CAclubindia News

CBIC Issues Revised Formats for Customs Arrest and Incident Reports, Mandates DIGIT ID

16 May 2025 at 09:03

The Central Board of Indirect Taxes and Customs (CBIC) has issued Instruction No. 10/2025-Customs dated May 13, 2025, introducing revised formats for filing Arrest Reports and Incident Reports under Customs law.

Posted in Custom | 234 Views

Delhi High Court Fines Firm for Fraudulent GST ITC Claims

16 May 2025 at 08:59

The Delhi High Court has raised a red flag over the rampant misuse of a key provision of the Central Goods and Services Tax (CGST) Act, imposing a fine on a private firm for fraudulently availing Input Tax Credit (ITC) using fake invoices

Posted in GST | 39 Views

E-Way Bill Generation Hits Second-Highest Record in April 2025 at 11.93 Crore

15 May 2025 at 09:11

In a strong indication of rising economic activity, E-Way Bill (EWB) generation in April 2025 surged to 11.93 crore, marking the second-highest monthly tally ever recorded.

Posted in GST | 165 Views

CBDT Notifies Exemption Allowing Indian Bank's Increased Shareholding in ASREC

15 May 2025 at 09:09

The Ministry of Finance has issued a notification granting Indian Bank a temporary exemption under the Banking Regulation Act, 1949, allowing it to continue holding over 30% stake in ASREC (India) Limited until March 31, 2026.

Posted in Income Tax | 156 Views

CBDT Classifies IRFC's Rs 10,000 Crore Bond as Zero Coupon Bond for Tax Purposes

15 May 2025 at 09:05

The Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has notified the "Ten Year Zero Coupon Bond" of the Indian Railway Finance Corporation Ltd.

Posted in Income Tax | 1242 Views

GSTN Issues Advisory on Appeal Withdrawal Process Under Waiver Scheme

15 May 2025 at 09:02

The Goods and Services Tax Network (GSTN) has issued an important advisory clarifying the process for withdrawal of appeals in connection with the Waiver Scheme under Section 128A of the CGST Act.

Posted in GST | 1770 Views

GST Fraud: Punjab Detects Rs 1,549 Crore Bogus Billing

14 May 2025 at 09:06

In a major offensive against tax evasion, Punjab's Finance, Planning, Excise, and Taxation Minister Advocate Harpal Singh Cheema announced the detection of bogus billing transactions worth Rs 1,549 crore and the blocking of fraudulent ITC claims

Posted in GST | 1 comments | 2283 Views

CBDT Grants Tax Exemption to Telangana State Pollution Control Board Under Section 10(46)

14 May 2025 at 09:03

CBDT, under the Ministry of Finance, has notified the Telangana State Pollution Control Board (TSPCB) as a tax-exempt entity under clause (46) of section 10 of the Income-tax Act, 1961.

Posted in Income Tax | 150 Views

ICAI Resumes Self-Paced Online Module (SPOM) Exams from 15th May 2025

14 May 2025 at 09:00

As per the latest update released by CA Anand Kumar Chaturvedi, Joint Secretary (Examinations), ICAI has decided to restart the SPOM examinations from May 15, 2025

Posted in Students | 1 comments | 2370 Views

ED Arrests 3 Traders in Rs 800 Crore GST Scam

13 May 2025 at 08:50

The Directorate of Enforcement (ED) on Saturday presented traders Shiv Kumar Deora, Mohit Deora, and Amit Gupta before the Special Prevention of Money Laundering Act (PMLA) court in connection with a massive Rs 800 crore GST fraud.

Posted in GST | 1302 Views