In a landmark ruling, the Income-Tax Appellate Tribunal (ITAT) Mumbai bench has determined that a Rs 20 lakh gift received by a taxpayer from his non-resident brother, who resides in the UAE, is not subject to taxation.
The Directorate General of Goods and Services Tax (GST) Intelligence has issued a show-cause notice to the Indian Institute of Technology-Delhi (IIT-D), demanding ₹120 crore in GST on research funding received between 2017 and 2022.
The Central Board of Direct Taxes (CBDT) has issued a directive to the Income Tax department, emphasizing the need for "non-intrusive" monitoring of rampant cash transactions in sectors such as hotels, luxury brand sales, hospitals, and IVF clinics.
The Finance Ministry is set to review the Goods and Services Tax (GST) rates applied to digital news subscriptions, according to sources.
On August 14, 2024, the CBIC issued Instruction No. 03/2024-GST, outlining new procedures for handling disputes related to the interpretation of the Central Goods and Services Tax (CGST) Act encountered during audits.
IntroductionE-way bill generation reached an unprecedented 10.48 crore in July, setting a new record and surpassing the previous high of 10.35 crore in March 2024, according to data from the GST Network (GSTN).
In a significant development, President Droupadi Murmu on 16th August 2024, Friday gave her assent to the Finance (No 2) Bill, 2024, officially enacting it into law.
IntroductionIn a significant move, the Ministry of Finance has granted the Unique Identification Authority of India (UIDAI) a five-year exemption from paying income tax, effective until the fiscal year 2027-28.
The Central Board of Direct Taxes (CBDT), the apex body overseeing direct tax collection in India, has reportedly launched an extensive investigation into high-value foreign remittances exceeding ₹6 lakh.
On August 13, 2024, the Ministry of Corporate Affairs (MCA) issued Notification No. G.S.R. 496(E), announcing amendments to the National Financial Reporting Authority (NFRA) Appointment of Part-Time Members Rules.
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