GST Council meeting on October 7: Arrest powers, ITC, prosecution threshold proposals on agenda - report

The GST Council will meet on October 7 to discuss major reforms in GST processes and enforcement. Proposed changes include removing tax officers' arrest powers and requiring judicial consent for any arrests. Additionally, the prosecution threshold may be raised from Rs 1 crore to Rs 5 crore, with some offences being decriminalized. Changes are also aimed at simplifying compliance for small e-commerce sellers and protecting genuine buyers' input tax credits.

from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/4eX0JQv

Comments

Post a Comment

Popular posts from this blog

FTA with UK comes into effect today, exports to get a boost

Image
The India-UK free trade agreement begins implementation, boosting Indian exports to the UK. Indian service providers and professionals will gain greater access to the United Kingdom market. Many Indian products will enter the UK duty-free, enhancing export competitiveness significantly. Digital service delivery is fully opened, benefiting global capability centers in India. A double contribution convention will save Indian workers and employers substantial annual amounts. from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/TpdrwCP
Read more

US eases Russia sanctions bill, cuts tariff threat on India and China from 500% to 100%

Image
US senators unveiled a revised Russia sanctions bill targeting major energy buyers. This legislation seeks to pressure Moscow and its key oil and gas importers. The updated bill reduces previously proposed tariffs on top purchasers like China and India. It also targets Russia's shadow fleet and financial institutions involved in its war. This measure aims to secure broader political support and honor Senator Lindsey Graham's legacy. from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/btsaMHE
Read more