CAclubindia News

Vodafone Idea Faces Rs 13.16 Crore Penalty in GST Case

12 January 2024 at 14:09

In a recent regulatory filing on Thursday, Vodafone Idea disclosed that the GST additional commissioner's office in Chandigarh has imposed a hefty penalty of Rs. 13.16 crore on the telecom giant.

Posted in GST | 3975 Views

DGGI Unveils Staggering 119% Surge in Duty Evasion Cases for 2023, totaling Rs 1.98 Lakh Crore

12 January 2024 at 14:08

In 2023, DGGI detected 6,323 cases involving evasion of duty of Rs. 1,98,324 crore; 119% increase in detecting cases Year-on-Year

Posted in GST | 2607 Views

Direct Tax Collections Soar: 80.61% of Budget Estimates Achieved in FY 2023-24

12 January 2024 at 11:36

Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024

Posted in Income Tax | 2457 Views

CBIC unveils 'Samay' app to expedite tax appeal resolution and reduce litigation time

12 January 2024 at 09:11

In a significant move to enhance efficiency and reduce the time taken for tax appeals, the Central Board of Indirect Taxes & Customs (CBIC) is set to roll out a new mobile application named 'Samay.'

Posted in GST | 4977 Views

IT Dept conducts search operations in Mumbai engaged in the manufacturing of electrical items

12 January 2024 at 09:10

Income Tax Department initiated search and seizure operations in the case of a group, engaged in the manufacturing of wires and cables and other electrical items on 22.12.2023.

Posted in Income Tax | 2643 Views

Income Tax Department Mandates LEI for Non-Individuals with Refunds over Rs 50 Crore

11 January 2024 at 09:18

In a recent announcement, the Income Tax Department has introduced a new requirement for non-individual entities regarding the Credit of Refunds exceeding Rs. 50 crore.

Posted in Income Tax | 10677 Views

Assessment Year 2024 Poised for a 20% Drop in Late-Filed ITRs, Reveals Latest Report

11 January 2024 at 09:17

The State Bank of India's recent report on income tax filings reveals a significant uptick in the number of individuals filing income tax returns in the assessment year 2022-23 (AY23).

Posted in Income Tax | 2910 Views

Withdrawal of E-Way Bill Generation Restriction Without e-Invoice/IRN

10 January 2024 at 16:33

As of January 10, 2023, the earlier decision to restrict the creation of E-Way Bills exclusively to those accompanied by e-Invoice/IRN has been reversed, as per the recent update in the GST E-way bill system.

Posted in GST | 24687 Views

17th ICAI Awards Ceremonial Triumph: Recognizing Excellence and Innovation in Accountancy

10 January 2024 at 08:59

ICAI had instituted ICAI Awards in the year 2007 to honour and acknowledge the exemplary achievements of its members who have attained exceptional levels of professional achievements in industry and business and are committed towards their goals.

Posted in Professional Resource | 5856 Views

CBIC Seeks Stakeholder Insights on Harmonizing GST Rate Schedule and Service Classification

10 January 2024 at 08:53

As per Notification No. 12/2017-Central Tax dated June 28, 2017, as amended by Notification No. 78/2020-Central Tax dated October 15, 2020, taxpayers having turnover up to Rs. 5 Crore

Posted in GST | 2910 Views