A. Amendment
GSTN Advisory on Updates to E-Way Bill and E-Invoice Systems
GSTN is pleased to announce that NIC will be rolling out updated versions of the E-Way Bill and E-Invoice Systems effective from 1st January 2025. These updates are aimed at enhancing the security of the portals, in line with best practices and government guidelines.
CBIC Chairman launches new initiatives to enhance taxpayer services
The four citizen-centric initiatives include revised Citizen’s Charter, Revamped Citizen’s Corner for complete tax related information, ‘Ease of Doing Business’ tab for making suggestions, and CBIC Archives for tax repository
The Central Board of Direct Taxes (CBDT) has launched an electronic campaign to assist taxpayers in resolving mismatches between the income and transactions reported in the Annual Information Statement (AIS) and those disclosed in Income Tax Returns (ITRs) for the financial years 2023-24 and 2021-22.
Circular No. 19/2024 dated 16.12.2024
Central Board of Direct Taxes (CBDT) issued Circular No. 19/2024 dated 16.12.2024 to provide Guideline Note 2/2024 on provisions of the Direct Tax Vivad Se Vishwas Scheme, 2024.
B. Article
SCN can be issued both under Section 73 and 74 of the CGST Act
by CA Bimal Jain
The Hon’ble Punjab & Haryana High Court in the case of Group M. Media India (P.) Ltd. dismissed writ petition and held that Issuance of SCN under Section 73 of the CGST Act and dropping proceedings would not prevent the department from independently initiating subsequent proceedings under Section 74 of the CGST Act.
C. Tax in Media
Tax panel may consider lowering GST on online food delivery fees, report says
GST Council, chaired by the federal finance minister, may lower the tax on food delivery charges by e-commerce operators to 5% from 18%, CNBC-TV18 reported, citing sources.
The 55th GST Council meeting, set to take place soon, will examine and review the current Goods and Services Tax (GST) structure on life and medical insurance. The Group of Ministers (GoM) on Health Insurance presented its recommendations to revenue officials from both the state and central governments on December 16. The report will be reviewed by the GST Council during its meeting in Jaisalmer.
CGST Inspector, Private Firm Representative Arrested For Accepting Rs.3.2 Lakh Bribe In Tirupati
CBI today arrested CGST Inspector of Tirupati GST Commissionerate alongwith representative of a Chittoor based private firm for demanding and accepting Rs. 3.2 lakh as bribe from accused representative of the said private firm.
U.P.’s GST revenue grows 15%, surpassing national average
Uttar Pradesh has recorded impressive consumer spending trends, with a 15% growth in Goods and Services Tax (GST) revenue until November, surpassing the national average of 13%. This growth brought U.P. closer to economically advanced states like Maharashtra and Gujarat.
Clarification on GST exemption for payment gateways likely
The State-Central Panel of GST Officials, also known as Fitment Committee has recommended that GST exemption under entry 34 of Notification No. 12/2017-CTR will apply to payment aggregators (PAs) for settlement services involving handling of money, but not for payment gateway (PG) functions.
Income Tax Department regrets issuing erroneous notices to taxpayers: Know the details
The Income Tax Department has recalled the defective ITR notices sent to many taxpayers who have correctly filed their income tax returns (ITR). Experts are surprised the tax department has accepted its own mistake in sending the wrong tax notices to the taxpayers…
ITAT ruling: Cryptocurrencies now recognised as capital assets for taxation
In a landmark ruling, the Income Tax Appellate Tribunal (ITAT) in Jodhpur has provided clarity on the tax treatment of cryptocurrencies in India. The decision, which recognises cryptocurrencies as capital assets, impacts how gains from cryptocurrency sales are taxed, especially for transactions that occurred before the government introduced specific regulations for Virtual Digital Assets (VDAs) in 2022.
New Income Tax Bill Unlikely To Be Introduced In Budget 2025: Report
The Finance Ministry is reportedly unlikely to introduce the new Income-Tax Bill during the Budget 2025 session of Parliament. Finance Minister Nirmala Sitharaman announced a review of the Income-Tax Act during her budget presentation in July 2024.
CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS
The income tax department said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs for the financial years 2023-24 and 2021-22.
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