CAclubindia News

GST Scam Worth Rs 1000 Crore Exposed: Two Individuals Arrested

31 May 2024 at 09:03

In a major crackdown on GST fraud, two individuals, Umang Darji and Ravi Soni, have been arrested for orchestrating a large-scale fraudulent operation involving fake rubber stamps and bogus GST input tax credits.

Posted in GST | 2349 Views

FM Sitharaman: Section 43B may be reverted if MSMEs Accept Delayed Payments Over 45 Days

30 May 2024 at 08:46

In a significant development for Micro, Small, and Medium Enterprises (MSMEs), Finance Minister Nirmala Sitharaman announced on Tuesday that the government is open to repealing the recent changes to Section 43B of the Income Tax Act.

Posted in Income Tax | 1 comments | 26016 Views

CBDT Exempts RBI from Higher TDS/TCS Rates for Non-Filing of Income Tax Returns

29 May 2024 at 09:19

CBDT has released two significant notifications on May 27, 2024, introducing higher rates of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) for individuals and entities failing to furnish their Income Tax Returns (ITR).

Posted in Income Tax | 4461 Views

MCA Tightens Scrutiny on Beneficial Ownership Norms for Foreign-Owned Companies

29 May 2024 at 09:17

The Ministry of Corporate Affairs (MCA) has intensified its examination of beneficial ownership standards for companies controlled by foreign investors, leading to significant compliance implications, according to legal experts.

Posted in Corporate Law | 2301 Views

RBI Launches PRAVAAH, Retail Direct Mobile Application and FinTech Repository

29 May 2024 at 09:15

Shri Shaktikanta Das, Governor, Reserve Bank of India launched three major initiatives of the Reserve Bank of India, namely the PRAVAAH portal, the Retail Direct Mobile App and a FinTech Repository

Posted in Others | 522 Views

GSTN: E-Way Bill 2 Portal to be released by NIC on 1st June 2024

29 May 2024 at 09:15

GSTN is pleased to inform that NIC is releasing the E-Way Bill 2 Portal (https://ewaybill2.gst.gov.in) on 1st June 2024.

Posted in GST | 2370 Views

GST Scam: Noida Police Arrest Haryana Man, Total Arrests Reaches 45

28 May 2024 at 09:01

The Noida Police have made a significant breakthrough in the ongoing probe into the multi-crore GST scam by arresting a 45-year-old man from Haryana.

Posted in GST | 1092 Views

CBDT Issues Guidelines for Selection of Cases for Tax Scrutiny in FY 2024-25: Key Highlights

27 May 2024 at 08:59

The Central Board of Direct Taxes (CBDT) has recently issued a notification detailing the process for the scrutiny of income tax returns (ITRs) for the financial year 2024-25.

Posted in Income Tax | 4542 Views

Tamil Nadu GST Department Issues SOP for Newly Registered Taxpayers

25 May 2024 at 09:03

The Tamil Nadu GST Department has released Circular No. 4/2024 (PP2/GST-15/29/2024), dated May 20, 2024, detailing the Standard Operating Procedure (SOP) for newly registered taxpayers.

Posted in GST | 1737 Views

ICICI Lombard Faces GST Show-Cause Notice worth Rs 288 Crore

25 May 2024 at 09:03

ICICI Lombard General Insurance Company Ltd has been issued a GST show-cause notice amounting to ₹288 crore for the fiscal year 2020, according to a report by CNBC-TV18 shared on X (formerly Twitter) on Thursday.

Posted in GST | 1314 Views