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Supreme Court Allows GST ITC on Construction Costs for Buildings Essential for Rental Services

   04 October 2024 at 09:12

On October 3, 2024, the Supreme Court ruled that buildings essential for supplying services such as renting may qualify for the "plant" exception under Section 17(5)(d) of the Central Goods and Services Tax (CGST) Act.

Posted in GST |   6303 Views


ICAI Extends MEF 2024-25 Submission Deadline to October 21

   04 October 2024 at 09:11

ANNOUNCEMENT FOR EXTENSION OF LAST DATE FOR SUBMITTING MEF 2024-25 FROM 07th OCTOBER TO 21st OCTOBER, 2024

Posted in Professional Resource |   4416 Views


Major Win for Tax Department: Supreme Court Ruling to Impact 90,000 Reassessment Notices

   03 October 2024 at 15:25

In a landmark decision, the SC ruled on Thursday that the Income Tax Act must be interpreted with the amended provisions effective from 1st April 2021. This ruling directly impacts approximately 90,000 reassessment notices

Posted in Income Tax |   6999 Views


CBDT Issues Circular on Condonation of Delay for ITR Refunds and Loss Carry Forward Claims

   03 October 2024 at 09:05

CBDT issued Circular No. 11/2024 on October 1, 2024, establishing new guidelines for condoning delays in filing income tax returns (ITRs) claiming refunds or carrying forward losses under Section 119(2)(b) of the Income-tax Act, 1961

Posted in Income Tax  2 comments |   21228 Views


RBI: 98% of Rs 2,000 Notes Returned Following Withdrawal Order

   03 October 2024 at 09:01

The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023.

Posted in Others |   546 Views


ICAI Marks Global Ethics Day with a Renewed Focus on Professional Integrity

   03 October 2024 at 09:01

Ethics build the foundation, integrity fortifies it, and professionalism turns it into a legacy that inspires trust.

Posted in Professional Resource |   540 Views


GST Tribunal Takes Over: No New Anti-Profiteering Cases from FY26

   03 October 2024 at 08:58

From April 1, 2025, the anti-profiteering mechanism under the Goods and Services Tax (GST) regime will cease to operate, marking a significant change for businesses and consumers.

Posted in GST |   1143 Views


GST Collections Slow to 6.5% in September, Totaling Rs 1.73 Lakh Crore

   02 October 2024 at 09:41

GST revenue growth rate slowed to 6.5% in September, with collections totalling Rs 1.73 lakh crore, according to government data released on Tuesday.

Posted in GST |   1299 Views


Over 150 Suspicious Agencies in Himachal Pradesh Under Investigation for GST Fraud

   02 October 2024 at 09:39

The Excise and Taxation Department of Himachal Pradesh is investigating over 150 agencies registered under fraudulent means, as part of a nationwide crackdown on fake GST registrations.

Posted in GST |   513 Views


Insurance Companies Face Rs 20,000 Crore GST Liability for Rule Violations: DGGI

   02 October 2024 at 09:36

The DGGI has uncovered significant GST violations by insurance companies, revealing that many have failed to pay GST on services provided to employees in Special Economic Zone (SEZ) units.

Posted in GST |   1497 Views



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