A. Amendment/Update
| Sr. no. | Category | Subject | In brief | In detail / Reference |
| 1 | GST | Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals | GSTN wish to inform that NIC is releasing the integrated services from e-invoice-1 and e-invoice-2 portals on 18th July 2024 on sandbox portals and 1st Aug 2024 on the production portals. | click here to read more |
| 2 | Income-tax | Notification no. 53/2024 dated 15.07.2024- Income tax | CBDT issued Notification No. 53/2024 dated 15.07.2024 to provide exemption u/s 10(46) of the Income-tax Act, 1961 to the ‘Uttaranchal Board of Technical Education Roorkee’ is respect of the specified income arising to that Board. | click here to read more |
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B. GST Notes
| Sr. no. | Category | In brief | Authored by | In detail / Reference |
| 1 | GST | Lawgics – Judgment No. 156 Any communication without a DIN is deemed invalid and considered as never issued as per Circular No. 122/41/2019-GST dated 05.11.2019 | Adv. Nidhi Aggarwal | click here to read more |
| 2 | GST | Lawgics – Judgment No. 157 Procedural mistakes in transitioning ITC should not lead to denial of credit if substantive entitlement is proven, when petitioner had reflected ITC in monthly GSTR-3B returns & utilized this credit to discharge tax liability under GST Act, instead of filing TRANS-01. | Adv. Nidhi Aggarwal | click here to read more |
| 3 | GST | Chapter -2 – CGST Act, 2017 – Q&A format 1. Actionable claim under GST 2. Adjudication Authority under GST Likewise there are 19 slides in the chapter | CMA Anil Sharma | click here to read more |
C. Article
| Sr. no. | Category | Title | Authored by | In detail / Reference |
| 1 | GST | E-invoice : Integrated services from IRP-1 to IRP-2 to be live from 01.08.24 Integrated Services from NIC-IRP e-invoice-1 and e-invoice-2 Portals” to be live from 1st Aug., 2024 on production portals | Ganeshan Kalyani | click here to read more |
D. Tax in Media
| Sr. no. | Category | In brief | In detail/ Reference |
| 1 | Budget-II 2024-25 | Budget may include implementation of global minimum corporate tax rate Finance Minister Nirmala Sitharaman may declare India’s commitment to ‘Pillar 2’, aiming to implement a global minimum effective corporate tax rate of 15%, during the upcoming Budget, ToI reported. | click here to read more |
| 2 | Budget-II 2024-25 | Budget may not change 45-day rule on payment to MSMEs The Union Budget may not make any change in the 45-day pay rule in Income Tax law as the government has amended the Company Law order and notified new form for reporting by companies about delay in payment to micro and small enterprise suppliers. Tax and legal experts are divided over how the change will impact compliance burden for large companies. | click here to read more |
| 3 | Budget-II 2024-25 | Budget ’25: Green projects may receive incentives The forthcoming budget may give some tax incentives to entities engaged in environment-friendly green projects, sources told TNIE. | click here to read more |
| 4 | Budget-II 2024-25 | Union Budget 2024: Education sector hopes for enhanced support, GST reforms, job creation As Finance Minister Nirmala Sitharaman prepares to present the Union Budget for the current financial year on July 23, stakeholders in the education sector have expressed high hopes for reforms and increased financial support. | click here to read more |
| 5 | GST | Nazara Tech subsidiaries receive Rs 1,120-cr GST demand notice Two subsidiaries of Nazara Tech have received notices in an ongoing goods and services tax-related matter, totaling Rs 1,120 crore, the online gaming and sports media company said in an exchange filing on July 17. | click here to read more |
| 6 | Income Tax | ITR filing: 13 lakh income tax returns filed daily, 2.7 crore filed till July 14, says I-T department Ahead of the ITR filing deadline on July 31, 2024, the Income Tax department has that 13 lakh returns are being filed every day. It added that till July 14, 2024, around 2.7 crore ITRs were filed. | click here to read more |
| 7 | Income Tax | Income tax-biggest revenue category; corporate tax now behind even GST Personal income tax has become the largest revenue category for the Indian government, surpassing both corporate tax and GST, according to the Anand Rathi report. | click here to read more |
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