GST News

CBDT Issues SOP for Handling Internal Audit Objections

18 September 2024 at 09:20

The Central Board of Direct Taxes (CBDT) has issued Instruction No. 2/2024 on September 09, 2024, revising the Standard Operating Procedure (SOP) for handling internal audit objections in tax assessments.

Posted in GST | 4434 Views

FM Sitharaman Hints at GST Rate Rationalisation to Simplify Tax Structure

18 September 2024 at 09:12

On September 16th, Monday, Union Finance Minister Nirmala Sitharaman said that the Narendra Modi government is keen on the process of rationalising the GST rates to make them hassle-free and there is also the likelihood of a reduction of rates.

Posted in GST | 2637 Views

GSTN Releases Draft Manual on Invoice Management System

18 September 2024 at 09:10

In a significant leap forward in the Goods and Services Tax (GST) ecosystem, the GST Common Portal has unveiled a ground breaking new facility, the Invoice Management System (IMS), revolutionizing the way recipient taxpayers interact with invoices.

Posted in GST | 3675 Views

GSTN Issues Advisory On Re-opening of Reporting ITC Reversal Opening Balance

18 September 2024 at 09:07

Vide Notification No. 14/2022 - Central Tax dated 05th July, 2022 (read with circular 170/02/2022-GST, Dated 6th July,2022), the Government introduced certain changes in Table 4 of Form GSTR-3B

Posted in GST | 6426 Views

GST Council Forms GoM to Review Tax Rates on Health and Life Insurance Premiums

17 September 2024 at 09:08

The GST Council on Sunday formed a 13-member Group of Ministers (GoM) to recommend changes to the Goods and Services Tax (GST) rates on health and life insurance premiums.

Posted in GST | 2166 Views

GST Evasion Doubles to Rs 2.01 Lakh Crore in FY24; Mumbai Leads in Detection

17 September 2024 at 09:06

According to the DGGI's latest annual report, Mumbai topped the charts with the highest GST evasion of Rs 70,985 crore, followed by Delhi (Rs 18,313 crore), Pune (Rs 17,328 crore), Gurugram (Rs 15,502 crore), and Hyderabad (Rs 11,081 crore).

Posted in GST | 2022 Views

Govt May Establish Panel to Enforce Regulatory Compliance for Online Gaming Platforms

17 September 2024 at 09:04

In a bid to curb the rapid proliferation of online gaming platforms and ensure regulatory compliance, the Directorate General of GST Intelligence (DGGI) has proposed the establishment of an inter-departmental committee.

Posted in GST | 1737 Views

GST Evasion Surges to Rs 2.01 Lakh Crore in FY24

16 September 2024 at 09:09

In the 2023-24 fiscal year, the Directorate General of GST Intelligence (DGGI) detected a staggering Rs 2.01 lakh crore in GST evasion across 6,084 cases, according to the agency's annual report.

Posted in GST | 2334 Views

Rs 1,400 Crore GST Evasion: Former Chief Secretary Somesh Kumar Under CID Scrutiny

16 September 2024 at 09:02

The Crime Investigation Department (CID) is getting ready to interrogating some of the officials of the commercial taxes department including the former Chief Secretary Somesh Kumar in connection with a GST scam.

Posted in GST | 2973 Views

Zomato to Challenge Rs 5.6 Crore GST Demand from West Bengal Government

16 September 2024 at 09:01

On September 14, Zomato announced its intention to appeal a recent GST order from the West Bengal government, which demands a total of Rs 5.6 crore for the period from April 2020 to March 2021.

Posted in GST | 594 Views