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ICAI to have 11 centres of excellence in three years
Posted Date : 24-Dec-2024 , 05:25:59 pm | Posted By CASANSAAR

ICAI to have 11 centres of excellence in three years The Institute of Chartered Accountants of India (ICAI) aims to establish 11 Centres of Excellence (CoEs) within three years to enhance financial and tax literacy and promote India as a global accounting hub. Focus areas include AI and Internati...

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Category : ICAI Notification | Comments : 0 | Hits : 353

ICAI expects to finalise international networking guidelines for CA firms this fiscal
Posted Date : 24-Dec-2024 , 05:16:27 pm | Posted By CASANSAAR

ICAI expects to finalise international networking guidelines for CA firms this fiscal    ICAI plans new guidelines for Indian CA firms to go global. The institute aims to create larger firms that can compete internationally. ICAI is simplifying merger norms and easing advertising restric...

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Category : ICAI Notification | Comments : 0 | Hits : 300

GST Advisory for Entry of Receipt Numbers Pertaining to Leased Wagons in the E-Way Bill System
Posted Date : 24-Dec-2024 , 12:48:21 pm | Posted By CASANSAAR

Dec 23rd, 2024 Subject: Guidelines for Accurate Entry of Receipt Numbers in the E-Way Bill (EWB) System for Leased Wagons Dear Taxpayers, This advisory is issued to provide specific instructions for entering Receipt Numbers related to Leased Wagons in the E-Way Bill (EWB) system. Advisorie...

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Category : GST | Comments : 0 | Hits : 446

Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount
Posted Date : 23-Dec-2024 , 02:30:08 pm | Posted By CASANSAAR

Income tax dispute: Avail Vivad Se Vishwas scheme before December 31, 2024 to pay lower tax Amount Vivad se Vishwas: If you want to settle your pending tax disputes then apply for Vivad Se Vishwas Scheme, 2024 on or before December 31, 2024 to pay a lower amount of income tax. You can apply for t...

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Category : Income Tax | Comments : 0 | Hits : 554

GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets
Posted Date : 23-Dec-2024 , 02:23:04 pm | Posted By CASANSAAR

GST Council clears "track and trace" Mechanism, Cigarettes and Pan Masala likely first Targets   The GST Council will track cigarettes and pan masala to stop tax evasion. A unique code will be placed on products. This will help the government follow the products. The government lose...

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Category : GST | Comments : 0 | Hits : 451

Recommendations of the 55th Meeting of the GST Council
Posted Date : 22-Dec-2024 , 08:41:30 am | Posted By CASANSAAR

  The 55th GST Council met under the Chairpersonship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Jaisalmer, Rajasthan, today. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Chaudhary, Chief Ministers of Goa, Haryan...

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Category : GST | Comments : 0 | Hits : 380

GST Council declared that voucher transactions will not be subject to GST
Posted Date : 21-Dec-2024 , 06:48:54 pm | Posted By CASANSAAR

The GST Council declared that voucher transactions will not be subject to GST, providing relief to retailers. This decision clarifies that vouchers are not considered goods or services, resolving previous disputes and aligning with RBI's classification of vouchers as prepaid instruments. The cou...

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Category : GST | Comments : 0 | Hits : 495

RBI imposes Rs 27.30 lakh penalty on IndusInd Bank
Posted Date : 21-Dec-2024 , 06:43:09 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) has fined IndusInd Bank Rs 27.30 lakh for violating deposit interest rate regulations. An inspection revealed savings accounts opened for ineligible entities. The RBI clarified the penalty addresses compliance issues and doesn't invalidate the bank's customer ...

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Category : RBI | Comments : 0 | Hits : 336

RBI Prioritizing inflation control amid slowing Economic Growth
Posted Date : 21-Dec-2024 , 06:40:44 pm | Posted By CASANSAAR

The Reserve Bank of India (RBI) held its benchmark interest rate steady at 6.25% in December, prioritizing inflation control amid slowing economic growth. Outgoing Governor Shaktikanta Das emphasized the need to balance inflation and growth, while two MPC members favored a rate cut to stimulate the ...

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Category : RBI | Comments : 0 | Hits : 310

10% Tax Instead of 5% on Dividend Income from January 1, 2025 in Switzerland
Posted Date : 21-Dec-2024 , 06:30:12 pm | Posted By CASANSAAR

10% Tax Instead of 5% on Dividend Income from January 1, 2025 Higher tax on dividend: From January 1, 2025 Indians need to pay witholding tax at 10% rate instead of 5% rate in Switzerland. Experts say this may result in burden for a company's cash flow and may also result in dead loss for cer...

