Need to introduce 12% single rate GST system at the earliest, says Vijay Kelkar, Chairman of 13th Finance Commission
The next government at the Centre must at the earliest introduce a single GST rate system of 12 per cent across the country, Vijay Kelkar, who was Chairman of the 13th Finance Commission, has suggested. Read more
IEC holder has to ensure that details in its IEC are updated
IEC holder has to ensure that details in its IEC are updated electronically every year, during April – June period. Read more
Exemption for import of High End and High Value used Medical Equipment…
CBIC issued Instruction No. 08/2024-Customs dated 05.04.2024 regarding exemption for import of High End and High Value used medical equipment Read more
Kudos to CBIC for instructions on GST investigations
In a welcome move, the Central Board of Indirect Taxes and Customs (CBIC) has issued guidelines to its Goods and Services Tax (GST) filed formations for maintaining ease of doing business while engaging in investigation with regular taxpayers. Read more
Auto HSN Summary in GSTR 1 from e-invoice
New option added to import HSN data from e-invoice in “Table 12 – HSN wise summary of outward supplies” in GSTR 1 for Tax Payers generating e-invoices. Read more
Recovery of fraudulent GST input credit rises to 12% in FY24: Sources
The recovery rate in Goods and Services Tax (GST) cases pertaining to input tax credit (ITC) fraud has gone up significantly in FY24, with the Directorate General of GST Intelligence (DGGI) recovering more than 12 percent of the dues against 2-3 percent in the previous years. Read more
E-WAY Bill generation reached all-time high at 10.35 crore in March
Fiscal year-end closing coupled with better compliance and improved consumption pushed e-WAY bill generation to an all time high of 10.35 crore in March. Read more
DGGI detects 99% surge in FY24, unearths Rs.2.01 lakh crore worth of tax fraud
In a major push to curb GST evasion, the Directorate General of GST Intelligence (DGGI) claims to have detected 6,074 cases involving evasion of duty amounting to Rs. 2,01,931 crore, top sources told CNBC-TV18. This marks a staggering 99% surge in the year-on-year (YoY) detection of tax evasion compared to the amount of duty evasion detected by the investigation arm of the tax authority. Read more
For MSMEs, GST is a concern that parties must address this election season
More than six years since the Goods and Services Tax (GST) was rolled out, the issue remains a bone of contention in several MSME (micro, small and medium enterprises) clusters in different parts of the country, including in Tamil Nadu. Reduction in GST rates is a core demand for representatives of MSMEs as the country gears up for the Lok Sabha election. Read more
Deptt imposes penalty of over Rs 2 crore in GST related violations
The enforcement wing Samba of the State Taxes Department has imposed penalty of more than Rs 2 crore in GST related violations during the Financial Year 2023-24.The enforcement wing Samba of the State Taxes Department has imposed penalty of more than Rs 2 crore in GST related violations during the Financial Year 2023-24. Read more
Next government must urgently fix ‘unnecessarily complex’, counter-productive GST: 13th Finance Commission chair
A key architect of India’s tax reforms and the chairman of the Thirteenth Finance Commission Vijay Kelkar has called upon the country’s next government to undertake urgent reforms in the “unnecessarily complex” Goods and Services Tax (GST) regime. Read more
CBDT clarifies on media reports claiming special drive to reopen cases with reference to HRA claims
Certain instances of mismatch of information as filed by the taxpayer and as available with the Income Tax Department have come to the notice of the Department as part of its routine exercise of verification of data. Read more
Keep taxpayers in the loop before you act: Court to Income Tax department
Income tax office has initiated action by simply posting the show-cause notice or summon on the department’s e-portal. Read more
CBDT asks officers to identify top 30 TDS shortfall cases by June 30
Income tax officers have been asked to examine top 30 cases of short payment in case of tax deducted at source (TDS) as well as disposal of at least 150 appeals by Commissioner of Income Tax by June 30 this year. Read more
Tax dept may take you to court and tribunal for bogus transactions
It has been directed by CBDT via a circular dated March 15, 2024, that the tax department can now file appeals with income tax tribunals and courts without considering the tax effect amount for certain specified cases based on the merit of the case. Among the specified cases, one is about penny stocks which falls under the category of cases involving organised tax evasion. Read more
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