The ongoing construction of the Ram Mandir complex in Ayodhya is expected to generate ₹400 crore in Goods and Services Tax (GST), according to Champat Rai, the general secretary of Shri Ram Janmabhoomi Teerth Kshetra Trust. The complex will include 18 temples and is being built with public support, ensuring accessibility for up to 2 lakh devotees.
September 9th brought a flurry of developments across India, from the stock market reaching new highs and the successful subscription of Bajaj Housing’s IPO to important legal cases and weather updates. This news roundup covers the key events of the day.
The GST Council will meet today, September 9, to discuss crucial issues including the taxation of insurance premiums, rate rationalization, and a status report on online gaming revenues. Key topics include potential GST reductions on health and life insurance premiums, a review of the ongoing crackdown on fake GST registrations, and the effectiveness of the 28% GST levied on online gaming platforms.
The Delhi government, led by Arvind Kejriwal, is set to oppose the proposed Goods and Services Tax (GST) on payment gateway transactions under ₹2,000 at the upcoming GST Council meeting. Finance Minister Atishi argues that this measure would harm small businesses and startups, contradicting the central government’s claims of promoting a cashless economy. She further criticizes the BJP for reducing research budgets and imposing GST on research grants, hindering the country’s progress.
India’s GST Council will meet on Monday to address several tax-related issues, including demands for tax relief by foreign airlines, software exporters, and research organizations. The Council will also discuss reducing the GST rate on life and health insurance premiums.
This week’s news highlights India’s strong economic performance, Adani Group’s foray into FMCG, the upcoming festive shopping season, and the debate on GST rates for insurance premiums. The World Bank has upgraded its GDP forecast for India, while Adani Group is looking to acquire multiple FMCG businesses. Meanwhile, the GST Council is considering changes to the tax rate on health and life insurance premiums. Quick commerce platforms are gearing up for the festive season, with Blinkit, Zepto, and Swiggy Instamart adding costlier items and expanding their offerings.
This week in India, the IPO market is thriving with six new public issues scheduled. Meanwhile, experts weigh in on the impact of the Fed rate cut on gold prices, which have been declining in September. Heavy rainfall continues to batter coastal Andhra Pradesh and Telangana, leading to evacuations and casualties.
Today’s news highlights the Indian stock market’s record highs, Reliance Industries’ major announcements at their AGM, and various other developments across business, politics, and education.
Senior finance ministry officials in India have called for tax officers to strike a balance between enforcing tax compliance and facilitating a smooth business environment. This comes as the government intensifies its fight against GST evasion, with a special drive targeting fake registrations and tax credit fraud.
The Comptroller and Auditor General (CAG) has raised concerns about potential tax evasion within India’s Goods and Services Tax (GST) composition scheme. The CAG’s audit found that many taxpayers are at risk of exceeding the turnover limit for the scheme, leading to potential misuse of benefits. The audit recommends that the Finance Ministry take steps to identify and remove ineligible taxpayers to prevent further tax evasion.
