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Mastering the Art of Error-Free ITR Filing: Your Complete Guide

Monika Shanmugam
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Mastering the Art of Error-Free ITR Filing: Your Complete Guide

In the labyrinthine world of Income Tax Return (ITR) filing, attention to detail can make or break your tax compliance journey. Here’s a concise roadmap to ensure your ITR sails through without a hitch:

Choosing the Right Form

Selecting the correct ITR form is paramount. Factors like residential status and income nature dictate which form suits you best. Using the wrong form risks rendering your return defective, warns experts, possibly invalidating your ITR altogether.

Precision in Personal Details

Accuracy reigns supreme when entering Aadhaar, correspondence details, and bank information. Errors in bank account numbers or IFSC codes can significantly delay your tax refunds, caution experts.

Full Disclosure of Income and Assets

Every penny counts. Taxpayers must disclose all income sources—be it interest, dividends, rental income, or even gambling winnings—regardless of their taxability. Additionally, residents are obligated to declare foreign assets and income, ensuring transparency and compliance.

Reconciling Form 26AS and AIS

Harmony between Form 26AS and Annual Information Statement (AIS) is crucial. Any discrepancies must be promptly addressed. Taxpayers should correct errors in AIS via the portal and notify deductors of any mismatches in Form 26AS, facilitating accurate tax assessments.

Bank Account Pre-Validation

Secure your refunds seamlessly by pre-validating your bank account. This step ensures timely receipt of income tax refunds, enhancing taxpayer convenience and compliance.

Navigating the intricacies of ITR filing demands meticulousness at every step. By adhering to these guidelines, taxpayers can streamline their tax filing process and avoid potential pitfalls. As tax season approaches, mastering these fundamentals will empower individuals to file their returns confidently and error-free.

US Supreme Court Rejects ‘Trump Too Small’ Trademark

Akash G Varadaraj
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US Supreme Court Rejects ‘Trump Too Small’ Trademark

In a significant decision, the US Supreme Court has denied a California lawyer’s attempt to trademark ‘Trump Too Small’ for T-shirts. This ruling reaffirms the federal law prohibiting the unauthorised use of personal names in trademarks.

On Thursday, the Supreme Court sided with the US Patent and Trademark Office (USPTO) in rejecting Steve Elster’s trademark application. The USPTO had previously denied the application, citing the federal law that restricts trademarking a person’s name without their consent.

Justice Clarence Thomas, writing for the majority, stated, ‘We conclude that a tradition of restricting the trademarking of names has coexisted with the First Amendment, and the names clause fits within that tradition.’ He added, ‘Though the particulars of the doctrine have shifted over time, the consistent through line is that a person generally had a claim only to his own name.’

This decision overturns a unanimous 2022 ruling by the US Court of Appeals for the Federal Circuit. That court had found that the privacy protections were outweighed by Elster’s First Amendment right to criticise public officials. During the Vidal v. Elster oral argument, Chief Justice John G. Roberts Jr. expressed concerns that ruling in favour of Elster could complicate the creation of similar satirical content about Trump.

Elster’s idea for the ‘Trump Too Small’ T-shirt originated from the 2016 rivalry between Trump and Senator Marco Rubio during the Republican presidential nomination race. In response to Trump’s taunts calling him ‘Little Marco,’ Rubio made a jab at the size of Trump’s hands, implying that men with small hands could not be trusted. Trump famously retorted, ‘Look at those hands, are they small hands? And, he referred to my hands — ‘if they’re small, something else must be small.’ I guarantee you there’s no problem. I guarantee.’

Solicitor General Elizabeth B. Prelogar argued before the court that while Elster can use the phrase ‘Trump Too Small’ freely, the government is not obligated to grant trademark protections. ‘Living people have a valuable right to their own names,’ Prelogar noted, emphasising that Elster’s First Amendment rights do not entitle him to enhanced property rights enforcement using another person’s name.

 The US Supreme Court’s decision to reject the ‘Trump Too Small’ trademark application highlights the delicate balance between free speech and privacy rights in the context of trademark law. By siding with the USPTO, the Court reinforced the principle that individuals have a fundamental right to their own names, which cannot be used in trademarks without  their consent. 

Understanding the nuances of trademark law can be challenging, especially when balancing free speech and privacy rights. Vakilsearch offers expert legal guidance to help you navigate these complexities. Whether you are seeking to protect your brand or need assistance with trademark applications, our experienced team is here to provide tailored solutions. Ensure your intellectual property rights are fully protected—contact Vakilsearch today for comprehensive and reliable legal support.

