CAclubindia News

Revised Interest Rates Announced on Small Savings Schemes for Q4 2023-24

30 December 2023 at 16:11

The Ministry of Finance has recently announced revisions to the interest rates on various Small Savings Schemes for the fourth quarter of the financial year 2023-24. These changes, set to take effect from January 1, 2024, and extend through March 31,

Posted in Community & General | 4713 Views

ICICI Bank and Kotak Mahindra Bank Face Hefty GST Demand Notices

30 December 2023 at 09:15

ICICI Bank Challenges ₹24.37 Crore Demand Notice with ₹2.43 Crore Penalty in Tamil Nadu. Kotak Mahindra Bank Faces ₹57.20 Lakh Demand Notice with ₹5.1 Lakh Penalty in Odisha

Posted in GST | 2610 Views

GST Council Grants Tax Officials Additional Time for FY19 and FY20 Dues Recovery

30 December 2023 at 09:13

In a recent development, the Goods and Services Tax (GST) Council has taken a significant step by extending the deadline for tax officials to pursue and recover outstanding tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20).

Posted in GST | 5391 Views

GSTN | Date extended for reporting opening balance for ITC reversal

30 December 2023 at 09:12

Advisory: Date extension for reporting opening balance for ITC reversal1. In order to facilitate the taxpayers in correct and accurate reporting of ITC reversal and reclaim thereof and to avoid clerical mistakes, a new ledger namely Electronic Credi

Posted in GST | 9381 Views

Year in Review 2023: CBIC's Pivotal GST System Upgrades

29 December 2023 at 09:30

The Central Board of Indirect Taxes and Customs (CBIC), Department of Revenue, Ministry of Finance, has achieved significant milestones in enhancing the efficiency and integrity of the Goods and Services Tax (GST) system.

Posted in GST | 7014 Views

CBDT Issues Guidelines u/s 194-O of the Income-tax Act, 1961

29 December 2023 at 09:28

Vide CBDT Circular No. 20/2023 dated 28.12.2023 guidelines have been issued for removal of difficulties and clarity has been provided on various issues pertaining to applicability of section 194-O

Posted in Income Tax | 3450 Views

Income Tax Department Harnesses AI for Rs 36,000 Crore Recovery

29 December 2023 at 09:27

The Income Tax Department has harnessed the power of data analytics and advanced technology to recover an impressive ₹36,000 crore from outstanding tax demands in the current fiscal year.

Posted in Income Tax | 6012 Views

Year in Review 2023: CBDT's Citizen-Centric Initiatives

29 December 2023 at 09:23

In the year 2023, the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance, has taken many citizen-centric initiatives throughout the year.

Posted in Income Tax | 5349 Views

Mahindra & Mahindra Fined Over Rs 56 Lakh for GST Credit Transfer Error in Two-Wheeler Business

29 December 2023 at 09:23

Mahindra & Mahindra Ltd has disclosed that it is facing a penalty of over Rs 56 lakh for a procedural lapse related to the transfer of Input Service Distributor (ISD) credit from the pre-GST to the GST regime.

Posted in GST | 2376 Views

CBIC Extends Time Limit for Issuance of SCN and Order Passing in Non-Fraud Cases for FY 2018-19 and 2019-20

28 December 2023 at 21:57

CBIC has taken a proactive step by issuing Notification No. 56/2023–Central Tax on December 28, 2023. This notification aims to extend the time limit prescribed under Section 73(10) of the Central Goods and Services Tax Act, 2017 ("the CGST Act").

Posted in GST | 25647 Views