CAclubindia News

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 | 3324 Views

Siemens Hit with Rs 29.4 Crore Tax Demand from Income Tax Department

02 September 2024 at 08:58

Technology giant Siemens Ltd announced on Friday, August 30, that it has received a new tax demand order from the Deputy Commissioner of Income Tax, Circle 8(2)(1), amounting to approximately ₹29.4 crore. This demand was disclosed in a stock exchange

Posted in Income Tax | 630 Views

GST Collections Surge 10% in August to Rs 1.75 Lakh Crore

02 September 2024 at 08:56

Gross and Net GST revenue collections for the month of Aug, 2024

Posted in GST | 1686 Views

Shipping Corporation Faces Rs 160 Crore GST Demand for FY20 Due to Input Credit Mismatch

31 August 2024 at 09:13

On Thursday, August 29, 2024, state-owned Shipping Corporation of India Ltd (SCI) announced it had received a significant demand order from the Deputy Commissioner of State Tax in Mumbai, amounting to ₹160.37 crore.

Posted in GST | 660 Views

CBIC to Notify GST Provisions Under Finance Act 2024 Post 54th GST Council Meeting on 9th September

31 August 2024 at 09:09

The Central Board of Indirect Taxes and Customs (CBIC) has announced that the provisions of the Finance (No.2) Act, 2024, related to Goods and Services Tax (GST) will not come into effect until after the 54th GST Council Meeting.

Posted in GST | 5388 Views

CBDT rolls out Dispute Resolution Scheme (e-DRS) 2022 to minimise litigation

31 August 2024 at 09:08

In pursuance of section 245MA in the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the CBDT notified the e-Dispute Resolution Scheme, 2022 (e-DRS) with the aim to reduce litigation and provide relief to eligible taxpayers.

Posted in Income Tax | 3063 Views

CBI Arrests Income Tax Principal Commissioner in Rs 10 Lakh Bribery Scandal

30 August 2024 at 14:03

CBI chief in one of the biggest corruption sting operations arrested Principal Commissioner of Income Tax (Patna and Dhanbad) - Santosh Kumar and four others for receiving Rs 10 lakh in bribes.

Posted in Income Tax | 1 comments | 4674 Views

LIC Receives Rs 605.5 Crore GST Demand Order for FY20

30 August 2024 at 09:30

Life Insurance Corporation (LIC) of India has been hit with a GST demand and penalty order totalling Rs 605.5 crore for the fiscal year 2019-20 (FY20).

Posted in GST | 591 Views

Chocolate Firms and Bakeries Hit with GST Notices Over Alleged Underpayment

30 August 2024 at 09:26

More than a dozen bakery and chocolate companies have been served notices by the DGGI for allegedly underpaying GST from July 2017 to March 2023.

Posted in GST | 924 Views

Vodafone Idea Faces Rs 15.19 Crore GST Demand and Rs 1.51 Crore Penalty

30 August 2024 at 09:23

The GST office in Patna has ordered debt-ridden Vodafone Idea (VIL) to pay Rs 15.19 crore in taxes, along with a penalty of Rs 1.51 crore, for allegedly availing input tax credit (ITC) it was not eligible for during FY 2019-20 and 2020-21.

Posted in GST | 1 comments | 669 Views