In a significant move towards tax reform, Finance Minister Nirmala Sitharaman is scheduled to meet representatives from India Inc on May 27 to deliberate on the upcoming GST 2.0 reforms. The high-level meeting aims to accelerate efforts to streamline the Goods and Services Tax …
Introduction of Track and Trace Mechanism under GST In a decisive effort to curb tax evasion, the GST Council has greenlit the introduction of a ‘Track and Trace Mechanism’ for specific evasion-prone commodities. This system will utilize a unique identification …
The primary objective of the review committee is to simplify and modernize the Income Tax Act, making it concise, user-friendly, and accessible for taxpayers. The Finance Ministry is reportedly unlikely to introduce the much-anticipated new Income Tax Bill during the …
Effective October 1, 2024, the DTVSV Scheme provides an amicable resolution mechanism for income tax disputes pending before appellate authorities, such as the Income Tax Appellate Tribunal (ITAT), High Court, and Supreme Court. The Direct Tax Vivad Se Vishwas (DTVSV) …
The reform in the Income Tax Act is part of a broader initiative to ensure a more transparent and taxpayer-friendly system. In a significant development, Union Finance Minister Nirmala Sitharaman has revealed plans to introduce a new Income Tax Act …
Shri Ravi Agrawal, Chairman of CBDT, highlighted the department’s achievements, including a 17.7% growth in net collections and a 7.5% increase in the number of income tax returns filed by July 31, 2024, compared to the previous year. On the …
The Union Budget 2024-25 is scheduled to be presented on July 23, 2024. Budget 2024-25: The Halwa ceremony, a traditional event marking the final phase of Union Budget preparation, was held in New Delhi on 16 July 2024. Union Minister …
Union Finance Minister Nirmala Sitharaman is poised to inaugurate a pivotal one-day National Conference of Enforcement Chiefs of State and Central GST formations in the heart of New Delhi on Monday, March 4, 2024. This significant event, organized by the …
Interview with Former CBIC Chief Mr. John Joseph on GST for Online Gaming In a recent discussion, John Joseph, former chairman of the Central Board of Indirect Taxes and Customs (CBIC) and current Strategic Adviser with DeepStrat, highlighted key insights …
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 …
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 …