CAclubindia News

CBIC Notifies Waiver Procedure for Interest and Penalty on Tax Demands u/s 73 of CGST Act for FY 2017-2020

09 October 2024 at 09:34

In a significant relief for taxpayers facing tax demands from prior financial years, the CBIC has issued Notification No. 21/2024–Central Tax outlining the procedure and conditions for the waiver of interest, penalty, or both

Posted in GST | 5037 Views

CBIC Waives Late Fees for TDS Filers u/s 51 of CGST Act on Delayed GSTR-7 Filings Since June 2021

09 October 2024 at 09:33

In a relief for taxpayers required to deduct tax at source (TDS) under section 51 of the CGST Act, 2017, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 23/2024, dated October 8, 2024

Posted in GST | 2643 Views

CBIC Notifies Special Mechanism for Rectification of Orders on Wrong ITC Availment u/s 16 of CGST Act

09 October 2024 at 09:32

In a crucial update aimed at streamlining GST compliance, the CBIC has issued Notification No. 22/2024-Central Tax dated October 8, 2024, to notify the mechanism for implementing newly inserted sub-sections (5) and (6) in Section 16

Posted in GST | 16260 Views

CBIC Introduces RCM for Renting Commercial Property by Unregistered Persons to Registered Entities to Curb Revenue Leakage

09 October 2024 at 09:30

In a significant move to tighten GST compliance and prevent revenue leakage, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 09/2024-Central Tax (Rate), dated October 8, 2024.

Posted in GST | 5 comments | 34497 Views

CBIC Notifies GST Exemptions for Vocational Education and Power Utility Services - Effective October 2024

09 October 2024 at 09:29

The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 08/2024 dated October 8, 2024, introducing crucial amendments to the Goods and Services Tax (GST) framework.

Posted in GST | 2868 Views

CBDT Extends Form 10B/10BB Filing Deadline to 10th November 2024

09 October 2024 at 09:28

The Central Board of Direct Taxes (CBDT), in a significant move, has extended the deadline for filing Form 10B and 10BB until November 10, 2024

Posted in Income Tax | 6660 Views

Shri M. Rajeshwar Rao re-appointed as RBI Deputy Governor

08 October 2024 at 08:57

The Central Government has re-appointed Shri M. Rajeshwar Rao as Deputy Governor, Reserve Bank of India for a period of one year with effect from October 09, 2024, or until further orders, whichever is earlier.

Posted in Others | 477 Views

RBI appoints Shri Aviral Jain as new Executive Director

08 October 2024 at 08:53

The Reserve Bank of India (RBI) has appointed Shri Aviral Jain as Executive Director (ED) with effect from October 01, 2024.

Posted in Others | 639 Views

AIFs and Govt in Talks Over Taxation of 'Carry Income' Amid GST Concerns

08 October 2024 at 08:51

Recently, the Indian government has requested private equity and venture capital industry to explain how other countries tax fund managers, particularly in relation to the application of GST to 'carry earnings'

Posted in GST | 1467 Views

CBDT Forms Committee to Review Income Tax Act, Seeks Public Input via e-Filing Portal

08 October 2024 at 08:38

In pursuance of the announcement in the Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the CBDT has formed an internal committee to oversee a comprehensive review of the Income-tax Act, 1961 (Act).

Posted in Income Tax | 1362 Views