CAclubindia News

Payment Gateways Push for GST Waiver on Small-Value Transactions

13 December 2024 at 06:25

Ahead of the GST Council meeting on December 21, payment gateway operators have submitted representations to the finance ministry opposing the proposed 18% GST on commissions earned on digital payments below ₹2,000.

Posted in GST | 606 Views

Rs 824 Crore GST Evasion Uncovered in India's Cryptocurrency Sector

12 December 2024 at 09:13

The Indian government has identified Goods and Services Tax (GST) evasion worth ₹824.14 crore across 17 cryptocurrency exchanges, as revealed by Minister of State for Finance Pankaj Chaudhary.

Posted in GST | 732 Views

Income Tax Review Committee Aims to Simplify IT Act Without Changing Tax Rates

12 December 2024 at 09:13

The Income-Tax Review Committee, tasked with overhauling India’s Income Tax Act of 1961, is focusing solely on simplifying the law to make it more concise and user-friendly.

Posted in Income Tax | 2 comments | 1443 Views

Economic Affairs Secretary Ajay Seth Takes on Additional Role as Revenue Secretary

12 December 2024 at 09:09

In a key administrative reshuffle, Economic Affairs Secretary Ajay Seth has been assigned the additional role of Secretary of the Revenue Department, effective immediately, as per a government order issued on Tuesday.

Posted in Others | 1548 Views

CBIC Extends GSTR-3B Filing Deadline for Murshidabad, West Bengal

11 December 2024 at 09:08

In a relief to taxpayers in Murshidabad, West Bengal, the Central Board of Indirect Taxes and Customs (CBIC) has extended the deadline for filing GSTR-3B returns for October 2024.

Posted in GST | 624 Views

GST Fraud: Rs 35,132 Crore ITC Evasion Detected, Over 17000 Fake Firms Exposed

11 December 2024 at 09:08

In a significant crackdown on Goods and Services Tax (GST) evasion, authorities have identified fraudulent Input Tax Credit (ITC) claims worth ₹35,132 crore, involving 17,818 fake firms, between April and October 2024.

Posted in GST | 1 comments | 1368 Views

NFRA Pushes for Global Alignment in Auditing Standards to Boost Investor Confidence

11 December 2024 at 09:07

The NFRA Chairperson, Ajay Bhushan Prasad Pandey, emphasized the urgent need for India to align its auditing standards with global benchmarks to bolster investor confidence, attract funds, and enhance the credibility of financial data.

Posted in Audit | 1 comments | 1602 Views

Budget 2025 Preview: FM Sitharaman's Strategies to Address Inflation and Growth

11 December 2024 at 09:05

In the July 2024 Budget, Finance Minister Nirmala Sitharaman aimed to provide relief to India's middle and lower-income households by widening the income tax slab for zero tax and increasing the standard deduction for salaried individuals.

Posted in Union Budget | 1722 Views

Pre-Budget 2025: MSME Stakeholders Demand GST Cuts, Tech Upgrades and PLI Expansion

10 December 2024 at 09:12

Micro, Small, and Medium Enterprise (MSME) stakeholders urged the government to implement GST reductions, technology upgrades, and extend Production-Linked Incentive (PLI) benefits to various sectors during a pre-Budget meeting with Finance Minister

Posted in GST | 1578 Views

Petroleum Sector's Tax Contribution to Witness Sharp Decline in FY 2024-25

10 December 2024 at 09:08

The sluggish excise duty collections from petroleum and natural gas, combined with the discontinuation of the windfall tax regime in December, indicate a significant drop in the sector's overall tax contribution to the public exchequer for FY25

Posted in Income Tax | 450 Views