23 Nov 2023 05:53 PM
New

Zomato share price drops over 2% on ₹400-crore worth GST notice

Source: https://www.livemint.com/market/stock-market-news/zomato-share-price-drops-over-2-on-rs-400-crore-worth-gst-notice-11700724249383.html

Zomato share price dropped 2.4% on Thursday's trading after Swiggy and Zomato received notices from country's top indirect tax agency regarding unpaid taxes totalling approximately ₹750 crore, CNBC-TV18 reported on Wednesday, citing sources. Zomato share price opened at ₹113.15 apiece on BSE today. Zomato share price opened flat.

23 Nov 2023 05:59 PM
New

CGST Delhi East Exposes ₹199 Crore Fraud by 48 Fake Firms

Source: https://taxguru.in/goods-and-service-tax/cgst-delhi-east-exposes-199-crore-fraud.html

Introduction: The Central Goods and Services Tax (CGST) Delhi East Commissionerate has successfully dismantled a complex network of 48 fake firms engaged in a massive ₹199 crore fraudulent Input Tax Credit (ITC) scheme. Codenamed “Operation Clean Sweep,” this enforcement action reveals the depth of deception within the GST framework. Initiated based on human intelligence, this operation involved meticulous data mining and on-the-ground intelligence, resulting in the identification and arrest of three key individuals.

23 Nov 2023 05:49 PM
New

GST notice of ₹400 crore sent to Zomato, ₹350 crore to Swiggy: Report

Source: https://www.livemint.com/companies/news/gst-notice-of-rs-400-crore-sent-to-zomato-rs-350-crore-to-swiggy-report-11700651089946.html

Zomato and Swiggy, the country's top two food delivery aggregators, have reportedly come under the scrutiny of tax authorities, with notices of a combined value of ₹750 crore sent to them, a report said on November 22.

21 Nov 2023 06:27 PM

Capex engines to fire on all cylinders

Source: https://www.livemint.com/economy/capex-engines-to-fire-on-all-cylinders-11700504781583.html

India’s public capital expenditure (capex) blitz will continue at full throttle even as some departments look poised to exhaust their budgets, two persons aware of the plan said. The government intends to achieve this by reducing unproductive expenditure and rerouting money lying unspent in some departments. The government also believes it will be able to meet its record capex targets as well as the fiscal deficit target in an election year, encouraged by record tax collections for the year so far.

18 Nov 2023 02:48 PM

Bills for GST appellate tribunals, spending likely in winter session

Source: https://www.livemint.com/news/india/bills-for-gst-appellate-tribunals-spending-likely-in-winter-session-11700246094462.html

New Delhi: The government proposes to introduce two key bills in the upcoming winter session to pave the way for goods and services tax (GST) appeals tribunals and to seek permission for changes in its spending plans, two people aware of the plans said.

11 Nov 2023 05:13 PM

GST Council Newsletter for the month of October 2023

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-october-2023.html

The 52nd GST Council meeting was characterized by significant changes being made to the tax landscape in India. The Council, upholding the spirit of cooperative federalism, decided to cede the right to tax ENA for use in alcohol for human consumption to the States. Moreover, the GST on molasses has been reduced from 28% to 5%, benefiting sugarcane farmers and lowering cattle feed costs. A favorable shift has occurred in the tax rates for millet flour, which will give a fillip to millet consumption in the country as unpackaged millet flour with at least 70% millet content will now enjoy a zero percent tax rate, while packaged and labeled millet flour will be subject to a five percent tax rate. This is particularly significant as we celebrate the year 2023 as the International Year of Millets.

11 Nov 2023 05:00 PM

Direct taxes jump, in lift for spending

Source: https://www.livemint.com/news/india/direct-taxes-jump-in-lift-for-spending-11699638944792.html

New Delhi: Net direct tax collections in FY24 jumped 22% from a year earlier to touch ₹10.6 trillion, official data released on Friday showed, creating additional spending room for the government in an election year. Provisional data till 9 November showed the government has so far collected 58% of the ₹18.2 trillion budgeted for FY24.

10 Nov 2023 05:50 PM

Request for Extension of Time Limit for Filing FORM GSTR 3B for October 2023

Source: https://taxguru.in/goods-and-service-tax/request-extension-time-limit-filing-form-gstr-3b-october-2023.html

Introduction: In a formal communication to Smt. Nirmala Sitharaman, Hon’ble Minister of Finance and Chairman, GST Council, the Gujarat Chamber of Commerce & Industry (GCCI) addresses concerns and seeks an extension for the time limit of filing FORM GSTR 3B for October 2023.

08 Nov 2023 06:05 PM

गुड्स एंड सर्विस टैक्स सेंट्रल मेरठ की इंटेलिजेंस (DGGI) ने बड़ा फर्जीवाड़ा पकड़ा

Source: https://taxguru.in/goods-and-service-tax/goods-services-tax-central-intelligence-dggi-meerut-caught-big-fraud.html

गुड्स एंड सर्विस टैक्स सेंट्रल मेरठ (Goods & Services Tax) की इंटेलिजेंस (DGGI) ने एक बड़ा फर्जीवाड़ा पकड़ा प्रेस विज्ञप्ति का सारांश :- गुड्स एंड सर्विस टैक्स इंटेलिजेंस डायरेक्टर जनरल (DGGI ) मेरठ कि जोनल यूनिट ने बड़े पैमाने पर फर्जी चालान बनाने का एक सिंडिकेट पकड़कर महत्वपूर्ण सफलता प्राप्त की है

08 Nov 2023 05:37 PM

2- Factor Authentication for e-Way Bill and e-Invoice System

Source: https://taxguru.in/goods-and-service-tax/2-factor-authentication-e-way-bill-einvoice-system.html

2 Factor Authentication is mandatory for taxpayers with AATO Rs 20 Crore and above from 20th November 2023. Users are requested to register for 2FA and also create sub-users so that EWB activities are managed without any problem. Please read the note for more information.