CAclubindia News

GSTN issues Advisory on Reporting of supplies to unregistered dealers in GSTR1/GSTR 5

04 September 2024 at 09:05

Govt has reduced the threshold limit for reporting of invoice-wise details of inter-state taxable outward supplies made to unregistered dealers from 2.5 Lakh to 1 Lakh

Posted in GST | 1011 Views

GSTN Introduces New Invoice Management System (IMS) for Invoice Corrections

03 September 2024 at 13:34

To enable taxpayers to efficiently address invoice corrections/amendments with their suppliers through the portal, a new communication process called the Invoice Management System (IMS) is being brought up at portal.

Posted in GST | 3651 Views

GSTN Updates "Bank Accounts" Section Interface in Non-Core Fields Amendment on GST Portal

03 September 2024 at 09:13

The Goods and Services Tax Network (GSTN) has recently rolled out an update to the "Bank Accounts" section within the "Amendment of Registration Non-Core Fields" on the GST portal.

Posted in GST | 792 Views

Vodafone Idea Hit with Nine GST Notices Demanding Rs 73 Crore

03 September 2024 at 09:10

Debt-laden telecom giant Vodafone Idea is facing fresh challenges as it has been hit with Goods and Services Tax (GST) demand notices totalling Rs 73 crore from various tax offices across India.

Posted in GST | 1719 Views

Infosys Hit with Rs 3 Crore Tax Penalty Over Alleged Discrepancies in ITC and Payments

02 September 2024 at 08:59

Infosys has been issued a penalty notice exceeding Rs 3 crores by the Deputy Commissioner of Commercial Taxes in Bengaluru. The penalty, which pertains to alleged discrepancies in tax payments and the excessive use of ITC for the financial year 2019-20

Posted in GST | 3357 Views

Siemens Hit with Rs 29.4 Crore Tax Demand from Income Tax Department

02 September 2024 at 08:58

Technology giant Siemens Ltd announced on Friday, August 30, that it has received a new tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), amounting to approximately ₹29.4 crore. This demand was disclosed in a stock exchange

Posted in Income Tax | 645 Views

GST Collections Surge 10% in August to Rs 1.75 Lakh Crore

02 September 2024 at 08:56

Gross and Net GST revenue collections for the month of Aug, 2024

Posted in GST | 1689 Views

Shipping Corporation Faces Rs 160 Crore GST Demand for FY20 Due to Input Credit Mismatch

31 August 2024 at 09:13

On Thursday, August 29, 2024, state-owned Shipping Corporation of India Ltd (SCI) announced it had received a significant demand order from the Deputy Commissioner of State Tax in Mumbai, amounting to ₹160.37 crore.

Posted in GST | 672 Views

CBIC to Notify GST Provisions Under Finance Act 2024 Post 54th GST Council Meeting on 9th September

31 August 2024 at 09:09

The Central Board of Indirect Taxes and Customs (CBIC) has announced that the provisions of the Finance (No.2) Act, 2024, related to Goods and Services Tax (GST) will not come into effect until after the 54th GST Council Meeting.

Posted in GST | 5400 Views

CBDT rolls out Dispute Resolution Scheme (e-DRS) 2022 to minimise litigation

31 August 2024 at 09:08

In pursuance of section 245MA in the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the CBDT notified the e-Dispute Resolution Scheme, 2022 (e-DRS) with the aim to reduce litigation and provide relief to eligible taxpayers.

Posted in Income Tax | 3078 Views