CAclubindia News

Online Gaming Firms Confront Rs 45000 Crore Tax Demand Post 28% GST Levy

17 August 2023 at 08:55

CBIC has evaluated the GST liabilities of the gaming firms in India, and it has been found that they were taxed at 18% on their gross gaming revenue, which was meant for skill-based games, instead of the legally prescribed 28%.

Posted in GST | 7059 Views

Income Tax Department Raises Alarm Over Surge in Deceptive Messages Targeting Taxpayers

16 August 2023 at 08:41

The Income Tax Department has warned the public about a surge in fraudulent messages circulating, aimed at deceiving taxpayers into providing sensitive information.

Posted in Income Tax | 7839 Views

Rs 15,000 Crore Alleged Tax Evasion by Insurance Firms Uncovered

16 August 2023 at 08:41

The Income Tax department has completed its investigation into several insurance companies and uncovered alleged tax evasion amounting to more than Rs 15,000 crore (Indian rupees).

Posted in Income Tax | 3735 Views

GST Applicable on X (formerly Twitter) Ad Revenue Sharing Beyond Rs 20 Lakh Annual Threshold

14 August 2023 at 08:38

Income from ad revenue sharing by X (formerly Twitter) is liable to GST if it exceeds the threshold of Rs 20 lakh in a year.

Posted in GST | 9591 Views

ICAI Grants Relaxation to Old Course Students to commence 3 years Practical Training Under Various Routes

14 August 2023 at 08:35

Relaxation to Old Course Students to commence 3 years of Practical Training

Posted in Students | 73572 Views

SGST Arrests Rajkot Businessman for Rs 8.7 Crore Tax Evasion in Crude Chemical Trade

14 August 2023 at 08:34

One person has been arrested for ₹8.7 crore GST evasion in Gujarat. The accused, Devang Nathwani, is the key person handling the affairs of Eagle Marketing, which is involved in trading of crude chemicals.

Posted in GST | 6396 Views

Deloitte to quit as Adani Ports' auditor after flagging concerns

12 August 2023 at 14:00

Deloitte has decided to resign as the auditor of Adani Ports & Special Economic Zone Ltd. The decision appears to be linked to concerns over certain transactions highlighted in a report by Hindenburg Research.

Posted in Audit | 16233 Views

Lok Sabha passes GST Amendment Bills to impose 28% tax on online gaming, casinos and race clubs

12 August 2023 at 08:47

The Lok Sabha passed two bills on Friday to amend the Goods and Services Tax (GST) laws to levy a 28% tax on online gaming, casinos, and race clubs. The bills were introduced by Finance Minister Nirmala Sitharaman in the lower house of Parliament.

Posted in GST | 7620 Views

Direct Tax Collections Reach Rs. 6.53 Lakh Crore, Marking 15.73% Growth by Aug 10, 2023

12 August 2023 at 08:46

The provisional figures of Direct Tax collections up to 10th August, 2023 continue to register steady growth. Direct Tax collections up to 10th August, 2023

Posted in Income Tax | 1587 Views

Resilient Indian Economy and Monetary Policy: Sustained Growth Amid Global Challenge

11 August 2023 at 08:47

As we celebrate India's 77th Independence Day in a few days, I am happy to note that the Indian economy is exuding enhanced strength and stability despite the massive shocks to global economy in recent years.

Posted in Others | 3174 Views