#Gold GST Rate

[efiletax]

GST on Gold: Effects of Gold GST Rate in India 2024

In 2024, the effects of the Goods and Services Tax (GST) rate on gold continue to resonate throughout India's economy, impacting various stakeholders from consumers to industry players. Let's delve into the implications of the gold GST rate and how it shapes the landscape of the precious metal market:

Consumer Sentiment: The GST rate directly influences the final price of gold for consumers. A lower GST rate makes gold more affordable, encouraging higher demand for jewelry, coins, and bullion among consumers. Conversely, a higher GST rate may deter purchases, particularly among price-sensitive buyers, impacting consumer sentiment and spending patterns.

Investment Dynamics: Gold is revered as a traditional investment asset and a hedge against economic uncertainties. The GST rate affects its attractiveness as an investment avenue. A lower GST rate enhances the appeal of gold investments, attracting investors seeking portfolio diversification and wealth preservation. Conversely, a higher GST rate may prompt investors to explore alternative investment options with potentially higher returns.

Industry Performance: The gold industry, encompassing miners, refiners, jewelers, and retailers, is intricately linked to the prevailing GST rate. A lower GST rate spurs demand for gold jewelry and ornaments, benefiting jewelers and retailers. However, fluctuating GST rates can disrupt supply chains, inventory management, and pricing strategies within the industry, posing challenges for stakeholders.

Tax Revenue Implications: The GST rate on gold significantly contributes to government tax revenues. While a lower GST rate stimulates demand and economic activity in the gold sector, it may lead to a reduction in tax collections. Conversely, a higher GST rate boosts government revenues but could dampen consumer spending and industry growth, necessitating a delicate balance between revenue generation and economic stimulus.

Regulatory Measures: Policymakers continuously monitor and adjust the gold GST rate to achieve broader economic objectives, address inflationary pressures, and ensure fiscal sustainability. Changes in the GST rate are often accompanied by regulatory measures aimed at curbing illicit activities such as smuggling and tax evasion, thereby safeguarding government revenue and market integrity.

Global Competitiveness: The GST rate on gold in India is juxtaposed with rates in other countries, influencing international competitiveness and trade dynamics. Disparities in GST rates between nations can incentivize cross-border trade, impacting domestic markets and necessitating policy responses to maintain a level playing field for industry participants.

In summary, the GST rate on gold in India is a critical determinant of consumer behavior, investment trends, industry dynamics, and government revenues. As policymakers navigate economic challenges and strive to foster growth, they must calibrate the gold GST rate judiciously, balancing the interests of stakeholders while ensuring fiscal prudence and regulatory effectiveness, you need the advice of experts such as efiletax Indeed. 

[finschool]

Indirect Tax

Recent changes in Indirect Tax

Indirect taxes are taxes that are assessed by Government on goods and services, rather than on individualities or businesses directly. These taxes are collected by businesses from consumer when they buy goods or services, and also remitted to the government. Indirect taxes are often referred to as consumption taxes because they are based on consumption of goods and services rather than income or wealth. Indirect taxes can take many forms, including sales taxes, value-added taxes (VAT), excise taxes, and tariffs.

During the Union Budget of 2023 “Amrit Kaal”, It was the very first time when the indirect tax proposals were presented before the direct tax proposals. In the Proposal of indirect tax Presented in the Union Budget of 2023 there were 4 major changes which caught the attention of the citizens.

Following are the 4 major changes:

Customs Perspective:  In the Union Budget, to promote the ‘Make in India’ campaign and give to a boost to domestic manufacturing and enhance exports, the government and our FM has proposed few changes in the rate of import duties. The import duties on electric chimneys and cigarettes will now be more expensive, while on the other hand import of gold, silver, platinum, coin, etc., will be cheaper. Also, some exemption has been proposed towards goods or machinery used for manufacturing of lithium-ion battery.

GST Returns To Be Filed Within Three Years:  GSTR 1, GSTR 3B and GSTR 9and GSTR 9C would now be restricted for filing, post expiry of three years from the due date of filing of the relevant GST return. Until now, there was no threshold on time for filing GST return and any taxpayer could file belated returns along with interest and late fees. However, going forward, in future these dates have been locked so as to have clarity on the timelines for litigation.

Widening of Scope of OIDAR:  The Online Information and Database Access and Retrieval (OIDAR) services were brought under the tax bracket in the service tax regime and subsequently, in the GST regime. However, due to some exceptions in OIDAR and non-taxable online recipient, multiple services were escaping tax. In order to remove those exceptions, the Budget proposes to amend both the definitions and make OIDAR a wider segment for taxability purpose.

Taxability of High Sea Sales and Out-And-Out Sales: Out-and-out sales and high-sea sales were inserted in schedule III of the CGST Act, 2017 with effect from Feb. 1, 2019. However, the GST authorities were demanding GST from July 1, 2017 to Jan. 31, 2019. So to clarify this ambiguity and confusion, the budget has stated that such insertion will be with retrospective effect from July 1, 2017. This is a relief for taxpayers who are undergoing a litigation on these aspects. However, if the taxpayer has already paid the taxes for such period on the specified sales, the Budget has clearly specified that no refund of such tax can be claimed.

Although there are other changes as well but from Tax perspective the above 4 are major changes.

[aakashmalhotra]

Exploring the 2024 Union Budget: International Tax Insights

What are the key details that taxpayers should be aware of regarding the 2024 tax changes?

Key Highlights

The Finance Minister of India presented the Union Budget 2024 on 23 July 2024. The Budget includes several positive proposals, such as tax incentives for small businesses, increased funding for infrastructure development, and measures to support sustainable energy initiatives. Thus, the purpose of these suggestions is to boost the economy, e-commerce growth in India and tackle several issues. 

The Income Tax Act is due for a review, and the government has suggested much-needed changes, which are long overdue.

The base corporate tax rate for nonresident corporate taxpayers has been reduced from 40% to 35%.

The removal of angel tax provisions and the introduction of Equalisation Levy 2.0 will have a significant impact and are considered game changers.

The rationalization of the TDS Regime is a positive step forward and is sure to benefit the country's overall growth.

The removal of indexation to compute cost while calculating gains will significantly impact the capital gains tax regime. With the removal of the buyback tax, the tax incidence will now shift to the recipient.

