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Direct Tax Collections Soar: 80.61% of Budget Estimates Achieved in FY 2023-24

   12 January 2024 at 11:36

Gross Direct Tax collections at Rs. 17.18 lakh crore with Y-o-Y growth of 16.77%, as on 10th January, 2024

Posted in Income Tax |   2475 Views


CBIC unveils 'Samay' app to expedite tax appeal resolution and reduce litigation time

   12 January 2024 at 09:11

In a significant move to enhance efficiency and reduce the time taken for tax appeals, the Central Board of Indirect Taxes & Customs (CBIC) is set to roll out a new mobile application named 'Samay.'

Posted in GST |   5067 Views


IT Dept conducts search operations in Mumbai engaged in the manufacturing of electrical items

   12 January 2024 at 09:10

Income Tax Department initiated search and seizure operations in the case of a group, engaged in the manufacturing of wires and cables and other electrical items on 22.12.2023.

Posted in Income Tax |   2715 Views


Income Tax Department Mandates LEI for Non-Individuals with Refunds over Rs 50 Crore

   11 January 2024 at 09:18

In a recent announcement, the Income Tax Department has introduced a new requirement for non-individual entities regarding the Credit of Refunds exceeding Rs. 50 crore.

Posted in Income Tax |   10797 Views


Assessment Year 2024 Poised for a 20% Drop in Late-Filed ITRs, Reveals Latest Report

   11 January 2024 at 09:17

The State Bank of India's recent report on income tax filings reveals a significant uptick in the number of individuals filing income tax returns in the assessment year 2022-23 (AY23).

Posted in Income Tax |   2982 Views


Withdrawal of E-Way Bill Generation Restriction Without e-Invoice/IRN

   10 January 2024 at 16:33

As of January 10, 2023, the earlier decision to restrict the creation of E-Way Bills exclusively to those accompanied by e-Invoice/IRN has been reversed, as per the recent update in the GST E-way bill system.

Posted in GST |   24864 Views


17th ICAI Awards Ceremonial Triumph: Recognizing Excellence and Innovation in Accountancy

   10 January 2024 at 08:59

ICAI had instituted ICAI Awards in the year 2007 to honour and acknowledge the exemplary achievements of its members who have attained exceptional levels of professional achievements in industry and business and are committed towards their goals.

Posted in Professional Resource |   6030 Views


CBIC Seeks Stakeholder Insights on Harmonizing GST Rate Schedule and Service Classification

   10 January 2024 at 08:53

As per Notification No. 12/2017-Central Tax dated June 28, 2017, as amended by Notification No. 78/2020-Central Tax dated October 15, 2020, taxpayers having turnover up to Rs. 5 Crore

Posted in GST |   3003 Views


Resolve GSTR-1 Errors with Updated E-commerce Data in Table 8 for Error-Free Summaries

   10 January 2024 at 08:53

Goods and Services Tax Return (GSTR) process undergoes a significant enhancement with the redesign of Table 8, specifically addressing the declaration of e-commerce data.

Posted in GST |   6219 Views


Study Reveals Uneven GST Collections Among States: 8 Regions Propel Revenue Growth

   10 January 2024 at 08:52

Even as the overall Goods and Services Tax (GST) collections surpassed Rs 1.6 lakh crore in most months of the fiscal year, a recent study has brought attention to the uneven growth in consumption demand among Indian states.

Posted in GST |   2856 Views



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