New Liquor Duties in Chhattisgarh
Chhattisgarh has updated its excise duties on liquor under the Chhattisgarh Excise Act, 1915:
Country Liquor: 50% duty based on the ex-factory price.
Foreign Liquor:
Spirits: 50% duty on the landing price.
Malt: 40% duty on the landing price.
Punjab Announces New Minimum Wage Rates
On July 18, 2024, the Government of Punjab revised the Minimum Wage Rates. For the period from September 2023 to February 2024, with an average CPI of 396.03, the minimum wage for unskilled workers will increase to Rs. 10,899.82 per month, effective March 1, 2024. This adjustment reflects inflation and rising living costs.
New Clarification on ITC Entitlement for Insurance Companies on Motor Vehicle Repair Expenses in Rajasthan
On July 9, 2024, the Government of Rajasthan clarified ITC rules for insurance companies:
ITC Claim: Allowed on repair invoices reimbursed by insurers.
Non-Network Garages:
Separate Invoices: ITC for the approved claim amount only.
Consolidated Invoices: ITC limited to the reimbursed amount.
Invoice Name: ITC not available if the invoice isn’t issued in the insurance company’s name.
Empower Yourself with Online Marketing Skills: Join the Entrepreneurship Development and Innovation Institute’s Three-Day Training
The Entrepreneurship Development and Innovation Institute (EDII), Chennai, invites you to a comprehensive training program on “Entrepreneurship: Create Your Own YouTube Channel and Online Marketing.
Govt. of Rajasthan issues Clarity on Taxability of Loans Between Overseas Affiliates and Indian Affiliates
On July 9, 2024, the Government of Rajasthan clarified that providing loans by an overseas affiliate to an Indian affiliate, or by a person to a related person, is not considered a taxable supply under GST if the only consideration is interest or discount. Services related to granting loans or credit are fully exempt from GST when no additional fees or charges are involved.
Government of Uttar Pradesh Issues New Minimum rates of Wages
The Government of Uttar Pradesh notified the minimum rates of wages payable to the employees employed in agricultural employment in the state of Uttar Pradesh on July 9th 2024. The Minimum Rates of Wages have been revised to Rs. 6162/- per month or Rs. 237/- per day for the following types of agricultural works, for the whole of Uttar Pradesh:
Rajasthan’s Latest Tax Clarification: Good News for Telecom Companies
On July 9, 2024, the Department of Commercial Tax in Rajasthan clarified that telecom companies can claim Input Tax Credit (ITC) on materials like ducts and manholes used in their optical fiber cable (OFC) networks.
New Notification on Input Tax Credit Reversal for Discounts
On July 9, 2024, the Department of Commercial Tax, Rajasthan, issued a notification detailing how to handle discounts given after a supply and associated ITC reversals. The update provides a mechanism for verifying compliance with the proportional reversal of ITC by recipients for discounts given through tax credit notes issued after the supply.
Government of Rajasthan issues New clarification on Time Limit in respect of RCM Supplies received from Unregistered Persons
On July 9, 2024, the Department of Commercial Tax, Rajasthan, clarified the process for claiming Input Tax Credit (ITC) on Reverse Charge Mechanism (RCM) supplies from unregistered suppliers. The notification outlines procedural aspects and time limits for availing ITC, emphasizing compliance with invoice issuance and tax payment requirements.
Understanding the New Bihar Financial Rules: A Boost for Local Businesses
On July 16, 2024, the Government of Bihar amended the Bihar Financial Rules, 1950, through the Bihar Financial (Amendment) Rules, 2024. The key update is:
Rule 131B: The Bihar Government can now create special policies to prioritize local businesses for procurement of goods and services. These policies will take precedence over existing and future procurement rules.