The government has restated its commitment to simplifying processes, rationalizing GST rates, and expanding GST coverage to all sectors.

Customs duties will be waived for key sectors like healthcare, solar, critical minerals for renewable energy, and high-tech electronics. Additionally, there will be a reduction in customs duties for mobile phones, gold, precious metals, and the leather and textile industries.

Introduction of a one-time tax settlement scheme called Vivad se Vishwas (VSV) to help quickly resolve ongoing tax disputes.

The government of India is currently engaged in modernizing its international tax policies and administration. This initiative encompasses the implementation of a variety of tax incentives and rate reductions, as well as the substantial digitalization of critical processes.

Tax Insights: Introduction

During the presentation of the Union Budget for 2024-2025, the Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman underscored the budget's emphasis on several identified priorities aimed at expediting the journey toward the goal of Viksit Bharat.

The Finance Minister highlighted the government's ongoing efforts to simplify taxes, improve taxpayer services, and reduce legal disputes. Thus, the taxpayers have responded positively to these efforts.

In the fiscal year 2022-23, Smt. Sitharaman highlighted that 58 percent of corporate tax revenue was contributed by the simplified tax regime. Additionally, over two-thirds of taxpayers chose to adopt the new personal income tax regime based on the data available.

During the budget presentation, the Finance Minister also announced a number of attractive benefits designed to provide tax relief to salaried individuals and pensioners who choose the new tax regime. The Union Budget for the fiscal year 2024-2025 has incorporated a range of provisions and amendments, underscoring the government's dedication to establishing a streamlined and effective tax framework.

What is the major objective of the International tax sector?

International taxation serves various objectives, such as ensuring fair distribution of tax burdens, preventing the illegal avoidance of taxes, fostering economic growth, and facilitating international collaboration. However, the following are the primary purposes of the International tax sector.

Preventing Double Taxation

Encouraging International Trade and Investment

Preventing Tax Evasion and Avoidance

Equitable Distribution of Taxing Authority

The encouragement of International collaboration

Union Budget 2024 International tax updates

Following are the International tax sector updates:

Rationalisation of taxes and rates 

E-commerce operators from foreign countries, who supply or facilitate the e-commerce supply of goods or services into or relating to India, are currently burdened with India’s digital service tax, the equalisation levy, which is imposed at a significant 2 percent of the gross consideration. The impending discontinuation of this tax will bring a welcome relief and is scheduled to take effect from 1 August 2024.

From fiscal year 2024–2025, foreign companies will have a reduced corporate tax rate of 35 percent, down from 40 percent.

Relief/beneficial provisions 

Angel tax is a tax that private companies have to pay when they issue shares to someone at a price higher than the fair market value of the shares. The government's proposed Finance Bill aims to get rid of angel tax starting from April 1, 2024. This will be a great relief for companies that receive investments, including those from foreign sources.

The safe harbour rules will be expanded, and the transfer pricing assessment procedure will be streamlined.

IFSC-regulated finance companies may be exempt from thin capitalization rules as long as they meet certain conditions. This would put them on the same level as banks, some NBFCs, and insurance companies.

Other changes 

A new presumptive taxation regime is being considered for cruise ship operations conducted by non-residents in India, effective from the fiscal year 2024–25. This regime would deem 20% of the specified gross receipts as business income. Additionally, Cruise Ship Operators (CSOs) would be exempt from the presumptive taxation regime for non-resident shipping businesses. Specific group companies of these CSOs receiving lease rentals would also be eligible for tax exemption until the fiscal year 2029–30.

With effect from 1st October 2024, a significant change has been implemented in the tax treatment related to share buybacks by domestic companies. The tax burden has now been transferred from the company to the shareholders. The consideration received by the shareholder will be taxable as a "dividend" at applicable tax rates without any deduction for expenses, potentially resulting in a capital loss. Shareholders must proactively consider tax treaty benefits or dividend deductions available to them.

Before April 1, 2024, if a taxpayer transferred a capital asset through a gift, will, or irrevocable trust, it was not considered a "transfer" under the Income Tax Act. Therefore, no capital gains tax was applied to the transferor. Starting April 1, 2024, this rule will only apply to transfers by individuals or Hindu undivided families. This means that gifts or transfers to an irrevocable trust of any capital asset by other taxpayers will be subject to capital gains tax.

Procedural matters 

Currently, there is a time limit of seven years to pass an order deeming a person to be in default for failure to deduct or deposit TDS for resident payees. However, there is no such time limit for non-resident payees. Similarly, no time limit has been prescribed for cases of failure to collect or deposit tax at source (TCS). It is proposed to provide a common limitation period of six years for passing such an order for both resident and non-resident payees. A similar timeline has been prescribed for passing orders in the case of TCS provisions.

Effective April 1, 2025, a proposal to streamline compliance for non-resident liaison offices and introduce penalties for delayed compliance will take effect. Currently, the requirement dictates that the statement of activities must be filed within 60 days from the end of the fiscal year. The proposed changes will entail the specification of new timelines through established rules.

Applications for advance rulings that have been transferred from the Authority for Advance Rulings to the Board for Advance Rulings may be withdrawn by October 31, 2024, if they have not already been disposed of.

Non-locals and international businesses can settle ongoing legal disputes through the new conflict resolution program called the Direct Tax Vivad Se Vishwas Scheme 2024.

Last words

The national, state, and union territory governments of India are actively promoting foreign investment to drive economic transformation. While this presents promising opportunities, it's important for investors to approach this with caution, as both risk and opportunity are closely intertwined in India's investment landscape.

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Manmohan vs Modi: A Decade of Economic Impact

The economic policies of Dr. Manmohan Singh and Narendra Modi have significantly shaped India’s financial landscape over the past two decades. This analysis provides a detailed comparison of their tenures, focusing on key economic indicators. Using infographics and data visuals, we contrast the performance of the UPA (United Progressive Alliance) under Manmohan Singh and the NDA (National Democratic Alliance) under Narendra Modi. The comparison covers GDP growth, retail inflation, tax-to-GDP ratio, stock market returns, trade deficit, government debt, and education expenditure.

