India's forex reserves rise USD 5.57 bn to USD 629.55 bn
Posted Date : 31-Jan-2025 , 07:12:36 pm | Posted By CASANSAAR
MUMBAI: India's forex reserves increased USD 5.574 billion to USD 629.557 billion in the week ended January 24, the Reserve Bank said on Friday.
In the previous reporting week, the overall kitty had dropped USD 1.888 billion to USD 623.983 billion.
The reserves have been on...
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Finance |
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ED arrested CA used fraudulently earned money to buy property in Dubai
Posted Date : 29-Jan-2025 , 10:52:26 pm | Posted By CASANSAAR
The Enforcement Directorate (ED) has claimed that chartered accountant Amber Dalal, arrested in an alleged investment fraud, used investors’ money to cover losses incurred by him in stock market trading, paying credit card bills, and buying properties, including one in Dubai near Burj Khalifa....
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Chartered Accountant |
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CBIC clarified No GST on penal charges levied by banks, NBFCs
Posted Date : 29-Jan-2025 , 08:05:15 am | Posted By CASANSAAR
GST will not be charged on penal charges levied by banks and NBFCs, as clarified by the CBIC. This exemption is due to such charges being deemed as breaches of contract terms. Additionally, GST exemption applies to Payment Aggregators for transactions up to Rs 2,000, but not to Payment Gateway servi...
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GST |
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Tax benefits to adopt emerging tech, expanding credit guarantee in Budget to help boost SMEs
Posted Date : 29-Jan-2025 , 05:52:21 pm | Posted By CASANSAAR
NEW DELHI: Tax benefits to adopt emerging technologies like AI, announcement to set up dedicated manufacturing zones, and expanding credit guarantee schemes in the Budget will help boost the growth of SMEs, experts say.
They also said that AI-based credit assessments and risk profiling ca...
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Income Tax |
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Need fiscal, monetary policy changes to achieve 6.4 pc GDP growth in 2025
Posted Date : 29-Jan-2025 , 05:50:28 pm | Posted By CASANSAAR
NEW DELHI: India needs to change its fiscal and monetary policy to achieve a 6.4 per cent GDP growth in 2025 amid a weak rupee, declining foreign investment and volatile inflation, Moody's Analytics said on Wednesday.
Moody's Analytics said it expects the 2025-26 Union Budget to s...
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Budget |
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RBI readies Rs. 1.5 lakh crore injection durable liquidity into the banking system,
Posted Date : 28-Jan-2025 , 07:56:18 pm | Posted By CASANSAAR
The Reserve Bank of India (RBI) announced measures to inject durable liquidity into the banking system, including a ?60,000-crore bond purchase and a $5-billion USD/rupee swap auction. These actions are expected to ease liquidity conditions and raise the probability of a repo rate cut in February, p...
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RBI |
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RBI publishes Payment System Report for Dec 2024
Posted Date : 28-Jan-2025 , 07:51:12 pm | Posted By CASANSAAR
The Reserve Bank of India has published the Payment System Report, December 2024. The report analyses the trends in payment transactions carried out using various payment systems in India during the last five calendar years up to CY-2024. It also covers important developments in the payment ecosyste...
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RBI |
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Bombay High Court Final judgement on 87A tax rebate claim
Posted Date : 28-Jan-2025 , 07:49:05 pm | Posted By CASANSAAR
Final judgement on 87A tax rebate claim: The 67-page Bombay High Court judgement says yes taxpayers should be given the option to file their ITR with Section 87A rebate claim and the income tax department wrongly prevented this by modifying the tax utility post July 5, 2024. However, whether to hono...
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Income Tax |
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FICCI members for review of tax structure to spur demand, boost growth
Posted Date : 28-Jan-2025 , 07:17:49 pm | Posted By CASANSAAR
NEW DELHI: Ahead of the Budget, a majority of the members surveyed by FICCI favoured review of the direct tax structure with a view to spur demand and boost growth.
A re-look at the slabs and the tax rates is warranted as this could leave more money in the hands of people and spur consumption dem...
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Budget |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Tamil Nadu and HP
Posted Date : 28-Jan-2025 , 06:38:31 pm | Posted By CASANSAAR
Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Tamil Nadu and Himachal Pradesh
Jan 28th, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It i...
