After the fallout of the recent case at public-sector lender UCO Bank involving erroneous money transfers, the Finance Ministry has called for a meeting on Tuesday (November 28) to discuss digital payment frauds, financial crimes and cybersecurity measures required to counter these activities.
Read More
To curb rising instances of online payment frauds, the government is planning to introduce a minimum time for a transaction beyond a particular amount happening for the first time between two persons. The plan likely includes a possible four-hour window for the first transaction between two users for digital payments being processed for all transactions likely above Rs 2,000, government officials told The Indian Express.
Read More
The Kerala GST Department issued Standard Operating Procedure (“SOP”) vide SGST/973/2023-LEGAL3 dated November 21, 2023, for the Insolvency and Bankruptcy Code (IBC), 2016 cases before the National Company Law Tribunal (“NCLT”).
Read More
The finance ministry is aiming to roll out pre-filled goods and services tax (GST) return forms before the next fiscal year, which is expected to resolve the issue of huge data mismatches leading to tax notices, a senior government official said.
Read More
The National Academy of Customs, Indirect Taxes and Narcotics (NACIN) and the National Academy of Direct Taxes (NADT) today i.e. November 24, 2023 signed a Memorandum of Understanding (MoU) for sharing resources, such as best practices, expert faculty, training materials and innovative technologies.
Read More
In order to check the entry of fraudsters in the system, the State Taxes & Excise Department has set a target of hundred per cent approval of GST registrations in manual mode after proper verification of documents attached with the registration application. Further, the department is taking appropriate measures for physical verifications of registrants considered ‘dicey.’
Read More
The Kerala Vyapari Vyavasayi Ekopana Samithi (KVVES) has demanded a separate department for retail trade in the State to enrich the sector, to protect existing jobs and to create new ones.
Read More
The Haryana Government is hoping to partly recover outstanding dues of nearly Rs 30,000 crore from traders by offering a one-time settlement (OTS) scheme for the resolution of pending VAT cases from the pre-GST era.
Read More
The state government has taken several ambitious steps to ensure financial discipline with a motive for improving the economic health of the state. Many new initiatives have been taken in every sector, to curb the wasteful expenditure.
Read More
The 16th Finance Commission will have a tough task, primarily because the mismatch between the resource mobilisation by the Centre and state governments and the rising requirements of spending of public monies on socio-economic development and critical infrastructure creation refuses to go away.
Read More
Increasing the ambit of amnesty scheme in Goods and Services Tax (GST) allowing an additional window to file appeals against demand orders by extending the cut-off date and including more cases will help in doubling the number of beneficiaries, said experts.
Read More
The number of informal micro units (IMEs), which are not covered under the Goods and Services Tax (GST) regime or exempted from the CGST Act, 2017, registering for the Udyam certificate via the government’s Udyam Assist Platform (UAP) to be eligible for priority sector loans (PSL) has crossed the 1-crore mark. At the time of filing this report, 1.01 crore IMEs were Udyam-registered, according to the data from the Udyam portal.
Read More
Another case of Goods and Services Tax (GST) authorities cancelling the registration of a company without allegedly following the rules has come to the fore.
Read More
The GST Portal Services will not be available until November 26, 2023, at 11 AM. “We shall be enhancing services on the GST portal with a major upgrade activity on 25th NOV 8:00 PM onwards. GST Portal services will not be available until 26th NOV 11 AM. The inconvenience caused is regretted.”
Read More
The government plans to amend the CGST Act in the winter session of Parliament that will allow advocates with experience in litigation to be appointed as judicial members in GST appellate tribunal benches.
Read More
Do You know you can fall prey to fake GST Invoice Scams? Yes, you heard me right. Scammers these days are creating fake GST bills to dupe people. A fake GST bill is generated without actual payment of GST or supply of goods or services. There are several reasons behind fake GST invoice generation by fraudsters including tax evasion, money laundering, fake purchases, converting income tax credit into cash, and more.
Read More
The Madras high court has held that the GST council’s role, particularly in product classification, is only recommendatory.
Read More
The economic offences wing (EFW) of Surat police has nabbed two persons who had bought bogus firms to take illegal advantage of input tax credit (ITC) of GST. The two have been identified as Shoban Kureshi and Umang Patel.
Read More
With no clear notification or guidelines from the government regarding exempting rig/borewell operations used for agricultural activities from GST, farmers were forced to bear the huge burden of paying 18% GST, said Rig Owners and Agents Welfare Association, Madurai.
Read More
Deltatech Gaming Limited, a subsidiary of listed gaming and hospitality company Delta Corp Limited, has filed a writ petition in connection with the showcause notice of Rs 6384 crore served to the company by the DGGI on October 13.
Read More
The CGST (Central Goods and Services Tax) Commissionerate, Gurugram, today i.e. November 20, 2023 held an interactive session with stakeholders. It was aimed at assessing problems faced by taxpayers.
Read More