The Big Thing. GDP Growth During Dr. Manmohan Singh’s tenure from 2004 to 2014, the Indian economy experienced an average GDP growth rate of approximately 7.7% year-on-year (YOY). This period saw robust economic expansion, driven by liberalization policies, increased foreign investments, and a booming services sector.

Under Narendra Modi’s leadership from 2014 onwards, the average GDP growth rate has been around 6.8% YOY. While the economy initially experienced strong growth, factors like demonetization, the implementation of GST, and the COVID-19 pandemic have affected overall performance.

Manmohan Singh’s tenure saw higher average GDP growth compared to Modi’s period. However, Modi’s government has focused on structural reforms intended to create a more resilient economy in the long term.

Controlling Retail Inflation Retail inflation, measured by the Consumer Price Index (CPI), averaged around 7.5% annually during the UPA years. High food and fuel prices were significant contributors to inflationary pressures during this period.

Under Modi, retail inflation has averaged around 4.8% annually. The government’s focus on inflation targeting through the Reserve Bank of India and measures to improve food supply chains has helped keep inflation in check.

Modi’s administration has been more successful in controlling retail inflation compared to the UPA period, resulting in lower average annual inflation rates.

Collecting Taxes Effectively: Tax to GDP Ratio The tax-to-GDP ratio is a crucial metric for several reasons. It indicates the government’s capacity to generate revenue from the economy. Higher ratios suggest that the government can raise more funds to finance public services and infrastructure.

During the UPA tenure, the tax-to-GDP ratio averaged around 10.4%. Efforts were made to widen the tax base, but challenges in enforcement and compliance persisted.

Under Modi, the average tax-to-GDP ratio has improved to approximately 11.5%. The introduction of the Goods and Services Tax (GST) aimed to simplify the tax structure and enhance compliance, contributing to higher tax revenues.

The NDA has seen a higher average tax-to-GDP ratio, reflecting better tax compliance and a broader tax base due to GST implementation.

Bull Run. Returns from Stock Market Returns The UPA era witnessed an average annual stock market return of around 15%. The period was marked by significant market rallies driven by economic growth and foreign investment inflows.

During Modi’s tenure, the stock market has delivered an average annual return of approximately 11%. Despite market volatility and economic disruptions, long-term reforms have supported market confidence.

While both tenures saw positive stock market returns, the UPA period experienced higher average annual returns compared to the NDA period.

Deficits and Debt. Economic The UPA years saw an average annual trade deficit of around USD 100 billion. High import bills, especially for oil and gold, contributed significantly to the trade deficit.

Under Modi, the average annual trade deficit has been about USD 70 billion. Initiatives like Make in India and measures to curb non-essential imports have helped reduce the trade deficit.

The NDA has managed to lower the average annual trade deficit compared to the UPA period, reflecting better management of import bills and a push towards domestic manufacturing.

During the UPA tenure, government debt averaged around 68% of GDP. Increased public spending and fiscal stimulus measures contributed to higher debt levels.

Under Modi, government debt has averaged around 70% of GDP. While the government has focused on fiscal consolidation, spending on infrastructure and social programs has kept debt levels high.

Government debt as a percentage of GDP has remained relatively stable between the two periods, with a slight increase under the NDA due to higher spending on developmental programs.

Education Expenditure (% of GDP Avg) Top education spenders in Asia, measured by GDP percentage, include South Korea (4-5%), Japan, Singapore (3-4%), Malaysia (4-5%), Thailand (around 4%), and Hong Kong (3-4%). These countries prioritize education, investing heavily in quality, technology, and skills development.

Education expenditure averaged around 3.8% of GDP during the UPA years. Significant investments were made in expanding access to education and improving infrastructure.

Under Modi, education expenditure has averaged around 3.5% of GDP. The focus has been on improving the quality of education, skill development, and digital learning initiatives.

Both administrations have allocated similar proportions of GDP to education, with the UPA slightly ahead in terms of average expenditure. However, the NDA has emphasized quality and skill development more prominently.

Comparing the economic impacts of Manmohan Singh and Narendra Modi’s tenures reveals distinct approaches and outcomes. The UPA period saw higher GDP growth and stock market returns, but also higher inflation and trade deficits. The NDA has managed better inflation control, an improved tax-to-GDP ratio, and a reduced trade deficit, reflecting a focus on structural reforms and fiscal discipline. Using infographics and data visuals, this comparison provides a clear understanding of each administration’s economic performance, helping readers grasp the broader impacts of their policies on India’s economy.

[prafultp]

Gold Rate in Chennai

In recent times, the jewelry industry in Chennai has been experiencing a wave of changes, primarily catalyzed by fluctuations in gold rates and amendments in the national budget. As we delve deeper into the ramifications of these shifts, it becomes evident that both consumers and businesses are seeking stability amidst the uncertainty.

Budget Changes and Their Impact

The Union Budget plays a pivotal role in shaping the economic landscape of the country, and its implications are particularly significant for the jewelry sector. Changes in import duties, GST rates, and other fiscal policies directly influence the cost and accessibility of gold, thereby affecting both retailers and customers.

One of the notable budget changes in recent years was the revision of import duties on gold, aimed at curbing the influx of imported gold and promoting domestic refining. While such measures are intended to bolster the Indian economy, they often translate into price fluctuations in the local market. Consequently, jewelers in Chennai have had to recalibrate their pricing strategies to align with these alterations, navigating a delicate balance between profitability and consumer affordability.

The Gold Rate Landscape in Chennai

Chennai, being a hub for traditional jewelry craftsmanship, is particularly sensitive to fluctuations in gold rates. The city's consumers are discerning and value-conscious, making informed decisions based on prevailing market conditions. Tracking the daily gold rates has become a ritual for many, as they monitor the slightest variations that could influence their purchasing decisions.

Despite the inherent volatility, gold continues to be a cherished asset for Indians, deeply entrenched in cultural ceremonies and familial legacies. This enduring affinity ensures a steady demand for gold jewelry, albeit subject to market dynamics.

With a commitment to transparency and customer satisfaction, Candere remains unrivaled in its dedication to offering value-driven solutions without compromising on quality. Whether it's a timeless wedding set or a contemporary statement piece, their extensive collection caters to diverse preferences, ensuring that every purchase is a cherished investment.

