30 Dec 2023 06:13 PM
New

Advisory: Date extension for reporting opening balance for ITC reversal

Source: https://taxguru.in/goods-and-service-tax/advisory-date-extension-reporting-opening-balance-itc-reversal.html

In a move aimed at facilitating taxpayers and ensuring accurate reporting of Input Tax Credit (ITC) reversal, the Goods and Services Tax (GST) authorities have introduced a new ledger named the Electronic Credit and Re-claimed Statement on the GST portal. This ledger serves as a tool for taxpayers to track ITC that has been reversed in Table 4B(2) and subsequently reclaimed in Tables 4D(1) and 4A(5).

30 Dec 2023 06:07 PM
New

CBIC extends GST dues recovery date

Source: https://www.livemint.com/news/india/cbic-extends-gst-dues-recovery-date-11703873865930.html

New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover dues from businesses for 2018-19 and 2019-20, as the government looks to resolve backlogs and bolster revenues.

29 Dec 2023 05:45 PM
New

GST Council gives extra time to tax officials for recovery of FY19, FY20 dues

Source: https://www.livemint.com/news/india/gst-council-gives-extra-time-to-tax-officials-for-recovery-of-fy19-fy20-dues-11703843325292.html

New Delhi: The Goods and Services Tax (GST) Council has extended the deadline for tax officials to demand and recover tax dues from businesses for the financial years 2019 (FY19) and 2020 (FY20). This move will allow additional time to central and state tax authorities to address backlogs in tax recovery.

29 Dec 2023 05:27 PM

Zomato gets ₹ 401 crore show-cause notice over delivery charges

Source: https://www.livemint.com/companies/news/zomato-gets-401-crore-show-cause-notice-over-delivery-charges-11703763859683.html

New Delhi: Food delivery giant Zomato has received a ₹ 401.7 crore show-cause notice for delivery charges collected over two and a half years. The notice, dated 26 December, asks why Zomato shouldn't be liable for this tax amount, including interest and penalties, for the period from 29 October 2019 to 31 March 2022.

29 Dec 2023 05:30 PM

Grim outlook for real-money gaming

Source: https://www.livemint.com/news/india/grim-outlook-for-real-money-gaming-11703778568252.html

New Delhi: After a disruptive 2023, many real money gaming operators are paring down estimates for 2024 as they prepare for a bleak future. Home to around 400 startups, the sector faces challenges in planning for near term growth due to the double disruptions caused by a new tax regime.

28 Dec 2023 05:44 PM

Zomato receives show cause notice worth ₹402 crore for unpaid GST on delivery charges, Zomato share price dips at open

Source: https://www.livemint.com/companies/news/zomato-receives-402-crore-show-cause-notice-for-unpaid-gst-on-delivery-charges-collected-from-customers-11703726444553.html

Zomato share price: Online delivering platform Zomato Ltd, on December 28, announced that it has received show cause notice (SCN) from theGoods and Services Tax (GST) office for supposed tax liability of ₹401.7 crore, in addition to interest and penalty on the delivery fee collection from its customer from the period of 29 October 2019 to 31 March 2022.

28 Dec 2023 05:54 PM

Ministry of Finance Year Ender 2023: Revenue Department Achievements

Source: https://taxguru.in/goods-and-service-tax/ministry-finance-year-ender-2023-revenue-department-achievements.html

The Ministry of Finance culminates the year with a comprehensive review of the Department of Revenue’s initiatives in 2023. Under the stewardship of the Central Board of Direct Taxes (CBDT), the Department has exhibited unwavering commitment to citizen-centric reforms. Noteworthy are the strides made in taxpayer outreach, faceless processes, and an upgraded national website, all aimed at enhancing transparency and efficiency.

28 Dec 2023 05:48 PM

Budget 2024: From tax benefits to coverage - here's insurance sector wishlist

Source: https://www.livemint.com/budget/budget-2024-from-tax-benefits-to-coverage-heres-insurance-sector-wishlist-11703749997820.html

2023 was not just another year in the archives of the life insurance industry; it was a year of groundbreaking achievements. The industry, leveraging the power of Artificial Intelligence (AI) and other advanced technologies, transformed insurance from a complex necessity to a simple, accessible solution tailored to the diverse needs of the Indian populace.

27 Dec 2023 05:37 PM

Will India inflation fall below 4% and economic growth remain strong in 2024? Here's what experts say

Source: https://www.livemint.com/economy/will-india-inflation-fall-below-4-and-economic-growth-remain-strong-in-2024-heres-what-experts-say-11703675692962.html

Indian economy showed remarkable resilience in 2023 with strong GDP growth and robust GST collection. However, inflation remained above the 4 per cent target of the Reserve Bank of India (RBI).

27 Dec 2023 05:47 PM

Appeal to Stop Unlawful GST Notices on false & unscrutinized grounds

Source: https://taxguru.in/goods-and-service-tax/appeal-stop-unlawful-gst-notices-false-unscrutinized-grounds.html

Introduction: The Punjab Accountants Association, representing accounting professionals across the state, addresses a critical concern in a memorandum to the Honourable Finance Minister, Punjab. The association seeks intervention to halt the issuance of vague and incorrect GST Form DRC-01 notices, causing distress to law-abiding traders and industrialists.