FM Assures No Cause Over Sufficiency of GST Cess Fund The finance ministry assures there is no concern regarding the sufficiency of the GST compensation cess fund. It is on track to meet all obligations, including back-to-back loan repayments, with a projected minor surplus by March 2026. Collect...

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Category : GST | Comments : 0 | Hits : 502

Voucher transactions not liable to GST: CBIC India's CBIC clarified transactions involving vouchers do not constitute supply of goods or services and are not liable to GST. GST will only apply to additional services such as marketing or commission-based distribution. Unredeemed vouchers are a...

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Category : GST | Comments : 0 | Hits : 3717

A Public Interest Litigation (PIL) has been filed in the Supreme Court seeking the quashing of the Tax Deducted at Source (TDS) system. The petition, filed by advocate Ashwini Kumar Upadhyay, argues that the TDS mechanism is arbitrary, irrational, and violates fundamental rights. The TDS system r...

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Category : Income Tax | Comments : 0 | Hits : 3095

The National Financial Reporting Authority (NFRA) has flagged certain lapses after the audit quality inspections of chartered accountants firm MSKA & Associates. In a 27-page report released on Thursday, the watchdog said there was absence of formal documentation regarding the firm's governa...

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Category : NFRA | Comments : 0 | Hits : 4052

FM Nirmala Sitharaman met financial-capital market stakeholders ahead of Budget 2025 Budget 2025: Finance Minister Nirmala Sitharaman held her seventh pre-Budget consultation with financial sector and capital market stakeholders. Despite India's economy growing at 5.4% in Q2 of 2024-25, lower...

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Category : Budget | Comments : 0 | Hits : 378

MCA asks Cost Auditors to tap AI to better detect inefficiency   The corporate affairs ministry has directed cost auditors to focus on potential risk areas, assess cost inefficiencies' impact on financial health, and utilize AI to identify unnoticed patterns or anomalies. Cost records are...

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Category : MCA | Comments : 0 | Hits : 439

The Union Home Ministry on Wednesday notified that chartered accountants filing audit returns on behalf of NGOs need to specify if the association violated provisions of the Foreign Contribution (Regulation) Act, 2010 (FCRA) or not. The Act requires a CA to certify if an association or NGO has ut...

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Category : NGO | Comments : 0 | Hits : 3573

Industry bodies representing micro, small, and medium enterprises (MSMEs) have urged the government to exempt MSMEs with turnovers below Rs 5 crore from unnecessary audits and inspections unless major discrepancies are detected.   “Additionally, the budget should include guidelines and ...

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Category : MSME | Comments : 0 | Hits : 3803

GST Advisory to Taxpayers on Extension of E-Way Bills Expired on 31st December, 2024 Jan 1st, 2025 It is hereby informed that the technical challenges encountered in the e-way bill generation process have been resolved, and the portal is now functioning smoothly. In connection with the technic...

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Category : GST | Comments : 0 | Hits : 711

Gross and Net GST revenue collections for the month of Dec, 2024 Jan 1st, 2025 Please click on the link below to view the gross and net GST revenue collections for the month of December, 2024. (https://tutorial.gst.gov.in/downloads/news/approved_monthly_gst_data_for_publishing...

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Category : GST | Comments : 0 | Hits : 1612

Income tax dept to correct ITR forms to allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24   Income Tax Rebate: "The updated utilities for ITR forms 2 and 3 giving effect to the Circular No. 21 dated 31st December 2024 and including the option to update 87A rebate ...

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Category : Income Tax | Comments : 0 | Hits : 1417

Rs. 1,72,129 crore gross GST revenue collected during January 2024; records 10.4% Year-on-Year growth   At Rs. 1,72,129 crore, GST collections are 2nd highest ever; crosses Rs. 1.70 lakh crore mark for the third time in FY 2023-24   With overall collection reaching Rs. 16.69 lakh c...

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Category : GST | Comments : 0 | Hits : 445

RBI to sell Rs 4.73 lakh crore government bonds in March quarter for states and UTs The Reserve Bank of India will sell government bonds worth Rs 4.73 lakh crore in the January-March quarter of 2025 to State Governments and Union territories. The auction schedule will be released closer to the da...

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Category : RBI | Comments : 0 | Hits : 335

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Arunachal Pradesh Dec 31st, 2024 Dear Taxpayers, This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to kee...

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Category : GST | Comments : 0 | Hits : 665

RBI Governor Sanjay Malhotra shares key insights on economy, business optimism for 2025. In the foreword to the Financial Stability Report, Malhotra emphasised the RBI’s commitment to maintaining financial stability, which he sees as crucial to supporting sustained growth for the India...