Linking to Gold Rate Wikipedia Page

For those seeking a comprehensive understanding of gold rates and their historical context, referring to reputable sources is imperative. Wikipedia's page on gold rates serves as an invaluable resource, offering insights into global trends, historical data, and key factors influencing price movements. Check out the Gold Rate Wikipedia page here.

In conclusion, while the jewelry industry in Chennai navigates the intricacies of budgetary changes and gold rate fluctuations, consumers can find solace in reliable platforms like Candere by Kalyan Jewellers, where quality meets affordability. By staying informed and making informed choices, both buyers and sellers can weather the shifting tides of the market with confidence and poise.

[genesishospitalkolkata]

Genesis Hospital Emerges as the Best Hospital for Laparoscopic Surgery in Kolkata

In the realm of healthcare excellence, Genesis Hospital stands tall as the epitome of precision and proficiency. Renowned as the best hospital for laparoscopic surgery in Kolkata, Genesis Hospital has consistently delivered top-notch medical care, particularly excelling in laparoscopic procedures.

Laparoscopic surgery, also known as minimally invasive surgery, has become the gold standard for various medical interventions, including gallbladder stone surgery. Genesis Hospital has carved a niche for itself in this field, emerging as the go-to destination for those seeking the best medical expertise in Kolkata.

Why Choose Genesis Hospital for Laparoscopic Surgery?

1. Specialized Expertise: Genesis Hospital boasts a team of highly skilled and experienced surgeons specializing in laparoscopic procedures. Their expertise ensures that patients receive the most advanced and effective treatment available.

2. Cutting-edge Technology: The hospital is equipped with state-of-the-art technology and modern infrastructure, facilitating advanced laparoscopic surgeries. This commitment to innovation allows Genesis Hospital to stay at the forefront of medical advancements.

3. Comprehensive Gallbladder Stone Surgery Services: Genesis Hospital isn't just the best for laparoscopic surgery in Kolkata; it's also the preferred choice for best hospital for gall stone surgery in Kolkata. The hospital offers a comprehensive range of services, ensuring patients receive holistic care from diagnosis to post-surgery recovery.

4. Patient-Centric Approach: Genesis Hospital prioritizes patient well-being and comfort. The dedicated medical staff ensures a patient-centric approach, offering personalized care and support throughout the treatment journey.

5. Proven Track Record: With a proven track record of successful laparoscopic surgeries, Genesis Hospital has garnered trust and admiration from patients across Kolkata. The hospital's commitment to achieving positive outcomes is reflected in its consistently high success rates.

Choosing the Best for Gallbladder Stone Surgery in Kolkata

Genesis Hospital's commitment to excellence extends beyond laparoscopic surgery to include gallbladder stone surgery. Recognized as the best hospital for gallbladder stone surgery in Kolkata, Genesis Hospital combines skill, technology, and compassion to provide unparalleled medical care.

In conclusion, for those seeking the best hospital for laparoscopic surgery in Kolkata or the premier destination for gallbladder stone surgery, Genesis Hospital stands as a beacon of reliability and excellence. With a steadfast commitment to advancing healthcare, Genesis Hospital continues to redefine standards, setting the benchmark for quality medical care in Kolkata.

For more Information:-

Best Hospital for Laparoscopic Surgery in Kolkata

Genesis Hospital

1470 Rajdanga Main Road,

Kolkata 700107 (Beside GST Bhawan)

Mobile 8584883878 | 8584883884

Mail: genesishospital2004@gmail.com

Website: https://www.genesishospital.co/

[adamgant]

143: All about fascia and movement as medicine with Anna Rahe

143: All about fascia and movement as medicine with Anna Rahe https://ift.tt/8vKposL Hi friends! Hope you’re having a wonderful week! Today, I have a new podcast episode live! This was a super fascinating conversation with the founder of GST Body, Anna Rahe. I had so much fun talking with her and learned a ton – definitely take a listen. 143: All about fascia and movement as medicine with Anna Rahe Here’s what we talk about in today’s episode: What is fascia – and why it might be the key to your body’s physical wellness How fitness can be therapeutic, and how you can use motion as medicine Why you don’t need someone else to fix your body problems, and how you can manipulate and control the outcome of your own health A daily exercise your audience can implement right now to take control of your body’s health and so.much.more. Here’s a bit more about Anna and her background: For the past 20+ years, Anna Rahe has delved deep into a liberating and empowering relationship with fascia so that as many people as possible can invest in their health, restore their vitality, and heal themselves with the proprietary tools she has created. As the founder, CEO and educator of GST Body, Anna has spoken about holistic body care through fascia around the world, partnered with top athletes, surgeons, physicians and celebrities, and been featured in various publications, from Shape to Elle, Net-a-Porter to The Wall Street Journal. You can check out GST Body here and connect with her on Instagram here. More resources from this episode: I love love love the meals from Sakara Life! Use this link and the code XOGINAH for 20% off their meal delivery and clean boutique items. This is something I do once a month as a lil treat to myself and the meals are always showstoppers. You can join their fall reset now! If any of my fellow health professional friends are looking for another way to help their clients, I highly recommend IHP. You can also use this information to heal yourself and then go one to heal others, which I think is a beautiful mission. You can absolutely join if you don’t currently work in the health or fitness industry; many IHPs don’t begin on this path. They’re friends who are passionate to learn more about health and wellness, and want to share this information with those they love. You can do this as a passion, or start an entirely new career. You can use my referral link here and the code FITNESSISTA for up to $250 off the Integrative Health Practitioner program. I highly recommend it! You can check out my review IHP Level 1 here! I just finished IHP2 and will share a review of my experience, too. I’m still obsessed with my sauna blanket. This is one of my favorite ways to relax and sweat it out. I find that it energizes me, helps with aches and pains, I sleep better on the days I use this, and it makes my skin glow. Link to check it out here. You can also use my discount (FITNESSISTA15) for the PEMF Go Mat, which I use every day, and the red light face mask, which is a staple in my weekly skincare routine. Get 15% off Organifi with the code FITNESSISTA. I drink the green juice, red juice, gold, and Harmony! (Each day I might have something different, or have two different things. Everything I’ve tried is amazing.) Thank you so much for listening and for all of your support with the podcast! Please be sure to subscribe, and leave a rating or review if you enjoyed this episode. If you leave a rating, head to this page and you’ll get a little “thank you” gift from me to you.  The post 143: All about fascia and movement as medicine with Anna Rahe appeared first on The Fitnessista. via The Fitnessista https://ift.tt/7mNf5GI October 26, 2023 at 06:30AM

[takataktop]

The next meeting of the GST Council is scheduled for October 7th, and it will include ministers from various states, along with the Finance Minister.

