains #TransferPricing #DisputeResolution #NewTaxRegime #GIFTIFSC

#UnionBudgetExpectations | Simplifying the GST administration for enhanced efficiency   "The GST regime should be made more user-friendly. Feedback from the road transport industry suggests that simplifying the GST administration could reduce the reliance on intermediaries, ultimately enhancing efficiency and fostering a more streamlined process."- Rohit Chaturvedi- Maritime, Transport and Logistics Advisor, Partner, Government, Infrastructure and Development sector Advisory Services   Stay tuned for more insights on the Union Budget!   #Budget2024 #EconomicOutlook #GSTReforms #ForvisMazars #ForvisMazarsinIndia #WeAreForvisMazars

𝐍𝐞𝐰 𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐚𝐥𝐥𝐬 𝐟𝐨𝐫 𝐆𝐒𝐓 𝐒𝐥𝐚𝐛 𝐑𝐚𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐬𝐚𝐭𝐢𝐨𝐧 According to the report, is leading to limitations on capital outlay, specifically the allocation of funds to create assets.The report also points out that GST slabs need to be rationalised for the post-compensation period.The Union government had refused to extend the original GST compensation period, which affected the states’ revenues. #gst #government Link - https://lnkd.in/geDtqTVv

📢 Union Budget 2024-25: Key GST Highlights Today, Finance Minister Smt. Nirmala Sitharaman unveiled the Union Budget 2024-25 in Parliament, highlighting pivotal changes to the Goods and Services Tax (GST) framework. In my latest analysis, I explore the essential modifications proposed, including: 🔹 Amendments to the Central and Integrated GST Acts 🔹 New provisions for waiving interest and penalties 🔹 Clarifications on refund eligibility and export duties 🔹 Enhanced compliance requirements for businesses These reforms aim to streamline the GST regime, offering clarity and fostering a robust compliance environment. Understanding these changes is crucial for businesses to adapt swiftly, maintain compliance, and harness potential benefits. I encourage you to read the full analysis to grasp how these updates may impact your business and the necessary steps to stay ahead. Let's engage in a discussion on how these changes might influence your operations and the best strategies to prepare for them. Your thoughts and feedback are highly valued! #UnionBudget2024 #GSTUpdates #TaxReforms #Finance #Compliance #BusinessStrategy #financeminstry #gst #gstupdates #gstcouncil #gstindia #taxcompliance

#Take2WithBS | GST's Revenue Performance In recent years, discussions on Centre-state fiscal relations have highlighted tensions, particularly with the Centre's use of non-sharable cesses. However, the GST experience showcases the Centre's significant sacrifice for the states' benefit. Authors Varun Agarwal, Josh Felman, Theerdha Sara Reji, and Arvind Subramanian delve into this crucial aspect of India's fiscal landscape. Explore the complexities and outcomes of #GST implementation and its impact on Centre-state fiscal dynamics. Read the first part of their article here: https://mybs.in/2dXJWDQ

Unveiling the Tax Tapestry: India's GST journey takes inspiration from the Canadian thread. Just as diverse cultures enrich our world, diverse tax systems shape our economies. 🌐💼 #DidYouKnowFacts #gstupdates #gstindia #gst #gstregistration #gstreturns #gstcompliance #gstfiling #canada

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 #GSTDay #GSTBenefits #OneNationOneTax #EconomicReform #SimplifiedTaxation #IndiaEconomy #SmallBusinessSupport #TaxReform

Govt and its idea of GST Defined more by public's financial prowess and less by price rise Corporate culture in the country - economic issues we are suffering from? People are earning enough, sufficiently to pay GST. This is what government hints at when its taxation policy is associated with GDP. Goods and Services Tax is more to do with #economicprowess of people and less to do with inflation. In common language, tax is nothing else but price higher charged by government on products from us other, compared to the original price. Government succeeds in record collection of GST in February 2024. The government this way tries to quash or deny inflation as a trend existing in the country under its governance. The government and its governance marked more by corporates and their help of #electoralbonds towards them compared to democratic mandate of majority of common population getting a drubbing in the process. Till the time democracy and its mandate rule the otherwise democratic system here we will not get relief from the issues centered on #economy and #employment working as #chainreactions to each other. #INDIAalliance #PMCaresfund #capitalism #Supremecourtofindia #Modimedia #Godimedia #Suppressionofvoice #Freevoice #boldness #Constitutionofindia https://lnkd.in/gXRCuVPX