The Noida Police has issued non-bailable warrant issued against 10 people for defrauding the government of Rs15,000 crore by using fake input tax credit (ITC) documents, news agency ANI has reported on 20 August.
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The Supreme Court recently upheld the action of the Patna high court in dismissing a writ petition filed by a taxpayer against a GST assessment order.
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The app will be available for both IOS and Android users and will require users to upload the invoice with the GSTIN of the seller, invoice number, paid amount, and tax amount. The app will allow an individual to upload a maximum of 25 legitimate invoices in a month, with a minimum purchase amount of Rs 200, the official stated.
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The Central Bureau of Investigation (CBI) has apprehended a Superintendent from the Central Goods and Services Tax (CGST) office in the Bhiwandi Commissionerate. The arrest comes in connection with allegations that the official demanded and accepted a bribe of Rs 5 lakh from a complainant. CBI officials revealed this development on Friday.
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The Supreme Court of India heard the case Chief Commissioner of Central Goods And Service Tax & Ors. v. M/s. Safari Retreats Private Limited & Ors. [Civil Appeal No. 2948/2023] on August 17, 2023.
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Finance minister Nirmala Sitharaman on Thursday asked chartered accountants to adequately familiarise themselves with new and growing areas of auditing, including ESG (environmental, social, and governance) and carbon accounting, and to adopt technology to improve their productivity.
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The Government of India notified the Central Goods and Services Tax (Amendment) Act, 2023 (“the CGST Amendment Act”) dated August 18, 2023. This amendment aims to make further changes to the Central Goods and Services Tax Act, 2017 (“the CGST Act”).
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The Government of India notified the Integrated Goods and Services Tax (Amendment) Act, 2023 (the IGST Amendment Act) dated 18/08/ 2023. This amendment aims to make further changes to the Integrated Goods and Services Tax Act, 2017 (the IGST Act).
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For the purpose of TDS on foreign currency the calculation of value in rupees of such income payable (i) to an assessee outside India (ii) to a Unit located in International Financial Services Center (iii) by a Unit located in an International Financial Services Center to an assessee in India
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The Income Tax portal has introduced a new feature called "Challan Correction". Taxpayers can modify details such as the Assessment Year, Major Head, and Minor Head for payments related to Challans for Assessment Year 2020-21 onwards.
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The GSTN vide Advisory dated August 18, 2023 has prepared an informative resource in the form of an e-invoice glossary and a step-by-step guide for taxpayers reference.
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The CBIC vide Notification No. 40/2023-Central Tax dated August 18, 2023, appoints officers under the Central Goods and Services Tax Act, 2017 (“the CGST Act”) and the Integrated Goods and Services Tax Act, 2017 (“the IGST Act”) as authorities for adjudicating notices.
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The GST Council’s dedicated efforts at improving the tax regime have greatly benefitted the industry, and it is apparent from the buoyant GST collections and consistent compliance under GST. Therefore, there is is a fervent hope in the tax-paying diaspora for the GST Council to take notice of the difficulties plaguing assessees and take proactive steps towards further rationalisation of interest provisions.
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The CBIC vide Notification No. 39/2023-Central Tax dated August 17, 2023 made amendments to Notification No. 02/2017-Central Tax dated June 19, 2017 under the Central Goods and Services Tax Act, 2017 (“the CGST Act”) and Integrated Goods and Services Tax Act, 2017 (“the IGST Act”). The amendment targets specific territorial jurisdiction and tax implications, enhancing the existing framework’s relevance.
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The Goods and Services Tax (GST) Council’s fitment committee, composed of revenue officials from both the Centre and states, is expected to provide an explanation of the “ground clearance” criterion and its implementation in the context of utility vehicles (UVs) for purposes of taxation.
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With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for the selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0.
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The CBDT vide Notification No. 61/2023 on August 16, 2023, has utilized its authority under section 56(2)(xiii) and section 295 of the Income-tax Act, 1961, to introduce the “Income tax Amendment (Sixteenth Amendment), Rules, 2023.” These amendments to the Income-tax Rules, 1962, will become effective upon publication in the Official Gazette.
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In an alarming development, the authorities in India are grappling with the escalating prevalence of overseas gaming and betting applications that are evading taxes in the country. The GST probe has found out that these firms are converting earnings into cryptocurrency and utilizing networks of shell companies.
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Heavy to extremely heavy rainfall has badly affected hotel businesses in Himachal Pradesh, where hoteliers have sought deferment of GST and loan repayment for six months. Heavy rainfall in the Himalayan state has caused massive damage to infrastructure and affected the footfalls of tourists, who have either cancelled or postponed their visit due to repeated events of flash floods and landslides.
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With Goods and Services Tax (GST) still far away from ‘one nation, one tax’ objective with several tax slabs and exemptions, an industry body has suggested several measures including clarifying the position on levy of GST on Employee Stock Option Plans (ESOPs) to achieve the goal.
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Addressing the ramparts of Red Fort on the 77th Independence Day on August 15, 2023, Prime Minister Shri Narendra Modi attributed the rise of India from the 10th to 5th largest economy in the world to the efforts of 140 crore people of India. He said this has happened because this Government stopped leakages, created a strong economy, and spent maximum money for the welfare of the poor.
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