The 52nd meeting of the GST Council is set to take place on October 7th at the Science Building. This information was shared by the GST Council on the social media platform 'X'. The decisions made in GST Council meetings hold significant importance as they involve crucial determinations regarding GST rates. The previous 51st meeting of the GST Council took place on August 2nd.

The meeting, chaired by Finance Minister Nirmala Sitharaman, is scheduled for October 7th, and it will be attended by ministers from various states. The decisions made in GST Council meetings are considered highly significant, especially those related to GST rates. The GST Council announced on the social media platform 'X' that the 52nd meeting is slated to occur on October 7th at the Science Building. In the last meeting held in August, several important decisions were taken. This meeting saw deliberations on GST rates for items such as casinos, horse racing, and online gaming. A GST rate of 28 percent was determined for three categories of items. The previous GST Council meeting witnessed several noteworthy decisions. In this meeting, the GST rate for items like papad and kachori was reduced from 18 percent to 5 percent. Additionally, it was decided not to impose GST on satellite launch services provided by ISRO, New Space India Limited (NSIL), and Antrix Corporation Limited, as well as those offered by private companies. Furthermore, Arabella Bank and ICBC Bank have been included in the list of banks exempted from IGST on the import of gold, silver, and platinum. Read the full article

[ebizfiling01]

Recent Challenges and Problems with GST

Introduction

An indirect tax known as the Goods and Services Tax (GST) was implemented in India on July 1st, 2017. A single tax system took the role of numerous taxes including the central excise duty, service tax, value-added tax, etc. The primary goals of GST Registration were to harmonize tax rates across the nation, prevent tax evasion, and simplify the tax code. The introduction of GST, however, has not gone well, and there have also been a number of difficulties with GST return filing. We’ll talk about the key concerns and how they affect businesses in this blog.

Challenges and Problems with GST:

There are many aspects that make GST challenging and problematic. These are a few of the key elements:

Complex Tax Structure: The GST faces many difficulties because of its intricate tax structure. There are four tax brackets in the GST system: 5%, 12%, 18%, and 28%. Rough precious and semi-precious stones are subject to a special fee of 0.25%, while gold is subject to a special rate of 3%. Because of the complex tax structure, it is challenging for enterprises to comprehend and follow the law. Confusion among taxpayers due to the complex tax structure has increased compliance expenses and lawsuits.

Mistakes in technology: The GST system mandates that taxpayers submit their returns online via the GST portal. The platform has had many technological issues, making it challenging for taxpayers to submit their returns on time. Technical difficulties have also caused improper GST Return submission, which has resulted in penalties and fines. To resolve the technological challenges, The GST Network (GSTN), which oversees the GST interface, has taken a number of actions. However, the issue still exists, and taxpayers still struggle with completing erroneous GST Returns.

High costs of compliance: GST compliance requires a number of different tasks, including GST registration, filing GST returns, keeping records, and being subject to audits. Significant expenses are associated with these efforts, which are covered by enterprises. Particularly for small and medium-sized businesses (SMEs), the costs associated with compliance have dramatically increased under GST. It is challenging for SMEs to function and compete with bigger companies because of the high compliance costs.

Issues with Input Tax Credit (ITC): One important aspect of GST is that it enables businesses to claim a credit for the tax paid on the inputs used to produce products or services. However, a number of problems have emerged with the GST ITC structure. The ITC refund being delayed is the main problem. Businesses are experiencing cash flow problems due to, a lack of working capital brought on by the refund’s delay.

GST Rates: Since the advent of the tax system, GST rates have been a subject of dispute. Since they directly affect the average person, the high tax rates on necessities have drawn criticism. The government has reduced the tax rates on several goods and services through many adjustments to the tax laws. However, businesses and customers are still concerned about the high tax rates on several goods and services.

E-way Bill System: An E-way Bill is a required document whenever goods worth more than Rs. 50,000 are transported. Numerous issues, including technical difficulties and delays in bill production, have plagued the GST E-way Bill system. Due to the delay in the drafting of the E-way Bill, goods have been held back, and company compliance costs have increased.

Business Effects of GST Challenges

Businesses, particularly SMEs, have been greatly impacted by the difficulties and issues with GST.

Increasing compliance expenses: Due to the high compliance costs associated with the GST, SMEs have found it challenging to operate and compete with larger businesses. A variety of tasks, including GST registration, GST return filing, record keeping, and audits, are included in the costs related to compliance. SME profitability and competitiveness have suffered as a result of the rising costs, which have put a heavy burden on them.

Cash Flow Problems: Because of a lack of operational capital, firms are having cash flow problems as a result of the delay in obtaining the ITC return. Businesses have found it challenging to manage their finances because of, the refund delay, which has limited their ability to invest and grow.

Increased Litigation: Because of the complicated tax structure and technological issues, there has been more litigation due to, the confusion among taxpayers. The increased litigation negatively impacts the operations of the corporations concerned by driving up legal costs and delaying the resolution of disputes.

Having difficulties Adapting to the New structure: The new tax structure that the GST has implemented is proving to be challenging for many firms. Businesses have found it challenging to comprehend and comply with the new system due to changes in tax rates, compliance procedures, and documentation requirements. Costs of compliance have increased as a result, and output has decreased.

Impact on Consumer Spending: Consumer spending has been negatively impacted by the high tax rates on a variety of goods and services. Consumer spending has decreased due to, consumers’ declining disposable income brought on by rising costs for goods and services. Businesses, especially those that depend on consumer spending, are severely impacted by the decline in it.

Conclusion:

An important step towards streamlining the tax system and establishing uniform tax rates across the nation was the introduction of the GST in India. The GST’s implementation, however, has not gone well. There are several difficulties and issues that have developed, like erroneous GST registration or GST return submission.

