CAclubindia News

Budget 2025: Experts Push for GST Reduction and Higher Tax Deductions on Insurance

11 January 2025 at 08:57

The Indian insurance sector stands at a transformative juncture as the Union Budget 2025 approaches. Experts believe targeted reforms could significantly enhance insurance penetration, driving India closer to the vision of "Insurance for All" by 2047

Posted in Union Budget | 1461 Views

GSTR-1 & GSTR-3B Filing Deadlines for Dec 2024 Extended

10 January 2025 at 19:31

In a move aimed at easing compliance for taxpayers, the Central Board of Indirect Taxes and Customs (CBIC) has issued two new notifications on January 10, 2025, extending the deadlines for filing key GST returns for the tax period ending Dec 2024

Posted in GST | 35595 Views

IT Department Releases Common Offline Utility for Filing ITR 1 to ITR 4 for AY 2024-25

10 January 2025 at 09:08

The Income Tax Department has rolled out the latest versions of its Common Offline Utility for filing Income Tax Returns (ITR) 1, 2, 3, and 4 for the Assessment Year (AY) 2024-25.

Posted in Income Tax | 1041 Views

CGST Officers Detect Rs 15 Crore GST Evasion, Two Directors Arrested

10 January 2025 at 09:02

In a significant crackdown, the Preventive Wing of the Central Goods and Services Tax (CGST) department uncovered GST evasion of approximately Rs 15 crore through fraudulent Input Tax Credit (ITC) claims.

Posted in GST | 1650 Views

Insurance Industry Advocates GST Rate Reduction on Premiums with ITC Retention

10 January 2025 at 08:59

The insurance industry has submitted its recommendations for potential changes to GST rates to the Insurance Regulatory and Development Authority of India (IRDAI).

Posted in GST | 831 Views

Shri Tuhin Kanta Pandey Assumes Charge as Revenue Secretary, Ministry of Finance

10 January 2025 at 08:54

The current Finance Secretary, Shri Tuhin Kanta Pandey, took charge as the Secretary, Department of Revenue (DoR), Ministry of Finance, in forenoon today.

Posted in Income Tax | 636 Views

Budget 2025 to Feature Simplified Income Tax Rules for Hassle-Free Filing

10 January 2025 at 08:49

The Indian government is set to overhaul the Income-tax Act of 1961 in a bid to simplify tax filing rules, easing compliance for taxpayers and addressing disputes that have escalated to over $120 billion in the past decade.

Posted in Union Budget | 2601 Views

GSTN Issues Advisory On Implementation of Mandatory Mentioning of HSN codes in GSTR-1 & GSTR-1A

10 January 2025 at 08:49

Advisory On Implementation of Mandatory Mentioning of HSN codes in GSTR-1 & GSTR-1A

Posted in GST | 5835 Views

Income Tax Department Launches 24x7 Control Room to Monitor Unaccounted Cash and Valuables Ahead of Delhi Assembly Elections 2025

09 January 2025 at 09:04

Income Tax Department sets up 24x7 Control Room with Toll Free Number to vigil on movement of unaccounted cash, bullion & other valuables to ensure clean and fair Delhi Legislative Assembly Elections, 2025

Posted in Income Tax | 750 Views

DGGI Granted Powers to Block Online Money Gaming Apps Evading GST

09 January 2025 at 09:01

The Directorate General of GST Intelligence (DGGI) has been empowered to directly issue takedown notices to intermediaries to block online money gaming apps and websites evading Goods and Services Tax (GST).

Posted in GST | 2055 Views