GST Revenue: September Collections and Future Outlook Overview of September GST Collections Central and state governments collectively garnered ₹1.73 trillion in Goods and Services Tax (GST) for September. This figure reflects a 6.5% increase compared to the same month last year, when ₹1.63 trillion was collected. Key Highlights Monthly Average for the First Half of Fiscal Year: Despite being the lowest in four months, the average monthly GST collection remains robust at ₹1.81 trillion for […]

End of GST-Related Anti-Profiteering Regime and Transition to Free Pricing In a notable shift towards free market pricing, the Central Board of Indirect Taxes and Customs (CBIC) has announced the end of the regulatory regime that prevents businesses from retaining benefits intended for consumers from reductions in Goods and Services Tax (GST) rates. This pivotal change will come into effect in March next year. Key Changes in Anti-Profiteering Regulations Decision and Timeline End Date Announced: […]

Credit Cards: Can Banks Levy GST on Interest Component of Personal Loan EMIs? Introduction In today’s fast-paced world, obtaining an instant loan can be a crucial measure to meet immediate financial needs, whether it’s a medical emergency or funding a vacation. Securing the best deal is paramount. One essential factor is understanding how GST is applied to interest on personal loans. Key Considerations Personal Loans and GST Interest Exemption: The interest on personal loans granted […]

Understanding the Surge in Income Tax Notices: Causes and Responses In recent months, there has been a notable rise in the number of income tax notices issued to taxpayers across India. These communications encompass various issues—from defective returns to demands for additional taxes—leading to significant anxiety and confusion, particularly among individual taxpayers. This article explores the reasons behind this increase in income tax notices and provides practical advice on effectively responding to them. Reasons for […]

How India’s GST Revenues Can Sustain Their Incline In the landscape of global economics, the tax-to-GDP ratio emerges as a pivotal indicator. Within this framework, India stands out due to its evolving tax structure, primarily bolstered by the Goods and Services Tax (GST). The narrative of India’s GST revenues and their potential for sustained growth is a compelling chronicle of policy, progress, and economic resilience. Estabizz Fintech Pvt Ltd delves into this journey, shedding light […]