CAclubindia News

No MDR on UPI Transactions: Finance Ministry Dismisses Media Reports as Baseless and Misleading

14 June 2025 at 09:20

The Union Finance Ministry has strongly denied reports suggesting that the government is planning to impose a Merchant Discount Rate (MDR) on large-value Unified Payments Interface (UPI) transactions

Posted in Others | 1260 Views

Iron Trader Arrested for Rs 26 Crore GST Fraud Involving 10 Fake Firms

14 June 2025 at 09:17

The State Goods and Services Tax (SGST) department has arrested a 32-year-old iron trader from Raipur for orchestrating a massive fake input tax credit (ITC) scam, leading to a loss of Rs 26 crore to the exchequer.

Posted in GST | 807 Views

Air India Crash: Tata Group's Rs 1 Crore Ex-Gratia Payment Likely Exempt from Income Tax

13 June 2025 at 10:48

Tata Group offers Rs 1 crore compensation per victim's family after AI171 crash. Tax-exempt ex-gratia under Indian law. Nation mourns 242 lives lost.

Posted in Income Tax | 4503 Views

RBI Issues Revised Guidelines for Inoperative Accounts and Unclaimed Bank Deposits

13 June 2025 at 09:23

The Reserve Bank of India (RBI) has issued the Revised Instructions (Amendment), 2025 under the Inoperative Accounts/ Unclaimed Deposits in Banks guidelines.

Posted in Others | 1968 Views

FM Leads FSDC Meeting to Push for Refund of Unclaimed Deposits and Simplified KYC Norms

13 June 2025 at 09:20

Union Finance Minister exhorts FSDC to further take proactive steps for seamless KYC processes across the financial sector to enhance user experience

Posted in Corporate Law | 1320 Views

CBDT Notifies Zero-Coupon Bond Issued by NABARD Worth Rs 19,500 Crore for Income Tax Purposes

13 June 2025 at 09:19

CBDT has officially notified a zero-coupon bond issued by the National Bank for Agriculture and Rural Development (NABARD) under clause (48) of Section 2 of the Income-tax Act, 1961.

Posted in Income Tax | 663 Views

SPL-01/SPL-02 Filing Glitch: GSTN Issues Advisory for Taxpayers

13 June 2025 at 09:16

Taxpayers filing amnesty applications via Form SPL-01/SPL-02 under Section 128A of the CGST Act are facing glitches on the GST Portal in auto-populating payment details. GSTN advises uploading payment proof manually for officer verification.

Posted in GST | 3501 Views

GSTN Issues Clarification on HSN Table 12 for B2C Supplies in GSTR-1 Filing

12 June 2025 at 09:22

The Goods and Services Tax Network (GSTN) has issued an important clarification addressing challenges faced by taxpayers while filing GSTR-1 returns when they have only B2C supplies and are required to fill Table 12 (HSN Summary). The Clarification w

Posted in GST | 1 comments | 5109 Views

CBI Arrests CGST Superintendent and Tax Advocate for Rs 1 Lakh Bribe in GST Penalty Waiver Case

12 June 2025 at 09:14

CBI has arrested Nishan Singh Malli, Superintendent of Central Goods and Services Tax (CGST), Amroha and tax advocate Amit Khandelwal for allegedly accepting a bribe of Rs 1 lakh-part of a Rs 4 lakh demand-in exchange for waiving GST penalties.

Posted in GST | 2610 Views

GSTN Issues Advisory as Over 3 Lakh Amnesty Applications Filed Under Section 128A

12 June 2025 at 09:10

GSTN has issued an advisory for taxpayers facing technical issues while filing amnesty applications under Section 128A of the CGST Act, in light of the approaching deadline and the growing number of representations from trade bodies seeking assistance.

Posted in GST | 12054 Views