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ICAI’s Latest: Understanding GST Compliance in Banking
ICAI Releases February 2024 Edition The Institute of Chartered Accountants of India (ICAI) has recently launched the February 2024 edition of “Compliances of GST in the Banking Sector.” This publication is intricately crafted to offer an updated understanding of GST regulations specifically tailored for banks.
MSME Payment Reform: Government Considers Amendments
Government Mulls Amendments to MSME Development Act for Prompt Payment The central government is considering further empowering provisions to ensure prompt settlement of delayed payments to micro, small, and medium enterprises (MSMEs) through potential amendments in the MSME Development Act, 2006. Current Norms and Challenges:
CBIC Adopts New Approach to GST Investigations for MNCs
Introduction: The Central Board of Indirect Tax and Customs (CBIC) has introduced a novel approach to investigating the tax liabilities of multinational corporations (MNCs) through the Directorate General of Goods and Services Tax Intelligence (DGGI). This initiative aims to address challenges faced by senior management
Ministry of Home Affairs Grants 50% GST Relief for Police Welfare
Empowering Police Welfare: Ministry of Home Affairs Offers 50% GST Relief In an effort to bolster the welfare of law enforcement personnel across the nation, the Ministry of Home Affairs has introduced a significant financial support initiative. Starting April 1, 2024, the Ministry will implement
GST Relief for Security Personnel: MHA’s Welfare Initiative
Introduction The Ministry of Home Affairs (MHA) has announced a significant welfare measure aimed at benefiting serving and retired personnel of Central Armed Police Forces (CAPFs), Central Police Organisations, State Police Forces, and their families. This decision, made under the visionary leadership of Prime Minister
Insurance Industry Challenges GST Taxation on Co-Insurance Commissions
Insurance Sector Challenges GST Tax Demand Amidst mounting concerns over a hefty Goods and Services Tax (GST) tax demand, insurance companies are mulling legal action to seek clarity on the levy imposed on commission earned from co-insurance. The potential for double taxation has stirred unease
State Guarantee Schemes Drive GST Growth in Karnataka
Boosting GST Collection: Congress Guarantee Schemes Chief Minister Siddaramaiah has attributed the surge in Goods and Services Tax (GST) collection in Karnataka to the effective implementation of guarantee schemes by the Congress-led state government. Speaking at an event in Chamarajanagar, Mr. Siddaramaiah highlighted that GST
Modernizing Hyderabad: The New GST Bhawan Project
Revolutionizing Infrastructure: New GST Bhawan and Residential Quarters in Hyderabad In a significant stride towards infrastructure development, the Revenue Secretary, Shri Sanjay Malhotra, ceremonially laid the foundation stone for the New GST Bhawan and Residential Quarters in Hyderabad on March 12, 2024. This ambitious project,
Insurance Industry Faces GST Commission Tax Dispute
Insurance Companies Navigate Legal Waters Amidst GST Commission Tax Demand In a bid to resolve a looming tax conundrum, insurance companies are contemplating legal action regarding a tax demand related to commissions paid for co-insurance. The industry seeks clarity from the courts, arguing that subjecting
Interest is payable even if not asked by TP-HC
In a recent decision the Delhi high court has held that the TP is eligible for interest on refund. In GST the rate of interest on refund is 6%. It is mandatory even if the TP has not asked for it specifically for it. This
CA Shafaly GirdharwalAddressing Tax Return Discrepancies
Income Tax Department’s Alert to Taxpayers: Addressing Discrepancies The Income Tax Department is taking proactive steps to notify taxpayers about potential inconsistencies between the information provided in their Income Tax Returns (ITRs) and the department’s records of specific financial transactions for the assessment year 2021-22
Income Tax Department’s E-Campaign: Promoting Tax Compliance
Income Tax Department Launches E-Campaign To Ensure Tax Compliance for Financial Transactions The Income Tax Department has initiated an e-campaign aimed at ensuring tax compliance for specific financial transactions undertaken by individuals and entities during the Financial Year (F.Y.) 2023-24. Identification of Non-Compliant Cases Following