A senior official from the Finance Ministry has disclosed that any substantial changes in the Goods and Services Tax (GST) rates are likely to be postponed until after the upcoming Lok Sabha elections. This announcement comes amidst ongoing discussions regarding potential rate adjustments within the GST …
In a bid to enhance convenience and accessibility for taxpayers, the Goods and Services Tax (GST) portal has rolled out a significant update, now allowing GST payments through Credit Cards and Debit Cards. This latest feature, coupled with the inclusion of four new states – Jharkhand, …
As India continues on its growth trajectory, the spotlight shines on the efficacy of its tax policies, particularly the Goods and Services Tax (GST). With expectations of a significant increase in GST collections for the next fiscal year, fueled by a robust growth environment and transformative …
The government is contemplating eliminating the flexibility for buyers and sellers to revise their output liability by locking invoices and removing the edit option in the next financial year, as revealed by Revenue Secretary Sanjay Malhotra. This proposal, intended to be discussed at the upcoming GST …
In a significant move to combat fraudulent practices in Goods and Services Tax (GST) registration, the GST Council is considering a proposal to make biometric-based Aadhaar authentication mandatory pan-India for individuals deemed suspicious, seeking GST registration, according to Sanjay Kumar Agarwal, Chief of the Central Board …
The Government of India, in collaboration with States and Union Territories, has unveiled an upgraded Goods and Services Tax (GST) system, incorporating the advanced e-Invoice System. The newly launched portal offers an array of user-friendly features, empowering stakeholders to navigate various actions seamlessly. Key functionalities of …
The Maharashtra Goods and Services Tax (GST) Department has issued Trade Circular No. 01T of 2024 dated January 29, 2024. The circular outlines a comprehensive procedure for the submission and processing of refund applications concerning the reimbursement of the State Goods and Services Tax (SGST) component. …
CBDT notifies Income Tax Return Forms for the Assessment Year 2024-25 well in advance for the Assessment Year (A.Y.) 2024-25 The Central Board of Direct Taxes (CBDT) vide Notification No. 19 of 2024 dated 31.01.2024, has notified Income-tax Return Forms (ITR Form) – 2, 3 and 5 …
In a move aimed at enhancing transparency and facilitating compliance, the MSME Udyam Portal has rolled out a significant update introducing a user-friendly feature that allows seamless verification of Udyam Registration numbers. This feature comes at a critical juncture, aligning with the recent amendment to the …
“Keeping with the convention, I do not propose to make any changes relating to taxation and propose to retain the same tax rates for direct taxes and indirect taxes including import duties,” said the Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, while presenting …
