News

MCA introduced LLP Amnesty Scheme for Condonation of Delay in Filing Form-3, Form-4, and Form-11

24 Aug 2023

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MCA introduced LLP Amnesty Scheme for Condonation of Delay in Filing Form-3, Form-4, and Form-11

The MCA vide General Circular No. 08/2023 dated August 23, 2023, has introduced the Limited Liability Partnership (“LLP”) Amnesty Scheme. This scheme aims to grant a condonation of delay to LLPs regarding the filing of Form-3, Form-4, and Form-11 under section 67 of the Limited Liability Partnership Act, 2008 read with section 460 of the Companies Act, 2013 from September 1, 2023 to September 30, 2023.

CBDT notified the IT exemption to ‘Punjab Building and Other Construction Welfare Board’

24 Aug 2023

#incometaxnews #incometax #news #notification #taxexemption

CBDT notified the IT exemption to ‘Punjab Building and Other Construction Welfare Board’

The CBDT vide Notification No. 67/2023 dated August 23, 2023 has notified the income tax exemption to the ‘Punjab Building and Other Construction Welfare Board’ under section 10(46) of the Income-tax Act, 1961 (“the IT Act”).

Punjab GST dept impounds 51 trucks for tax evasion

24 Aug 2023

#gstnews #gst #news #scrap

Punjab GST dept impounds 51 trucks for tax evasion

The state taxation department conducted a massi checking drive at Mandi Gobindgarh in Punjab on Wednesday and seized 51 trucks loaded with scrap material and steel for evading taxes.

GST: Someone charging GST illegally? Here's where you can report it

23 Aug 2023

#gstnews #gst #news #complaint

GST: Someone charging GST illegally? Here's where you can report it

The GST council has set up a grievance redressal portal. Customers and taxpayers can lodge their complaints or seek answers to their GST-related issues using this platform.

28% GST playing spoilsport for gaming platforms?

23 Aug 2023

#gstnews #gst #news #onlinegames

28% GST playing spoilsport for gaming platforms?

The proposed change in tax slab (18% to 28% GST) and retrospective tax imposition from the year 2017 has come as a double whammy for the real money gaming (RMG) platforms as their users have started flocking out of the games even as the rules are yet to be enforced.

Government losing revenue due to GST: Bibek Debroy

23 Aug 2023

#gstnews #gst #news #revenue #losing

Government losing revenue due to GST: Bibek Debroy

Economic Advisory Council to the Prime Minister (EAC-PM) Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce here, he however said that GST has led to a lot of simplification.

FM Nirmala Sitharaman urges Finance Ministry and MCA to Focus on Process Simplification

23 Aug 2023

#gstnews #gst #news #g20

FM Nirmala Sitharaman urges Finance Ministry and MCA to Focus on Process Simplification

Smt. Sitharaman exhorts officers to optimally utilise vast pool of resources and experience at disposal in the Government Mentor young generations to embellish efforts in the march toward Viksit Bharat of 2047 in the Amrit Kaal: FM On sidelines of the Chintan Shivir, Union Finance Minister also interacts with the G20 India Finance Track Team, in Kevadia, Gujarat

Investor confidence up in India after implementation of GST, IBC: PM Modi at BRICS event

23 Aug 2023

#gstnews #gst #news #pm #modi #BRICS

Investor confidence up in India after implementation of GST, IBC: PM Modi at BRICS event

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.

Income Tax Return Filling In Uttar Pradesh Jumps From 1.65 Lakh In 2014 To 11.92 Lakh In 2023

22 Aug 2023

#incometaxnews #incometax #IT #filing

Income Tax Return Filling In Uttar Pradesh Jumps From 1.65 Lakh In 2014 To 11.92 Lakh In 2023

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.

Many shops deceiving customers with ‘fake GST’ bills

22 Aug 2023

#gstnews #gst #news #scam #alert #fake

Many shops deceiving customers with ‘fake GST’ bills

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.

GST only at entry-level may reduce tax liability of e-gaming firms

22 Aug 2023

#gstnews #gst #news #onlinegames

GST only at entry-level may reduce tax liability of e-gaming firms

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.

Punjab CM Bhagwant Mann launches ‘mera bill’ app to reward GST payment on invoice

22 Aug 2023

#gstnews #gst #news #punjab

Punjab CM Bhagwant Mann launches ‘mera bill’ app to reward GST payment on invoice

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.

Man arrested in Rs 147 cr GST invoice scam

21 Aug 2023

#gstnews #gst #news #fakeinvoice

Man arrested in Rs 147 cr GST invoice scam

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.

Fake ITC: Police issues non-bailable warrant against 10 people for defrauding govt of Rs15,000 crore

21 Aug 2023

#gstnews #gst #news #fakeitc #fake #itc

Fake ITC: Police issues non-bailable warrant against 10 people for defrauding govt of Rs15,000 crore

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.

Small GST taxpayers need to keep tabs on demand notices

21 Aug 2023

#gstnews #gst #news #supremecourt

Small GST taxpayers need to keep tabs on demand notices

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.

‘Mera Bill Mera Adhikar’ Scheme Launch Soon, Consumers Will Be Awarded Through Lucky Draws

21 Aug 2023

#gstnews #gst #news #merabillmeraadhikaar

‘Mera Bill Mera Adhikar’ Scheme Launch Soon, Consumers Will Be Awarded Through Lucky Draws

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.

CBI Arrests CGST Superintendent in Graft Case

19 Aug 2023

#gstnews #gst #news #cbi #arrest #mumbai #search #bribe

CBI Arrests CGST Superintendent in Graft Case

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.

Supreme Court to Decide on GST Implications of Immovable Property; Next Hearing on August 23

19 Aug 2023

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Supreme Court to Decide on GST Implications of Immovable Property; Next Hearing on August 23

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.

FM Nirmala Sitharaman asks CAs to work on ESG, carbon accounting expertise

19 Aug 2023

#gstnews #gst #news #financeminister #nirmalasitharaman #icai

FM Nirmala Sitharaman asks CAs to work on ESG, carbon accounting expertise

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.

Government of India notified the CGST (Amendment) Act, 2023

18 Aug 2023

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Government of India notified the CGST (Amendment) Act, 2023

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”).

Government of India notified the IGST (Amendment) Act, 2023

18 Aug 2023

#GSTNEWS #gst #news #igst

Government of India notified the IGST (Amendment) Act, 2023

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).