Ilayaraja Vs Echo Company Over Moral Rights: Argument in HC

Akash G Varadaraj
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Ilayaraja Vs Echo Company Over Moral Rights: Argument in HC

Senior advocate Vijay Narayan, representing Echo Music Company, argued that legendary composer Ilayaraja cannot claim moral rights over 4,500 songs after receiving payment, given the absence of a personal agreement with producers regarding copyright. Echo Music Company has appealed to the High Court, asserting their right to use these songs. The final hearing took place yesterday before Chief Justice R. Mahadevan and Justice Mohammad Shafiq.

Narayan emphasised that Ilayaraja, having received compensation for his work, lacks grounds to assert moral rights over the compositions. He clarified, ‘The primary owner of the copyright is the producer who pays for the music service. Echo acquired 4,500 songs by formal agreement with the film producers, not with Ilayaraja. Royalties were paid to Ilayaraja until 1990 and then discontinued without any legal challenge.’

Narayan further stated that moral rights are only relevant if the music is altered or lyrics are changed. He mentioned Ilayaraja’s notice to the producer of ‘Manjummel Boyz,’ alleging tampering with a song from the film ‘Guna.’

Comparing Ilayaraja with AR Rahman, Narayan pointed out, ‘AR Rahman retains his copyrights, unlike Ilayaraja, who transferred his rights to producers. Without a personal agreement from 1970 to 1990, Ilayaraja cannot claim these rights now.’ The judge has adjourned the case to 19 June 2024 for further proceedings after Echo concluded its arguments.

  The dispute between Echo Music Company and Ilayaraja over the moral rights to 4,500 songs brings to light the complexities of copyright law in the music industry. Echo Music’s argument hinges on the absence of a personal agreement between Ilayaraja and the producers, as well as the fact that royalties were paid to Ilayaraja up until 1990 without any legal contention. This case underscores the importance of clear contractual agreements regarding the ownership and rights over musical works. The final decision, expected on  19 June 2024, could set a significant precedent for how moral rights are interpreted and enforced in the industry.

  Navigating the intricacies of copyright law and intellectual property can be daunting. At Vakilsearch, we offer expert legal services to ensure your rights are protected and your agreements are airtight. Whether you’re an artist seeking to retain control over your creations or a company managing multiple contracts, our experienced team can provide the guidance you need. Don’t leave your rights to chance—contact Vakilsearch today to safeguard your creative and business interests with comprehensive legal solutions.

 

AAR Rules That Infant Milk Formula is Subject to 18% GST

Akash G Varadaraj
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AAR Rules That Infant Milk Formula is Subject to 18% GST

 The GST-Authority for Advance Rulings (AAR) in Rajasthan has ruled that Bebymil correctly applies an 18% GST to its infant milk formula products. These products, marketed under the brand name Momylac, are tailored for different age groups. Bebymil sought clarification from the AAR as some competitors were charging only 5% GST on similar products.

The AAR clarified that Chapter 4 of the GST classification pertains solely to milk products. In Momylac’s case, milk is just one component among cereals, protein supplements, and other ingredients that vary with the infant’s age. This composition justified the higher GST rate.

Tax experts highlight the need for simpler classification norms. They point to inconsistencies, like the Gujarat AAR’s ruling that exempts lassi from GST, while flavoured milk is taxed at 12%.

India’s GST categorisation follows the Harmonised System of Nomenclature (HSN), an international framework by the World Customs Organization. This system includes 21 sections, 99 chapters, 1,244 headings, and 5,224 sub-headings, ensuring detailed and specific classification of goods.

 The recent ruling by the GST-Authority for Advance Rulings (AAR) in Rajasthan, which mandates an 18% GST on infant milk formula products like Bebymil’s Momylac, highlights ongoing complexities in GST classification. The decision underscores the need for clearer, more consistent guidelines, as discrepancies persist in similar product categories. For instance, while the Gujarat AAR exempts lassi from GST, flavoured milk faces a 12% tax. Such inconsistencies point to the necessity for streamlined classification norms within India’s GST framework, which adheres to the Harmonised System of Nomenclature (HSN) for detailed product categorisation.

