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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 |   3660 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 |   6402 Views


ICAI to Host Multipurpose Empanelment Form (MEF) for the year 2024-25

   18 September 2024 at 09:04

Professional Development Committee (PDC) is pleased to host the Multipurpose Empanelment Form (MEF) for the year 2024-25, which is available at https://meficai.org/.

Posted in Professional Resource |   486 Views


FM Sitharaman Confirms No Tax Rate Reductions for Old Tax Regime

   17 September 2024 at 11:25

In a recent address at an event, Finance Minister Nirmala Sitharaman reaffirmed that the government will not be reducing tax rates under the old tax regime. This statement comes in response to ongoing calls from taxpayers for similar rate reductions

Posted in Income Tax |   3078 Views


Banking Liquidity Set to Decline Amid Advance Tax and GST Outflows This Week

   17 September 2024 at 09:11

The banking system, after enjoying a liquidity surplus for over two months, is expected to move into deficit this week due to advance tax payments and GST outflows, according to market experts. As of Thursday, the liquidity surplus stood at Rs 1.96 t

Posted in Others |   489 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 |   2154 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 |   2007 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 |   1719 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 |   2313 Views


3 Mumbai Businessmen Arrested in GST Fraud: Fake ITC Claims via 8 Shell Companies

   16 September 2024 at 09:07

In a major crackdown on fraudulent Input Tax Credit (ITC) claims, the Central Goods and Services Tax (CGST) Palghar Commissionerate has uncovered a fake ITC racket amounting to Rs. 59.11 crore.

Posted in Income Tax |   5253 Views



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