CAclubindia News
GSTN Issues Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions
14 October 2024 at 09:05The government has issued Notification 25/2024-Central Tax, on October 9, 2024 under GST Section 51 of the CGST Act, 2017 mandating compliance by businesses dealing with Metal Scrap.
Fake ITC Fraud Worth Rs 48 Crore Uncovered by CGST in Mumbai
12 October 2024 at 09:11In a significant crackdown on tax fraud, the anti-evasion team of Thane Central Excise & CGST Commissionerate Mumbai Zone uncovered a massive fake Input Tax Credit (ITC) racket worth ₹48 crores.
NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit
12 October 2024 at 09:10The NFRA has imposed a penalty of Rs 2 crore on the statutory auditor and Rs 15 lakh on two chartered accountants for professional misconduct during the audit of CDEL for the financial year 2019-20.
Record E-Way Bill Surge in September Signals Festival Season Boost
12 October 2024 at 09:06India's supply chain activity reached a new peak in September, with e-way bill generation hitting 109 million, an 18% increase compared to the same period last year, according to data from GSTN.
DGGI Arrests Two Masterminds in Rs 700 Crore Fake Billing GST Fraud
12 October 2024 at 09:00In a major crackdown on GST fraud, the Directorate General of GST Intelligence (DGGI) has arrested two key players, Manish and Amit, residents of Gurmukh Singh Colony, Mandi Gobindgarh, in connection with a fake billing scheme worth over ₹700 crores.
Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season
11 October 2024 at 09:18Union Government releases tax devolution of ₹1,78,173 crore to State Governments, including one advance instalment of ₹89,086.50 crore in addition to regular instalment due in October, 2024
Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives
11 October 2024 at 09:17Union Minister of State for Finance Shri Pankaj Chaudhary inaugurated the state-of-the-art Goods and Services Tax (GST) office building in Nangal Raya, Delhi
Bombay HC Upholds Tax Exemption on Anonymous Donations to Shirdi Sai Baba Trust
11 October 2024 at 09:03In a significant ruling, the Bombay High Court on Tuesday upheld the exemption granted to Shree Sai Baba Sansthan Trust, Shirdi, for anonymous donations received under the Income Tax Act.
CBIC Updates Penal Provisions in Form GST INS-01 in Line with Bharatiya Nyaya Sanhita, 2023
11 October 2024 at 09:01In a major update to the penal provisions for inspection and search operations under the GST regime, the CBIC, through Notification No. 20/2024 - Central Tax dated October 08, 2024, has made a crucial substitution in FORM GST INS-01.
CBIC Notifies Prohibiting Consolidated Invoices for Supplies Under RCM
11 October 2024 at 08:59CBIC has introduced a significant update under the Central Goods and Services Tax (Second Amendment) Rules, 2024, which restricts the issuance of consolidated invoices for supplies covered under the RCM.
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