Budget 2024 and Expectations of GST Relief by Small & Medium Businesses

budget

Exporters are also awaiting for potential simplifications in the Input Tax Credit (ITC) process in the Budget 2024 Announcement In the upcoming Union Budget for the financial year 2024-25, there are expectations of key adjustments in the Goods and Services …

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Budget 2024 May Bring a Pleasant Surprise for the Personal Income-Tax Payers

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Key Expectations of Personal Income-Tax Payers from Interim Budget 2024 As we eagerly await the unveiling of the interim budget on February 1, 2024, all eyes are on the potential adjustments to personal income tax, a topic that captures the …

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Supreme Court Issues Notice to Central Government on 28% GST for Online Gaming Companies

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GST Dept informed Supreme Court of its intention to file petition seeking transfer of all related cases from High Courts to Supreme Court The Supreme Court has served notice to the Central Government in response to a plea from online …

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Major Crackdown on GST Frauds: 29,273 Bogus Firms Unearthed, Evading Rs. 44,015 Crores – 121 Arrested

fraud

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 …

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E-Way Bill System Update: Blocking E-Way Bill Generation Without e-Invoice Details Effective from 1 March 2024

e-way bill system

E-Way Bill generation Without e-Invoice Details for B2B & B2E Transactions is Restricted from 1st March 2024 – E-Way Bill System Update 5 Jan 2024 Stay informed about the latest changes in the E-Way Bill System. Starting March 1, 2024, …

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E-Way Bill System Advisory on HSN Code Related Changes Effective from February 1, 2024

hsn code

HSN Code Related Changes Effective from 1 February 2024 Stay informed about the latest changes in the HSN Code requirement. In accordance with notification No. 78/2020 –Central Tax, dated 15th October, 2020, taxpayers are now required to include at least …

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CBIC Notification 4/2024-CT: New Reporting Procedure for Manufacturers of Specified Goods Such as Tobacco & Pan Masala

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CBIC Notification No. 4/2024 Dated 5th January 2024: Special Reporting Procedure Applicable to Manufacturers of Tobacco, Pan Masala etc Notification 4/2024: In a significant move to enhance transparency and compliance in the manufacturing sector under GST, the Central Government, exercising …

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CBDT Notification 5/2024: Corrigendum about Notification 89/2023 Issued on 13 October 2023

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CBDT Notification No. 5/2024 Dated. 4 January 2024 – Corrigendum CBDT Notification 5/2024: In the notification of the Government of India, in the Ministry of Finance (Department of Revenue) No. 89/2023/F.No.500/PF11/S10(23FE)/FT&TR-II(2), dated 13.10.2023, published in Part-II, Section 3, Sub-section (ii) …

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CBDT Notification 4/2024: Specified Investments of Non-Residents in Financial Products Eligible for I-T Deduction u/s. 80LA

notification

CBDT Notification No. 4/2024 dated. 4 January 2024 CBDT Notification 4/2024: In a recent development, the Central Government, exercising its authority under sub-clause (ii) of clause (4G) of section 10 of the Income-tax Act, 1961 (43 of 1961), has issued …

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CBIC Notification 1/2024-CTR: Amendment in Schedule I-2.5% of Notification 1/2017

notification 1/2024-ctr

CBIC Notification 1/2024-CTR Notification 1/2024-CTR: In a significant move, the Central Government, under the powers granted by the Central Goods and Services Tax Act, 2017, has introduced amendments through Notification 1/2024-CTR. This amendment, based on the recommendations of the Council, …

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Top 5 Income Tax Changes in 2023 Impacting You in the Current Tax Year

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Key Income Tax Changes in Budget 2023 that will Impact your Current Year In the recently announced Union Budget 2023-24, the government has introduced a series of fresh Income Tax rules, reshaping the personal taxation landscape. These changes, aimed at …

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Tax Chronicle December 2023 – Key Updates on Latest GST & Income-Tax Changes Impacting your Current Year

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Monthly Tax Chronicle Containing Income Tax & GST Updates of December 2023 Impacting your Current Tax Year Stay updated on the latest Income Tax and GST developments with our comprehensive monthly Tax Chronicle, offering a concise overview of crucial tax …

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GSTN Advisory 620: New Functionalities for Online Filing of Declaration by GTA Taxpayers

advisory

GST Advisory No. 620 Dt. 01.01.2024: New Online Filing functionalities for GTAs to Declare their Choice of FCM and RCM for GST Payment Explore the latest functionalities introduced by the Goods and Service Tax Network (GSTN) through Advisory No. 620 …

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Game-Changing GST Reforms in 2023: All Key Changes having Impact on your Current Year

gst reforms

Key GST Reforms Initiated by CBIC during the year 2023 In a ground-breaking year for GST reforms, 2023 witnessed the Central Board of Indirect Taxes and Customs (CBIC) achieving unprecedented success, marking six years of seamless GST implementation. The latest …

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Major Income Tax Reforms in 2023: A Comprehensive Overview

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Key Income Tax Reforms Initiated by CBDT in the Year 2023 In the dynamic landscape of Income Tax reforms, the Central Board of Direct Taxes (CBDT) has spearheaded citizen-centric initiatives in 2023, focusing on transparency and efficiency. These transformative tax …

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GSTN Advisory 619 on ITC Reversal Reporting Deadline Extension to 31 January 2024

itc reversal

Extension of Due Date for Reporting Opening Balance for ITC Reversal – GST Advisory 619 Dated. 29 December 2024 Discover the latest update from the Goods and Service Tax Network (GSTN) in Advisory 619 Dated 29 December 2023, providing a …

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CBIC Notification 56/2023 – CT: Extension of Time Limit for Order Issuance under Section 73(9) for Tax Recovery

notification

CBIC Notification No. 56/2023 Dated. 28 December 2023: Extension of Time Limit of Order Issuance Under Section-73(9) of CGST Act for Recovery of Tax Relating to FY 2018-19 & FY 2019-20 In line with the dynamic tax landscape, CBIC Notification …

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CBDT Circular 20/2023: Guidelines on TDS Deduction by E-Commerce Operators Under Section 194-O of Income Tax

circular

CBDT Circular No. 20/2023 Dated. 28 December 2023: Comprehensive Guidelines on Deduction of Tax (TDS) by e-Commerce Operators (ECOs) from Sale of Goods or Services Using their Digital Platform In a recent update, the Central Board of Direct Taxes, through …

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Potential Inclusion of Electricity in GST: Boosting Competitiveness and Cleaner Energy Initiatives

electricity in gst

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 …

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Exciting Change in GST Return from April 2025: Taxpayers May Get Option to Revise GST Returns

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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. …

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