 Navigating GST complexities can be challenging, especially with evolving rulings and classifications. Vakilsearch offers expert legal and tax services to help businesses stay compliant and optimise their tax strategies. Our team of professionals ensures accurate GST filings, helps resolve classification disputes, and provides strategic tax planning to minimise liabilities. Trust Vakilsearch to handle your tax and legal needs, so you can focus on growing your business with peace of mind. Contact us today to simplify your GST compliance and stay ahead in the regulatory landscape.

 

MCA Sets Ambitious Agenda with Revamped IBC and Digital Bill

Akash G Varadaraj
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MCA Sets Ambitious Agenda with Revamped IBC and Digital Bill

The Ministry of Corporate Affairs (MCA)Revamped  IBC (Insolvency and Bankruptcy Code)   and introducing a new Digital Competition Bill (DCB). As part of its comprehensive strategy, the MCA plans to bolster the National Company Law Tribunal (NCLT) by increasing its strength and establishing specialised benches for IBC and mergers and acquisitions (M&A) cases. Amendments to the Companies Act 2013 are also on the agenda to enhance the ease of doing business (EODB) in India.

In April, the MCA initiated a consultation process focusing on seven critical areas under the IBC, such as insolvency proceedings under NCLT, resolution processes for personal guarantors, and pre-packaged insolvency processes. Experts stress the importance of timely completion of insolvency proceedings. ‘The inordinate delay defeats the purpose of IBC. The provisions and process should be streamlined to ensure proper resolution plans rather than ending in liquidation,’ said Diviay Chadha, partner at Singhania & Co.

Another significant challenge for Finance Minister Nirmala Sitharaman, who also oversees the MCA, is addressing the controversial DCB. Despite the completion of the consultation process, tech giants like Google, Meta, and Apple are lobbying for revisions to the proposed legislation.

Filling vacancies at the NCLT is also a pressing issue, as it currently operates with 51 members, well below the approved strength of 63. ‘After the reprimand by the Supreme Court last year, the focus should be on appointing members with domain expertise,’ noted a company law expert.

On the EODB front, experts highlight the need to eliminate certain administrative approvals mandated by the Companies Act, 2013. ‘Human intervention in the approval process of non-STP forms is the main obstacle. MCA should streamline this process and introduce a company law settlement scheme (CLSS) for non-compliant companies to settle their cases with minimal penalties. It’s been almost five years since the last CLSS was introduced,’ Chadha added.

With these ambitious reforms, the MCA aims to create a more efficient and business-friendly environment in India. The Ministry of Corporate Affairs (MCA) is charting a transformative path with its ambitious agenda to overhaul the Insolvency and Bankruptcy Code (IBC) and introduce a Digital Competition Bill (DCB). By bolstering the National Company Law Tribunal (NCLT) and streamlining insolvency processes, the MCA aims to enhance corporate governance and ease of doing business in India. 

Our Experts   emphasise the need for timely insolvency resolutions to prevent liquidations, while the proposed Digital Bill faces scrutiny from major tech players. Additionally, addressing NCLT’s staffing issues and reducing bureaucratic hurdles in the Companies Act,2013  are crucial steps towards achieving these reforms.

Navigating through corporate compliance can be complex, especially amidst evolving regulations. Vakilsearch offers comprehensive Annual Filing Services designed to ensure your business stays compliant with the latest statutory requirements. With expert guidance and efficient handling of all your legal filings, Vakilsearch provides the support you need to focus on your core operations. Ensure seamless compliance and avoid penalties with Vakilsearch’s trusted services. Contact us today to streamline your annual filings and stay ahead in the business landscape.

 

Jawan Killed, 6 Injured as Terrorists Strike Again in J&K

Akash G Varadaraj
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Jawan Killed, 6 Injured as Terrorists Strike Again in J&K

In a terrorists strike  a CRPF jawan was killed and six others, including five soldiers and a special police officer, were injured as terrorists launched another attack in Jammu and Kashmir’s Doda district. This marks the third such incident in as many days, following a civilian being injured in Kathua and an attack on a bus in Reasi that left nine dead.

The terrorists strike  began late last night when terrorists opened fire on a joint team of police and Rashtriya Rifles at an army base in Chattargala. ‘An encounter is underway in the higher reaches,’ said Anand Jain, Additional Director General of Police, Jammu zone, who is supervising the operation.

In the Kathua incident, a terrorist was killed and another is being hunted with the aid of drones in the Hiranagar area. The attackers had solicited water from villagers, arousing suspicion and subsequently opening fire when challenged. ‘There are rumours of multiple casualties, but only one civilian was injured,’ clarified Mr. Jain, dispelling misinformation about the incident.

