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Central tax authorities have intensified efforts to combat Goods and Services Tax (GST) evasion in Gujarat, with Finance Minister Nirmala Sitharaman revealing significant enforcement actions in the Rajya Sabha on Tuesday. From FY 2021-22 to FY 2024-25 (up to October 31, 2024), 12,803 cases of GST …

In a significant move to promote small-value digital payments, the Reserve Bank of India (RBI) has revised the framework for facilitating offline payments under  UPI Lite. Through Notification no. RBI/2024-25/93, dated December 4, 2024, the RBI has announced an increase in transaction limits, making digital payments even more accessible …

Introduction In October 2024,  Unified Payments Interface achieved a historic milestone by processing 16.58 billion financial transactions in a single month, underscoring its pivotal role in India’s digital transformation. Launched in 2016 by the National Payments Corporation of India (NPCI), UPI has revolutionized the nation’s payment ecosystem …

India’s GST revenue for November 2024 recorded a significant growth of 8.5% compared to November 2023, reaching a total of ₹1,82,269 crore. This steady rise underscores robust economic activity and improved compliance under the indirect tax regime Key Highlights of November 2024 GST Revenue Gross Revenue: CGST: ₹34,141 crore (up …

Banks are freezing accounts for those receiving government funds i.e., Direct Benefit Transfer (DBT) funds such as subsidies, pensions, etc. due to lack of KYC. Delay in KYC Updates RBI found delays by banks in updating KYC, causing account freezes. RBI’s Advice RBI Deputy Governor urged …

The Kerala GST Department, through Circular No. 21/2024-Kerala SGST issued on November 18, 2024, has introduced a revised framework for adjudicating show cause notices (SCNs) under the Kerala SGST Act, 2017. This update aims to streamline the adjudication process, ensuring consistency and efficiency in handling SCNs. Adjudication …

Kerala’s houseboat owners facing uncertainty as the GST office demands 18% GST from houseboat owners with a retrospective effect from 2017, causing uncertainty for owners in Alappuzha, Kochi, and Kumarakom Houseboat owners have been paying 5% GST based on Central GST office assurance since 2017. A …