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 …
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 …
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 …
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 …
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 …
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. …
CBDT Notifies Amendment in Safe Harbour Rules for International Transactions – Notification No. 104/2023 Dated 19th December 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No.104/2023 Dated. 19th December 2023 has notified some amendment in Rule 10TA …
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 …
CBIC Instruction 5/2023 (GST) Benefiting MNCs: Evaluate Secondment Cases Carefully. Supreme Court Ruling In Northern Operating Systems Case Does Not Apply Mechanically. Apply Section 74(1) only When there is Material Evidence of Fraud, Wilful Misstatement, or Suppression of Fact by …
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 …
CBDT Notification F.No.225/132/2023/ITA-II: Time Limit for Processing of Valid ITRs of AY 2018-19, 2019-20 & 2020-21 extended to 31.01.2024 The Central Board of Direct Taxes (CBDT) has issued direction to Income Tax Authorities vide its Notification No. F. No.225/132/2023/ITA-II dated …
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 …
Introduction of Two-Factor Authentication in GST for enhanced Log-in Security – GSTN Advisory 618 GST Advisory 618: In a recent development, the Goods and Services Tax Network (GSTN) has issued Advisory No. 618 dated December 1, 2023, notifying taxpayers about …
Piloting of Biometric Based Aadhar Authentication and Document Verification for GST Registration – GSTN Advisory No. 616 dated. 1 December 2023 In a recent update, the Goods and Service Tax Network (GSTN) has rolled out Advisory No. 616, dated December …
GST Instruction 4/2023 Dated. 23 November 2023 for Electronic Uploading of DRC-01 & DRC-07 GST Instruction 4/2023: It has been brought to the notice of the Central Board of Indirect Taxes and Customs (CBIC) that some of the field formations …
New Functionality ‘Discard ITR’ in the Income Tax Portal – Effective from AY 2023-24 In a significant development, the Income Tax Department has rolled out a pivotal feature ‘Discard ITR’ on its website, empowering taxpayers to discard previously filed but …
Central Government Specifies Dy Director General (Tech Development Dvn) UIDAI as Authority for Disclosure of Information Respecting Assessees: CBDT Notification No. 99/2023 Dated. 20 November 2023 The Central Board of Direct Taxes (CBDT) vide its Notification No. 99/2023 Dated. 20 …
Format, Procedure and Guidelines for submission of Statement of Financial Transaction (SFT) for Mutual Fund Transactions by Registrar & Share Transfer Agent: Corrigendum to Notification No. 4/2021 Corrigendum to Notification 4/2021: The format, procedure and guidelines for submission for SFT …
Corrigendum to Notification No. 3/2021: Format, Procedure and Guidelines for submission of Statement of Financial Transactions (SFT) for Depository Transactions Corrigendum to Notification 3/2021: The format, procedure, and guidelines for submission of information relating to capital gains on transfer of …