29,273 bogus firms have been exposed, allegedly involved in suspected fraud by way of Input Tax Credit (ITC) evasion amounting to Rs. 44,015 crores In a relentless effort to combat fraud in the Goods and Services Tax (GST) and enhance …
Government Explores on Inclusion of Electricity in GST to Enhance the Tax Base While Benefiting both the Industry and Consumers In a significant development, the government is actively exploring the inclusion of electricity in GST framework. This move aims to …
CBIC is Working on Introduction of Revised GST Return Filing Option for Taxpayers by April 2025 In a potential game-changer for taxpayers, the government is considering the introduction of a revised GST return filing option as early as April 2025. …
CGST (Second Amendment) Bill 2023 Passed in the Lok Sabha: Age Limit of President and Members of GST Appellate Tribunal Set at 70 and 67 Respectively. Taxpayers can Withdraw Cases from High Court or Supreme Court and Appeal to Tribunals …
Age Limit in the Bill for President & Members of GST Appellate Tribunal (GSTAT) set to be Raised to 70 years & 67 years respectively, as opposed to the previous specifications of 67 years & 65 years. Advocates with 10 …
More Income Tax Relief Expected for Salaried Class under New Tax Regime in the Upcoming Interim Budget 2024 Salaried class taxpayers in India may expect for a positive development very soon, as the BJP-led Modi government contemplates announcing income tax …
Government’s Focus in Bringing all Businesses into GST Bracket Focus in Bringing all Businesses into GST: In a groundbreaking move, Gujarat has set a precedent by introducing biometric-based GST registration, marking a pivotal shift towards a more inclusive and transparent …
NIPFP Proposes for Withdrawal of All GST Exemptions NIPFP Proposal for Eliminating GST Exemption: In a significant development, the National Institute of Public Finance and Policy (NIPFP), an independent research institute operating under the finance ministry, has put forth a …
DGGI’s Efforts to Combat GST Evasion In its mission to combat GST evasion across India, the Directorate General of GST Intelligence (DGGI) has achieved remarkable milestones from April 2020 to September 2023. DGGI’s vigilant approach has uncovered more than 6,000 …
Special Campaign 3.0: The Central Board of Direct Taxes (CBDT) has initiated Special Campaign 3.0 dedicated to promoting cleanliness (Swachhata) within various branches of Income Tax Department throughout nation. The campaign kickstarted with a preparatory phase commencing on September 15, …
LIC has received Income Tax notices for three different assessment years viz., 2012-13, 2018-19 and 2019-20 with the total penalty amounting to over Rs 84.02 crore. Life Insurance Corporation (LIC) on Tuesday said that the Income Tax Department has demanded …
Bajaj Allianz General Insurance Co. on Tuesday received a GST demand notice of Rs.1,010 crore for alleged non-payment of GST on the co-insurance and re-insurance premiums. The Show Cause-Cum-Demand Notice on Bajaj Allianz was sent by the Directorate General of …
E-commerce marketplace Meesho on Tuesday announced that it is set to welcome non-GST registered sellers to its platform. This will benefit a vast network of small e-commerce businesses across the country. The decision follows the government’s recent elimination of mandatory …
Maruti Suzuki Gets 2160 Cr Income Tax Assessment Order: Maruti Suzuki India Ltd on October 3 informed the stock exchanges that it has received a draft Income Tax assessment order for pending dues amounting to Rs.2,160 crore from the Income …
Netflix plans to move the Income Tax Appellate Tribunal (ITAT) against the Rs.196-crore income tax evasion case. The Income Tax department’s international tax wing has accused the streaming giant of evading income tax amounting to RS 196 crore on a …
Union Minister, Dr. Jitendra Singh launched Special Campaign 3.0 for institutionalizing Swachhata and Reducing Pendency in Government with a focus on all attached/ subordinate/ field offices/ Missions/ Defence establishments and establishments/ offices in all parts of the country. Special Campaign …
Above 30 Lakh Audit Report Filed till 30th September Above 30.75 lakh audit report including about 29.5 lakh Tax Audit Reports have been filed for AY 2023-24 on the e-filing portal till the end of the due date, i.e., 30 …
The gross GST collection in the month of September, 2023 is Rs.1,62,712 crore, out of which CGST is Rs.29,818 crore, SGST is Rs.37,657 crore, IGST is Rs.83,623 crore (including Rs.41,145 crore collected on import of goods) and cess is Rs.11,613 crore (including Rs.881 crore collected on import …
The All India Gaming Federation (AIGF) has appealed to the finance ministry to postpone the implementation of a 28% GST on online gaming, starting from October 1, 2023. This comes after the ministry announced the enforcement of amended GST law …
The Finance Ministry is set to implement a 28% Goods and Services Tax (GST) on the face value at entry level for online gaming, casinos, and horse racing from October 1. However, the progress of this move might face delays …