CAclubindia News

CAG Report Flags Rs 755.49 Crore GST Revenue Loss in Commercial Tax Department

16 December 2024 at 09:11

A Comptroller and Auditor General (CAG) report tabled in the Assembly on Thursday has highlighted significant revenue lapses within the Goods and Services Tax (GST) and Stamps and Registrations Departments.

Posted in GST | 2 comments | 13830 Views

IT Department Issues Notices to Indian Residents for Undeclared Foreign ESOPs and Assets

16 December 2024 at 09:07

Notices are being sent to employees of MNCs holding ESOPs from foreign parent companies, especially those who failed to declare dividend income or ownership of such shares in their ITRs.

Posted in Income Tax | 2355 Views

GST Registration Advisory: Biometric Aadhaar Authentication and Document Verification Rolled Out in Chhattisgarh, Goa & Mizoram

16 December 2024 at 09:01

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Chhattisgarh, Goa and Mizoram

Posted in GST | 441 Views

Retailers Oppose 35% GST Slab, Urge Finance Minister and Council to Reconsider

14 December 2024 at 09:11

The Indian Sellers Collective, a coalition of trade associations and sellers across India, has strongly opposed the proposal for a fifth GST slab with a 35% rate on demerit goods like aerated beverages, cigarettes, and tobacco.

Posted in GST | 1731 Views

West Bengal Passes GST Amendment Bill 2024 Aligned with Council Recommendations

14 December 2024 at 09:10

West Bengal Finance Minister Chandrima Bhattacharya on Wednesday presented the West Bengal Goods and Services Tax (Amendment) Bill, 2024, aligning the state’s GST framework with recommendations ratified by the GST Council.

Posted in GST | 594 Views

Income Tax Refunds Soar 46.31% to Rs 3.08 Lakh Crore in FY 2024-25 - Finance Ministry

14 December 2024 at 09:10

The Ministry of Finance announced a remarkable 46.31% surge in income tax refunds issued during the period of April 1 to November 27 in the financial year 2024-25, compared to the same period in 2023-24.

Posted in Income Tax | 1578 Views

States Express Mixed Reactions to Proposed GST Rate Rationalisation Ahead of 55th GST Council Meeting

13 December 2024 at 06:25

The GoM tasked with GST rate rationalisation has presented proposals that have elicited a mixed response from states, with many expressing concerns about the timing and economic implications of the changes.

Posted in GST | 699 Views

CBDT Amends Notification on Tax Exemptions u/s 10(23FE) of Income-tax Act

13 December 2024 at 06:25

In a recent development, the Central Board of Direct Taxes (CBDT) issued Notification No. 127/2024 dated December 11, 2024, amending its earlier notification (No. 44/2020) issued on July 6, 2020, under Section 10(23FE) of the Income-tax Act, 1961.

Posted in Income Tax | 1101 Views

Amit Shah Outlines Key Tax Benefits for Cooperative Societies in Rajya Sabha

13 December 2024 at 06:25

The Government of India has taken various initiatives to provide the income tax relief to cooperative societies. This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Rajya Sabha.

Posted in Income Tax | 2481 Views

Payment Gateways Push for GST Waiver on Small-Value Transactions

13 December 2024 at 06:25

Ahead of the GST Council meeting on December 21, payment gateway operators have submitted representations to the finance ministry opposing the proposed 18% GST on commissions earned on digital payments below ₹2,000.

Posted in GST | 720 Views