The Central Board of Direct Taxes (“CBDT”) has extended the last date for updating Unique Document Identification Numbers (“UDINs”) for all the Income Tax forms at the e-filing portal to January 31, 2022.
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The Ministry of Corporate Affairs (MCA) administers the provisions of the Companies Act, 2013 (the Act), The Limited Liability Partnership Act, 2008 and The Insolvency and Bankruptcy Code, 2016. MCA does not maintain data on event base. This was stated by the Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in reply to a question in Lok Sabha on November 29, 2021.
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The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha on November 29, 2021.
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Amid a talent war among companies, the issue of high attrition rate has taken centre stage in the corporate world. However, another crucial point of debate among tax officials and companies is the tax treatment on salaries of employees serving the customary notice period.
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Over two dozen traders in Prayagraj zone have come under the radar of commercial tax department for allegedly evading goods and services tax worth several lakhs, said an official
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The Indian Motion Picture Producers’ Association (IMPPA) on Wednesday wrote a letter to Finance Minister Nirmala Sitharaman, requesting her to abolish or “substantially reduce” GST on the film and entertainment industry to help revive the sector amid the pandemic.
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A revamped and enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience. These enhancements would enable the Saving of the GSTR-1 details on the GST Portal efficient and user friendly.
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The government is considering a proposal to provide more tax-related concessions on vehicles that are purchased after scrapping old vehicles under the recently launched National Automobile Scrappage Policy, Union Minister Nitin Gadkari said on Tuesday.
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The CBIC issued Instruction No. 24/2021-Customs dated November 24, 2021 regarding extension of validity of the NOC for the alcoholic beverages bottled in origin & in bulk under section 16 (5) of Food Safety and Standards Act (FSS), 2006.
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American fast food chain Subway has dragged the indirect tax department to court over allegedly forcing it to pay differential GST on services before issuing any notices.
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In earlier meetings, phone and allied component makers have in their submissions told the Ministry that the levy of 18% GST on mobile phones had “led to very high costs\', and should be brought down to 12%
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The government Introduce bill for prohibit all private cryptocurrencies during the winter session of Parliament.
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The CBIC issued Instruction No. 23/2021 regarding the import of wireless equipment by TSP on the basis of self-declaration w.e.f. November 15, 2021
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The panel of state finance ministers looking into GST rate rationalisation will meet on November 27 and finalise its report on rate changes to expand the tax base. Sources said the Fitment committee, comprising tax officers from states and the centre, has made many “sweeping” recommendations regarding slab and rate changes and taking items out of the exemption list.
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The Central Goods and Services Tax Commissionerate (Ludhiana) has unearthed a racket involving fake ITC and GST refund to the tune of Rs 13.78 crore. The accused had created 18 fake firms across the country for this purpose
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The Goods and Services Tax Network says taxpayers can now withdraw their application for cancellation of registration filed in Form REG 16 unless the tax officer has initiated action on it.
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Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments and GST Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 per cent from January saying it will adversely impact 85 per cent of the sector.
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The CBIC has notified the withdrawal of the 12% GST rate for government contracts and the applicable rate of GST will be 18% from January 1, 2022.
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Goods and Services Tax fitment committee has proposed raising slab of 5% to 7% and 18% to 20%, The feasibility of merging 12 percent and 18 percent to one single slab at 17 percent is, however, yet to be examined, sources said.
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Industry representatives are seeking more clarity in provisions to cut down litigation as the anti-profiteering provision in GST regime is set to stay longer than anticipated by businesses.
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India could be eyeing a significant revamp of the GST structure as the regime completes five years in July next year when compensation to states is set to come to an end. Tax slab restructuring and reducing exemptions could be considered in the most comprehensive makeover of the single tax that was rolled out on July 1, 2017.
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