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The Central Board of Indirect Taxes and Customs (CBIC) has sought from India’s top cryptocurrency exchanges details such as the type of digital coins and tokens being traded and their valuation, and how they are divisible. The body wants to…
Karnataka-based online gaming platform Gameskraft has challenged the intimation notice of Rs 21,000 crore by the directorate general of Goods and Services Tax (GST) Intelligence. For games that have already been decided as ‘games of skill’ by the courts, the…
There was amendment in sec 75(12) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”), which were introduced vide the Finance Act, 2021 but brought into effect only from January 1, 2022 through Notification no. 39/2021-central tax…
The disclosure of Clause 44 is mandatory in Tax Audit Report for the assessment year 2022-23 and onward. Every tax payer to whom the tax audit is applicable has to also furnish clause 44. The taxpayer may or may not…
The government is considering a Goods and Services Tax (GST) dispute settlement scheme offering a one-time opportunity for businesses to settle tax cases and avoid litigation, officials aware of the development said. It will be a time-bound scheme covering only…
Finance and Commercial Taxes Minister Jagdish Deora said that Madhya Pradesh ranked fifth in the country in filing tax returns. Till July 2022, up to 93.37 per cent of the returns were filed. Tax revenue of Rs 20,902 crore was…
Despite robust tax revenues and high borrowing limits, the state governments have reduced their borrowings, necessitating capital expenditure growth much lower than budgeted by them, in the first five months of the current fiscal year. The combined capex of nineteen…
The Institute of Chartered Accountants of India has issued Handbook on Inspection, Search, Seizure and Arrest under GST – August, 2022.
Anti Corruption Bureau (ACB) Gujarat has booked the state tax officer of the State Tax department in Ahmedabad along with two middlemen including one Chartered Accountant (CA) in a bribe case involving the sum of Rs 35 thousand. The complainant…
The Karnataka High Court has ruled that the Union government is entitled to levy Central GST (CGST) as well as excise duty on tobacco and tobacco-derived products. It dismissed a bunch of petitions by tobacco manufacturers who had challenged the…