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GSTN | Date extended for reporting opening balance for ITC reversal
30 December 2023 at 09:12Advisory: 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
Year in Review 2023: CBIC's Pivotal GST System Upgrades
29 December 2023 at 09:30The 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.
CBDT Issues Guidelines u/s 194-O of the Income-tax Act, 1961
29 December 2023 at 09:28Vide 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
Income Tax Department Harnesses AI for Rs 36,000 Crore Recovery
29 December 2023 at 09:27The 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.
Year in Review 2023: CBDT's Citizen-Centric Initiatives
29 December 2023 at 09:23In 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.
Mahindra & Mahindra Fined Over Rs 56 Lakh for GST Credit Transfer Error in Two-Wheeler Business
29 December 2023 at 09:23Mahindra & 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.
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 21:57CBIC 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").
ICAI Announces Empanelment of CA Firms/LLPs for the year 2024-2025
28 December 2023 at 15:25Online Applications are invited from Chartered Accountant firms/LLPs who desire to be empanelled with the office of the Comptroller and Auditor General of India for the year 2024-2025
RBI Unveils Clarifications on Appointment Guidelines for SCAs/SAs in Banks and NBFCs
28 December 2023 at 15:23Clarification regarding Guidelines issued by RBI for Appointment of SCAs/SAs of Commercial Banks (Excluding RRBs), UCBs and NBFCs (including HFCs)
Delhi HC Upholds Constitutional Validity of Section 115BBE of Income Tax Act
28 December 2023 at 14:53In a significant verdict, the Delhi High Court, led by Acting Chief Justice Manmohan and Justice Mini Pushkarna, has upheld the constitutional validity of Section 115BBE of the Income Tax Act.
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