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GST |
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Coldplay
Posted Date : 27-Jan-2025 , 09:26:29 pm | Posted By CASANSAAR
After delivering an electrifying performance in Ahmedabad on January 26, Chris on Monday was photographed arriving at the Maha Kumbh mela 2025 with his girlfriend Dakota.
A video has surfaced on social media showing Chris and his partner arriving at the mela on Monday. The footage shared by ANI c...
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General |
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RBI announces measures to inject liquidity into banking system
Posted Date : 28-Jan-2025 , 08:55:18 am | Posted By CASANSAAR
The Reserve Bank of India's (RBI) measures, expected to collectively infuse 1.5 trillion rupees into the banking system, come after months of a cash crunch in the banking system that had pushed up overnight and short-term lending rates.
"The urgency that was being felt in the market has ...
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RBI |
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DGFT Launches Enhanced eCoO 2.0 System with Provisions for Back-to-Back Certificates of Origin
Posted Date : 28-Jan-2025 , 08:43:22 am | Posted By CASANSAAR
The Directorate General of Foreign Trade (DGFT) has launched the enhanced Certificate of Origin (eCoO) 2.0 System, a significant upgrade designed to simplify the certification process for exporters and enhance trade efficiency. This upgraded platform offers several user-friendly features, such as mu...
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DGFT |
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RBI announces steps to inject liquidity in banking system
Posted Date : 27-Jan-2025 , 07:40:58 pm | Posted By CASANSAAR
MUMBAI: The Reserve Bank of India on Monday said it will purchase government securities worth Rs 60,000 crore in three tranches and announced several other steps to inject liquidity into the banking system.
As part of measures to manage liquidity conditions, the central bank also announced a ...
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RBI |
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SBI General Insurance Posts an Impressive 273% PAT Growth in 9M FY25
Posted Date : 27-Jan-2025 , 07:38:22 pm | Posted By CASANSAAR
PAT grew by 273% to INR 504 Cr
Growth was driven by Motor, Health, and Engineering line of Businesses
MUMBAI, India, Jan. 27, 2025 /PRNewswire/ -- SBI General Insurance, one of India's leading general insurance companies, has delivered a robust financial performance during ...
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Bank |
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Hard - Locking of auto-populated liability in GSTR-3B
Posted Date : 27-Jan-2025 , 05:50:40 pm | Posted By CASANSAAR
Hard - Locking of auto-populated liability in GSTR-3B
Jan 27th, 2025
1. Please refer to the advisory dated October 17, 2024 , regarding the restricting the editing of auto-populated liability in GSTR-3B from the January 2025 tax period.
...
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GST |
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GST Introduction of E-Way Bill (EWB) for Gold in Kerala State
Posted Date : 27-Jan-2025 , 12:57:17 pm | Posted By CASANSAAR
GST Advisory on the Introduction of E-Way Bill (EWB) for Gold in Kerala State
Jan 27th, 2025
Dated: January 24, 2025
It is hereby informed that a new option for generating E-Way Bills (EWB) for gold has been introduced in the EWB system, effective from January 20, 2025. This fea...
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GST |
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FM Nirmala Sitharaman Marks Final Preparations With Halwa Ceremony
Posted Date : 25-Jan-2025 , 09:09:08 am | Posted By CASANSAAR
The traditional ‘halwa’ ceremony, marking the final phase of preparation for the Union Budget 2025-26, took place at North Block on Friday. Finance Minister Nirmala Sitharaman, Minister of State for Finance Pankaj Chaudhary, and senior officials were present for the event.
This ceremo...
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Budget |
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CBIC notifies rules for entities to get Temporary Identification Number under GST
Posted Date : 25-Jan-2025 , 08:26:38 am | Posted By CASANSAAR
Entities that are not required to get a GST registration but are required to make a tax payment under the GST Act provision can now obtain a Temporary Identification Number (TIN).
The Central Board of Indirect Taxes and Customs (CBIC) has notified an amendment to GST rules to issue TIN to entitie...
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GST |
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CBIC cautions against fraudsters issuing fake and fraudulent Summons for GST violations
Posted Date : 25-Jan-2025 , 08:22:22 am | Posted By CASANSAAR
It has been recently observed that some individuals with fraudulent intent are creating and sending fake summons to the taxpayers who may or may not be under investigation by the Directorate General of GST Intelligence (DGGI), Central Board of Indirect Taxes and Customs (CBIC).
