AI can replace auditors and accountants, Union Finance secretary
Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.
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Union Finance Secretary and senior IAS officer T.V. Somanathan on Saturday said Artificial Intelligence (AI) can replace the work being done by auditors and accountants.
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North Eastern states have benefitted from the implementation of Goods and Services Tax (GST) by way of a big jump in their revenue collections after the tax reform in 2017, finance minister Nirmala Sitharaman said at an event on Saturday.
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Casino operator Delta Corp has received tax notices totalling Rs 16,822 crore from the Directorate General of GST Intelligence on Friday. This demand is for the period between July 2017 and March 2022.
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About 80 online gaming companies are likely to face tax notices for alleged goods and services tax (GST) evasion of Rs10,000-12,000 crore, according to a senior government official.
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Despite promising the state two benches of the GST Appellate Tribunal, the union finance ministry has issued a notification allocating only one bench to Kerala and Lakshadweep. This has caused confusion and disappointment in Kerala, where the state government had already passed a Bill to set up two benches. The state has now requested the union government to clarify the situation.
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The Life Insurance Corporation of India received a Goods and Services Tax receipt, including interest and penalty, of over Rs 290 crore from the Bihar state tax officials.
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The Directorate-General of Goods and Services Tax Intelligence (DGGI) has upped the quantum of alleged tax evasion by online gaming companies to nearly Rs 31,000 crore. Official sources told BT TV that the authorities are in the process of sending show cause notices, adding that they suspect around 80 online gaming companies to be involved in this.
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The Goods and Services Tax Network (“GSTN”) has now added a new ‘Track Application Status’ tab to the GST registration process. When a person needs to file further clarifications, they can log in with their Temporary Reference Number (“TRN”) and access this tab. In the past, tracking the application status had to be done separately from the Registration Dashboard on the GST Portal.
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“Economic activity maintained its momentum. High frequency indicators suggest that the second quarter of FY24 is shaping up well too,” said the Monthly Economic Review of the ministry.
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Himachal Pradesh Chief Minsiter Sukhvinder Singh Sukhu, who holds the portfolio of Finance, tabled a legislation in the state assembly, seeking to amend taxation on the goods carried by the roads to omit the provision to levy tax on account of distance covered.
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The complainant had applied to the office of the Business Tax Officer on September 13 to cancel the business tax of his company, Kalpdeep Industrial Security Services, which had been closed for two years.
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Madhya Pradesh recorded the highest growth in tax revenues among major States in the first quarter. The State own tax revenue (SOTR) of Madhya Pradesh grew 23 per cent year-on-year to Rs 23,387 crore in the April-June quarter. Tamil Nadu recorded the lowest growth in this period at 2 per cent.
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Products made by jail inmates should be exempted from GST, as this will give them a competitive edge over similar products made by big business houses, besides improving their sales and profitability, a high-level Parliamentary panel said.
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“The officers seized incriminating records and digital evidence and the investigation is in progress. As a result of the search operation conducted, it is suspected that a substantial volume of turnovers has been suppressed, and tax has been evaded by the said group of coaching institutes.
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The Commercial Taxes Department, Karnataka, busted a prominent group operating multiple coaching institutes in Vijayapura for alleged evasion of Goods and Services Tax (GST).
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The Income Tax Department has recently introduced a new report related to tax payments, which is now accessible in the “Reports” section of the AIS portal. This report is designed to provide a comprehensive summary of taxes paid for a specific Assessment Year (A.Y).
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“Accused Aggarwal demanded Rs 1.50 lakh bribe from Sharma. He agreed to accept Rs 50,000 cash in hand. The complainant was told to deposit Rs 1 lakh in the bank account of the CA. The complainant who did not want to give the money lodged a complaint to the CBI. A trap was laid and Aggarwal was caught red-handed while accepting the bribe near Mohali,” a CBI officer said.
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The buoyancy in the goods and services tax (GST) collections will continue in the remaining part of the year, according to SANJAY KUMAR AGARWAL, chairman of the Central Board of Indirect Taxes and Customs (CBIC). In conversation with Shrimi Choudhary at his office in North Block, he attributes the rise in collections to improved compliance.
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The crackle sold to companies for use as toppings on ice creams may now be subject to a higher goods and services tax (GST) rate of 18 per cent, and not 12 per cent. The Authority for Advance Rulings (AAR) has held that crackle sold to ice cream companies should not be categorised as sugar boiled confectionery but rather as an industrial input.
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Having arrested four persons in January this year in an alleged fake billing case, the Punjab GST Department has now adjudicated 12 firms and imposed a penalty of Rs 50.19 crore against them.
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Pilot projects to test biometric and geotagging authentication during the GST registration process have been delayed due to disagreements over access to the Aadhaar identity database, a senior government official said.
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