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In an effort to combat the pervasive issue of fake GST registration, the Central Board of Indirect Taxes and Customs (CBIC) is considering the implementation of biometric authentication and geo-tagging for high-risk entities operating under the GST system. Additionally, tax authorities are contemplating the reinforcement of regulations within the GST return filing framework to restrict […]
The Gujarat High Court has asked the Central Government and Directorate General of GST Intelligence to clarify what compelled DGGI to issue several show cause notices in the past and recoveries under these cases that are outside of its territorial jurisdiction. The Gujarat High Court, on June 22, issued a notice to the North Block […]
The Income Tax Appellate Tribunal (ITAT), Pune bench has ruled that according to the Central Board of Direct Tax Circular 2019, passing an assessment order without Document Identification Number (DIN) is a violation of the said Circular. Thus, the order was declared void ab initio by the bench. The appeal, opposing the assessment order, was […]
The Central Board of Direct Taxes (CBDT) has introduced a convenient way for taxpayers to access the Annual Information Statement (AIS) directly through the Income Tax Portal. This development enables individuals to obtain the statement by using their unique direct tax number, which has been issued by the income tax division. To facilitate easy access […]
The Income Tax Department recently issued an important message to taxpayers, emphasising the importance of safeguarding personal information such as PAN numbers on social media platforms to prevent potential misuse. Responding to a taxpayer’s query on Twitter regarding difficulties encountered while filing income tax returns through the official e-filing system, the department advised against sharing […]
The surplus liquidity in the banking system experienced a significant decline of 42.9 per cent, reaching Rs. 1.04 lakh crore on June 18, down from Rs. 1.82 lakh crore on June 11, primarily due to advance tax payments. Following the advance tax payment deadline of June 15, the surplus liquidity absorbed by the Reserve Bank […]
In a recent update issued by the National Informatics Centre (NIC), it has been announced that all taxpayers with an Annual Aggregate Turnover (AATO) exceeding 100 Cr will be required to implement two-factor authentication effective from July 15, 2023. This measure is aimed at enhancing the security of the e-Way Bill and GST e-Invoice system. […]
Micro and small enterprises worry a bit much about the suspension or rejection of GST registration amidst growing physical intervention by GST authorities. The industry organisation for small enterprises believes that the licence raj may come back as the GST officers are physically visiting locations to confirm addresses and detect fraudulent activities. The separate operation, […]
Income tax authorities have been instructed to mandatorily find out the cases wherever they detect any suspicion of tax evasion on returns for thorough scrutiny during the current financial year, according to the instructions released by the Central Board of Direct Taxes (CBDT). Additionally, the board encouraged them to identify any cases that involved an […]
