The Commissioner of State Tax of Maharashtra vide Internal Circular No. 4A of 2023 dated April 28, 2023 has issued Instructions regarding the Amnesty scheme for revocation of cancellation of GST registration. Synopsis A special procedure is notified through which a registered person, whose registration has been cancelled …
Finance Minister Nirmala Sitharaman on Saturday directed Central Board of Indirect Taxes & Customs to introduce its automated GST return scrutiny by next week and to implement an action plan to increase the taxpayer base through enhanced use of technology. Sitharaman, did a comprehensive review with …
Dear Professional Colleagues, As, I reflect over the recent developments and emerging trends shaping the future of the profession, I understand that one of our profession’s main premise is about building better future and supporting economic progress of society. As professionals, our role is to facilitate …
The GST portal (“System”) generates various documents, such as notices/ orders, etc which are communicated to the taxpayer. Most such documents have a system-generated unique identifier DIN (Document Identification Number)/ RFN (Reference Number). These documents, by virtue of being generated by the System, are already traceable …
The Ministry of Finance is considering making distinct categories in online gaming. The Ministry is contemplating classifying online games based on the role of skill and chance in winning. In online games where scoring wins is akin to betting or gambling, the Goods and Services Tax …
GSTN has added 2 new banks Induslnd Bank Limited and South Indian Bank Limited, bringing the total number of banks accepting GST payments to 23. Following is the list of all the Banks: Axis Bank Bank of Baroda Bank of India Bank of Maharashtra Canara Bank …
Examination Department The Institute of Chartered Accountants of India 27th April, 2023 IMPORTANT ANNOUNCEMENT Re-Scheduling of Chartered Accountants Examination scheduled to be held on 10th May 2023 (Wednesday) at the Examinations Centre at Jalandhar (Punjab) and Jharsuguda (Odisha). In partial modification of the Institute’s Important Announcement …
The Supreme Court has held that the income tax (I-T) department cannot reopen completed assessments under the Section 153A of the I-T Act, unless “incriminating material” is unearthed during search and seizure operations. Any other material emanating from the search can’t be relied on for issuing re-assessment …
Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired a periodic review meeting with Central Board of Direct Taxes (CBDT). The review meeting was attended by the Revenue Secretary; Chairman, CBDT; and all the Members of CBDT. Inter alia, the Finance Minister reviewed the …
GST officers have started sending notices to over a dozen insurance companies for availing input tax credit on the basis of bogus invoices in the last six years, sources said. These insurers have availed input tax credit (ITC) on the basis of invoices issued by intermediaries for …
