18 May 2023 06:05 PM
New

Reduce GST rates on two-wheelers from 28% to 18%, FADA appeals to GST council

Source: https://www.livemint.com/auto-news/reduce-gst-rates-on-two-wheelers-from-28-to-18-fada-appeals-to-gst-council-11684407898031.html

Two-wheelers accounted for 78% of the total automobile sales in the country in 2016. Due to increasing prices, the contribution has decreased to 72% in 2023, FADA says.

16 May 2023 05:39 PM
New

NSE India Q4 results: Net profit up 31% year-on-year to ₹2,067 crore; declares dividend

Source: https://www.livemint.com/market/stock-market-news/nse-india-q4-results-net-profit-up-31-year-on-year-to-rs-2-067-crore-declares-dividend-11684170042993.html

NSE India Q4 results: The National Stock Exchange (NSE) reported on Monday that its consolidated net profit for the three months ending in March increased by 31% to ₹2,067 crore.

13 May 2023 06:09 PM
New

Data mismatches to trigger notices under automated GST scrutiny, say experts

Source: https://www.livemint.com/news/india/data-mismatches-to-trigger-notices-under-automated-gst-scrutiny-say-experts-11683971200753.html

Similar to income tax returns processing, now the process of GST notices will also be automated through a system driven approach instead of direct notices from the assessment officer.

13 May 2023 06:33 PM

Request Letter for Doing Important Amendments in GST ACT

Source: https://taxguru.in/goods-and-service-tax/request-letter-important-amendments-gst-act.html

Request Letter for Doing Important Amendments in GST Act.

12 May 2023 05:01 PM

Karnataka HC quashes ₹21,000-crore GST notice to Gameskraft

Source: https://www.livemint.com/companies/news/karnataka-hc-quashes-rs-21-000-crore-gst-notice-to-gameskraft-11683808683880.html

As per the authorities, GTPL submitted fake/back dated invoices, that was was uncovered during a forensic examination of the documents.

12 May 2023 05:29 PM

CBIC launches automated return scrutiny module for GST compliance

Source: https://www.livemint.com/news/india/cbic-launches-automated-return-scrutiny-module-for-gst-compliance-11683822481141.html

The move comes after Nirmala Sitharaman directed the board to roll out the non-intrusive compliance verification system for GST returns.

12 May 2023 05:39 PM

Businesses with more than ₹5 crore sales have to generate e-invoices

Source: https://www.livemint.com/news/india/government-mandates-e-invoicing-for-businesses-with-5-10-crore-sales-in-new-delhi-to-capture-large-volumes-of-data-and-check-gst-payment-11683827987578.html

The government has been lowering the threshold for eligible entities for e-invoicing in phases, beginning with entities with more than ₹500 crore revenue in October 2020.

12 May 2023 05:46 PM

HC quashes DGGI’s ₹21k cr tax demand from Gameskraft

Source: https://www.livemint.com/companies/news/hc-quashes-dggi-s-21k-cr-tax-demand-from-gameskraft-11683828095273.html

NEW DELHI : The Karnataka High Court on Thursday overturned an order by the Directorate General of GST Intelligence (DGGI) imposing a ₹21,000 crore goods and services tax demand on Bengaluru-based Gameskraft, offering relief to online gaming firms.

12 May 2023 05:52 PM

CBIC rolls out Automated Return Scrutiny Module for GST returns

Source: https://taxguru.in/goods-and-service-tax/cbic-rolls-automated-return-scrutiny-module-gst-returns.html

CBIC rolls out Automated Return Scrutiny Module for GST returns in ACES-GST backend application for Central Tax Officers

11 May 2023 05:58 PM

Govt brings down threshold for e-invoicing to ₹5 cr businesses from August 1

Source: https://www.livemint.com/news/india/govt-brings-down-threshold-for-e-invoicing-to-rs-5-cr-businesses-from-august-1-11683791047104.html

Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions was made mandatory for companies with a turnover of over ₹500 crore from October 1, 2020.