GST fraud of Rs100 crore busted
The Directorate General of Goods and Services Tax (GST) Intelligence Wing (IW), regional unit, Jamshedpur, has busted a racket of GST fraud of over Rs.100 crore.
Month: January 2025
EPFO 3.0 rollout by June: Know how it will benefit members
The Employees’ Provident Fund Organisation (EPFO) is changing the way its 70 million members access their retirement savings with the launch of an initiative called EPFO 3.0.
90,000 salaried individuals made to pay back Rs.1,070 crore tax due to wrongful claims
Next time you file your income tax return and your chartered accountant (CA) suggests you do some income fudging here and there, beware. Until December 31, 2024, the Income Tax Department has identified 90,000 salaried taxpayers who wrongly claimed deductions amounting to approximately ₹1,070 crore in their income tax returns (ITRs). When confronted by the tax department, these individuals were required to pay back the taxes due to the government.
Recent changes in GST via Notification dated 16.01.2025
CBIC issued Notification no. from 1/2025-CTR dated 16.01.2025 to 8/2025-CTR dated 16.01.2025 amending GST rate, exemption, reverse charge service.
DGFT Notif. 51/2024-25 dt 20.01.2025
DGFT issued Notification No. 51/2024-25 dated 20.01.2025 regarding Extension in “Free” Import Policy of Turi/Pigeon Peas (Cajanus Cajan) (ITC(HS) 0713 60 00] under ITC (HS) 2022, Schedule – I (Import Policy) till 31.03.2026.
DGFT Notif. 50/2024-25 dt 13.01.2025
DGFT issued Notification No. 50/2024-25 dated 13.01.2025 on Notification of Schedule II (Export Policy) of ITC(HS) 2022, in sync with Finance Act 2024 dated 16.08.2024.
DGFT-Public Notice No. 41/2024-25 dated 15.01.2025
DGFT issued Public Notice No. 41/2024-25 dated 15.01.2025 regarding Addition of new Laboratory in Para 4.73 of the Handbook of Procedures, 2023.
DGFT-Public Notice No. 40/2024-25 dated 15.01.2025
DGFT issued Public Notice No. 40/2024-25 dated 15.01.2025 regarding Standard Operating Procedure / Guidelines for Voluntary Disclosure of Non Compliance /Violations related to Export of SCOMET items and SCOMET Regulations.
Lawgics – Judgment No. 188
The Department can proceed under Section 35(6) or 73 or 74 of the UPGST Act instead of Section 130 of the UPGST Act, for excess stock of material on the basis of eye estimation during inspection.