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GST ON PENAL CHARGES
Govt loses Rs 1,757 cr as BSNL fails to bill Reliance Jio for sharing infra: CAGBSNL incurred a loss of Rs 1,757.56 crore as it failed to bill Reliance Jio for 10 years, starting from May 2014, for using its passive inf...- No GST on penal charges levied by banks, NBFCs and other regulated entities on loans, clarifies CBICNo GST on penal charges: The government has clarified that no bank, NBFC, regulated entities (REs) can charge Goods and Services Tax (GST) ...
- No GST on penal charges levied by banks, NBFCs: CBICGST will not be charged on penal charges levied by banks and NBFCs, as clarified by the CBIC. This exemption is due to such charges being d...
- GST Council meet: From no GST on penal charges by banks, NBFCs for loan defaults to 5% GST on new EVs & more; Here are top 10 outcomesThe GST Council lowered the compensation cess rate for merchant exporters to 0.1% and reduced the tax on fortified rice kernels to 5%. The ...
- Ashvin Parekh on GST decisions impacting insurance sectorI mean that was awaited for a while now, so that has really come about. So, the penal part has been removed which is a very positive thing ...
- Caramelised popcorn’s sweetness in jeopardy? Sitharaman’s GST clarification adds a tangy twistThe GST Council clarified the tax rates for popcorn. Ready-to-eat popcorn with salt and spices will be taxed at 5% if loose and 12% if pre-...
- Binance gets Rs 722 crore GST notice, a first for crypto sectorThe notice was issued for fees collected from Indian customers trading in virtual digital assets (VDAs) on the platform, categorized under ...
- Banks in a GST fix over RBI's directive to levy penal chargesThe Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear t...
- Gold loan interest rates March 2024: Check full list of banks' latest gold loan interest ratesLatest gold loan interest rates: Gold loan can be availed for meeting expenses of sudden medical exigency, margin money for home loan and/o...
- High charges on NACH, ECS debit bounce: Even 17% return on mutual fund SIP may not be enough to recover penaltiesMutual fund SIP has become a popular tool for small retail investors to do small regular savings and get the benefit of higher returns from...
- New RBI rules on penal charges on loans: Will there be any upper limit/cap for imposing penal charges?the RBI stated that the transition to the new punitive charges regime should occur on or after April 1, 2024, but no later than June 30, 20...
- Are banks making a business out of punishing loan defaulters?The Reserve Bank of India (RBI) in August had instructing banks not to use penal interest rates as a revenue enhancement tool but rather to...
- Banks want norm barring penal interest rate deferred by three monthsLenders argued in a representation to the RBI earlier this month that penal interest rates lead to better credit discipline. They also said...
- RBI to review arbitrary penal charges on loans; to release draft guidelines soonCurrently, the penal amount levied varies within banks and also among NBFCs. The penal charges levied are arbitrary by the bank i.e, each b...
- India's GST Council meets today to decide on online gaming tax, decriminalisation of some indirect tax offencesThe Council has reportedly been given a suggestion - by the law committee - to consider increasing the monetary threshold for launching pro...
- Govt may remove penal offences covered under IPC from GST lawThe proposal, part of the exercise to decriminalise GST law, is likely to be taken up in the next meeting of the GST Council. Once approved...
- Bank of Baroda launches personal loan for customers to tackle coronavirus related liquidity issuesAccording to the bank, "The objective of this loan is to provide ease to tide over the liquidity mismatch to existing customers." The custo...
- Supreme Court stays Rajasthan High Court order extending deadline of GSTR-9 and GSTR-9CThe High Court of Rajasthan had directed the GST Department to accept the filing of GSTR-9 and GSTR-9C till February 12, 2020 without late ...
- Fringe benefits availed by employees liable to GSTThe fringe benefits are transactions in furtherance of business. "Even if supplied without consideration, the same are deemed supply" and w...
- High GST may taper leasing industry growthApart from GST rates, there are other issues like input tax credit, penal interest/charges for delayed remittance of EMI and sale of reposs...
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