Mr. Jain also hinted at external instigation behind these attacks, implying involvement from Pakistan without naming the country. ‘Our hostile neighbour always attempts to disrupt peace in our country,’ he stated.

Earlier, a bus en-route to the Shiv Khori cave temple was attacked in Reasi, leading to nine fatalities and 33 injuries after terrorists opened fire, causing the bus to plunge into a gorge. This attack was reportedly orchestrated by Lashkar-e-Taiba commander Abu Hamza. Jammu remains on high alert as security forces intensify efforts to counter these persistent threats.

The recent surge in terrorist attacks in Jammu and Kashmir’s Doda district highlights a significant escalation in regional violence, presenting a severe challenge for security forces. The killing of a CRPF jawan and injuries to six others, including army personnel and a special police officer, underscore the ongoing threat posed by militant groups. The persistence of such attacks, despite intensive counter-terrorism operations, suggests possible external support, as hinted by officials. The current situation demands heightened vigilance and strategic coordination among security agencies to restore stability and prevent further loss of life.

 In these turbulent times, legal and regulatory compliance is crucial for businesses and individuals alike. Vakilsearch offers comprehensive legal solutions tailored to your needs. Whether it’s navigating complex legal frameworks, ensuring compliance, or protecting your rights, our team of experts is here to help. Stay secure and compliant with Vakilsearch’s trusted legal services, designed to give you peace of mind. Contact us today to safeguard your interests and focus on what matters most.

 

Delhi High Court Rules in Favour of Rajat Sharma in Trademark Case

Akash G Varadaraj
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Delhi High Court Rules in Favour of Rajat Sharma in Trademark Case

The Delhi High Court has ruled in favor of renowned journalist Rajat Sharma, barring a man from using an imitation India TV logo and the trademark ‘Baap ki Adalat’ on social media. The news channel accused Ravindra Kumar Choudhary, a self-proclaimed political satirist, of infringing on its logo and trademark rights. Choudhary’s logo ‘Jhandiya TV’ closely resembled India TV’s, and his use of ‘Baap ki Adalat” mimicked the popular show ‘Aap ki Adalat,’ hosted by Sharma.

 The single-judge bench led by Justice Anish Dayal decided on May 30 that the defendant, Ravindra Kumar Choudhary, cannot use Sharma’s image, video, or name in any way that could violate Sharma’s personality rights. This includes using them as a trademark, logo, trading style, domain name, or in social media posts and audio-video content.

The court’s decision followed a lawsuit filed by Sharma and his company, Independent News Service Private Limited, the owner of the IndiaTV news channel. The plaintiffs claimed that Choudhary, a self-proclaimed political satirist, was creating and publishing audio-video content on social media platforms using a logo and the mark ‘Baap Ki Adalat’, which they argued was deceptively similar to IndiaTV’s logo and its well-known show ‘Aap Ki Adalat’.

Sharma emphasised that Choudhary’s use of the logo in his social media posts was identical to the way Sharma used his trademark on his channels. The High Court determined that the plaintiffs had established a ‘prima facie case’ for an ex parte ad interim injunction until the next hearing, noting that the balance of convenience favoured the plaintiffs and that they would likely suffer irreparable harm if the injunction was not granted.

The court’s order stated that the plaintiff had successfully demonstrated a prima facie case warranting the issuance of an ex parte ad interim injunction until the next hearing. It was determined that the balance of convenience was in the plaintiff’s favor, and that they would likely suffer irreparable harm if the requested injunction was not granted. Summons have been issued for the lawsuit, and notice has been given regarding the plaintiffs’ application for interim relief. The next hearing is scheduled for October 18.

 As per our experts this decision not only safeguards the brand integrity of India TV and its popular show ‘Aap ki Adalat’ but also sets a significant precedent for similar cases involving digital content and social media platforms. The court’s order for social media giants to remove infringing content further highlights the evolving legal landscape where online intellectual property rights are vigorously defended.

 In today’s competitive market, protecting your brand identity is crucial.  Vakilsearch  offers comprehensive trademark registration and protection services to ensure your brand remains uniquely yours. 

