CAclubindia News

75% of GST Revenue Comes from 18% Slab, Reveals MoS Finance

04 December 2024 at 08:46

In the fiscal year 2023-24, approximately 70-75% of GST revenues were generated from the 18% tax slab, while the 12% slab contributed just 5-6% of the total collection.

Posted in GST | 1485 Views

Central Tax Officials Uncover Rs 824 Crore GST Evasion by Cryptocurrency Exchanges

04 December 2024 at 08:45

Central tax officials have uncovered goods and services tax (GST) evasion amounting to ₹824.14 crore across 17 cryptocurrency exchanges, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on December 2.

Posted in GST | 606 Views

Income Tax Practitioners Sentenced to 3 Years in Jail for TDS Refund Fraud

03 December 2024 at 09:04

A special Central Bureau of Investigation (CBI) court in Ahmedabad on Friday convicted two income tax practitioners, Suresh Prajapati and Shobhna Prajapati, for fraudulently obtaining TDS refunds using false or forged certificates.

Posted in Income Tax | 73797 Views

Income Tax Department Launches State-Wide Searches on Builder Group for Suspected Tax Evasion

03 December 2024 at 09:00

In a coordinated operation, multiple teams comprising around 170 Income Tax (I-T) officials launched extensive searches on three interconnected real estate firms on Friday morning.

Posted in Income Tax | 2109 Views

NFRA Chief Highlights Significant Improvements in Company Auditing Over Last 3-4 Years

03 December 2024 at 08:59

The auditing landscape in India has seen significant improvement over the past three to four years, according to Ajay Bhushan Prasad Pandey, Chairperson of the National Financial Reporting Authority (NFRA).

Posted in Audit | 2406 Views

RBI Reports 98% Return of Rs 2000 Banknotes Post Withdrawal Announcement

03 December 2024 at 08:55

98.08% of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned

Posted in Community & General | 501 Views

CBDT Exempts Diplomatic Missions and UN Agencies from Section 194N Provisions

02 December 2024 at 09:11

In a significant development, the CBDT has issued Notification No. 123/2024, dated Nov 28, 2024, exempting specific foreign representations and international organizations from the provisions of Section 194N of the IT Act, 1961.

Posted in Income Tax | 2373 Views

UPI Processes 16 Billion Transactions Worth Rs 23.49 Lakh Crores in October 2024

02 December 2024 at 09:10

IntroductionIn October 2024, Unified Payments Interface (UPI) achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India's digital transformation.

Posted in Community & General | 1434 Views

Record Rs 1.82 Lakh Crore GST Collection in November Marks 8.5% Growth

02 December 2024 at 09:07

India's GST revenue for November 2024 recorded a significant growth of 8.5% compared to November 2023, reaching a total of ₹1,82,269 crore.

Posted in GST | 1695 Views

ICAI's Role in Strengthening Capital Markets: A Pathway to Economic Growth and Investor Protection

02 December 2024 at 09:06

In the dynamic landscape of global finance, Capital markets play an indispensable role in the economic development and progress of a nation, serving as the lifeblood of a nation's financial system.

Posted in Professional Resource | 1851 Views