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Category : Income Tax | Comments : 0 | Hits : 319

GST E-Way Bill rules changed; Buyers
Posted Date : 21-Dec-2024 , 06:20:07 pm | Posted By CASANSAAR

GST: A new advisory by GSTN alerted taxpayers about changes being made with E-Way Bill generation time limits which is now reduced to 180 days from the date of the base document. “For instance, documents dated earlier than July 5, 2024, will not be eligible for e-waybill generation starting Ja...

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Category : GST | Comments : 0 | Hits : 475

Defers insurance overhaul, recommends 18% tax on used EVs and Smaller Cars
Posted Date : 21-Dec-2024 , 06:15:47 pm | Posted By CASANSAAR

GST Council Meeting Live Updates: Defers insurance overhaul, recommends 18% tax on used EVs and smaller cars     GST Council Jaisalmer Meeting Live Updates: Key highlights so far - 5% GST on ready-to-eat popcorn mixed with salt and spices, provided it is not pre-packaged. - 12% GST on p...

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Category : GST | Comments : 0 | Hits : 359

GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States
Posted Date : 21-Dec-2024 , 02:17:09 pm | Posted By CASANSAAR

GST Council Defers Decision on Insurance Tax Cuts Amid Lack of Consensus Among States The GST Council's 55th meeting in Jaisalmer faced a deadlock over proposed GST rate cuts for term and health insurance. Several states, including West Bengal, Kerala, and Karnataka, expressed concerns over...

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Category : Income Tax | Comments : 0 | Hits : 242

GST Council meeting of the of the indirect tax began
Posted Date : 21-Dec-2024 , 02:09:29 pm | Posted By CASANSAAR

GST Council meeting begins: Tax rate on electric cars, food delivery apps and flavoured popcorn on cards     The 55th GST Council meeting in Jaisalmer deliberated on tax relief for insurance, increasing the tax rate on used EVs to 18%, clarifying the levy on food delivery apps, and pote...

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Category : GST | Comments : 0 | Hits : 321

Pre-Budget Consultation: States seek more fiscal support for capex plans
Posted Date : 21-Dec-2024 , 01:58:34 pm | Posted By CASANSAAR

Pre-Budget Consultation: States seek more fiscal support for capex plans States urged the Centre for increased interest-free loans, greater capex scheme flexibility, and a higher borrowing limit to boost their economies. They also requested disaster relief funds, Jal Jeevan Mission assistance, ...

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Category : Budget | Comments : 0 | Hits : 227

Rate cut would help in reviving economic growth without worsening the inflationary situation
Posted Date : 21-Dec-2024 , 01:54:34 pm | Posted By CASANSAAR

Rate cut would help in reviving economic growth without worsening the inflationary situation: MPC's Nagesh Kumar RBI MPC member Dr. Nagesh Kumar advocated for a 25-basis point repo rate cut and a 50-basis point CRR reduction to stimulate economic growth without exacerbating inflation. He and ...

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Category : RBI | Comments : 0 | Hits : 235

RBI board reviews global, domestic Economic Situation
Posted Date : 20-Dec-2024 , 06:13:18 pm | Posted By CASANSAAR

RBI board reviews global, domestic Economic Situation The Reserve Bank of India's central board, led by new Governor Sanjay Malhotra, convened to assess the global and domestic economic landscape. The board acknowledged Shaktikanta Das's contributions during his six-year tenure as governo...

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Category : RBI | Comments : 0 | Hits : 275

CAG Report Raises red Flags over Income Tax Department
Posted Date : 20-Dec-2024 , 06:08:59 pm | Posted By CASANSAAR

 CAG Report Raises red Flags over Income Tax Department’s Handling of Arrears and Outstanding Demands     A CAG report on the functioning of Income Tax Department, tabled in Parliament on Tuesday, has raised concern over non-sharing of data with the audit team relat...

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Category : Income Tax | Comments : 0 | Hits : 287

RBI advises states to be more prudent in managing finances
Posted Date : 20-Dec-2024 , 04:50:04 pm | Posted By CASANSAAR

RBI advises states to be more prudent in managing finances The Reserve Bank of India commends states for fiscal deficit reduction but urges adherence to the 'golden rule' of financing current expenditure with current revenue. The RBI also criticizes excessive subsidies and cash transfer...

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Category : RBI | Comments : 0 | Hits : 259

GST Council meet: Ordering from Swiggy, Zomato May Get Cheaper
Posted Date : 20-Dec-2024 , 04:47:15 pm | Posted By CASANSAAR

GST Council meet: Ordering from Swiggy, Zomato May Get Cheaper The GST Council is expected to discuss lowering tax rates on life and health insurance premiums during its meeting on Saturday. Simultaneously, it may consider increasing taxes on luxury wristwatches, footwear, and apparel, along wi...

