The CGST Delhi South Commissionerate has busted a Rs 47.12 crore Fake ITC racket in the iron and steel sector. A Naraina-based trader was arrested for availing bogus ITC using fake invoices and cancelled GSTINs without the actual supply of goods.
The Government, Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI) have been taking up various initiatives to promote digital payment transactions.
The Lok Sabha Select Committee spent 25,000 hours reviewing the Income Tax Bill 2025, recommending 330+ clarity-focused changes.
The Commercial Taxes Department in Hyderabad uncovered GST fraud involving fake e-way bills and empty vehicles. Fraudsters used immobilized cars and staged photos to evade tax. FIRs expected.
Karnataka issues GST notices to 7,000 unregistered vendors based on UPI data. No tax demand yet, but vendors must register or prove exemption. CM Siddaramaiah promises relief.
ICAI announces suspension of Self-Paced Online Module Tests from August 11 to 20, 2025, due to portal maintenance. Slot booking to resume from August 21.
The Ministry of Finance has notified new recruitment rules for Senior Accountants under the Central Civil Accounts Service, detailing promotion criteria, pay scale, eligibility, and probation period. Effective August 1, 2025.
Finance Ministry reveals that out of 5,892 money laundering cases probed by ED since January 2015, only 8 convictions have been secured. The data was shared in response to a Rajya Sabha query by TMC MP Saket Gokhale.
The Finance Ministry has notified a concessional 0.1% guarantee fee for NaBFID’s foreign borrowings, aiming to support its long-term infrastructure financing goals. Notification follows global credit ratings from Moody’s and Fitch.
The Institute of Company Secretaries of India (ICSI) urges the government to recognise CS professionals as accountants and calls for a comprehensive overhaul of taxation laws
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