Our expert team handles everything from filing applications to managing legal disputes, providing you with peace of mind. In light of the Delhi High Court’s recent ruling on trademark infringement, it’s more important than ever to safeguard your brand. Trust Vakilsearch to navigate the complexities of trademark law, so you can focus on growing your business. Secure your trademark with us today and protect your brand’s future.

Oil Minister Pushes for GST on Petrol, Diesel, and ATF

Akash G Varadaraj
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Oil Minister Pushes for GST on Petrol, Diesel, and ATF

 Oil Minister Hardeep Singh Puri announced that the Ministry of Petroleum and Natural Gas (MoPNG) aims to bring petrol, diesel, and aviation turbine fuel (ATF) under the Goods and Services Tax (GST). “We will try. The Minister of State (Suresh Gopi) and I will both work on it,” Puri stated.

To implement GST on these fuels, the MoPNG must recommend it to the Finance Ministry, which will then present it at the GST Council meeting. Both Puri and Gopi took charge of the ministry on Tuesday.

Currently, crude oil, petrol, diesel, ATF, and natural gas are under GST. However, the GST Council must decide the date to start levying the tax, as per Subsection 5 of Section 12 of the 101st Constitutional Amendment Act.

Presently, the central government imposes excise duty on auto fuels, while states levy value-added tax (VAT) and sales tax. Introducing GST on petrol and diesel could lower their prices, a long-standing demand supported by various political parties. However, the GST Council has not reached a consensus, fearing a loss in tax revenue for both states and the center.

In FY24 (provisional), the petroleum sector contributed around ₹7.51-lakh crore to the government exchequer, with the center’s share at ₹4.32-lakh crore and the states’ at ₹3.18-lakh crore. The previous fiscal year saw a similar contribution.

One challenge is the GST’s maximum tax rate of 50%, including cess, while the current tax on petrol and diesel exceeds 60%. As of March 16, 2024, the tax rate on diesel was 50.76%, and on petrol, it was 63.4%. “This is against the principle of the revenue neutral rate (RNR),” a source noted.

Bringing petrol, diesel, and ATF under GST would mark a significant shift in India’s tax landscape, with potential benefits for consumers but substantial implications for government revenues.

The Oil Minister’s proposal to bring petrol, diesel, and aviation turbine fuel (ATF) under the Goods and Services Tax (GST) framework is a significant policy shift that could transform India’s fuel taxation landscape.  However, the transition poses considerable challenges. The current tax revenue from the petroleum sector is substantial, with the centre and states collectively garnering around ₹7.51-lakh crore in FY24. Shifting to GST, which has a maximum tax rate of 50%, could result in significant revenue shortfalls for both state and central governments, given that current tax rates on these fuels are higher. 

Navigating the complexities of GST implementation and compliance can be daunting, especially with significant policy changes on the horizon.  Vakilsearch  offers comprehensive GST registration and compliance services to help businesses stay ahead. Our team of experts provides end-to-end solutions, from initial GST registration to ongoing compliance and advisory services. With potential shifts in GST policies impacting key sectors like petroleum, ensure your business is prepared and compliant with Vakilsearch’s trusted expertise. Let us handle your GST needs, so you can focus on driving your business forward.

GST Rate Rationalisation: A Complex Challenge for NDA 3.0

Monika Shanmugam
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GST Rate Rationalisation: A Complex Challenge for NDA 3.0

New Delhi: The BJP-led government faces a tough task in implementing GST rate rationalisation following a reduced mandate in the Lok Sabha elections. Analysts warn this could impact poorer sections, a concern the government can’t afford to ignore.

A Group of Ministers (GoM) is set to explore consolidating the current four GST slabs into three. Experts caution that altering GST rates on semi-essential items, taxed at 12% or 18%, might increase the tax burden on essential goods, currently taxed at 5%.

Sources close to the development told Moneycontrol that rate rationalisation might not occur soon due to its potential negative impact on lower-income groups. The government’s challenge is to avoid dissatisfaction among rural and lower-income sections, especially after the election results. This issue will be discussed in the 53rd GST Council meeting.

Current GST Structure

Essential and semi-essential goods, making up 70-80% of India’s consumption, are taxed at 5% or 12%. Luxury items face a 28% tax, significantly contributing to government revenue. ‘It’s like a cross subsidy; if rates are rationalised, the government’s revenue may take a hit, but lower-income groups will be more impacted,’ sources stated.

The GoM, led by UP Finance Minister Suresh Khanna, is yet to finalise recommendations. Central Board of Indirect Taxes and Customs (CBIC) Chairman Vivek Johri aims to streamline the current GST rates into three.

