CAclubindia News

CGST Officers Detect Rs 15 Crore GST Evasion, Two Directors Arrested

10 January 2025 at 09:02

In a significant crackdown, the Preventive Wing of the Central Goods and Services Tax (CGST) department uncovered GST evasion of approximately Rs 15 crore through fraudulent Input Tax Credit (ITC) claims.

Posted in GST | 1299 Views

Insurance Industry Advocates GST Rate Reduction on Premiums with ITC Retention

10 January 2025 at 08:59

The insurance industry has submitted its recommendations for potential changes to GST rates to the Insurance Regulatory and Development Authority of India (IRDAI).

Posted in GST | 690 Views

Shri Tuhin Kanta Pandey Assumes Charge as Revenue Secretary, Ministry of Finance

10 January 2025 at 08:54

The current Finance Secretary, Shri Tuhin Kanta Pandey, took charge as the Secretary, Department of Revenue (DoR), Ministry of Finance, in forenoon today.

Posted in Income Tax | 504 Views

Budget 2025 to Feature Simplified Income Tax Rules for Hassle-Free Filing

10 January 2025 at 08:49

The Indian government is set to overhaul the Income-tax Act of 1961 in a bid to simplify tax filing rules, easing compliance for taxpayers and addressing disputes that have escalated to over $120 billion in the past decade.

Posted in Union Budget | 2478 Views

GSTN Issues Advisory On Implementation of Mandatory Mentioning of HSN codes in GSTR-1 & GSTR-1A

10 January 2025 at 08:49

Advisory On Implementation of Mandatory Mentioning of HSN codes in GSTR-1 & GSTR-1A

Posted in GST | 4785 Views

Income Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables Ahead of Delhi Assembly Elections 2025

09 January 2025 at 09:04

Income Tax Department sets up 24x7 Control Room with Toll Free Number to vigil on movement of unaccounted cash, bullion & other valuables to ensure clean and fair Delhi Legislative Assembly Elections, 2025

Posted in Income Tax | 639 Views

DGGI Granted Powers to Block Online Money Gaming Apps Evading GST

09 January 2025 at 09:01

The Directorate General of GST Intelligence (DGGI) has been empowered to directly issue takedown notices to intermediaries to block online money gaming apps and websites evading Goods and Services Tax (GST).

Posted in GST | 1890 Views

Gems and Jewellery Industry Seeks GST Reduction to 1% Ahead of Union Budget

09 January 2025 at 09:00

The All India Gem and Jewellery Domestic Council (GJC) has urged the government to reduce Goods and Services Tax (GST) on the sector from the current 3% to 1% on a revenue equivalence ratio.

Posted in GST | 633 Views

Gujarat SGST Department Uncovers Rs 11.33 Crore Liability in Raids on Coaching Institutes

09 January 2025 at 08:57

The Gujarat State Goods and Services Tax (SGST) Department announced on Tuesday the uncovering of significant tax evasions during raids on 11 coaching institutes.

Posted in GST | 579 Views

CBDT Notifies Exemption for IFSC Units from Section 206C(1H) Tax Collection Under Income-tax Act

09 January 2025 at 08:49

CBDT has issued a key update via Notification No. 6/2025 dated January 6, 2025, exempting Units of IFSC from being treated as buyers under Section 206C(1H) of the Income-tax Act, 1961.

Posted in Income Tax | 672 Views