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The 56th GST Council meeting in New Delhi, chaired by Finance Minister Nirmala Sitharaman, focused on amending GST slabs, easing compliance, and executing next-generation GST reforms. FMCG, auto, and cement sectors are expected to benefit under the proposed tax cuts, ensuring relief for consumers. The first day of the meeting on 3rd September revolved around […]
Tax experts are facing issues due to the delay in the release of income tax utilities this year. Pressure is rising from the persistent portal issues, in which from frequent session timeouts to mismatches between the Annual Information Statement (AIS) and Form 26AS. Compliance will be streamlined if, in every tax season, there is a […]
The State Tax officer has issued a show cause notice in Form GST DRC-01 alleging a difference in outward supplies between GSTR-1 and GSTR-3B. The turnover of its sister concerns has been elaborated by the applicant, who has been incorrectly uploaded in GSTR-1 for December 2017, which has developed the discrepancy. For the ITC mismatches, […]
The tax season is often marked by limited filing time and considerable uncertainty. Some people file their returns at the last minute, while others spend weeks preparing their taxes. Without the right software, the process can be complex in both cases. To address these challenges, income tax software has been introduced. Over the past 10 […]
The Gujarat Chamber of Commerce and Industry has urged Finance Minister Nirmala Sitharaman, in a letter, to ease the GST framework by issuing industry-specific guidance notes, as the government is working on next-generation GST reforms. Nayan Sheth, chairman of the indirect tax committee of the GCCI, cited that the devotion of the government to lessen […]
The Indian Medical Association (IMA) has requested the central government to remove the GST on a wide range of essential and lifesaving medicines. This contains drugs for treating high blood pressure, diabetes, cancer, and heart conditions. The government needs to consider reducing GST on medical equipment, as they are the backbone of healthcare delivery, IMA, […]
The Income Tax commissioner could not amend an assessment only due to the detailed reasoning was not provided in the order, the Madras High Court ruled. The Commissioner of Income Tax has been empowered u/s 263 of the Income Tax Act, 1961, to amend any order passed under the Income Tax Act, 1961, “the Act,” […]
The Delhi High Court has pointed out that there is a delay between when the GST Department issues a demand order and when the Form DRC-07 is made available online. A division bench of Justices Prathiba M. Singh and Shail Jain did not infer such a gap as rendering the demand order time-barred, towards the […]
The recent report from the Comptroller and Auditor General (CAG) about Karnataka’s finances reveals some important issues. It showed that there were problems with how taxes were managed and enforced in various government departments. These issues led to a significant loss of revenue, totalling ₹1,260.41 crore. The findings of the report were shared in the […]
