The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
The Appellate Authority for Advance Rulings (AAAR) of Gujarat has held that papad fryums would not attract any goods and services tax (GST) as they are similar to traditional round papads in all respects. In this connection, the appellate authority modified the ruling of the authority for advance rulings (AAR), which had ruled that Fryums would attract 18 per cent GST. The AAAR held that Fryums is a brand and not a generic name of the product, Harpreet Singh, partner, indirect taxes at KPMG in India said while explaining the order.
Business executives are finally dusting off their long-unused suitcases to resume travel, thanks to a good vaccination rate, a drop in fresh cases, and an easing of travel restrictions. It comes as a huge relief for the ravaged aviation, travel and hospitality sectors. "We are witnessing a 40 per cent recovery on pre-covid volumes from our business travellers, signalling the return of corporate confidence in air travel," said Indiver Rastogi, president & group head, Global Business Travel, Thomas Cook (India) & SOTC.
A relatively quiet foray by actor Vijay into politics through the TN rural local body elections last month has captured the attention of many, reports Shine Jacob.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Backed by the 'China Plus One' sentiment globally, India's textile exports is expected to grow by 81 per cent to $65 billion by 2026 from the pre-Covid level of around $36 billion in 2019, said a report by the Confederation of Indian Industry (CII) and global consulting firm Kearney. This jump is likely to generate 7.5-10 million new jobs. A large chunk of this targeted increase, or around $16 billion may come from the China Plus One sentiment due to India's relatively large strategic depth compared with Vietnam or Bangladesh, the report said.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
Poor dam management was considered as a major reason for the 2018 floods in the state that led to a loss of around Rs 50,000 crore and claimed as many as 483 lives, reports Shine Jacob.
International Monetary Fund Chief Economist Gita Gopinath tells Indivjal Dhasmana high-frequency indicators for the third quarter of 2021 indicate momentum in economic recovery in India.
Agencies, whether public sector or private sector, may have to pay goods and services tax on the charges they collect on behalf of the government from clients. The authority for advance rulings (AAR), Telangana, has ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST, said Rajat Mohan, senior partner at AMRG & Associates. The AAR also ruled that neither services provided by the agency to the government, nor services provided on behalf of the government to the business entities are exempt from GST, he informed about the case.
According to the Indian Fireworks' Manufacturers' Association, the ban would wipe out sales of around Rs 600 crore during the upcoming Deepavali season.
Tamil Nadu plans parallel programme with unique user IDs
Lack of skilled labour, among other factors, led to 187,062 vacancies in nine sectors during the first quarter of the current fiscal year, showed the new revamped quarterly employment survey (QES). This accounted for a little over 0.6 per cent of the total jobs given by these establishments till April-June 2021-22. The nine sectors - manufacturing, construction, trade, transport, education, health, accommodation and restaurants, IT/BPOs and financial services - employed 30.8 million people.
Certain clarifications by the GST Council, such as tax rates on ice cream parlours and royalty paid to state governments over mineral rights, may turn out to be contentious and lead to litigation, feel some experts. The council, at its meeting in Lucknow on Friday, had clarified that ice cream parlours will attract goods and services tax (GST). The clarification said these parlours sell already manufactured ice cream and such supply would draw 18 per cent tax.
The sudden spike in cases of fever in India has claimed over 100 lives in five states, including UP, MP, Bihar, Haryana, and West Bengal. In UP, Firozabad and Mathura alone have reported 72 cases.
The company said that while the first quarter numbers were at the pre-pandemic levels, it saw a growth of 34 per cent in sales compared to the April to June period of 2020.
When Amit Jatia, vice-chairman of Westlife Development (WLDL), which operates fast-food chain McDonald's in West and South India, wanted to become the American fast-food giant's local partner in 1995, he had to first convince his family he would remain a staunch vegetarian. As McDonald's - home of the iconic Big Mac - completes 25 years in India, being one of the largest operators in the quick-service restaurant (QSR) segment in the country with over 300 outlets, Jatia has held on to the promise he made to his family. Not one to sit back and watch anyone flip the Big Mac, he gets straight to the meat of the matter when he says McDonald's success menu will see the QSR expand its ever-hungry 'foodprint' by doubling the number of joints and increasing its average unit volume by 35-40 per cent in five years.
The controversy over the goods and services tax (GST) rate on food products refuses to die. Now, the Gujarat-based authority of advance rulings (AAR) has ruled that 'parathas' would attract 18 per cent GST. The applicant, Vadilal Industries, sought to know whether various kinds of 'parathas' supplied by them would attract five per cent GST in line with 'khakhra', plain chapati or 'roti'.
Enter the fireworks city of Sivakasi in Tamil Nadu and you can smell a familiar mix of sulphur, potassium nitrate, aluminium and carbon - familiar because if you've ever burst crackers, say on Diwali or Onam, chances are they were made here. Almost every household used to contribute to India's festive joy by contributing almost 90 per cent of the fireworks made in the country. Before the pandemic, around 300,000 people worked in the industry directly and another 500,000 indirectly. Located 540 kilometres from Chennai, Sivakasi is famous for its fireworks and crackers, along with printing and matches, but is almost a ghost town these days.
The Indian Medical Association states that cases are likely to rise further before coming down in Kerala as about 50 per cent of its population is still susceptible to the virus.
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