The demand comes from allegations that the company incorrectly handled zero-rated supply provisions, leading to a proportionate reversal of input tax credit
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The rise is driven by an growth in both personal income tax (PIT) and corporate tax collections, amounting to Rs 4.47 lakh crore and Rs 2.22 lakh crore, respectively
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The amendment mandates that businesses with multi-state GST registrations must register as ISD to allocate ITC for services available across their branches
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So far in 2024, the total GST collection has been 10.2 per cent higher at Rs 7.38 lakh crore, as against Rs 6.70 lakh crore mopped up in the corresponding period of 2023
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Karnataka state authorities have withdrawn the pre-show cause notice issued to Infosys a day earlier and directed the company to respond to the Directorate General of GST Intelligence (DGGI) regarding a tax demand of Rs 32,000 crore
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Karnataka State GST authorities had issued a pre-show cause notice for the payment of GST related to expenses incurred by its overseas branch offices
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The life insurance sector, in particular, is expecting the finance ministry to consider lowering Goods and Services Tax (GST) on insurance products
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India implements uniform 5 per cent IGST on aircraft parts to boost domestic MRO industry, aims for global aviation hub status
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The company said that it responded to the show cause notice with detailed explanations supported by relevant documents and judicial precedents
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The PM also highlighted that after the implementation of GST, the savings of the poor and the common man have increased as the GST has reduced taxes on various household items like flour, curd, detergent, etc
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