Key Issues and Agenda of 53rd GST Council Meeting Scheduled on June 22 at New Delhi. Union Finance Minister Nirmala Sitharaman is set to chair the much-anticipated 53rd GST Council meeting on June 22 in New Delhi, a day after …
Understanding Advance Tax: Due Dates, Calculation, Interest Charged & More Advance tax is a system of paying income tax in instalments throughout the financial year, instead of paying a lump sum at the end. These payments are made according to …
The Income Tax (I-T) department is on track to complete reassessments for 170,000 notices by March 2025. These reassessment notices, issued between March 2021 and March 2024, pertain to undisclosed income from past assessment years. The Central Board of Direct …
With this latest instalment, the total amount of tax devolution to states stands at Rs. 2,79,500 crore for the current fiscal year as of June 10, 2024. Tax Devolution by Centre to States: In a significant financial move, the Centre …
GSTN Advisory No. 500 Dated 7th June 2024 The Goods and Services Tax Network (GSTN) has announced an important update through its Advisory No. 500, dated June 7, 2024. This advisory informs manufacturers of Pan Masala and Tobacco products about …
CBDT Notification No. 50/2024 Dated 6 June 2024 In a significant update, the Central Board of Direct Taxes (CBDT) has issued Notification No. 50/2024 on June 6, 2024. This notification revises the jurisdiction of the Directorate of Income Tax (Intelligence …
A seven-member committee, led by Suresh Kumar Khanna (Finance Minister of Uttar Pradesh), is currently working on the GST rate rationalisation for 1,200 categories of goods and all services, excluding those on the negative list. GST Rate Rationalization: With a …
IATA Country Director for India highlighted that 10 foreign airlines are currently under investigation. The Global airlines’ association, International Air Transport Association (IATA), has expressed significant concerns regarding an ongoing investigation by an Indian agency into certain GST-related charges against …
CBIC has issued detailed instructions for cases where early recovery is required The Central Board of Indirect Taxes and Customs (CBIC) has announced new guidelines allowing Principal Commissioners or Commissioner-level officers to initiate GST dues recovery before the standard three-month …
Income Tax Scrutiny: Criteria behind Selection of ITRs for scrutiny I-T Scrutiny: The Income Tax Department recently released guidelines outlining how they will select tax returns for scrutiny in the financial year 2024-25. These guidelines offer taxpayers greater transparency, helping …
GST Collection in May 2024 In May 2024, the gross GST collection in India reached a remarkable ₹1.73 lakh crore, representing a robust 10% year-on-year increase. This growth is primarily fueled by a 15.3% rise in domestic transactions, while imports …
The merger of GSTN and DG (Systems) would create a seamless flow of taxpayer data within a single integrated setup (GSTN), as opposed to the current two-pronged approach for detecting tax fraud. Merger of GSTN with DG(Systems): The Central Board …
CBIC Notification No. 10/2024 – Central Tax Dated 29 May 2024: Amendment in Territorial Jurisdiction of Pr Commissioner/Commissioner of Central Tax Notification 10/2024-CT: In exercise of the powers conferred under section 3 read with section 5 of the Central Goods …
CBDT Notification 45 & 46 of 2024: RBI is excluded from the category of “Specified Persons” who would otherwise face higher TDS/TCS rates due to non-filing of ITR. The Central Board of Direct Taxes (CBDT) has issued Notifications 45 and …
GSTN Advisory 499: Launching of E-Way Bill 2 Portal In a significant development, the GSTN has announced through Advisory No. 499 that the NIC is launching the E-Way Bill 2 Portal (https://ewaybill2.gst.gov.in) on June 1, 2024. This new portal is …
Capital Gain Account Scheme The Capital Gains Account Scheme (CGAS) provides a valuable opportunity for taxpayers to defer capital gains tax liabilities arising from asset sales, such as property. By utilizing CGAS, taxpayers can park their gains in designated accounts, …
Cost Inflation Index (CII) for Financial Year 2024-25 Released by CBDT The Central Board of Direct Taxes (CBDT) has officially released the Cost Inflation Index (CII) for the fiscal year 2024-25. This index is a crucial tool for taxpayers, helping …
CBDT Issues New Guidelines for ITR Scrutiny for FY 2024-25 The Central Board of Direct Taxes (CBDT) recently released a notification outlining the scrutiny process for income tax returns (ITR) for the financial year 2024-25. This notification aims to provide …
Government Plan to Rejig GST & Customs Duty to Address Inverted Duty Structure Issues Government plan to Rejig GST & Customs:The government is actively working to resolve the issues caused by the inverted duty structure, which distorts trade and hampers …
Understanding Capital Gain Tax on Transfer of Shares Capital Gain on Share Transfers: Navigating the tax landscape for transferring shares in India involves various considerations. Factors such as the holding period, acquisition method (primary market, secondary market, gift, inheritance), market …