Government launches a one-time settlement Scheme Vivad se Vishwas – II (Contractual Disputes) to effectively settle pending contractual disputes, as announced in the Union Budget 2023-24 Last date for submitting claims under the scheme is 31.10.2023 The Department of Expenditure, Ministry of Finance, has launched the …
Income Tax Department (I-T) is currently conducting searches at multiple locations in Mumbai, Pune, and Noida, including the offices and premises of promoters of Chinese home appliance company Haier. The searches are reportedly in connection with a tax evasion and royalty payment case. The I-T department …
CBDT vide Circular No. 14 of 2023 dated July 27, 2023 issued Standard Operating Procedure (“SOP”) for making application for recomputation of total income of a co-operative society engaged in the business of manufacture of sugar, as provided for in the sub-section (19) of section 155 of the …
As of August 1, there will be a significant change in the mandatory e-invoicing requirements in India. The aggregate annual turnover threshold for issuing e-invoices will be lowered from ₹10 crore to ₹5 crore. This means that businesses with an annual turnover of ₹5 crore or …
The GSTN has recently announced that it will be collecting metadata of the Principal Place of Business (PPOB) for all registered taxpayers. This metadata will include information such as the PPOB’s address, contact details, and PAN number. The GSTN will use this information to improve the …
Union government has accepted the recommendation to set up an online audit mechanism under the Goods and Services Tax (GST) to streamline the process. The current audit process was seen as cumbersome and time-consuming, with a large number of documents being sought from taxpayers for conducting …
Indian government detected a significant amount of evasion in goods and services tax (GST) over the last five years, amounting to Rs 3.33 lakh crore. However, only Rs 1.08 lakh crore, which is less than a third of the total amount, has been recovered so far. …
DGGI Meerut officials bust racket involving 246 fake entities with turnover of Rs. 3,242 crore involving ITC of Rs. 557 crore, three held The Meerut Zonal Unit of Directorate General of GST Intelligence (DGGI) unearthed two major fake billing rackets involving 246 shell/fake entities, which have …