Businesses, especially SMEs, have been significantly harmed by the complex tax structure, technological challenges, high compliance costs, ITC problems, GST rates, and weaknesses in the E-way Bill system. The difficulties have led to higher compliance costs, problems with cash flow, an increase in lawsuits, difficulties integrating the new system, and a detrimental effect on consumer spending. Despite the government’s efforts to address the difficulties and problems with GST, there is still much to be done before GST is effectively incorporated into India’s tax system.

[maanfashion]

Alok Suit - Amber Gold Summer wear Best Catalogue

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Why Indians Favor Purchasing Gold In Dubai

As per John Paul Alukkas, overseeing overseer of Joyalukkas Worldwide Activities, you should visit this page to know todays gold rate in dubai uae purchasing gold in Dubai is still substantially less costly than buying it in India.

A male traveler can convey a limit of 20 gms, which doesn't cost more than Rs. 50,000, and a female traveler can have a limit of 40 gms which shouldn't cost more than Rs. 1 lakh as an obligation free recompense.

In Dubai, costs are lower by up to 15% because of high charges and customs obligations contrasted with India. Since gold bought from Dubai is tax-exempt, you should pay for the actual gold. Particularly contrasted with different countries, the virtue of gold bought from Dubai is more noteworthy.

Dubai's gold market is likewise better made due, coordinated, and controlled. Accordingly, purchasing gold in Dubai is altogether more secure than in different countries.

Retailers of gold and adornments in Dubai guarantee that deals have gotten back to pre-pandemic levels. Just before Diwali, which will be seen in October, buying by Indians would increment in the impending weeks, they add.

"Gold costs in the UAE are constantly kept most reduced. Particularly when you contrast it and the Indian market, the thing that matters is 12 to 15 percent because of the great traditions obligation in India. Travelers to UAE can profit of significant worth added charge (Tank) discount office in real money up to Dh35,000, which is another fascination," says Abdul Salam KP, bad habit executive of Malabar Gold and Jewels.

"Adornments in India is costlier by virtue of labor and products charge (GST) and import obligation and so forth," said Alukkas.

NRIs and Indian vacationers might find it more interesting to buy gold and gems in abroad business sectors like Dubai after India expanded the import obligation on gold from 10.75 percent to 15 percent on June 30, 2022.

Dubai's gold rate depends on global gold qualities, ensuring consistency in valuing all through the city's retail foundations. The way that gold costs vary universally, similar as securities exchange costs do, allows gold purchasers in Dubai the opportunity to profit from declining costs and get gold at the least cost.

An accomplice of Meena Diamond setters, Vinay Jethwani, expressed that Indian gems customers should pay GST and import obligation. "Consequently gold is less expensive in Dubai contrasted with India. Additionally, Dubai being the city of gold, is the best spot to purchase gold because of the large number of plans and appealing making charges."

[onemuthoot]

Expenses that are not covered in a home loan

There are various out-of-pocket expenses associated with home loans that you need to consider when buying a home. Banks provide 80-90% of the property value for a home loan. The balance amount, known as the down payment, has to be paid by you at the time of booking the property. In addition to this, there are other expenses. Read below to know what other expenses are not covered in your home loan.

You can use your gold jewellery to cover these expenses. You can get a gold loan from the comfort of your home without the risk of carrying your gold outdoors unsafely with our Gold Loan from Home. We are a SBU of Muthoot FinCorp, one of the most trusted NBFCs in India. Click here to learn how to book an appointment for our Gold Loan from Home.

Expenses that are not included in a home loan

Down Payment

The down payment is the amount you pay in advance to the property seller. The amount depends on how much the home loan covers the property value. A higher down payment can give you the advantages of lower EMIs, quick loan approval, lower interest rates, and faster repayment.

Most banks and NBFCs charge a one-time processing or administrative fee, which is an out-of-pocket expense. The processing fee can be around 1% of the loan amount, but it becomes significant in case of a higher loan amount combined with GST. Some banks charge you a non-refundable login fee which is to be paid upfront once your application is accepted. Insurance coverage against physical damage to your home is mandatory for certain lenders.

You can get our Gold Loan from Home to cover this expense with minimum gold loan documents and within 30 minutes*. Click here to learn the step-by-step process of applying for a Gold Loan from Home.

Expenses related to documents 

Document charges include CIBIL report fees, stamping charges for any legal document between you and the bank, and any NOC or NDC, statements, or certificate issuance charges that are not covered in a home loan.

Click here to learn the advantages of our Gold Loan from Home over regular gold loans.

Expenses related to Government fees

Legal Fee: The lender's legal team will verify the property and documents. You will have to bear the legal charges for creating the home loan agreements between you, the builder, and the bank.

Valuation Fee: Property evaluation is a key element in deciding the home loan amount. The valuation fee is also an out-of-pocket expense that a home loan does not cover. 

MODT Charges: A Memorandum of Deposit of Title Deed is an undertaking that you have submitted the title deed of your property to the bank as collateral. Government levies a stamp duty based on the market value of the property.

The terminologies and combination of these charges may vary across banks. You must read the loan agreement terms & conditions to understand the charges applicable to you. However, all these expenses are also not included in the home loan amount and can come out to be quite significant that you can cover with our Gold Loan from Home.

Interior Designing

You can get a home loan to buy a property but with the modern aesthetic and taste decorating and designing your new home can incur a significant dent in your pocket. You can cover these expenses with your gold jewellery by getting a Gold Loan from Home against it.

We offer one of the highest LTV ratios and a 0% processing fee, so you can get the maximum loan amount for your gold jewellery with our Gold Loan from Home. It can also cover the expenses of interior decoration, appliances, and registration charges for utilities. You get the lowest gold loan interest rate and flexible repayment options with our Gold Loan from Home which will help you repay your loan on time so you can keep reusing your gold jewellery to cover other expenses. Head to the ONE Muthoot app to book an appointment for a Gold Loan from Home. Click here to learn how to book an appointment.

*T&C Apply.

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Manmohan vs Modi: A Decade of Economic Impact

The economic policies of Dr. Manmohan Singh and Narendra Modi have significantly shaped India’s financial landscape over the past two decades. This analysis provides a detailed comparison of their tenures, focusing on key economic indicators. Using infographics and data visuals, we contrast the performance of the UPA (United Progressive Alliance) under Manmohan Singh and the NDA (National Democratic Alliance) under Narendra Modi. The comparison covers GDP growth, retail inflation, tax-to-GDP ratio, stock market returns, trade deficit, government debt, and education expenditure.

