The 18% tax on popcorn introduced by the 55th GST Council has caused a lot of anger among netizens. Many people are upset about the higher tax on popcorn, especially caramel popcorn, which has added sugar. The GST Council has explained that the tax on caramel popcorn will be higher than regular namkeen because of its sugar content. People are sharing their thoughts on how this tax will affect common snacks.
Today(on 23rd July), Finance Minister Nirmala Sitharaman announced plans to revise the Insolvency and Bankruptcy Code (IBC) to strengthen NCLT tribunals and improve asset recovery. The changes aim to enhance the efficiency of handling stressed assets. Additional tribunals for the NCLT and an integrated technology platform are part of the proposed reforms.
![[Union Budget 2024] FM Nirmala Sitharaman Announces 6-Month Review of 'Income Tax Act' to Reduce Disputes & Litigation](https://i0.wp.com/lawchakra.in/wp-content/uploads/2024/07/image-3-4.png?resize=447%2C367&ssl=1)
Today, On 23rd July, Finance Minister Nirmala Sitharaman presented the Union Budget for 2024-25, her seventh consecutive budget, surpassing Morarji Desai’s record. She highlighted key proposals including a review of the Income Tax Act, reduction in customs duties, and the Modi 3.0 roadmap. The budget aims to revamp the income tax system and expand the tax base.
Yesterday, On 6th May, The Supreme Court rejected a plea by MSMEs challenging a provision in the Income Tax Act, reinforcing the 45-day payment rule. Violating this could lead to penalties, and some MSMEs fear larger buyers bypassing them. The court’s decision emphasizes the importance of timely payments for the financial health of smaller businesses, balancing interests in the business ecosystem.
The Interim Budget 2024, presented by Finance Minister Nirmala Sitharaman, emphasizes uplifting farmers, women, youth, and the impoverished. It focuses on infrastructure, tax rates, fiscal deficit adjustments, and introducing initiatives such as affordable housing and free electricity through solar power. The budget aims for continued government functionality until a new administration presents a full fiscal year budget.
