GST Revenue collection for November 2023, at Rs 1,67,929 lakh crore records highest growth rate of 15% Y-o-Y Gross GST collection crosses Rs 1.60 lakh crore mark for the sixth time in FY 2023-24 GST collection higher by 11.9% Y-o-Y for FY2023-24 upto November, 2023 The …
FIDC Urges Clarity on GST Exemption for Excess Interest in Co-Lending Model The Finance Industry Development Council (FIDC), representing non-bank lenders, has formally requested the Central Board of Indirect Taxes and Customs (CBIC) to provide explicit clarification regarding the goods and services tax (GST) treatment of …
GSTR-9 Annual Return Table 8A ITC Computation Updated with Supplier Filings Until November 30, 2023 In a recent development, the Annual Return GSTR-9’s Table 8A, responsible for Input Tax Credit (ITC) computation, has undergone a significant update. The revision incorporates crucial data extracted from suppliers’ GSTR-1, …
Finance Ministry Plans to Introduce Pre-filled GST Return Forms to Tackle Data Mismatches and Ease Compliance In a strategic move to streamline the Goods and Services Tax (GST) filing process and address the persistent issue of data mismatches leading to unwarranted tax notices, the finance ministry …
introduction Finance Minister Nirmala Sitharaman sought to alleviate concerns raised by global firms regarding ‘tax certainty’ within the Goods and Services Tax (GST) regime. Speaking on Monday, she emphasized the progress made by the Constitutional body of the GST Council in implementing the ‘One Nation, One …
The Noida Police has issued non-bailable warrants against 10 people for defrauding the government of ₹15,000 crore by using fake input tax credit (ITC) documents. The accused persons are all from Delhi and Haryana. The police said that the accused had created fake invoices and used …
The ‘Mera Bill Mera Adhikar’ invoice incentive scheme is an initiative launched by the Indian government to encourage customers to request bills for their purchases and to promote the use of genuine invoices in business-to-consumer transactions. The scheme offers cash prizes ranging from Rs 10,000 to …
A 50-year-old man from Nerul, Navi Mumbai, has been arrested by the anti-evasion cell of the Central GST Belapur Commissionerate for his alleged role in a Rs 147 crore GST invoice scam. The accused, who has not been named yet, is said to be the de …
The Central Board of Indirect Taxes and Customs (CBIC) has evaluated the GST liabilities of the gaming firms in India, and it has been found that they were taxed at 18% on their gross gaming revenue, which was meant for skill-based games, instead of the legally …
