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For the FY 2024-25, the gross direct tax collections of the Indian government witnessed a rise of 24% YoY to Rs 8.13 lakh crore, as per the information of the Central Board of Direct Taxes (CBDT). This straight rise arrives in comparison to Rs 6.55 lakh crore collected during the same period in the previous […]
To redefine India’s tax landscape, the Finance Minister’s Budget 2024 presentation in Parliament shows a game-changing addition to the GST framework. The updated section 74A changes GST compliance and enforcement in the country. Taxpayers, businesses, and tax professionals across India wish to learn about the implications of the same new section and what it demonstrates […]
Individuals who are accountable for making payments like salary, commission, interest, professional fees, rent, and other specified categories are mandated to deduct TDS (Tax Deducted at Source) before making the disbursement under the norms mentioned in the Income Tax Act. Also, it is obligatory to ensure the remittance of the TDS amount deducted to the […]
The Madras High Court remanded the IGST refund case for reconsideration as the refund was not processed because of the alert raised by the Director General of Data Analytics & Risk Management ( DGRAM ). As per the impugned GST order, the court remarked that the IGST refund claim was that the dealer had not […]
Gross Direct Tax collections for the Financial Year (FY) 2024-25 register a growth of 22.19% Net Direct Tax collections for FY2024-25 grow at over 20.99% Advance Tax collections for FY2024-25 stood at Rs. 1,48,823 crore with a growth of 27.34% Refunds aggregating to Rs. 53,322 crore issued in the current fiscal The provisional numbers of […]
In the case of the income tax refund fraud of Rs 263 crores, the Enforcement Directorate arrested an Indian businessman. On May 16, 2024, the ED, Mumbai Zonal Office arrested Rajesh Brijlal Batreja under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. An investigation based on FIR registered by CBI under various […]
The Delhi High Court asked the appropriate officer to expedite the refund process for a petitioner who asked the Court to direct the refund of a sum of Rs.81,79,52 u/s 54 of the Central Goods and Services Act,2017. The applicant, AJ Flight Reservations Pvt. Ltd., represented by Advocate Vineet Bhatia, had filed a refund claim […]
The Allahabad High Court ruled that it is obvious that the only breach is a technical one wherein the E-Way Bill was not present in the vehicle while quashing the Goods and Services Tax (GST) SCN and Penalty Order for alleged tax evasion. For transporting goods without an E-Way Bill the petitioner’s vehicle was intercepted […]
The Madras High Court in a ruling held that the Advance tax unutilized under the Value Added Tax (VAT) or Tamil Nadu VAT (TNVAT) has been permitted to be transitioned under Section 140 of the Tamil Nadu Goods and Services Tax Act, 2017 (TNGST). A Single bench of Justice C. Saravanan, the language of Section […]
