If you didn’t link your PAN with Aadhaar by June 30, 2023, your PAN will become inoperative w.e.f July 1, 2023. This means that you will not be able to use your PAN for any financial transactions where it is mandatory, such as opening a bank …
Karnataka GST Department issued Circular No. GST-03/2023-24 on June 13, 2023. The circular outlined a number of measures that the department will be taking to ensure revenue collection, compliance, and effective GST Audit. Official copy of the circular has been mentioned below The major mandate for …
GSTN is pleased to inform that the functionality for geocoding the principal place of business address is now live for all States and Union territories. This feature, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy …
The Income Tax department in Andhra Pradesh has found that a large number of government and tech company employees have claimed incorrect tax deductions and exemptions. The department has said that these employees have been lured into claiming wrongful refunds by intermediaries and peers. The department …
On the occasion of 6 years of GST, the CBIC clarifies that taxpayers are liable to pay interest only if they utilized the wrongly availed ITC for the payment of GST liability. They announce a retrospective relief measure for taxpayers in this regard. This is a welcome …
According to a report, the I&CI wing of the Income Tax Department (ITD) has unearthed undisclosed financial transactions worth over ₹2,000 crore during a verification at the sub-registrar office in Red Hills, Chennai. The verification was conducted over the past few days, and it is said …
As of July 4, 2023, GST authorities have cancelled over 4,900 fake GST registrations and detected tax evasion of over Rs 15,000 crore during the ongoing two-month drive to weed out fake GSTINs. The drive, which began on May 16, will end on July 15. The …
GST Council is likely to tighten the registration rules in its meeting on July 11, 2023. One of the key changes being proposed is to make physical verification mandatory in “high risk” cases. This means that businesses that are considered to be at a higher risk …
The Reserve Bank of India (RBI) has received ₹2.72 lakh crore in ₹2000 notes since May 19, 2023. This is about 76% of the ₹2,000 banknotes that were in circulation as on May 19. The RBI had announced on May 19 that it would be withdrawing …
In a move aimed at enhancing tax compliance and revenue generation, the Goods and Services Tax (GST) authorities are closely scrutinizing credit card and e-tail (electronic retail) partnerships. The focus of the examination is to ensure that these collaborations are in compliance with GST regulations and …
