Swipe Left Tax Advisors LLP

Swipe Left Tax Advisors LLP Welcome to Swipe Left Tax Advisors LLP, where we are dedicated to providing expert tax advisory services to individuals and businesses.

With a commitment to excellence and a passion for helping our clients navigate the complexities of taxation.

07/06/2024

Monetary Policy Statement, 2024-25 Resolution of the Monetary Policy Committee (MPC) June 5 to 7, 2024

On the basis of an assessment of the current and evolving macroeconomic situation, the Monetary Policy Committee (MPC) at its meeting today (June 7, 2024) decided to:

Keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 6.50 per cent.
Consequently, the standing deposit facility (SDF) rate remains unchanged at 6.25 per cent and the marginal standing facility (MSF) rate and the Bank Rate at 6.75 per cent.

The MPC also decided to remain focused on withdrawal of accommodation to ensure that inflation progressively aligns to the target, while supporting growth.
These decisions are in consonance with the objective of achieving the medium-term target for consumer price index (CPI) inflation of 4 per cent within a band of +/- 2 per cent, while supporting growth.

06/06/2024

BIC initiates electronic disbursal of duty drawback amount directly to exporter’s bank accounts through PFMS from today, 5th June 2024

n an effort to facilitate trade, Central Board of Indirect Taxes and Customs (CBIC) will electronically disburse duty drawback amount directly to exporter’s bank account in a transparent and efficient manner with effect from today, 5th June, 2024.
The payment of duty drawback amounts into the exporters' accounts will be facilitated through the Public Finance Management System (PFMS) automatically. This is another initiative of the CBIC towards paperless Customs and enhanced trade facilitation.
This new functionality is expected to reduce time taken for payment of drawback amount by eliminating manual intervention in the drawback disbursal mechanism and increase transparency.

04/06/2024

Domestic Gross GST Revenue grows 15.3% in May, 2024

The gross Goods and Services Tax (GST) revenue for the month of May 2024 stood at ₹1.73 lakh crore. This represents a 10% year-on-year growth, driven by a strong increase in domestic transactions (up 15.3%) and slowing of imports (down 4.3%). After accounting for refunds, the net GST revenue for May 2024 stands at ₹1.44 lakh crore, reflecting a growth of 6.9% compared to the same period last year.

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