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As per the senior government official, the Union Ministry of Finance is in a position to develop a process to validate the bogus Input tax credit (ITC). Towards the identical objective, the Central Board of Indirect Taxes and Customs (CBIC) and the Goods and Services Tax Network (GSTN) are collaborating to develop an ITC ledger. […]
The Income Tax Department of India has surged the tracking of high-value credit card transactions according to its efforts to curb tax evasion and assure effective tax compliance. How IT Dept Monitoring High-value Credit Card Transactions? In the section below, we discuss the procedure used by the income tax department to monitor high-value credit card […]
GST Network mentioned show cause notices and assessment orders that have been issued via the tax officer on the GST portal do not secure the digital signatures of the tax officers however this information is stored in the backend. GSTN in a recommendation to the taxpayers mentioned the validity of the document and who and […]
The Patna High Court, the demand order u/s 73(10) of the GST ( Goods and Services Tax ) Act should be issued within 3 years from the filing date of the annual return and not the extended due date. The bench of Chief Justice K. Vinod Chandran and Partha Sarthy carried that the extension given […]
The Supreme Court stated that technological challenges cannot justify harassing an assessee, urging the Income Tax Department to improve its software to prevent future errors. The Court ordered the Central Board for Direct Taxes to take appropriate actions to correct the software. A bench of Justices PS Narasimha and Sandeep Mehta was hearing an appeal […]
On GST rate rationalization the Group of Ministers (GoM) in its meeting conducted in Goa articulated assistance for diminishing the GST rate on education materials from 12 to 5 per cent relief to a wider portion of the population. The panel arrived to raise the GST rates on textiles and apparel items that cost over […]
After the amendment in the fiscal limits for filing the appeals in direct and indirect tax matters in the Union Budget 2024-25, the Apex court dismissed 573 direct tax cases in which there is less than Rs 5 crore tax effect, the Ministry of Finance mentioned. As per the finance ministry, the measures are anticipated […]
On GST Rate Rationalisation a Group of Ministers (GOM) cannot conclude any suggestions. In November it will have another 55th GST council meeting and seems to focus on GST for insurance premia. GST Council Meeting at the End of November Month At the finish of this month, the GST council meeting shall likely be held, […]
From October 1, 2024, the facility of viewing data of GST returns furnished seven years ago on the GST portal will be finished. In other means, From October 1 the data which gets older than September 2017 would get removed. As per the requirement of the traders it is recommended to preserve their data. As […]