This new statement will be applicable from August 2024 for monthly filers and July-September 2024 for quarterly filers of GST To ensure better accuracy and transparency in reporting Reverse Charge Mechanism (RCM) transactions, the Goods and Service Tax Portal has …
The Council, in its 54th meeting scheduled for September 9, will discuss the GoM’s findings and the next steps in GST slab/rate rationalization efforts. GST Slab & Rate Change: The Group of Ministers (GoM) meeting on Goods and Services Tax …
Shri Ravi Agrawal, Chairman of CBDT, highlighted the department’s achievements, including a 17.7% growth in net collections and a 7.5% increase in the number of income tax returns filed by July 31, 2024, compared to the previous year. On the …
Income-Tax Clearance Certificate u/s. 230(1A) is required by residents domiciled in India, only in cases (a) where a person is involved in serious financial irregularities or (b) where a tax demand of more than Rs. 10 lakh pending but not …
The conference focused on sector-specific enforcement challenges, emerging evasion tactics, and innovative strategies to strengthen enforcement efforts. The second edition of the National Conference of Enforcement Chiefs from State and Central GST Formations took place in New Delhi on August …
The incident dates back to May 7, when Tripathy intercepted a vehicle in Jajpur Road, Odisha, carrying 22,240 kg of MS scrap worth Rs. 8,89,600 at Ravana in Jajpur. In a significant development, Vigilance officials arrested Binay Bhusan Tripathy, Assistant …
The recent guideline emphasizes that, during the audit process, if a Principal Commissioner of CGST Audit encounters scenarios where taxpayers have followed prevalent trade practices based on specific interpretations of GST laws, which could lead to multiple understandings and potential …
CBDT has directed the income tax department to monitor such high value cash transactions in a “non-intrusive” manner. High-Value Cash Transactions under ITD Scrutiny: The Income Tax Department is tightening its scrutiny on sectors like hotels, luxury brand sales, hospitals, …
IIT-D has been given a 30-day window to respond to the notice, explaining why the demanded amount and associated penalties should not be collected. The Indian Institute of Technology-Delhi (IIT-D) has received a show-cause notice from the Directorate General of …
The court emphasized that the petitioner had acted in good faith by making the required pre-deposit and there was no evidence of mala fide intent on the part of the petitioner. In a recent judgement in case of Partha Pratim …
The proposals to reduce or eliminate the 18% GST rate on health insurance premiums likely to be considered in the upcoming meeting. The 54th GST Council meeting is expected to be convened in Delhi on September 9 to address key …
Starting in October 2024, share buyback proceeds will be treated as dividend income and taxed according to the shareholder’s applicable income tax slab. Starting October 1, 2024, the landscape for share buyback in India will undergo a significant transformation. The …
CBIC Instruction Dated 12 August 2024: Guidelines for 2nd All-India Drive against Fake GST Registrations The Central Board of Indirect Taxes & Customs (CBIC) has issued new guidelines in preparation for the second All-India drive against fake GST registrations, as …
If you’ve received an intimation under Section 143(1) but believe the refund amount is incorrect, you can file a rectification request under Section 154(1) Raising Rectification Request u/s.154(1): When you successfully file your Income Tax Return (ITR), the next phase …
According to insider sources, field formations argue that fancy number plates are a luxury and should be taxed accordingly. The debate over whether fancy vehicle number plates should attract Goods and Services Tax (GST) has intensified, with tax authorities seeking …
The CBDT typically issues a circular on TDS from salaries for employers after the Finance Bill receives the President’s assent and is notified. The July 2024 Budget introduced significant changes to the income tax laws under the new tax regime, …
The standard UPI transaction limit is Rs 1 lakh per transaction. However, for certain categories, such as capital markets, collections, insurance, and foreign inward remittances, the limit is set at Rs 2 lakh. For Initial Public Offerings (IPOs) and the …
Press Release Dated 7 August 2024: CBDT relaxes provisions of TDS/TCS in the event of death of deductee/collectee before linkage of PAN and Aadhaar In a recent update, the Central Board of Direct Taxes (CBDT) has issued Circular No. 8 …
The MFD association explained that many MFDs, believing they were receiving net commissions, did not secure a GST registration number post-2017. The Odisha MFD Association (Mutual Fund Distributors Association) has approached the GST Commissioner in Bhubaneswar, seeking leniency on penalties …
Gauhati High Court Ruling in case of Shree Shyam Steel vs Government of India The Gauhati High Court has ruled in the case of Shree Shyam Steel Vs UOI [WP(C)/ 3838/2024] that the State GST Authorities cannot benefit from Notification …