In a recent update, the Goods and Services Tax Network (GSTN) has unveiled a user-centric enhancement on the GST Portal, introducing the “Address and Contacts” feature under the “My Profile” section. This new tab promises to streamline user interaction by consolidating vital information related to promoters …
Government Unveils Record-Breaking GST Evasion Detection of Rs 1.5 Lakh Crore; Focus on Online Gaming Companies Raises Stakes In a significant revelation, the government disclosed on Monday that its intensified efforts to curb Goods and Services Tax (GST) evasion have resulted in detecting a staggering Rs …
Central Tax Officers Issue 33,000 GST Notices for Discrepancies in Returns and Short Payment of Taxes In a recent development, Central tax officers have issued approximately 33,000 Goods and Services Tax (GST) notices to businesses, highlighting discrepancies in returns filed and instances of short payment of …
GST Collection Soars: Finance Minister Sitharaman Highlights Record-Breaking Trends and Reforms Finance Minister Nirmala Sitharaman disclosed on December 4 that the Goods and Services Tax (GST) collection has been on an upward trajectory since its inception on July 1, 2017. In response to a query in …
Government Unveils Ambitious Legislative Agenda for Winter Session, Including Key Reforms and Legal Overhauls In a significant development, the government has unveiled an extensive list of 18 bills to be presented during the upcoming winter session, set to commence on December 4, 2023. The legislative agenda …
Government Proposes Simplification of GST Norms to Boost Small Businesses: Focus on MSME Empowerment In a bid to bolster the micro, small, and medium enterprises (MSME) sector, the government is contemplating significant simplifications in the Goods and Services Tax (GST) registration process, particularly in the realm …
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, …
