Section 194-O of the Income-tax Act, 1961 (‘the Act’) provides that an e-commerce operator shall deduct income-tax at the rate of one per cent of the gross amount of sale of goods or provision of service, or both, facilitated through its digital or electronic facility or …
The Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 55/2023 – Central Tax dated December 20, 2023, announcing an extension for the filing of FORM GSTR-3B for November 2023. The extended deadline until December 27, 2023, is applicable exclusively to registered individuals …
The Income Tax Department has issued an update, stating that the last date to file the return of income for the Assessment Year 2023-24 (Financial Year 2022-23) under section 139(4) or 139(5) of the Income Tax Act is December 31, 2023. The department urges taxpayers to …
Finance Minister Nirmala Sitharaman addressed the Lok Sabha on Tuesday, providing clarity on the application of the 28% Goods and Services Tax (GST) on entry-level bets on online gaming platforms. Sitharaman emphasized that the valuation rules for excluding winnings from the tax are prospective, alleviating potential …
Uttarakhand GST Department Unravels Massive ₹18 Crore GST Theft in Illegal Timber Trade: Mastermind Charged The Special Investigation Bureau (SIB) of the Uttarakhand GST department has recently filed a comprehensive 3,500-page charge sheet against Shahnawaz Hussain, the alleged mastermind behind a large-scale illegal timber trade operation. …
FM Nirmala Sitharaman addressed the Lok Sabha on December 19, 2023, shedding light on crucial amendments to the central Goods and Services Tax (GST) law and related bills. GST Appellate Tribunals: A Path to Expedited Resolutions Minister Sitharaman announced that taxpayers now have the option to …
UltraTech Cement Faces GST Challenges: Receives Orders Totaling Rs 18.3 Crore in Demand, Interest and Penalties In a recent development, UltraTech Cement, a leading player in the cement industry, has encountered legal challenges in the form of Goods and Services Tax (GST) demands issued by the …
UPI transactions grew from ₹ 1 lakh crore in FY 2017-18 to ₹ 139 lakh crore in FY 2022-23 in value, at a CAGR of 168% Year-on-Year growth in the value of bank notes in circulation decreases from 9.9% in FY 2021-22 to 7.8% in FY …
Surge in GST Compliance: Filers Increase by 65% Over 5 Years, Reaching 11.3 Million in April 2023 Finance ministry reported a remarkable 65% surge in the number of Goods and Services Tax (GST) return filers over the past five years, reaching a substantial 11.3 million as …
Supreme Court Dismisses GST Department’s Plea, Upholding High Court Ruling on Input Tax Credit In a significant development, the Supreme Court has quashed a petition filed by authorities challenging a Calcutta High Court ruling. The High Court had determined that input tax credit (ITC) to a …
