CAclubindia News

CBIC Issues Clarification on "As Is / As Is, Where Is Basis" mentioned in GST Circulars

14 October 2024 at 09:08

The Central Board of Indirect Taxes and Customs (CBIC) has provided crucial clarification regarding the scope of the "as is / as is, where is basis" terminology used in previous GST circulars. Issued on October 11, 2024, Circular No. 236/30/2024-GST

Posted in GST | 4824 Views

CBIC Issues Clarification on GST Rates and Classification of Goods Following 54th GST Council Meeting

14 October 2024 at 09:07

The Central Board of Indirect Taxes and Customs (CBIC) has released a significant clarification on GST rates and classification of goods through Circular No. 235/29/2024-GST, dated October 11, 2024.

Posted in GST | 3078 Views

Net Direct Tax Collections for FY 2024-25 Surge by 18.35% as of 10th October

14 October 2024 at 09:05

India's net direct tax collections for the financial year 2024-25 have seen significant growth, reaching ₹11.25 lakh crore by October 10, 2024, marking an 18.35% increase compared to the previous year.

Posted in Income Tax | 393 Views

GSTN Issues Advisory for Taxpayers: New GST Provision for Metal Scrap Transactions

14 October 2024 at 09:05

The 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.

Posted in GST | 1410 Views

Fake ITC Fraud Worth Rs 48 Crore Uncovered by CGST in Mumbai

12 October 2024 at 09:11

In 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.

Posted in GST | 1587 Views

NFRA Imposes Rs 2 Crore Fine on Auditor, Debars CAs for Lapses in Coffee Day Enterprises Audit

12 October 2024 at 09:10

The 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.

Posted in Audit | 3309 Views

Record E-Way Bill Surge in September Signals Festival Season Boost

12 October 2024 at 09:06

India'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.

Posted in GST | 429 Views

DGGI Arrests Two Masterminds in Rs 700 Crore Fake Billing GST Fraud

12 October 2024 at 09:00

In 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.

Posted in GST | 1 comments | 1389 Views

Union Govt Releases Rs 1.78 Lakh Crore Tax Devolution to States, Including Advance Instalment Ahead of Festive Season

11 October 2024 at 09:18

Union 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

Posted in Income Tax | 333 Views

Union Minister Pankaj Chaudhary Inaugurates GST Bhawan in Delhi, Highlights Simplified Tax Compliance Initiatives

11 October 2024 at 09:17

Union 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

Posted in GST | 531 Views