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T he Hon’ble Gujarat High Court in M/s. Devi Products v. State of Gujarat  [R/Special Civil Application No. 2288 of 2023 dated February 15, 2023] has set aside the Show Cause Notice (“SCN”) issued to the assessee and the consequential order for cancellation of GST Registration, on the grounds that they were passed without recording any reasons and without determining the tax demand and thus, are cryptic in nature. Held that, cancellation of GST Registration without any determination of the amount payable by the assessee is not valid and sustainable.   Facts: M/s Devi Products (“the Petitioner”) is a sole proprietor engaged in the business of trading of brass articles. The Petitioner had filed its it return till June, 2020, however due to prevalent circumstances during Covid-19 pandemic the Petitioner had no business subsequent to June, 2020 and due to the financial hardship suffered, the Petitioner was of bonafide belief that there was no requirement to file GST returns. Subsequently,

  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6

  The country's largest private sector lender HDFC Bank on Monday said it is attempting to execute digital payments in an offline mode under a regulatory facility to test innovations. Apart from executing transactions in no network areas, such a facility will be of help in urban pockets experiencing bad networks and also in aircraft, according to a statement. It can be noted that there is a facility which helps users with feature phones undertake Unified Payments Interface (UPI) transactions. HDFC Bank has begun the pilot in a partnership with Crunchfish, IDFC Bank and M2P Fintech under the RBI's regulatory sandbox programme after getting the nod in September 2022, it said. The lender will roll-out this service as part of a limited pilot for four months in more than 16 cities and towns across the country. The offline transaction amount would be limited to up to Rs 200 per transaction.   Digital payment typically requires one either the customer or the merchant to be online to g

  The Crypto market remains volatile, and cryptocurrencies form "an unstable ecosystem", the Reserve Bank of India (RBI) said in its Financial Stability Report (FSR) released on Thursday. To address financial stability risks and protect investors, it is important to arrive at a "common approach to crypto assets", the report added.  "Although the crypto assets market remains volatile, there have not yet been any spillovers onto the stability of the formal financial system. The accumulated experience, however, suggests that they form an unstable ecosystem and there is growing evidence that they remain highly concentrated and interconnected," it said. The FTX turmoil, RBI said, revealed that crypto is highly volatile and exhibits "high correlations" with equities. It has also not served as a hedge against inflation. "Contrary to claims that they are an alternative source of value due to inflation hedging benefits, crypto assets value has fallen

The GST collections for December 2022 stood at Rs 1,49,507 crore -- 2.5 per cent more than Rs 1,45,867 crore collected in November 2022, according to figures released by the Finance Ministry on Sunday.   However, on year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore.   Monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row, the figures mentioned.   The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).   The government has settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as regular settlement.   The total revenue of the Centre and the states after regular settlements in December 2022 is Rs 63,380 crore for C

  Gross goods and services tax (GST) collection for December rang up over Rs 1.49 trillion, the data released by the finance ministry showed. This is a surge of 15 per cent year-on-year, mainly driven by increase in retail prices of consumption items, high inflation, and action taken to ensure compliance. This was the third-highest monthly collection since the tax was introduced in July 2017. GST collection touched a record high of Rs 1.68 trillion in April and touched over Rs 1.51 trillion in October. “This is the tenth month in a row — that monthly GST revenue has been more than Rs 1.4 trillion,” the ministry said on Sunday while releasing the data. If the trend continues, overall GST collection may exceed the budgetary estimate by Rs 1.3-1.4 trillion, experts estimate. The Budget 2022 set the Central GST (CGST) target at Rs 6.6 trillion, excluding the compensation cess. Between April and December, CGST collection stood at more than Rs 5.5 trillion. “The headline GST numbers remain r

  On Wednesday, the Reserve Bank of India announced a 35-basis-point increase in the repo rate to 6.25 per cent. The RBI Monetary Policy Committee (MPC) voted to raise the rate to bring elevated inflation back towards its target of 4 per cent, governor Shaktikanta Das said. The six-member MPC, which held its bi-monthly policy meeting from December 5 to 7, remained focused on withdrawing accommodation. The MPC’s rate action was not unanimous, with 5 out of 6 members voting for the rate hike. The decision on the stance was also not unanimous, with 4 out of six members voting for the retention of the stance. The Standing Deposit Facility rate – which represents the floor of the interest rate corridor, is now 35 bps higher at 6 per cent. The Marginal Standing Facility rate, which is the upper band of the interest rate corridor, has also been increased by 35 bps to 6.50 per cent The rate hike was in line with market expectations – A Business Standard poll of 10 respondents had predicted a r