The Big Thing. GDP Growth During Dr. Manmohan Singh’s tenure from 2004 to 2014, the Indian economy experienced an average GDP growth rate of approximately 7.7% year-on-year (YOY). This period saw robust economic expansion, driven by liberalization policies, increased foreign investments, and a booming services sector.

Under Narendra Modi’s leadership from 2014 onwards, the average GDP growth rate has been around 6.8% YOY. While the economy initially experienced strong growth, factors like demonetization, the implementation of GST, and the COVID-19 pandemic have affected overall performance.

Manmohan Singh’s tenure saw higher average GDP growth compared to Modi’s period. However, Modi’s government has focused on structural reforms intended to create a more resilient economy in the long term.

Controlling Retail Inflation Retail inflation, measured by the Consumer Price Index (CPI), averaged around 7.5% annually during the UPA years. High food and fuel prices were significant contributors to inflationary pressures during this period.

Under Modi, retail inflation has averaged around 4.8% annually. The government’s focus on inflation targeting through the Reserve Bank of India and measures to improve food supply chains has helped keep inflation in check.

Modi’s administration has been more successful in controlling retail inflation compared to the UPA period, resulting in lower average annual inflation rates.

Collecting Taxes Effectively: Tax to GDP Ratio The tax-to-GDP ratio is a crucial metric for several reasons. It indicates the government’s capacity to generate revenue from the economy. Higher ratios suggest that the government can raise more funds to finance public services and infrastructure.

During the UPA tenure, the tax-to-GDP ratio averaged around 10.4%. Efforts were made to widen the tax base, but challenges in enforcement and compliance persisted.

Under Modi, the average tax-to-GDP ratio has improved to approximately 11.5%. The introduction of the Goods and Services Tax (GST) aimed to simplify the tax structure and enhance compliance, contributing to higher tax revenues.

The NDA has seen a higher average tax-to-GDP ratio, reflecting better tax compliance and a broader tax base due to GST implementation.

Bull Run. Returns from Stock Market Returns The UPA era witnessed an average annual stock market return of around 15%. The period was marked by significant market rallies driven by economic growth and foreign investment inflows.

During Modi’s tenure, the stock market has delivered an average annual return of approximately 11%. Despite market volatility and economic disruptions, long-term reforms have supported market confidence.

While both tenures saw positive stock market returns, the UPA period experienced higher average annual returns compared to the NDA period.

Deficits and Debt. Economic The UPA years saw an average annual trade deficit of around USD 100 billion. High import bills, especially for oil and gold, contributed significantly to the trade deficit.

Under Modi, the average annual trade deficit has been about USD 70 billion. Initiatives like Make in India and measures to curb non-essential imports have helped reduce the trade deficit.

The NDA has managed to lower the average annual trade deficit compared to the UPA period, reflecting better management of import bills and a push towards domestic manufacturing.

During the UPA tenure, government debt averaged around 68% of GDP. Increased public spending and fiscal stimulus measures contributed to higher debt levels.

Under Modi, government debt has averaged around 70% of GDP. While the government has focused on fiscal consolidation, spending on infrastructure and social programs has kept debt levels high.

Government debt as a percentage of GDP has remained relatively stable between the two periods, with a slight increase under the NDA due to higher spending on developmental programs.

Education Expenditure (% of GDP Avg) Top education spenders in Asia, measured by GDP percentage, include South Korea (4-5%), Japan, Singapore (3-4%), Malaysia (4-5%), Thailand (around 4%), and Hong Kong (3-4%). These countries prioritize education, investing heavily in quality, technology, and skills development.

Education expenditure averaged around 3.8% of GDP during the UPA years. Significant investments were made in expanding access to education and improving infrastructure.

Under Modi, education expenditure has averaged around 3.5% of GDP. The focus has been on improving the quality of education, skill development, and digital learning initiatives.

Both administrations have allocated similar proportions of GDP to education, with the UPA slightly ahead in terms of average expenditure. However, the NDA has emphasized quality and skill development more prominently.

Comparing the economic impacts of Manmohan Singh and Narendra Modi’s tenures reveals distinct approaches and outcomes. The UPA period saw higher GDP growth and stock market returns, but also higher inflation and trade deficits. The NDA has managed better inflation control, an improved tax-to-GDP ratio, and a reduced trade deficit, reflecting a focus on structural reforms and fiscal discipline. Using infographics and data visuals, this comparison provides a clear understanding of each administration’s economic performance, helping readers grasp the broader impacts of their policies on India’s economy.

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5 Facts and Myths Related to Digital Gold | Spare8

It is a known fact that there have arisen doubts and unfamiliarity when it comes to investing in digital gold. After all, we have been investing in physical gold all these years. But let us tell you that every new thing, in the beginning, brings with it apprehensions, hesitation, inhibition, and insecurity. 

Questions like is there any risk in digital gold? Is digital gold better than physical gold? What are the benefits of digital gold? keep hovering if you decide to take the step ahead in investing in digital gold. If you plan to invest in digital gold but are stopped by the misconception surrounding the same, let us take you through some digital gold facts and bust those myths.

Myth 1- Online Gold isn’t Pure Gold

Spare8 gets you the purest digital gold you can ask for. When you buy digital yellow metal you are not just buying it online but from mediators assisting you in accessing the gold from top-notch companies. All these companies own goodwill and offer no risk. So, when you buy digital gold you are in fact buying it with no impurity risks as the product is high in liquidity. Spare8 has partnered with Augumont and Paytm to purchase the digital gold. Stay assured that the digital gold you purchase on Spare8 is stored in vaults secured by SEBI regulated independent trustees.

Myth 2- Digital Gold is a Bad Investment

Gold can never be a bad investment. Once you plan out a digital gold investment and invest accordingly you can actually get paid off quite handsomely. Falling stock prices can be backed up by digital gold investment as well as investment alternatives. It actually becomes a time to celebrate when golf rates increase and shoot out unexpectedly. Digital gold investment helps against economic downturns and recessions.

