The Finance Ministry informed the Rajya Sabha on Tuesday that 158 cases involving Goods and Services Tax (GST) dues totaling ₹1.53 lakh crore have been registered till January 2025. Minister of State for Finance Pankaj Chaudhary, in a written reply, also revealed that between July 2017 …
The Finance Ministry informed the Lok Sabha on Monday that personal income tax (PIT) collection as a percentage of GDP surged by 140 basis points in the last decade, reaching 3.5% in FY 2023-24, up from 2.1% in FY 2014-15. The data, presented by Minister of …
The top five industrial states of India – Maharashtra, Karnataka, Delhi, Tamil Nadu and Gujarat collectively contributed more than 72% of the direct taxes and 53% of Central GST in FY 2023-24, according to data tabled in Parliament on Monday. Meanwhile, less developed states like Uttar …
NCFE Conducts 54 Financial Education Programs in North East under National Strategy for Financial Education (NSFE), empowers diverse segments RBI and National Centre for Financial Education (NCFE) have launched nationwide campaigns to boost Financial Literacy programmes in the country. With a view to promote Financial Literacy, …
The Institute of Chartered Accountants of India (ICAI) has submitted its recommendations to the Lok Sabha select committee currently reviewing the Income Tax Bill, 2025. The key proposals include streamlining the legislation by reducing the number of sections and enhancing clarity in legal language to minimize …
In its 55th meeting held on December 21, 2024, in Jaisalmer, Rajasthan, the GST Council decided to reconstitute the Group of Ministers (GoM) on Analysis of Revenue from GST with revised Terms of Reference (ToR). The move aims to enhance revenue monitoring and policy recommendations for …
IMPORTANT ANNOUNCEMENT SELF-PACED ONLINE MODULE TEST (SPMT) The Examination Department of ICAI has launched the Self-Paced Module Test (SPMT) Portal –https://spmt.icai.org for the candidates who have completed prescribed learning hours for respective Self-Paced Online Modules. Self-Paced Module Test are being conducted on a daily basis, except on government …
In a significant move to streamline GST registration, the Goods and Services Tax Network (GSTN) has introduced a new facility allowing certain Promoters and Directors to complete Biometric Authentication at any GST Suvidha Kendra (GSK) within their Home State. This enhancement aims to ease the process for Public …
In a significant relief to Goods and Services Tax (GST) payers, the government is likely to amend the Central GST (CGST) Rules, allowing recipients of goods and services up to two months to accept or reject a credit note and adjust the Input Tax Credit (ITC) …
On a review of current and evolving liquidity conditions, the Reserve Bank has decided to conduct the following operations to inject liquidity into the banking system: OMO purchase auctions of Government of India securities for an aggregate amount of ₹1,00,000 crore in two tranches of ₹50,000 …
