CAclubindia News

IIT-Delhi Faces Rs 120 Crore GST Demand on Research Funding

19 August 2024 at 08:59

The Directorate General of Goods and Services Tax (GST) Intelligence has issued a show-cause notice to the Indian Institute of Technology-Delhi (IIT-D), demanding ₹120 crore in GST on research funding received between 2017 and 2022.

Posted in GST | 3765 Views

CBDT Directs Income Tax Department to Monitor High-Value Cash Transactions at Hotels, Hospitals

19 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.

Posted in Income Tax | 4797 Views

Finance Ministry to Review GST Rates on Digital News Subscriptions

17 August 2024 at 07:53

The Finance Ministry is set to review the Goods and Services Tax (GST) rates applied to digital news subscriptions, according to sources.

Posted in GST | 1728 Views

CBIC Issues New Guidelines for Resolving CGST Act Interpretation Disputes During Audits

17 August 2024 at 07:51

On August 14, 2024, the CBIC issued Instruction No. 03/2024-GST, outlining new procedures for handling disputes related to the interpretation of the Central Goods and Services Tax (CGST) Act encountered during audits.

Posted in GST | 2334 Views

E-Way Bill Generation Hits Record High of 10.48 Crore in July

17 August 2024 at 07:49

IntroductionE-way bill generation reached an unprecedented 10.48 crore in July, setting a new record and surpassing the previous high of 10.35 crore in March 2024, according to data from the GST Network (GSTN).

Posted in GST | 534 Views

President Murmu Gives Assent to Finance (No 2) Bill 2024

17 August 2024 at 07:47

In a significant development, President Droupadi Murmu on 16th August 2024, Friday gave her assent to the Finance (No 2) Bill, 2024, officially enacting it into law.

Posted in Union Budget | 3555 Views

Finance Ministry Grants Income Tax Exemption to UIDAI for 5 Years Until FY 2027-28

16 August 2024 at 13:04

IntroductionIn a significant move, the Ministry of Finance has granted the Unique Identification Authority of India (UIDAI) a five-year exemption from paying income tax, effective until the fiscal year 2027-28.

Posted in Income Tax | 3162 Views

CBDT Launches Probe into Foreign Remittances Exceeding Rs 6 Lakh

16 August 2024 at 08:56

The Central Board of Direct Taxes (CBDT), the apex body overseeing direct tax collection in India, has reportedly launched an extensive investigation into high-value foreign remittances exceeding ₹6 lakh.

Posted in Income Tax | 4620 Views

MCA Notifies National Financial Reporting Authority Appointment of Part-Time Members (Amendment) Rules, 2024

16 August 2024 at 08:55

On August 13, 2024, the Ministry of Corporate Affairs (MCA) issued Notification No. G.S.R. 496(E), announcing amendments to the National Financial Reporting Authority (NFRA) Appointment of Part-Time Members Rules.

Posted in Corporate Law | 591 Views

FM Sitharaman Highlights Need for Tax Revenue to Support Green Energy Innovations

15 August 2024 at 07:36

In a keynote address at the 11th convocation of the Indian Institute of Science Education and Research (IISER) Bhopal on August 13, Finance Minister Nirmala Sitharaman highlighted the critical role of tax revenue and innovation in India's transition

Posted in Income Tax | 2127 Views