The 50th GST Council Meeting concluded on Tuesday and witnessed significant recommendations regarding changes in GST tax rates, simplification of compliance processes, and measures to facilitate trade. A 28% GST rate has been levied on the full value of gaming, horse racing, and casinos which comes as a drawback to online gaming companies. The tax…
The Reserve Bank of India has today placed on its website the draft circular on Arrangements with Card Networks for the issue of Debit, Credit, and Prepaid Cards for feedback if any from stakeholders on or before August 4, 2023. The central bank on a review observed that arrangements existing between card networks and card…
Retirement fund body EPFO has extended the date till 26 June 2023 for higher PF Pension. This is the second time that the Centre has extended the date for submissions. Earlier, the date was March 3 and it was extended to May 3. The decision is based on the representations received from various Central Trade…
In a statement issued on Wednesday, NPCI said that as per recent regulatory guidelines, PPI wallets have been permitted to be part of the interoperable UPI ecosystem. As per the circular issued on March 24, the changes of the 1.1% fee on UPI wallet transactions above Rs 2,000 will come into effect from April 1,…
Before listing out the new slabs in the budget 2023, the finance minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. The taxpayers can choose the regime while filing income tax returns.…
There are many changes in income-tax rules. This post analyses tax consequences on 15 key points on which tax policies are changed. Let us see how these changes impact you. A standard deduction of Rs 50,000 to salaried individuals, and a deduction from family pension up to Rs.15000, is currently allowed only under the old…
Individuals tax slabs: Before listing out the new slabs, the minister announced that the Old Tax Regime will only be available on request now, and what was known as the New Tax Regime so far will thus be considered the default regime. No changes have been made to the old tax regime. The Union Finance…
Reserve Bank of India, taking into consideration the various developments in the area of banking and technology, the nature of consumer grievances, and other stakeholders, has reviewed the guidelines/instructions issued on locker rent agreements and issued a circular on August 18, 2021, in this regard. ‘The review also took into account, the principles enumerated by…
National E-Governance Services Limited (“NeSL”) is a Union government company and is governed by the provisions of the Insolvency and Bankruptcy Code, 2016 (“IBC”) and Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017. It is appointed by the Insolvency and Bankruptcy Board of India (“IBBI”) as an Information Utility (“IU”). As a regulated…
Gift cards or vouchers that may be used to obtain goods or services on a discount on goods,, mileage points, reward points, and loyalty cards will be excluded from the definition of virtual digital assets (VDAs), Central Board of Direct Taxes (CBDT) said in a notification issued late Thursday. Hence, these products do not face…