CAclubindia News

Net Direct Tax Collections for FY 2024-25 Surge by 18.35% as of 10th October

14 October 2024 at 09:05

India's net direct tax collections for the financial year 2024-25 have seen significant growth, reaching ₹11.25 lakh crore by October 10, 2024, marking an 18.35% increase compared to the previous year.

Posted in Income Tax | 390 Views

GSTN Issues Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions

14 October 2024 at 09:05

The government has issued Notification 25/2024-Central Tax, on October 9, 2024 under GST Section 51 of the CGST Act, 2017 mandating compliance by businesses dealing with Metal Scrap.

Posted in GST | 1410 Views

Fake ITC Fraud Worth Rs 48 Crore Uncovered by CGST in Mumbai

12 October 2024 at 09:11

In a significant crackdown on tax fraud, the anti-evasion team of Thane Central Excise & CGST Commissionerate Mumbai Zone uncovered a massive fake Input Tax Credit (ITC) racket worth ₹48 crores.

Posted in GST | 1584 Views

NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit

12 October 2024 at 09:10

The NFRA has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct during the audit of CDEL for the financial year 2019-20.

Posted in Audit | 3309 Views

Record E-Way Bill Surge in September Signals Festival Season Boost

12 October 2024 at 09:06

India's supply chain activity reached a new peak in September, with e-way bill generation hitting 109 million, an 18% increase compared to the same period last year, according to data from GSTN.

Posted in GST | 429 Views

DGGI Arrests Two Masterminds in Rs 700 Crore Fake Billing GST Fraud

12 October 2024 at 09:00

In a major crackdown on GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested two key players, Manish and Amit, residents of Gurmukh Singh Colony, Mandi Gobindgarh, in connection with a fake billing scheme worth over ₹700 crores.

Posted in GST | 1 comments | 1386 Views

Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season

11 October 2024 at 09:18

Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024

Posted in Income Tax | 333 Views

Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives

11 October 2024 at 09:17

Union Minister of State for Finance Shri Pankaj Chaudhary inaugurated the state-of-the-art Goods and Services Tax (GST) office building in Nangal Raya, Delhi

Posted in GST | 528 Views

Bombay HC Upholds Tax Exemption on Anonymous Donations to Shirdi Sai Baba Trust

11 October 2024 at 09:03

In a significant ruling, the Bombay High Court on Tuesday upheld the exemption granted to Shree Sai Baba Sansthan Trust, Shirdi, for anonymous donations received under the Income Tax Act.

Posted in Income Tax | 693 Views

CBIC Updates Penal Provisions in Form GST INS-01 in Line with Bharatiya Nyaya Sanhita, 2023

11 October 2024 at 09:01

In a major update to the penal provisions for inspection and search operations under the GST regime, the CBIC, through Notification No. 20/2024 - Central Tax dated October 08, 2024, has made a crucial substitution in FORM GST INS-01.

Posted in GST | 735 Views