Month: November 2024
Notification No. 84/2024-Customs (N.T.) dated 29.11.2024
Central Board of Indirect Taxes and Customs (CBIC) issued Notification No. 82/2024-Customs (N.T.) dated 20.11.2024 regarding Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver
Income Tax department conduct raids at Manjummel Boys producer Soubin Shahir’s Kochi office
Actor-filmmaker Soubin Shahir finds himself deep inside a pit regarding the issue of alleged money laundering. Earlier this year, following the blockbuster success of his home production, Manjummel Boys, the Enforcement Directorate (ED) launched an investigation into alleged financial irregularities by Soubin’s Parava Films. Following this investigation, the Income Tax department conducted a raid in his Kochi office today.
Withdraw GST imposition on rent for commercial property especially for small scale traders
CBIC replied to Shri Kodikunnil Suresh Ji, Hon’ble Member of Parliament (LS), New Delhi regarding the withdrawal of GST imposition on rent for commercial properties under RCM.
5 More Arrested In GST Scam Linked To The Hindu Journalist Mahesh Langa’s Firm
Five accused in the fake goods and services tax (GST) billing scam in Gujarat were arrested by the Rajkot branch of the economic offences wing (EOW) today. The arrests happened after the police and EOW officials searched 14 locations simultaneously. A company linked to The Hindu journalist and key accused Mahesh Langa has come under scrutiny.
LIC Challenges Rs 530-Crore GST Demand Order, Files Appeal With Maharashtra Authority
Life Insurance Corp. of India has filed an appeal with the GST Appellate Authority in Maharashtra against a goods and services tax demand order of Rs 530 crore, which includes interest and penalty, according to an exchange filing on Wednesday.
A Year of 28% GST on the Online Real Money Gaming Sector: Challenges and Concerns
GST on online gaming was a major point of discussion in the GST council, the debates on changes in the rate of tax and value of supply went on for over 2 years and the council finally made a decision in July 2023. The amendments came into effect on October 1, 2023, imposing a 28% tax on total deposits in the online gaming sector, up from the previous 18% tax on platform fees or gross gaming revenue. While this change has led to a dramatic increase in government revenue from online gaming, with monthly GST collections surging from Rs 250 crore to Rs 1,100 crore—a jump of 412%, it has resulted in a steep rise in the tax burden on the online gaming industry—by as much as 350-400%.
I-T dept probes 500 Dubai property cases, Rs 700 cr evasion found in Delhi
The Income Tax (I-T) department has identified over 500 ‘actionable’ cases involving undisclosed immovable properties held by Indians in Dubai, according to The Economic Times report. Raids conducted in Delhi alone have uncovered unaccounted transactions exceeding Rs 700 crore, the report added citing sources.
You will be able to withdraw PF money from ATM! Major EPFO services revamp on the cards
EPFO 3.0: The government is gearing up to introduce several measures aimed at enhancing services for EPFO members under the EPFO 3.0 initiative. As part of this plan, as reports suggest, the Union Labour Ministry is considering increasing employees’ pension contributions and issuing an ATM card, similar to a debit card, that would allow them to withdraw money directly from ATMs in the future. This scheme is expected to be implemented by May-June 2025.
Govt mulls change in base year to 2022-23 from 2011-12 for computation of GDP
The government is considering changing the base year for computation of the GDP to 2022-23 in February 2026 to reflect an accurate picture of the economy, a top government official said. This will be the first revision in over a decade. It was last done in 2011-12.