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CBIC Mandates Strict Reviews of Govt Employees, Potential for Early Retirement

   24 August 2024 at 15:40

The Central Board of Indirect Taxes (CBIC) has issued a directive to all divisional heads to rigorously follow the guidelines set by the Department of Personnel and Training (DoPT) concerning the periodic review of government employees.

Posted in GST |   315 Views


IndiGo to Challenge Rs 3.5 Lakh Penalties Over ITC Issue

   24 August 2024 at 08:57

IndiGo plans to challenge two GST penalty orders totalling Rs 3,50,299 related to input tax credit claims for FY 2017-18 in Odisha and Kerala.

Posted in GST |   1011 Views


GST Notices Worth Over Rs 80,000 Crore Issued for Assessment Years 2018-22

   24 August 2024 at 08:55

The Directorate General of GST Intelligence has issued over 20,000 notices nationwide for AY 2017-18 to AY 2021-22, demanding Rs 80,000 crore. Notices target tax shortfalls, ITC reversal, and legal interpretation issues.

Posted in GST |   9141 Views


GST Portal Introduces RCM Liability/ITC Statement

   24 August 2024 at 08:52

To assist taxpayers in correctly reporting Reverse Charge Mechanism (RCM) transactions, a new statement called "RCM Liability/ITC Statement" has been introduced on the GST Portal.

Posted in GST |   6444 Views


GSTN Issues Advisory for Furnishing Bank Account Details Before Filing GSTR-1/IFF

   24 August 2024 at 08:51

Advisory for furnishing bank account details before filing GSTR-1/IFF Notification No. 38/2023 - Central Tax New Delhi, the 4th August, 20231.

Posted in GST |   2619 Views


SEBI Bars Anil Ambani and 24 Entities from Securities Market for 5 Years over Fund Diversion Scandal

   23 August 2024 at 14:18

In a landmark ruling, the SEBI has barred industrialist Anil Ambani and 24 other entities from participating in the securities market for five years.

Posted in Corporate Law |   2421 Views


FM Sitharaman Pushes for RRBs to Boost Credit Flow to MSMEs in Cluster Areas

   23 August 2024 at 09:08

Union Finance Minister Smt. Nirmala Sitharaman chairs meeting to review performance of nine Regional Rural Banks (RRBs) of Gujarat, Maharashtra, Madhya Pradesh, Chhattisgarh and Rajasthan, in Udaipur, todaySmt. Sitharaman urges RRBs to generate aware

Posted in Corporate Law |   213 Views


FM Sitharaman: Increase in Tax Collections Reflect India's Growing Economic Formalization

   23 August 2024 at 09:03

FM Nirmala Sitharaman, presided over the 165th anniversary of Income Tax Day, observed by the Central Board of Direct Taxes (CBDT) in New Delhi.

Posted in Income Tax |   204 Views


Income Tax Department directs officers to focus on top 5,000 cases

   23 August 2024 at 09:02

In a significant move to bolster tax recovery and reduce litigation, the Income Tax Department has directed its officers to concentrate on the top 5,000 cases, which account for a staggering Rs 43 lakh crore in tax demand.

Posted in Income Tax |   2994 Views


Income Tax Department Processes Nearly 4 Crore ITRs in Just 15 Days

   22 August 2024 at 15:02

In a remarkable feat of digitisation, the department has processed nearly 4 crore income tax returns (ITRs) for Assessment Year (AY) 2024-25 in just 15 days.

Posted in Income Tax  1 comments |   1959 Views