CAclubindia News

July 2023 GST Collection Smashes Records at Rs. 1,65,105 Crore, Surges 11% YoY

02 August 2023 at 08:51

₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth

Posted in GST | 4416 Views

Over 6.77 Crore ITRs Filed by July 31, 2023, with Record 16.1% YoY Growth

02 August 2023 at 08:50

New record of over 6.77 crore Income Tax Returns (ITRs) filed till 31st July, 2023; record growth of 16.1% Year-on-Year

Posted in Income Tax | 3057 Views

Massive GST Evasion Unearthed: Rs 14,302 Crore Detected in April-May 2023

01 August 2023 at 14:22

In a written reply to the Lok Sabha on Monday, Finance Minister Nirmala Sitharaman said that GST evasion of Rs 14,302 crore was detected in the first two months of the current fiscal year, April-May 2023.

Posted in GST | 3096 Views

Final Extension of 2FA for Large Taxpayers until 20th Aug 2023

01 August 2023 at 08:52

The Mandatory 2 Factor Authentication (2FA) requirement for taxpayers with an Aggregate Annual Turnover (AATO) above 100 Crores has been extended until August 20, 2023

Posted in GST | 9141 Views

Over 4 Lakh Businesses to Issue E-invoices from 1st Aug 2023

01 August 2023 at 08:50

As of August 1, there will be a significant change in the mandatory e-invoicing requirements in India. The aggregate annual turnover threshold for issuing e-invoices will be lowered from ₹10 crore to ₹5 crore.

Posted in GST | 11502 Views

CBDT Issues SOP for Recomputation of Co-operative Sugar Manufacturers' Income u/s 155(19) of IT Act

31 July 2023 at 08:43

CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued SOP for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155

Posted in Income Tax | 2994 Views

IT Dept to Utilize AI Regression Model for Detecting Deviations: Tax Official

31 July 2023 at 08:42

The usage of artificial intelligence (AI) by the Income Tax department to build regression models is aimed at identifying deviations and errors in tax filing.

Posted in Income Tax | 31068 Views

GSTN Introduces Mandatory CA/EC Number Tabs in State Specific Information Section

31 July 2023 at 08:41

GSTN has introduced new tabs in the 'State Specific Information' section of the GST registration form to collect Consumer Agreement (CA) or Electricity Consumer (EC) numbers.

Posted in GST | 23655 Views

IT Department Conducts Raids on Haier Offices in Noida, Mumbai and Pune

29 July 2023 at 12:06

Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier.

Posted in Income Tax | 5388 Views

Over 5 crore ITRs filed for AY 2023-24 by 27th July breaking last year's record

29 July 2023 at 10:32

The fact that over 5 crore ITRs have already been filed till 27th July 2023, as compared to 30th July last year, shows a commendable commitment to meeting tax obligations promptly.

Posted in Income Tax | 14118 Views