The last day to file the Income Tax Returns for the financial year 2022-23 has already passed as the due date was July 31, 2023. However, just filing the Income Tax Return is not enough as taxpayers also need to verify their ITR within 30-days of filing the returns.
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The Income Tax Department on August 28, 2023 released the latest Frequently Asked Questions (“FAQs”) for Form 27C.
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The Income Tax Department on August 28, 2023 released an update that enables the Functionality for Revision of Form 27C on the e-Filing portal.
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The Indian Sugar Mills Association (ISMA) called for a change in the Goods and Services Tax (GST) rate applied on vehicles using flex fuels. The sugar industry body urged for flex fuel powered vehicles to be charged at the same GST rate as electric vehicles.
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The GSTN has issued an Advisory dated August 28, 2023 for applicants where GST Registration application marked for Biometric-based Aadhaar Authentication.
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The Supreme Court on August 25 issued notice in two similar writ petitions filed under Article 32 of the Constitution of India, challenging the constitutional validity of several provisions of the Central Goods and Services Tax Act, 2017 (CGST Act) including Section 69 (i.e., power to arrest), 70(1) (i.e., power to summon persons to give evidence and produce documents).
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To promote the practice of customers requesting invoices or bills for all purchases, the Government of India is introducing the "Invoice Incentive Scheme" known as "Mera Bill Mera Adhikaar" in collaboration with State Governments. The Scheme will be launched on September 1, 2023.
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The CBIC vides Notification No. 41/2023-Central Tax, Notification No. 42/2023-Central Tax, Notification No. 43/2023-Central Tax, and Notification No. 44/2023-Central Tax, all dated August 25, 2023, has extended the due dates for filing GSTR-1, GSTR-3B, and GSTR-7 for the period of April, May, June and July 2023 for taxpayers whose principal place of business is in the State of Manipur, till August 25, 2023.
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With just a few days left, taxpayers should take advantage of the extended deadline for the GST Amnesty scheme, designed to provide relief to those who have acquired assessment orders under Section 62 of the CGST Act. The original form submission deadline of June 30, 2023, was pushed to August 31, 2023
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The government’s decision of imposing 28% GST on online real money games has already started impacting companies in the gaming industry. Weeks after the GST council refused to reconsider their decision, three Indian startups in the space have laid off staff while three other startups have shut down altogether.
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Education, the cornerstone of progress, plays an indispensable role in shaping nations. Cultivating a scientific mindset among citizens is pivotal for national development. By lowering the GST rate from 18% to 5% for education and training services that impart scientific knowledge, India can encourage individuals to invest in their intellectual growth without the burden of excessive taxation.
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The GSTN released an Advisory dated August 24, 2023, announcing the launch of a Mobile App and Web Portal for the ‘Mera Bill Mera Adhikaar’ Scheme, available on iOS, Android, and Web platforms.
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The Government of India, in association with State Governments, is launching an ‘Invoice incentive Scheme’ by the name ‘Mera Bill Mera Adhikaar’ to encourage the culture of customers asking for invoices/bills for all purchases.
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Gurugram-based real money gaming platform Fantok has suspended operations citing the impact from the Goods and Services Tax (GST) Council’s decision last month to impose a 28% levy on the full face value of gaming transactions.
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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.
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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”).
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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.
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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.
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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.
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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.
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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
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