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Many emerging sectors have been issued notices for GST tax evasion. The tax authorities have been utilizing the latest technology, Artificial Intelligence (AI), to track discrepancies in tax payments. This has raised concerns and started a debate over the use of AI. If we focus on the previous financial year alone, the department has detected […]
The introduction of GST in construction services has wielded significant influence over the industry’s dynamics. Understanding the nuances of GST within construction work is pivotal for ensuring operational smoothness and financial astuteness. 54th GST Council Meeting: “To clarify that location charges or Preferential Location Charges (PLC) paid along with the consideration for the construction services […]
The Cenvat credit is been permitted by the Punjab and Haryana High Court to Maruti Suzuki on training and coaching services, IT (software) services (CHA), cargo handling services for export, warehouse and storage services, land survey services, and hotel Broadway services. The service is needed since it is not merely used in the manufacturing concern […]
A senior tax consultant CA Kirti Joshi addressed filing GST returns presents the final opportunity to rectify any errors caused during the annual return for the year 2022-23. It is crucial to consider the income tax return while submitting GST returns, as both departments are now exchanging vital information. She shared these insights during a […]
The Central Board of Direct Taxes (CBDT) has recently rolled out a major upgrade tailored for Mac users, enhancing accessibility and user experience. Effective from December 1, 2023, the Annual Information Statement (AIS) utility is fully optimized for the Mac operating system, specifically addressing the needs of Apple’s Mac device users. This advancement reflects a […]
Bookkeeping may appear effortless and less appealing compared to owning and operating a small company. However, it is a crucial procedure that must be followed meticulously to ensure the sustainability and success of your business. It is important to be aware of the pitfalls that can jeopardize your financial well-being and strive to avoid the […]
The Income Tax (IT) Department is considering filing an appeal in the Supreme Court (SC) against a decision given by the Delhi High Court, which declared that any IT assessment order passed without a Document Identification Number (DIN) holds no legal validity. In April, the Delhi HC upheld the provisions of a 2019 notification released […]
The Gujarat Real Estate Regulatory Authority (GujRERA) has introduced a fresh portal aligned with the RERA Act and GujRERA rules, ensuring precision in project reporting. This revamped platform is a reliable source for the Income Tax and GST departments, preventing developers from manipulating information to alter their tax obligations. Previously, developers exploited loopholes, submitting outdated […]
The Haryana Government in a bid to recover the left dues amounting to approximately Rs 30,000 cr from the traders is set to introduce the one-time settlement (OTS) scheme focused on solving the incompleted VAT cases from the pre-GST era. According to the insiders, the scheme is expected to be discussed at the time of […]