The fake summons r...
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GST |
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Government waives late fee for delayed GST filings
Posted Date : 24-Jan-2025 , 08:19:55 pm | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC) announced a waiver of late fees for delayed filings of reconciliation statements and annual returns (GSTR-9C) for the financial years 2017-18 to 2022-23. Taxpayers must file the reconciliation statement by March 31, 2025, to avail the waiver.
...
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Income Tax |
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SC refused to PIL demanding scrapping of the TDS system of income tax
Posted Date : 24-Jan-2025 , 08:14:20 pm | Posted By CASANSAAR
The Supreme Court on Friday refused to entertain a PIL demanding scrapping of the TDS system of income tax collection under the Income Tax Act, saying it was “very badly drafted”.
A Bench led by Chief Justice of India Sanjiv Khanna said TDS was levied “everywhere”.
...
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Income Tax |
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GST Advisory on Business Continuity for e-Invoice and e-Waybill Systems
Posted Date : 24-Jan-2025 , 02:16:11 am | Posted By CASANSAAR
Jan 24th, 2025
Dear Taxpayers,
This advisory is issued to highlight the alternate mechanisms and business continuity plans available for both the e-Invoice and e-Waybill systems.
If you have not integrated these alternate mechanisms into your existing systems or are not currently utilisin...
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GST |
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Phase III of HSN code reporting in GSTR-1/1A to roll out from February
Posted Date : 23-Jan-2025 , 07:17:26 pm | Posted By CASANSAAR
Experts say these changes will reduce reporting errors and boost GST compliance accuracy To ensure accuracy and consistency in GST compliance, GSTN has decided to implement phase III of mandatory HSN code reporting from next month. Experts say that this change will enable GSTN to compile more value-...
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GST |
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CBDT clarifies past investment from Mauritius
Posted Date : 23-Jan-2025 , 07:15:23 pm | Posted By CASANSAAR
The Central Board of Direct Taxes clarified that the new Principal Purpose Test rule won't affect past investments under tax treaties with Mauritius, Cyprus, and Singapore, relieving taxpayer concerns. This test aims to scrutinise exemptions and prevent misuse of tax treaties for unjustifiable t...
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Income Tax |
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Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Posted Date : 23-Jan-2025 , 06:45:24 pm | Posted By CASANSAAR
Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Jan 22nd, 2025
After successful implementation of Phase-I & Phase-II now Phase-III regarding Table 12 of GSTR-1 & 1A is being implemented, from return period February 2025. In th...
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GST |
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Direct Tax Vivad se Vishwas Scheme, 2024 update
Posted Date : 23-Jan-2025 , 04:08:28 pm | Posted By CASANSAAR
Direct Tax Vivad se Vishwas Scheme, 2024 update;
CBDT, vide notification no. 8/2025, makes the following order to remove the difficulty in respect of Direct Tax Vivad Se Vishwas Scheme, 2024 arisen in situations where,–– (a) an order in case of a person had been passed on or...
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Income Tax |
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RBI's new Guidelines - Banks will call you only from These 2 Numbers
Posted Date : 23-Jan-2025 , 11:40:31 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has recently introduced two dedicated phone number series for financial institutions to make transaction and marketing calls to their customers. This new initiative is designed to protect mobile users from financial frauds disguised as bank communications. According t...
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RBI |
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FM likely to increase outlay for 2 key tax remission schemes for exporters by 10%
Posted Date : 22-Jan-2025 , 06:55:00 pm | Posted By CASANSAAR
The finance ministry is expected to increase allocations for two key tax remission schemes for exporters—RoDTEP and RoSCTL—by about 10% each in the 2025-26 budget to support exporters amid global economic challenges. Currently, Rs.16,575 crore is allocated for RoDTEP and Rs. 9,246 crore ...
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Budget |
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Rupee sees high volatility against US dollar
Posted Date : 22-Jan-2025 , 06:39:09 pm | Posted By CASANSAAR
At the interbank foreign exchange, the rupee opened at 86.56, and fell to a low of 86.71 against the greenback in a highly volatile morning session on January 22, 2025.
The rupee witnessed high volatility in morning trade on Wednesday (January 22, 2025), as the support from positive domestic equi...
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Finance |
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