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Category : RBI | Comments : 0 | Hits : 274

India's CAD projected at 1 pc of GDP for FY 2025 India's current account deficit is projected to stay around 1% of GDP in fiscal 2025, supported by strong financial inflows and a steady services trade surplus. Despite pressures from rising merchandise trade deficits, healthy remittances a...

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Category : Finance | Comments : 0 | Hits : 362

Circular No. 21/2024   F. No. 225/205/2024IITA-II Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes    New Delhi, dated 31st December, 2024 Subject: - Extension of due date for furnishing belated/revised return of income...

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Category : Income Tax | Comments : 0 | Hits : 437

The Reserve Bank of India (RBI) announced on Monday the launch of a new beneficiary bank account name verification feature for both the Real Time Gross Settlement (RTGS) and National Electronic Funds Transfer (NEFT) systems. This facility will allow remitters to verify the beneficiary's name ...

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Category : RBI | Comments : 0 | Hits : 1028

The Central Board of Direct Taxes (CBDT) on Monday announced an extension of the deadline for taxpayers participating in the Vivad Se Vishwas scheme.   Initially set for December 31, 2024, the new deadline is now January 31, 2025.    The CBDT stated that the extension allows taxpa...

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Category : Income Tax | Comments : 0 | Hits : 421

The Institute of Chartered Accountants of India (ICAI) doesn’t have the power to issue standards on quality management (SQMs) for accountancy firms or introduce consequential changes to audit norms, solicitor general of India Tushar Mehta said in an opinion sought by the National Financial Rep...

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Category : ICAI | Comments : 0 | Hits : 517

RBI seen loosening stranglehold on rupee in 2025 The Reserve Bank of India might have to adjust its foreign exchange strategy as the rupee is overvalued. This could lead to a weaker and more volatile rupee by 2025. Factors such as the U.S. Federal Reserve's rate cut cycle, Donald Trump's ...

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Category : RBI | Comments : 0 | Hits : 303

 India's BoP strengthened by robust inflows from NRI deposits, external commercial borrowing in last quarter   India's Balance of Payments improved significantly in Q2 FY25. Strong inflows from Foreign Portfolio Investments, External Commercial Borrowings, and Non-Resident Indi...

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Category : Finance | Comments : 0 | Hits : 376

Prospects of economy expected to improve in 2025: RBI Governor RBI Governor Sanjay Malhotra states Indian economy is expected to improve in 2025 with high consumer and business confidence. Despite a slowdown in the first half of 2024-25, robust balance sheets and high profitability are predicted ...

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Category : RBI | Comments : 0 | Hits : 316

India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet   Industry bodies have urged the finance minister to consider reducing personal income tax rates, lowering excise duty on fuel, and implementing measures to boost employment-intensive sectors in the up...

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Category : Income Tax | Comments : 0 | Hits : 311

India's Economic Growth Slumps To 5.4%: What It Means for Future Policy Changes   Growth slumped to 5.4% in the July-Sept quarter, leading RBI to revise its growth forecast for 2024-25 to 6.6%. There are calls for a rate cut to boost demand and growth. While rural demand remains strong, u...

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Category : Finance | Comments : 0 | Hits : 293

Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation; may lead to jail up to 7 years if guilty Income tax return: Stockbrokers can also ask for your ITR even if you gave one during the time of account opening. ?Tejas Khoday from FYERS say: "Generally, brokers d...

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Category : Income Tax | Comments : 0 | Hits : 258

RBI Financial Stability Report: India's Macro Fundamentals Strong, All Key Indicators in Positive Zone   The Reserve Bank of India's December 2024 Financial Stability Report shows that the Indian financial system is resilient. Scheduled commercial banks exhibit strong profitability an...

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Category : RBI | Comments : 0 | Hits : 237

India’s Foreign Exchange Reserves cross 700 billion US dollars to place country at 4th position globally   India has crossed an extraordinary milestone as its foreign exchange reserves have surged past 700 billion US dollars, placing the nation in the 4th position globally. Over the las...

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Category : Finance | Comments : 0 | Hits : 228

GST annual return deadline is December 31: Why should you file it even if not liable to file one   GST annual return: The deadline to file GST annual return is December 31, 2024. There is a good argument as to why you should file GST annual return despite the turnover being below Rs 2 crore. ...

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Category : GST | Comments : 0 | Hits : 322

Continuing Professional Education Committee The Institute of Chartered Accountants of India 30th December, 2024 ANNOUNCEMENT FOR MEMBERS Dear Member, Sub: Extension of last date of CPE hours’ compliance for the Calendar year 2024 - From 31st December, 2024 to 28th February, 2025...

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Category : ICAI | Comments : 0 | Hits : 421