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Category : GST | Comments : 0 | Hits : 318

SEBI makes IPO rules stricter for small firms, overhauls investment banking norms
Posted Date : 20-Dec-2024 , 04:31:56 pm | Posted By CASANSAAR

SEBI makes IPO rules stricter for small firms, overhauls investment banking norms The board has also green lit an expanded definition of Unpublished Price Sensitive Information (UPSI). The Securities and Exchange Board of India (SEBI) board approved a series of measures on Wednesday, includi...

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Category : SEBI | Comments : 0 | Hits : 305

Government Appoints Rama Mohan Rao Amara as SBI Managing Director
Posted Date : 19-Dec-2024 , 06:49:02 pm | Posted By CASANSAAR

Government Appoints Rama Mohan Rao Amara as SBI Managing Director The State Bank of India (SBI) announced on Wednesday that the Government of India has appointed Rama Mohan Rao Amara as the new Managing Director of the bank. This appointment was reported by Reuters, citing sources.   State...

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Category : Bank | Comments : 0 | Hits : 336

GST Authorities, E-Gaming Companies in Race Against Time
Posted Date : 19-Dec-2024 , 02:04:59 pm | Posted By CASANSAAR

GST Authorities, E-Gaming Companies in Race Against Time The Indian online gaming industry faces a critical deadline as tax authorities prepare to finalize demands based on show-cause notices. The Supreme Court is hearing a case challenging the 28% GST levied on betting amounts, with the indu...

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Category : GST | Comments : 0 | Hits : 383

RBI May face tougher path in Feb rate cut as Fed reshaped global monetary Policy Expectations
Posted Date : 19-Dec-2024 , 01:55:12 pm | Posted By CASANSAAR

RBI May face tougher path in Feb rate cut as Fed reshaped global monetary Policy Expectations RBI faces a tougher decision on cutting interest rates in February due to a shift in the U.S. Federal Reserve's stance. The Fed's hawkish pause, stronger dollar, and higher U.S. bond yields creat...

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Category : RBI | Comments : 0 | Hits : 309

SEBI bans You Tube Influencer with 19 Lakh - Plus Subscribers for Investment Scam; fines Rs. 9.5 Crore
Posted Date : 18-Dec-2024 , 06:54:59 pm | Posted By CASANSAAR

SEBI bans You Tube Influencer with 19 Lakh - Plus Subscribers for Investment Scam; fines Rs. 9.5 Crore     India's securities market regulator Securities and Exchange Board of India (SEBI) has taken action against YouTuber Ravindra Balu Bharti and his company, Ravindra Bha...

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Category : SEBI | Comments : 0 | Hits : 504

Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal
Posted Date : 18-Dec-2024 , 06:38:19 pm | Posted By CASANSAAR

Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far, this fiscal   India's net direct tax collections surged by 16.45% to over Rs 15.82 lakh crore this fiscal year, fueled by robust growth in both corporate and non-corporate tax segments. Gross direct tax collections also jump...

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Category : Income Tax | Comments : 0 | Hits : 371

India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports
Posted Date : 18-Dec-2024 , 06:32:51 pm | Posted By CASANSAAR

India Plans Up To 25% Temporary Tax to Curb Cheap Chinese Steel Imports India is poised to levy a temporary 25% tax on steel imports to counter inexpensive imports, primarily from China. Small manufacturers' initial opposition subsided after assurances of reduced steel prices from larger do...

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Category : Income Tax | Comments : 0 | Hits : 361

CBIC Chairman Shri Sanjay Kumar Agarwal launches new initiatives to enhance taxpayer services
Posted Date : 18-Dec-2024 , 06:27:32 pm | Posted By CASANSAAR

The four citizen-centric initiatives include revised Citizen's Charter, Revamped Citizen's Corner for complete tax related information, ‘Ease of Doing Business’ tab for making suggestions, and CBIC Archives for tax repository   Shri Sanjay Kumar Agarwal, Chairperson, Centr...

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Category : Income Tax | Comments : 0 | Hits : 318

GST rates on insurance: Group of Ministers submits report, Council to consider proposals
Posted Date : 18-Dec-2024 , 06:21:43 pm | Posted By CASANSAAR

GST rates on insurance: Group of Ministers submits report, Council to consider proposals Among the recommendations are GST exemption for pure term life insurance policies that cover family members, exemption on health insurance for senior citizens beside lowering the GST rate on all individual ...

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Category : GST | Comments : 0 | Hits : 356

The year of the pause: - How RBI maneuvered its policy in 2024
Posted Date : 18-Dec-2024 , 06:17:33 pm | Posted By CASANSAAR

The year of the pause: - How RBI maneuvered its policy in 2024 India's benchmark interest rate, held steady at 6.5% since late 2018, remains unchanged as inflation control remains a key focus. Despite a 5.4% GDP growth slump in Q2 2024, the RBI prioritizes disinflation efforts, citing persi...

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Category : RBI | Comments : 0 | Hits : 327

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