19 Dec, 2024
Multi-Factor Authentication for E-Way Bill and E-Invoice Starting April 1, 2025, Multi-Factor Authentication (MFA) will be mandatory for generating E-Way Bills and E-Invoices for all GST taxpayers. The phased rollout aims to improve security and reduce fraudulent activities. MFA Rollout Timeline The implementation of MFA will occur in phases based on the taxpayer’s Aggregate Annual […]
Read More19 Dec, 2024
GST on Subscription-Based Cab Services: A Call for Simplification In a rapidly evolving gig economy, subscription-based cab services offer drivers an opportunity to boost their earnings and achieve financial independence. However, recent GST rules that impose taxes on cab aggregators under subscription models threaten to derail these benefits. Let’s break down why simplifying GST for […]
Read More19 Dec, 2024
CDSL Outage Disrupts Trading Services What Happened During the CDSL Outage? On December 18, 2024, Central Depository Services Limited (CDSL) experienced a widespread service outage. This affected the TPIN verification process used by investors to authorize sell orders. Popular brokers like Zerodha and Upstox reported issues, informing users that the problem was CDSL-wide and not […]
Read More19 Dec, 2024
UK Inflation Rises to 2.6% in November 2024: Monetary Policy Implications The UK’s inflation rate climbed to 2.6% in November 2024, up from 2.3% in October. This rise in the Consumer Prices Index (CPI) meets economists’ expectations and surpasses the Bank of England’s (BoE) 2% target. As price pressures persist, the BoE faces a complex […]
Read More19 Dec, 2024
5% GST on Food Delivery Charges: Retrospective Impact on Apps The GST Council is considering imposing a 5% GST on food delivery charges by apps like Zomato and Swiggy, effective retrospectively from 2022. This proposal, if approved, could significantly impact food delivery platforms due to liabilities on past transactions. 🌍 Why the 5% GST Proposal? […]
Read More19 Dec, 2024
How Invoice Management System Enhances GST Compliance and ITC Claims The Invoice Management System (IMS) is revolutionising how businesses manage GST compliance and Input Tax Credit (ITC) claims. Introduced by the GST Network, IMS allows businesses to address invoice discrepancies in real-time directly on the GST portal, replacing cumbersome manual processes. With IMS, businesses can […]
Read More18 Dec, 2024
Introduction The Enforcement Directorate (ED) recently intensified its crackdown on financial crimes linked to illegal online betting. In its latest operation against Magicwin, an online platform allegedly involved in illegal betting on cricket matches, ED froze bank funds worth ₹30 lakh and seized various incriminating documents. The searches, conducted under the Prevention of Money Laundering […]
Read More18 Dec, 2024
UPI: The Digital Catalyst for Financial Inclusion in Rural India Unified Payments Interface (UPI) has rapidly transformed financial transactions, particularly in rural and semi-urban India. According to a recent EY-CII report, UPI adoption has surged, with 38% of rural and semi-urban respondents choosing UPI as their primary payment method. This reflects a significant shift in […]
Read More18 Dec, 2024
Delhi HC Restrains DGGI on Coercive Steps for SCN The Delhi High Court has taken a significant step in protecting taxpayer rights by restraining the Director General of GST Intelligence (DGGI) from taking coercive action pursuant to a Show Cause Notice (SCN). This decision highlights critical procedural issues in GST enforcement and ensures transparency by […]
Read More18 Dec, 2024
Advance Ruling Pending Cases and Section 98(2) of the CGST Act What Does Section 98(2) Say? The proviso to Section 98(2) of the Central Goods and Services Tax (CGST) Act, 2017, clearly states that an advance ruling application cannot be admitted if the question is “already pending or decided” in any proceedings related to the […]
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