The GST department will soon begin analysing ITRs filed by businesses and professionals and also MCA filings to ascertain if the entities are adequately discharging their GST liability and widening the taxpayer base. Currently, there are 1.38 crore registered businesses and professionals under the Goods and …
GST officers in Delhi have unearthed a fake invoicing racket involving tax evasion of Rs 17 crore and arrested two persons, the Finance Ministry said on Saturday. Central Goods and Service Tax (CGST) Delhi South Commissionerate conducted inspection at the registered premises of three bogus firms/company, …
Since we are already in the last month of the Accounting year i.e. March 2023, which mandates a few important points to be taken care in the current month so that there is smooth functioning in the next year without much reference to the previous year. …
Assessment is an important process under the Goods and Services Tax (GST) Act in India. It refers to the verification and determination of the tax liability of a taxpayer. Under GST, assessments are conducted by the GST authorities to ensure that taxpayers are complying with the …
Suo moto cancellation of GST registration refers to the cancellation of a registered person’s GST registration by the GST officer on their own initiative, without any request or application from the registered person. This can be done if there are valid reasons specified under Section 29(2) …
Vivek Johri, Chairman, Central Board of Indirect Taxes and Customs (CBIC), has said that Rs 1.5 lakh crore in goods and services tax (GST) collection has become the new normal and that the Board is confident that it will cross this figure in the coming year. …
Income Tax officials yesterday, i.e. 14th February 2023 searched the BBC’s Delhi and Mumbai offices and seized phones and laptops, weeks after the UK national broadcaster’s documentary on Prime Minister Narendra Modi and the deadly communal riots in Gujarat in 2002 sparked huge controversy. Tax authorities …
Composition Scheme for E-commerce Finance Bill, 2023 has proposed to amend section 10(2)(d) and 10(2A) (c) of CGST Act, 2023. This amendment seeks to remove reference to ‘goods’ from these clauses. These amendments have been proposed so as to remove the restriction imposed on registered persons …