Potential Rate Adjustments

Consolidating four rates into three could involve merging slabs, possibly creating an 8% or 15% rate. Abhishek Jain, Partner & National Head of Indirect Tax at KPMG, explains, ‘At 8%, items like edible oil could go from 5% to 8%, impacting lower-income groups.’ Rationalising services taxed at 18% to 15% might reduce government revenue, necessitating an increase in the 12% rate, likely affecting semi-essential goods and services.

Role of States

In the GST Council, the Centre holds one-third of the votes, while states hold two-thirds. States’ consumption patterns will significantly influence policy decisions. Regional parties may push for lower rates in categories based on their consumption patterns, leading to gradual changes rather than immediate consolidation.

Impact on Businesses

Prateek Bansal, Tax Partner at White and Brief – Advocates & Solicitors, warns that reclassification will cause market disruptions, resetting business operations and impacting the ease of doing business. The multiplicity of tax rates has led to classification disputes and legal issues, with similar items taxed differently across states.

Tax experts call for GST simplification to reduce compliance problems and legal disputes. Examples of classification issues include varying tax rates on packaged vs. unpackaged goods and disputes over rates for similar products.

Conclusion

The GST classification system’s complexity, with multiple tax rates, creates tax uncertainty for businesses. Simplifying GST rates into a three-slab structure would provide clarity and reduce interpretational issues. However, balancing revenue needs with the impact on lower-income groups remains a significant challenge for the NDA government.

Busy Days Ahead for FM Nirmala Sitharaman: Jobs, Growth, Budget, and GST on the Agenda

Monika Shanmugam
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Busy Days Ahead for FM Nirmala Sitharaman: Jobs, Growth, Budget, and GST on the Agenda

New Delhi: With Nirmala Sitharaman returning as Finance Minister, her focus will be on fiscal consolidation, job creation, and welfare measures as she prepares the Union Budget 2024-25.

Immediate Priorities:

Sitharaman is expected to continue her policy focus on fiscal consolidation while emphasising job creation and welfare measures in the upcoming Budget. The finance ministry, having allocated ₹1.37 lakh crore for tax devolution to states, remains in high gear, swiftly responding to domestic and international developments.

Union Budget 2024-25:

The top priority is finalising the Union Budget 2024-25, to be presented next month. It’s anticipated that the Budget will maintain a focus on fiscal consolidation while addressing rural distress and boosting manufacturing investments. Support for micro, small, and medium enterprises (MSMEs) facing funding and expansion challenges is also expected.

‘With the cabinet formation now out of the way, focus shifts to the Union Budget,’ said Shreya Sodhani, Regional Economist at Barclays. ‘We may see some changes in spending patterns, with an increase in revenue expenditure and a focus on social sector schemes targeting rural consumption.’

The government’s strong fiscal position, bolstered by a large RBI dividend and higher tax collections, suggests the fiscal deficit target will remain at 5.1% of GDP, with no changes to the borrowing program. The middle class hopes for tax relief, particularly in the capital gains tax regime and higher exemptions under the old income tax system.

Growth and Economic Challenges:

Sitharaman must navigate economic challenges, sustain growth, and curb inflation. Despite global uncertainties affecting export growth, India’s economy has revived post-pandemic, growing over 7% in the three years till FY24 and projected to grow by 7.2% this fiscal. Creating adequate jobs for the growing workforce remains a critical mission.

Legislative Agenda:

A busy legislative agenda awaits the Finance Minister, with several pending economic Bills, including amendments to the Insolvency and Bankruptcy Code and the Companies Laws. Reforms in the insurance sector, amendments to the Insurance Act, 1938, and the Insurance Regulatory and Development Authority of India Act, 1999, are also pending. The draft Digital Competition Bill and the Central Excise Bill, 2024, replacing the Central Excise Act, 1944, are up for consultation.

Goods and Services Tax (GST):

As chair of the GST Council, Sitharaman will tackle various issues, including a pending meeting to discuss the steady revenue growth from the indirect tax regime. The online gaming industry hopes for a review of the 28% tax on the sector. Industry stakeholders also anticipate progress on the rate rationalisation exercise by the Group of Ministers of the GST Council.

With a packed agenda, FM Nirmala Sitharaman’s strategic decisions will be crucial in shaping India’s economic landscape and achieving the government’s ambitious targets.

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