05 Nov, 2024
Introduction In a significant policy update, the GST department has imposed a new restriction that bars taxpayers from filing GST returns after a three-year period from the due date. This change, effective from October 1, 2023, and implemented under the Finance Act, 2023, aims to streamline the Goods and Services Tax (GST) system by ensuring […]
Read More05 Nov, 2024
Introduction The Delhi High Court recently ruled that a temporary suspension of business activities due to health issues does not warrant the cancellation of GST registration. This ruling provides relief to small business owners facing personal health crises. It also brings clarity on how temporary absences are treated under Goods and Services Tax (GST) laws. […]
Read More04 Nov, 2024
Introduction The Government of India has introduced a new GST Amnesty Scheme under Section 128A of the Central Goods and Services Tax (CGST) Act, 2017. Starting from November 1, 2024, this scheme provides relief to taxpayers by waiving interest and penalties related to GST demands from the financial years 2017-18 to 2019-20. This initiative is […]
Read More03 Nov, 2024
Introduction As the festive season unfolds, credit card issuances by banks are taking a significant hit due to rising delinquencies in the unsecured lending segment. Amid the surge in festival spending, banks have adopted a cautious stance, resulting in a sharp decline in new credit card disbursements. This trend reflects growing concerns over increasing default […]
Read More03 Nov, 2024
In a digital world dominated by Google Search, it’s hard to imagine a contender that could challenge its supremacy. However, recent updates to the ChatGPT search feature seem to be altering this landscape. This blog delves into the competition between Google and OpenAI’s ChatGPT Search, offering insights into why Google might need to look over […]
Read More01 Nov, 2024
October 2024 saw Goods and Services Tax (GST) collections in India reach Rs 1.87 lakh crore, reflecting an 8.9% year-on-year growth compared to the same month in 2023. While these collections stayed above Rs 1.7 lakh crore for the eighth consecutive month, they also marked a six-month high, showcasing resilience in India’s economic activity amid […]
Read More30 Oct, 2024
Introduction In a significant ruling that upholds taxpayer rights, the Delhi High Court recently emphasized that a temporary suspension of business activity due to health reasons cannot justify the cancellation of GST registration. This judgment is a crucial step towards ensuring that tax authorities exercise their powers reasonably and do not unfairly impact taxpayers’ livelihoods. […]
Read More30 Oct, 2024
The Goods and Services Tax (GST) department has introduced a significant rule change: taxpayers will no longer be able to file their GST returns after a three-year period from the original due date. This update applies to returns such as GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A, GSTR-6, GSTR-7, GSTR-8, and GSTR-9. The new policy is set […]
Read More30 Oct, 2024
Introduction In recent months, an additional 40-50 offshore entities have registered with Indian GST authorities following investigations into tax non-compliance related to Online Information and Database Access or Retrieval (OIDAR) services. This development is expected to boost GST revenue by several hundred crores, according to official sources. The ongoing initiative is part of a broader […]
Read More29 Oct, 2024
Introduction A shocking GST scam worth between Rs 5,000 crore and Rs 8,000 crore has surfaced. It involves 246 fake companies spread across 13 states in India. The alleged mastermind is a 50-year-old man named Asraf Ibrahim Kalawadiya from Surat. Authorities have arrested Kalawadiya in March 2024, and he is now in judicial custody. The […]
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