Taxpayers on Extension of E-Way Bills Expired on 31st December, 2024
Posted Date : 01-Jan-2025 , 04:08:57 pm | Posted By CASANSAAR
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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GST |
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Gross and Net GST revenue collections for the month of Dec, 2024
Posted Date : 01-Jan-2025 , 04:04:27 pm | Posted By CASANSAAR
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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GST |
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Income tax dept allow eligible taxpayers to claim section 87A tax rebate for FY 2023-24
Posted Date : 01-Jan-2025 , 03:59:58 pm | Posted By CASANSAAR
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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Income Tax |
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GST Collection In December Rises 7.3% YoY To Rs 1.77 Lakh Cr
Posted Date : 01-Jan-2025 , 04:21:33 am | Posted By CASANSAAR
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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GST |
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RBI to sell Rs 4.73 lakh crore government bonds in March quarter for states and UTs
Posted Date : 01-Jan-2025 , 03:37:03 pm | Posted By CASANSAAR
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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RBI |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of AP
Posted Date : 01-Jan-2025 , 10:54:33 am | Posted By CASANSAAR
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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GST |
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Key insights on Economy, Business optimism for 2025 By RBI Governor Sanjay Malhotra
Posted Date : 31-Dec-2024 , 05:40:11 pm | Posted By CASANSAAR
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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RBI |
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India's CAD projected at 1 pc of GDP for FY 2025
Posted Date : 31-Dec-2024 , 05:32:05 pm | Posted By CASANSAAR
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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Finance |
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CBDT extends the last date for furnishing Belated/ Revised ITRs for AY 2024-25
Posted Date : 31-Dec-2024 , 01:31:36 am | Posted By CASANSAAR
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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Income Tax |
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RBI introduces name lookup for RTGS and NEFT
Posted Date : 31-Dec-2024 , 10:31:45 am | Posted By CASANSAAR
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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RBI |
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CBDT extends deadline for direct tax Vivad Se Vishwas Scheme
Posted Date : 30-Dec-2024 , 09:42:08 pm | Posted By CASANSAAR
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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Income Tax |
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ICAI cannot issue standards on quality management: Solicitor General Tushar Mehta to NFRA
Posted Date : 30-Dec-2024 , 09:36:33 pm | Posted By CASANSAAR
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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ICAI |
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RBI seen loosening stranglehold on rupee in 2025
Posted Date : 30-Dec-2024 , 07:07:26 pm | Posted By CASANSAAR
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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RBI |
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India's BoP strengthened by robust inflows from NRI deposits, external commercial borrowing in last quarter
Posted Date : 30-Dec-2024 , 07:03:33 pm | Posted By CASANSAAR
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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Finance |
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Prospects of economy expected to improve in 2025: RBI Governor
Posted Date : 30-Dec-2024 , 06:58:38 pm | Posted By CASANSAAR
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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RBI |
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India Inc seeks cut in personal income tax rates, flags dumping by China at pre-Budget meet
Posted Date : 30-Dec-2024 , 06:53:34 pm | Posted By CASANSAAR
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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Income Tax |
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India's Economic Growth Slumps To 5.4%: What It Means for Future Policy Changes
Posted Date : 30-Dec-2024 , 06:49:55 pm | Posted By CASANSAAR
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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Finance |
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Stockbrokers can ask you to submit income tax returns (ITR) to check PMLA violation
Posted Date : 30-Dec-2024 , 06:43:45 pm | Posted By CASANSAAR
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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Income Tax |
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RBI Financial Stability Report: India's Macro Fundamentals Strong, All Key Indicators in Positive Zone
Posted Date : 30-Dec-2024 , 06:39:45 pm | Posted By CASANSAAR
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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RBI |
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India
Posted Date : 30-Dec-2024 , 06:35:29 pm | Posted By CASANSAAR
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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Finance |
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GST annual return deadline is December 31: Why should you file it even if not liable to file one
Posted Date : 30-Dec-2024 , 06:31:40 pm | Posted By CASANSAAR
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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GST |
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Extension of last date of CPE hours' compliance for the Calendar year 2024 - From 31st Dec, 2024 to 28th Feb, 2025
Posted Date : 30-Dec-2024 , 05:12:59 pm | Posted By CASANSAAR
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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ICAI |
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EEPC India proposes faceless GST audit to empower MSME sector
Posted Date : 30-Dec-2024 , 01:40:55 pm | Posted By CASANSAAR
EEPC India proposes faceless GST audit to empower MSME sector
EEPC India recommends the government to introduce faceless GST audits to help MSMEs reduce compliance costs and concentrate on growth. They also suggest the inclusion of Reverse Charge Mechanism liabilities in the Amnesty scheme to off...
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GST |
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Budget 2025-26: CII calls for cut in excise duty on fuel, consumption vouchers to stir demand
Posted Date : 30-Dec-2024 , 01:37:47 pm | Posted By CASANSAAR
Budget 2025-26: CII calls for cut in excise duty on fuel, consumption vouchers to stir demand
Union Budget: CII recommends lowering excise duty on fuel to boost consumption, reduce inflation, and increase disposable income in its pre-budget suggestions for 2025-26. The proposal includes reducing ...
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Budget |
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Simplification to be the focus for taxation in 2025
Posted Date : 30-Dec-2024 , 01:09:38 pm | Posted By CASANSAAR
Simplification to be the focus for taxation in 2025
The government's focus will be on simplifying tax policies and rationalising GST rates in the New Year. The review includes improving income tax laws, reducing GST rates on insurance premiums, and operationalising GST Tribunal. Efforts...
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Income Tax |
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GST Advisory for Waiver Scheme under Section 128A
Posted Date : 30-Dec-2024 , 01:02:06 pm | Posted By CASANSAAR
GST Advisory for Waiver Scheme under Section 128A
Dec 29th, 2024
1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 08.11.2024. The link for the said advisory is given here:
https://services.gst.gov.in/services/advisoryandreleases/read/546...
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3 days remaining to submit your income tax return for AY25
Posted Date : 28-Dec-2024 , 07:09:16 pm | Posted By CASANSAAR
3 days remaining to submit your income tax return for AY25
If you have not filed your income tax return for Assessment Year 2024-25 (Fiscal Year 2023-24), you have until December 31 to do so. Non-filing by eligible Income Tax Assesses may result in serious consequences,...
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Income Tax |
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India's forex reserves fall to $644.39 billion, down $8.4 billion as of Dec 20
Posted Date : 27-Dec-2024 , 07:10:40 pm | Posted By CASANSAAR
India's forex reserves fall to $644.39 billion, down $8.4 billion as of Dec 20
India's foreign exchange reserves dipped by $8.4 billion to $644.39 billion as of December 20, according to data shared by the Reserve Bank of India (RBI) on Friday. For the previous week, India's for...
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RBI |
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Current account deficit narrows to $11.2 billion in Q2 FY25
Posted Date : 27-Dec-2024 , 07:05:01 pm | Posted By CASANSAAR
Current Account Deficit Narrows to $11.2 billion in Q2 FY25
India's current account deficit was $11.2 billion or 1.2% of GDP in July-September, similar to the previous year. The merchandise trade deficit increased to $75.3 billion, while net services receipts rose to $44.5 billion. Private tr...
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Bank |
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Indian banks
Posted Date : 27-Dec-2024 , 06:57:45 pm | Posted By CASANSAAR
Indian banks’ profitability improves for 6th consecutive year
The profitability of Indian banks improved for the sixth consecutive year in 2023-24 and their non-performing assets (NPAs) declined to a 13-year low of 2.7 per cent. According to a report released by the Reserve Bank...
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Bank |
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