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MSME Definition Shortly: Nirmala Sitharaman

The government will amend the MSME Act to have a single definition for MSMEs. The changes in the act will be taken up by the Cabinet soon, Finance Minister Nirmala Sitharaman said. New definition for MSMEs will not necessarily be on ...

Financial Charges That Will Affect Your Expenses In August

3 Financial Changes That Will Affect Your Expenses In August

A new month has begun and there are some changes that were imposed with effect from 1 August that will impact your household expenses and monthly savings....

GST Collection In July Increased Marginally

Goods and Service Taxes (GST) collected by the states and central governments in July increased to Rs 1.02 lakh crore, marginally higher from the previous month, and 5.8 percent more than the Rs 96,483 crore collected in the same month last ...

GST Council Cuts Tax Rates On Electric Vehicles

In its 36th meeting on Saturday, the GST Council slashed the GST (goods and service tax) rates on electric vehicles from 12 percent to 5 percent. Tax rates on EV chargers were also lowered from 18 percent to 5 percent. The ...

Tax Frauds Worth Rs 38,000 Crore Detected Last Year

The Finance Ministry on Tuesday informed the Parliament the tax officials detected tax frauds worth Rs 37,946 crore in the financial year 2018-19 and Rs 6,520 crore in the April-June 2019 period after the implementation of GST (goods and service tax) ...

You Can Now Buy Ready-To-Move-In Homes Using ‘Buy Now, Pay Later' Option

India's property market continues to struggle with inventory piling up amid slow demand and in its wake players in the domain are keen to get away with their bulging line-up and hence have rolled out ‘buy now pay later scheme' even ...

Shopowners With Turnover Less Than Rs. 1.5 Crore To Be Offered Pension Benefits

Nirmala Sitharaman to provide easy access to credit for MSMEs said that allocation of Rs. 350 crore, under the interest subvention scheme, is for 2% interest subvention for all MSMEs registered under GST on all new as well as incremental loans. ...

GST Collection In June Falls Below Rs One Lakh Crore Level

For the first time in the financial year 2019-20, GST (goods and service tax) fell below the Rs one lakh crore mark. The total GST collection for the month of June stood at Rs 99,939 crore. In April and May 2019, ...

GST Council To Consider Reducing Tax On Electric Vehicles

At the 17th Lok Sabha session on Monday, Minister of State for Finance Anurag Thakur informed that the GST (goods and service tax) council will consider reducing taxes on electric vehicles and the matter is pending before it. This was said ...

Now Dealers Can Register Under GST Using Aadhaar

For firms, the process of GST registration will get easier and hassle free as the unique ID can now be used to fasten the process. In its 35th GST meet chaired for the first time by Nirmala Sitharaman, the unique ID ...

GST Council Extends Deadline To File Annual Returns By 2 Months

The 35th GST Council meeting headed by Finance Minister Nirmala Sitharaman on Friday extended the date for filing annual returns under the Goods and Services Tax (GST) regime to 30 August from the earlier 30 June deadline. In its first meeting ...

GST Council Meet Today: Nirmala Sitharaman To Chair It For The First Time

Since being elected as the Finance Minister, Nirmala Sitharaman, will for the first time chair the 35th GST Council meet, where she like the erstwhile FM will aim to make consensus-based decisions. And in its aim, the Union minister in the ...