Investor confidence has surged in India following the implementation of the Goods and Services Tax (GST), and the rollout of the Insolvency and Bankruptcy Code, Prime Minister Narendra Modi said on August 22, while addressing an event on the sidelines of the BRICS Summit in Johannesburg.
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Uttar Pradesh has emerged as the second largest state in terms of number of Income Tax Return (ITR) filers in 2023, according to a bulletin issued by the Reserve Bank of India.
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Several shops and eateries in the state are duping customers by charging GST fraudulently, it has emerged. These include traders who lack GST registration and those who continue tax collection even after the cancellation or expiry of registration. It is learnt that the offenders are mostly restaurants.
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E-gaming companies may have a stronger case to get their Goods and Services Tax liability reduced by the courts, with the GST Council’s decision that a 28% tax will apply on the full face value of bets only at the entry level, tax experts feel.
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Punjab Chief Minister Bhagwant Mann on Monday launched a ‘mera bill’ app under the ‘bill liao inaam pao’ (bring a bill, get reward) scheme. Mann said the consumers will be encouraged to upload bills of their purchases on the ‘mera bill’ app to become eligible to participate in a lucky draw, which shall be held at 7th of each month.
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A 50-year-old man from Nerul has been arrested on Friday by the anti-evasion cell of the Central GST Belapur Commissionerate for his alleged role in trading of invoices without the underlying supply of goods amongst a number of firms using dummy directors and staffers.
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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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