Do invest in Spare8 to get digital gold returns. We at Spare8 assure you that gold in comparison to diamonds or platinum has strong resale value and you can always consider it the best investment ever!

Myth 3- Digital Gold has Hidden Costs and Expensive Storage Fee

Spare8 is consumer-centric and believes in transparency. Once you purchase digital gold on Spare8 know that you are actually trading pure gold. No matter the amount you use for the purchase, every penny is invested in gold only! We only charge you GST cost at the time of investing and the digital gold is kept in high-end security storage for FREE with full insurance.

Myth 4- Purchasing Digital Gold Requires Comprehensive Documentation

Buying Digital gold on Spare8 is as simple as ABCD. The only requirement is the Spare8 app/website and an active bank account/UPI. In no time the gold is yours! We do not believe in dragging customers' time with unnecessary KYC procedures. The fact is purchasing physical gold from some jeweller is tiresome and time taking with the submission of all those documents and id proofs.

Myth 5- Digital Gold is not Real Gold

No matter how much you deny it, digital gold is real gold! As soon as your gold balance strikes a particular gram, you can convert it into a physical gold coin or jewellery. You have the flexibility to withdraw your savings and get it delivered at your home. You don’t get such freedom when you go out to buy physical gold.

Spare8, an awesome digital gold and the micro-investment app is here to help you invest and convert your spare change into gold without hassles. Enjoy the guaranteed 24K gold by Spare8. Start investing in digital gold if you haven’t and see your money grow in no time!

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Income Tax on Gold: How Are Different Forms of Gold Are Taxed

It's no surprise that gold is considered the best investment option. As a result of market economic shifts over the previous year, gold prices have surged at an unprecedented rate.

With the world becoming more uncertain, gold investments have grown important as a safe refuge for guaranteed and considerable returns. Although gold is no longer linked to currencies, it remains one of the most popular investments.

Investors purchase gold to diversify their risk. The gold market, like all markets, is subject to volatility and uncertainty. Gold is an essential haven in several countries compared to other precious metals used for investment.

Depending on their financial goals, individuals and investors invest in various types of gold. It is, therefore, critical to understanding the tax implications of gold investments. Unlike in the past, when buying real gold was the only way to invest in gold, now one can choose the form of investment that best meets his needs.

Many gold investments include digital gold, real gold, derivative contracts, and paper gold.

Tax on Physical Gold Sales

Physical gold assets include gold ornaments, jewellery, coins, gold savings plans, and gold biscuits. Individuals selling actual gold would face a 20% tax rate plus a 4% cess on long-term capital gains. Short-term gold is defined as gold sold within three years of purchase, whereas long-term gold is defined as gold sold after three years.

According to your income bracket, short-term capital gains on gold transactions are added to your total gross income and taxed. On the other hand, long-term profits are subject to a 20.8 per cent tax rate and are subject to indexation. LTCG investors who own physical gold would be required to pay 20% of their gains in taxes, plus any applicable surcharge. Furthermore, there is a 4% cess on specific transactions, with indexation benefits.

The TDS rate does not apply when selling gold. However, if you pay cash for jewellery worth more than Rs 2 lakh, you will be charged a 1% TDS fee. When you buy gold jewellery, you'll have to pay a 3% Goods and Service Tax (GST) on the value of the gold plus any manufacturing costs, if any.

Tax on Digital Gold

Digital gold is treated the same as actual gold regarding capital gains taxes. Digital gold is a relatively new investment strategy that has recently gained traction.

Returns on digital gold assets held for less than 36 months are not taxed heavily. Long-term capital gains would be subject to a 20% tax rate on the entire amount, plus a surcharge and a 4% cess with indexation benefits. Paytm, Google Pay, and PhonePe are among the mobile wallets that have partnered with MMTC-PAMP or SafeGold to sell gold for as cheap as Re 1.

The amount of taxes paid by an investor, on the other hand, is determined by how long the digital gold is retained.

Tax on Paper Gold

Gold exchange-traded funds (ETFs) allow you to invest in gold without actually owning any. It's comparable to having stock in a corporation. This is the case because ETFs are dematerialized. Because the current gold price determines a gold ETF's value, any gold ETFs are treated the same as gains from selling actual gold.

Profits from gold ETFs and mutual funds are taxed the same way as profits from actual gold. SGB return, on the other hand, is subject to a distinct taxation regime. Short-term gold units are those sold within three years after purchase, and long-term gold units are sold after three years.

Short-term investors (with a holding duration of up to 36 months) would be exempt from paying direct taxes on their earnings. Instead, those profits are applied to other incomes, and the applicable slabs levy taxes.

Gold Bonds Are Subject to a Tax When They Are Sold

However, you will earn 2.5 per cent per year if you invest in national gold bonds. Interest income is classified as a different source of income and is charged as such.

Profits earned after eight years of investing in SGB are tax-free. It's also worth noting that different tax rates apply to SGB returns in the case of a premature withdrawal.

Gold Bonds must be held for at least three years to be classified as a 'Long Term Capital Asset.' Short-term gold bonds are sold within three years of when they were purchased.

At the moment of redemption, gold bonds would be exempt from capital gains tax. If you keep until they mature (8 years) and generate some long-term capital gains when redeeming the gold bonds, you will not have to pay capital gains taxes on the benefit you receive. The bond would be exempt from TDS.

Gold Derivatives are Subject to a Tax

A company's profits are taxed at 6% if its gross yearly income is less than Rs 2 crore. Gold derivatives gains can be claimed as business profits, which reduces the tax burden connected with such transactions. If the company's gross sales are less than Rs 2 crores in a particular year, 6% of the returns would be claimed as taxes.

Gold derivatives gains can be claimed as business profits, lowering the tax burden connected with such transactions. To benefit from Section 44AD of the Income Tax Act, you do not need to keep a complete record of your business's books and accounts.

For more information, you can visit here

https://wizely.in/wizeup/income-tax-on-gold-india/

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Whenever you are looking to exchange gold for cash in Kolkata, it requires that you know about its purity. Based on the purity, the buyer will fix the price. They will not pay for the craps. You will get the price every morning in the dailies. These are quoted values that differ in respect of buying and selling. While selling ornaments, jewelers add making charges, GST rates, metals mixed, and purity factors to the quoted price.