CAclubindia News

GlaxoSmithKline Pharma Receives Rs 222.23 Crore Income Tax Refund for AY 2022-23

05 September 2024 at 09:14

Global healthcare company GlaxoSmithKline Pharmaceuticals Ltd (GSK) announced on September 3, 2024, that it has received an income tax refund of Rs 222.23 crore for the assessment year 2022-23, following an order issued by the Income Tax Department

Posted in Income Tax | 1 comments | 993 Views

ICAI vs NFRA: Clash Over Proposed Overhaul of Key Audit Standard SA 600

05 September 2024 at 09:10

The Institute of Chartered Accountants of India (ICAI) is in a standoff with the National Financial Reporting Authority (NFRA) over a proposed revamp of the auditing standard SA 600, which deals with the "Use of the Work of Another Auditor."

Posted in Audit | 4323 Views

GST Council to Discuss Online Gaming Taxation and Fake GST Registrations in 54th Meeting

05 September 2024 at 09:09

The upcoming 54th GST Council meeting on September 9, 2024, will focus on key issues such as the taxation of online gaming, ongoing efforts against fake GST registrations, and amendments under the Finance Act, 2024.

Posted in GST | 1287 Views

Unemployed Man Duped in Rs 250 Crore GST Fraud After Falling for Job Scam

04 September 2024 at 09:08

IntroductionAshwani Kumar, a young man from Barsu village in Muzaffarnagar, Uttar Pradesh, was struggling to find employment when he received what seemed to be a lifeline - a job offer through a WhatsApp call.

Posted in GST | 2691 Views

Nitin Gadkari Urges GST Reduction on Flex Fuel Vehicles to 12% to Boost Bioenergy Adoption

04 September 2024 at 09:07

Union Minister for Road Transport and Highways, Nitin Gadkari, has made a compelling case for reducing the Goods and Services Tax (GST) on flex-fuel vehicles to 12%, down from the current 28% levied on internal combustion engine (ICE) vehicles.

Posted in GST | 1788 Views

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 | 990 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 | 3603 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 | 747 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 | 1680 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 | 3291 Views