The Department of Trade and Taxes, Government of Delhi, has unearthed a Rs 14 crore Goods and Services Tax (GST) refund fraud. Authorities have arrested a key suspect – the proprietor of one of the fictitious firms – and have so far recovered Rs 1.16 crore. …
The long-standing confusion surrounding Section 87A rebate claims has reared its head again. Despite revising their income tax returns (ITRs) in January 2025 as per the Bombay High Court’s directive, numerous taxpayers-primarily those with total incomes below Rs 7 lakh-are now being served demand notices by …
Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) SUUTI was created by the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 . It is the successor of the erstwhile Unit Trust of India (UTI) and is mandated to liquidate the Government …
India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million. Though the government may soon include an enabling provision in the Income Tax Act …
Introduction The Ministry of Finance has officially notified the enforcement of several sections of the Central Goods and Services Tax Act, 2017 (“the CGST Act”), including the newly introduced Section 128A in the CGST Act, w.e.f. November 1, 2024. Initially, Union Budget 2024 held on July 23, …
In a significant move aimed at alleviating tax burdens, the Central Goods and Services Tax (CGST) Act has introduced a new section, 128A, which offers considerable relief for taxpayers regarding tax liabilities incurred between July 1, 2017, and March 31, 2020. This amendment allows individuals facing …
In a significant ruling that could reshape tax obligations for multinational companies (MNCs) in India, the Delhi High Court has mandated that MNCs with a presence in the country, whether through liaison offices, subsidiaries, or fixed setups, must pay taxes on income attributable to their Indian …
The Central Board of Direct Taxes (CBDT) has recently made significant amendments to various tax-related forms, including the tax audit form (Form 3CD & Form No. 3CEB) and the Form for filing of tonnage tax application (Form 65). These changes aim to streamline tax filing procedures and ensure …
Union Finance Minister Nirmala Sitharaman lauded the contributions of Bengaluru taxpayers towards building a robust and prosperous India during her visit to the city on Wednesday. She commended the city’s pivotal role in facilitating the nationwide implementation of the Department of Revenue’s faceless income tax assessment …
The taxation authority has intensified its efforts to curb tax evasion and enforce compliance with Goods and Services Tax (GST) regulations. In a recent development, notices have been issued to 324 businesses and retailers suspected of dodging taxes and violating GST provisions. This crackdown follows the …
