11 Dec, 2024
GST Share to States: ₹6.42 Lakh Crore Till November The Centre distributed a whopping ₹6.42 lakh crore to states and Union Territories (UTs) from GST collections by November 2024. This amount includes State Goods and Services Tax (SGST), Integrated Goods and Services Tax (IGST), and compensation cess. Let’s break down the numbers and understand the […]
Read More11 Dec, 2024
GST ITC Evasion by fake firms has reached alarming levels, with authorities detecting fraud worth Rs 35,132 crore between April and October 2024. This revelation highlights the growing need for stringent compliance and data-driven enforcement. The Scope of the Fraud Between April and October 2024, a coordinated special drive led to the detection of 18,876 […]
Read More10 Dec, 2024
📰 ED Files Prosecution Complaint in UKSSSC Paper Leak Case The Enforcement Directorate (ED), Dehradun, has filed a Prosecution Complaint (PC) before the Hon’ble Special Court (PMLA) on 21st November 2024 against Jaijeet Das and 16 others. This complaint is linked to the infamous UKSSSC paper leak case, which shook the Uttarakhand recruitment system. The […]
Read More10 Dec, 2024
🧾 Understanding GSTN Advisory on Table 8A vs 8C Mismatch for FY 2023-24 The GSTN Advisory No. 557 (dated December 09, 2024) highlights a critical issue: the mismatch in Table 8A and 8C of the annual return (Form GSTR-9) for FY 2023-24. This discrepancy arises due to changes in the auto-population of data, creating confusion […]
Read More10 Dec, 2024
Post 🔍 No Pending GoM Report on GST Rates: Finance Ministry Clarifies The GoM report on GST rate rationalisation is not pending for review before the GST Council, according to the Finance Ministry’s recent statement on December 9. This clarification comes amidst widespread speculation regarding possible GST rate cuts or hikes. 📢 What Was Clarified […]
Read More10 Dec, 2024
SEBI Alerts Investors on Unlisted Shares Trading The Securities and Exchange Board of India (SEBI) recently issued a public warning about trading unlisted shares through unauthorized electronic platforms. These platforms, which facilitate the trading of public limited company shares not listed on recognized stock exchanges, violate SEBI regulations. Engaging in such transactions can expose investors […]
Read More10 Dec, 2024
In the ongoing battle against Goods and Services Tax (GST) fraud, GST officers have unearthed a massive Input Tax Credit (ITC) evasion worth ₹35,132 crore involving 17,818 fake firms. This discovery, reported for April-October FY 2024-25, underscores the extent of fraudulent activities plaguing the GST system. Minister of State for Finance Pankaj Chaudhary revealed this […]
Read More09 Dec, 2024
Bitcoin Surpasses $100K: What’s Driving Mainstream Adoption? Bitcoin’s milestone of crossing $100,000 marks a new chapter in the mainstream adoption of digital currencies. This surge in Bitcoin’s value is the result of a combination of favorable political developments and increased institutional interest, giving digital assets a more secure footing in global finance. 📈 Pro-Crypto Policies […]
Read More09 Dec, 2024
Biometric Aadhaar Verification for GST Registration: Key Advisory The GST registration process just got an update for applicants from Haryana, Manipur, Meghalaya, and Tripura. To ensure authenticity, the GST Network (GSTN) has introduced biometric Aadhaar verification and document verification during registration. Here’s a simplified breakdown of the advisory and the steps you need to follow. […]
Read More09 Dec, 2024
Understanding the Gauhati HC’s Ruling on GST DRC-01 Summaries In a significant judgment, the Gauhati High Court has clarified that the Summary of Show Cause Notice (SCN) issued via Form GST DRC-01 cannot replace the legally required SCN under Section 73(1) of the CGST Act. This ruling protects taxpayers’ rights and ensures due process is […]
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