In an update on the GST portal on 12th October 2023, GSTN has informed about development of a new functionality in the GST portal for enrolment of unregistered persons for supply of goods through E-Commerce operators. In terms of the …
In an update in the GST portal on 12th October 2023, GSTN has informed about the development of a facility for E-Commerce Operators through whom unregistered persons can supply goods. Under this facility in the GST portal, the GSTN has …
Introduction The Central Board of Direct Taxes (CBDT) vide its Notification No.88/2023 Dated.10th October 2023 has notified some amendments in Rules 114B, 114BA and 114BB of the Income Tax Rules 1962. These Rules may be called the Income Tax (Twenty …
CBDT Circular No. 17/2023 In a recent development, the Central Board of Direct Taxes (CBDT) released Circular No.17/2023 on 9th October 2023, bringing important clarifications on compliance obligations for charitable and religious entities in respect of filing their audit report …
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 …
ICICI Lombard General Insurance Company Ltd. has been issued a show cause notice by the Directorate General of GST Intelligence (DGGI) for a tax demand amounting to ₹1,728.80 crore. This notice pertains to the period between July 2017 and March …
In a recent move, the Indian government has decided to waive the 5% integrated GST on ocean freight for imported goods, effective from October 1, 2023. The Finance Ministry made amendments to the IGST Act to implement this exemption, relieving …
Foreign companies offering online services like advertising, cloud services, music, and information to non-GST-registered individuals in India will be required to pay goods and services tax (GST) from October 1,2023. The Finance Act, 2023, amended the Integrated GST Act, broadening …
Online gaming companies in India, including major players like Dream11, Games 24×7, and Head Digital Works, are encountering significant Goods and Services Tax (GST) demands, totaling over Rs 55,000 crore. They have initiated or are considering legal action following pre-show …
The Income Tax Department has introduced new rules for valuing investments in startups, addressing concerns related to ‘Angel Tax.’ Effective from September 25, these changes to Rule 11UA of the Income Tax Act offer more flexibility to taxpayers by allowing …