16 Oct, 2024
Understanding the ‘Uber Effect’ on GST Compliance The Central Bureau of Indirect Taxes and Customs (CBIC) has called for a meeting of app-based ride-hailing services in Delhi to address inconsistencies regarding Goods and Services Tax (GST) on rides booked through ecommerce platforms. This move is in response to concerns raised by Uber India, highlighting the […]
Read More16 Oct, 2024
The Goods and Services Tax (GST) Department often issues a single Show Cause Notice (SCN) to cover multiple assessment years. While convenient for the authorities, this practice has sparked significant legal debates due to its potential conflicts with GST law and the challenges it imposes on taxpayers. In certain cases, audits spanning several years result […]
Read More16 Oct, 2024
In a significant move, the government has reduced the Goods and Services Tax (GST) on three cancer drugs—Tratstuzumab Daruxtecan, Onimartinib, and Durvalumab—from 12% to 5%. This change, effective from October 10, aims to make life-saving treatment more affordable for cancer patients in India. Let’s take a closer look at what this means for patients and […]
Read More16 Oct, 2024
The Central Board of Indirect Taxes and Customs (CBIC) has recently announced a major relief for foreign airlines operating in India. These airlines are now exempt from paying Goods and Services Tax (GST) on services imported from their offshore branches. This move follows a recommendation by the GST Council on September 9, 2024. It is […]
Read More15 Oct, 2024
The Government of India has introduced the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024 under the Finance (No. 2) Act, 2024. This scheme aims to resolve pending income tax litigation, helping taxpayers settle disputes while generating timely revenue for the government. By offering peace of mind, savings on time and resources, and certainty in […]
Read More15 Oct, 2024
The Goods and Services Tax (GST) framework in India continues to evolve, and the latest update is designed to make compliance smoother for taxpayers. Starting from FY 2023-24, the GST system will auto-populate the eligible Input Tax Credit (ITC) for domestic supplies in GSTR-9. This new feature promises to reduce manual data entry and the […]
Read More14 Oct, 2024
In a recent update, the Central Board of Indirect Taxes and Customs (CBIC) clarified crucial details regarding GST rates and product classifications. This guidance stems from the recommendations made during the 54th GST Council meeting, held on September 9, 2024, in New Delhi. The clarifications, detailed in Circular No. 235/29/2024-GST, dated October 11, 2024, ensure […]
Read More12 Oct, 2024
GST Update: Notification No. 05/2024 – Integrated Tax (Rate) On 8th October 2024, the Ministry of Finance released Notification No. 05/2024 under the Integrated Goods and Services Tax (IGST) Act, bringing notable changes to tax rate schedules across industries, including pharmaceuticals, food processing, and automotive manufacturing. These updates, effective from 10th October 2024, are critical […]
Read More12 Oct, 2024
GST Waiver for Interest and Penalty: All You Need to Know The Ministry of Finance announced on October 8, 2024, new rules and procedures to waive interest and penalties for non-fraudulent GST demands. This scheme, effective from November 1, 2024, provides significant relief to eligible GST-registered taxpayers who received non-fraudulent demand notices under Section 73 […]
Read More10 Oct, 2024
A Record of Over 34.84 Lakh Audit Reports Filed on Income Tax e-Filing Portal Tax compliance in India has seen remarkable progress in 2024. As of October 7, over 34.84 lakh audit reports were successfully submitted on the Income Tax Department’s e-filing portal. This includes an impressive 34.09 lakh Tax Audit Reports (TARs) for Assessment […]
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