GST confers Goods and Services Tax. It is a uniform tax applicable to the whole of India. It is an indirect tax that replaces the value-added tax (VAT), purchase tax, service tax, excise duty, etc. The new GST rates were announced by Union Finance Minister Nirmala Sitharaman, and the hiked rates came into force on the 18th of July 2022. Earlier, the Dairy products were exempt from the GST rate list. But after the 47th meeting of the GST Council, the GST rates were imposed on dairy products from nil. The GST rates were increase on the machinery utilised in the dairy product companies. In this blog, we have discussed the GST rates of dairy products, their effect on consumers, farmers, etc.

The rate of interest at which the Reserve Bank of India (RBI) lend money to commercial banks is called the repo rate. Repurchase agreements and repurchasing options both stand for repo. By selling eligible securities, banks can obtain loans from the central bank (the RBI). Commercial and central banks will agree on a price for repurchasing the securities. Banks usually do this when there is a shortage of funds or when market conditions are volatile. The repo rate is determine by monetary policy committees (MPCs), headed by RBI governors. And ordinary people are also impact by the repo rate. Controlling inflation and maintaining it within a specified target range are two main objectives of the RBI’s Monetary and Credit Policy. In this blog, we’ll discuss the Current repo rate in 2022 and what happens if the repo rate increases. So, read it out.

Government revenue is collect in two ways. Direct tax is the first category, and indirect tax is the second. Both direct and indirect taxes are other names for these. The government uses TDS as an indirect taxing approach. And it stops tax fraud. TDS or Tax Deducted source is a fixed amount of the income withheld by the institution, and that money is a deposit in the government’s account. The person who pays tax is known as the payer in the official. While the person who collect taxes is known as the deductor. By logging into your income tax filing account, one can also view the details about the TDS credit in form 26AS. When purchasing a property, paying rent, or paying a salary to any person, TDS can deduct.  So, it’s important for everyone that they know What is the TDS interest rate (TDS) alongside how to and when to pay it to the Income Tax Department.

July comes with a couple of changes to personal expense rules pertinent to various citizens. Furthermore, aside from expense, interest, and charge for deferred documenting. Moreover, the individual recording a modified return is expected to pay an extra assessment on discarded pay. And verifying such installment ought to go with the refreshed expense form. Here is a glance at three significant Tax updates of 2022.

GST system moved in with the goal of “One Nation One Tax ” in July 2017. Then, five oil-based goods — diesel, petroleum, flammable gas, raw petroleum, and flying turbine fuel — kept out of the GST circle. Albeit the conversations held among huge industrialists and a few priests. Including Dharmendra Pradhan and Nitin Gadkari, regarding GST on petroleum to manage the value adaptability of unrefined, it doesn’t appear to have any plan to impose GST on petroleum and diesel.
However, neither the central nor state government advocates the incorporation of Petrol and diesel under the GST rate pieces.

Inflation refers to overall increase in the prices of goods and services which effects the cost of living. Consequently, in broader terms, a nation can prosper with balanced prices and salaries. Inflation however increases the cost of living in a country which is somehow more than the salaries and wages of emplyees and workers. As per report by the RBI, Why inflation Rates rise in India? the annual retail inflation rate rose 6.30% year-on-year in May, up to 4.29% in April and above analyst’s estimate of 5.30%. Also, the wholesale price inflation rate rose 12.94%, highest in atleast 2 decades. 

Income tax slabs are kept unchanged by the government. Union budget 2022 is presented by Finance Minister Nirmala Sitharaman. We make great efforts to provide a suitable environment for the middle class. Ms. Sitharaman said this budget wishes to be the best step for the development of the nation. Since the outbreak of the pandemic, this was the sixth budget session in January 2022. On February 1, 2022, India’s Budget 2022 will be presented to Parliament. After the pandemic’s impact, the Union Budget is projected to put the economy on a faster growth path. Amendments to the tax code to promote long-term growth, infrastructure investment, a focus on R&D spending, nurturing incentives for core sectors such as manufacturing and services, and leveraging the vast experience of running captive centers are among the top priorities on the government’s agenda as it prepares to unveil the budget.

Nothing is clear about the future of cryptocurrency in India at the moment. Every day new speculations are being made about cryptocurrency. On the one hand, the Reserve Bank of India is issuing a warning regarding cryptocurrencies, while nothing is clear from the government. Instead of solving the problems of the country’s cryptocurrency investors, all these things are complicating them. When Union Finance Minister Nirmala Sitharaman revealed in her Budget speech on Tuesday that the Reserve Bank of India (RBI) will introduce its digital currency in the year beginning April 1, she dispelled questions and removed uncertainty about the future of cryptocurrencies in India. The income generated by the transfer of all virtual assets will be taxed at a rate of 30%. Thousands of crypto investors who were concerned about the future of digital currency in India have been spared as a result of this.

Income Tax Return New Rule 2021: The tax department brings a bit of excellent news for senior citizens above 75 years of age. Now they don’t get to file ITR if they meet certain conditions. The Central government in its 2021-22 Budget had added a provision to exempt senior citizens of 75 years and above having pension income and interest from fixed deposits in the same bank from filing income tax returns for the financial year beginning April 1. As per the notice to the Budget 2021, “In order to provide relief to senior citizens who are of the age of 75 years or above and to reduce compliance for them.

What is GST Evasion – Goods and Services Tax (GST) was implemented in the Indian economy from 1st July 2017 to displace the various indirect taxes and surcharges which were levied before 1st July 2017 with one customized tax structure and also to reduce the cascading effects of taxation through the input tax credit mechanism and levy the tax only on the value-added. Main purposes of GST’s implementation, one more general aim of combating evasion in tax structure was also included. Tax evasion has become a serious problem for the government of just about every country which is hard to regulate.