20 Oct 2023 06:27 PM
New

DGGI Uncovers ₹57,000 Cr Fake ITC Cases, 500 Arrests

Source: https://taxguru.in/goods-and-service-tax/dggi-fake-itc-57k-cases-500-arrests.html

Introduction: The Ministry of Finance, through its premier investigative agency, the Directorate General of GST Intelligence (DGGI), has been on the front lines in the battle against fake Input Tax Credit (ITC) and GST evasion. This article sheds light on the remarkable efforts of DGGI in detecting and combating fraudulent ITC claims, ultimately safeguarding the government’s revenue.

20 Oct 2023 06:34 PM
New

ICAI representation on Mass GST Notices: Unfair Treatment of Taxpayers

Source: https://taxguru.in/goods-and-service-tax/icai-representation-mass-gst-notices-unfair-treatment-taxpayers.html

Introduction:

The Institute of Chartered Accountants of India (ICAI), established by an Act of Parliament in 1949, plays a pivotal role in regulating and advancing the field of Chartered Accountancy in the country. However, recent developments in the realm of Goods and Services Tax (GST) have prompted ICAI to raise serious concerns about the mass issuance of show cause notices by the government. In this article, we delve into the challenges faced by ICAI in addressing these issues.

20 Oct 2023 06:23 PM
New

GST council meeting: Is the extension of the appeal filing period a relief for taxpayers?

Source: https://www.livemint.com/money/personal-finance/gst-council-meeting-is-the-extension-of-the-appeal-filing-period-a-relief-for-taxpayers-11697789240003.html

From the inception of the Goods and Services Tax (GST) in July 2017, the legislative landscape has undergone a constant process of evolution, marked by successive amendments aimed at addressing practical challenges to overcome hurdles in implementation. Consequently, the GST legal framework has, for the most part, reached a state of stability.

18 Oct 2023 06:18 PM

MNCs sent tax notices over expat employees' allowances from foreign parent companies

Source: https://www.livemint.com/industry/mncs-sent-tax-notices-over-expat-exployees-allowances-from-foreign-parent-companies-11697606105948.html

Multinational corporations (MNCs) operating in India are facing tax demands from goods and services tax (GST) authorities, affecting approximately 1,000 foreign subsidiaries, Business Standard reported quoting sources. The tax demands, issued in recent weeks, pertain to an 18 percent tax on salaries and allowances paid to foreign expats by their overseas parent companies, it added.

18 Oct 2023 06:09 PM

States' capital spending to surge 29% in FY24: Icra

Source: https://www.livemint.com/economy/states-capital-spending-to-surge-29-in-fy24-icra-11697546944402.html

New Delhi: Capital spending by 13 state governments, who have availed the center's interest free loans, is set to rise an estimatd 29% on a year-on-year (YoY) to ₹6.2 trillion in FY24, rating agency Icra Ltd. said on Tuesday.

18 Oct 2023 06:15 PM

Financial services secy meets private insurers, discusses key issues

Source: https://www.livemint.com/insurance/news/financial-services-secy-meets-private-insurers-discusses-key-issues-11697558108458.html

The meeting discussed the concerns of the insurance industry regarding GST demand

18 Oct 2023 06:24 PM

Latest Amendments to GST Rules: Key Updates September 2023

Source: https://taxguru.in/goods-and-service-tax/latest-amendments-gst-rules-key-updates-september-2023.html

Introduction: In 2023, significant amendments were introduced to the Central Goods and Services Tax (GST) Rules, bringing about important changes and clarifications in the GST framework. These changes were aimed at streamlining the taxation system and enhancing compliance while aligning with the decisions of the GST Council. In this article, we will delve into the key updates resulting from these amendments.

17 Oct 2023 05:08 PM

Dabur gets GST demand notice of ₹320.6 crore

Source: https://www.livemint.com/companies/dabur-gets-gst-tax-demand-notice-of-rs-320-6-crore-11697536687898.html

FMCG major Dabur has received a Goods and Service Tax (GST) demand notice of ₹320.6 crore, a regulatory filing stated on October 17, adding that the company is reviewing the intimation and evaluating the next steps in this matter.

17 Oct 2023 05:17 PM

Goa (Recovery of Arrears of Tax, Interest, Penalty, Other Dues through Settlement) Act, 2023

Source: https://taxguru.in/goods-and-service-tax/goa-recovery-arrears-tax-interest-penalty-dues-settlement-act-2023.html

Goa (Recovery of Arrears of Tax, Interest, Penalty, Other Dues through Settlement) Act, 2023

The Goa (Recovery of Arrears of Tax, Interest, Penalty, Other Dues through Settlement) Act, 2023 (Goa Act 34 of 2023) (hereinafter referred to as the “GRATIPOS Act”) has been notified vide Notification No. 7/30/2023-LA dated 08/09/2023 published in Official Gazette, Extraordinary No. 3, Series I dated 08/09/2023.

16 Oct 2023 06:05 PM

Delta Corp shares hit 52-week low as company's subsidiary receives GST notice; stock down 30% in less than a month

Source: https://www.livemint.com/market/stock-market-news/stock-market-today-delta-corp-shares-hit-52-week-low-share-falls-30-after-first-gst-notice-in-september-2023-11697430684658.html

Stock market today: Delta Corp shares fell 10 percent on Monday after the company's subsidiary, Deltatech Gaming Limited, received a Goods and Services Tax (GST) notice for payment of ₹6,384 crore owing to tax shortfall. The stock hit a 52-week low of ₹126 apiece.