GST collections rise 9.1% to Rs.1.84 lakh Cr in Feb 2025
Posted Date : 02-Mar-2025 , 10:30:58 am | Posted By CASANSAAR
Gross GST collections grew 9.1% to about Rs 1.84 lakh crore in February.
GST collections for January reached Rs 1.96 lakh crore, marking a 12.3% increase compared to the same period last year.
In December, GST collections stood at Rs 1.77 lakh crore, reflecting a 7.3% year-on-year rise. This w...
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GST |
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NFRA's next inspection to target Audit Firms with large client base
Posted Date : 27-Feb-2025 , 08:53:06 pm | Posted By CASANSAAR
The NFRA plans to focus on auditing firms with significant listed company audits, using data analytics to detect potential issues.
Chairman Ajay Bhushan Prasad Pandey emphasized the need for auditors' independence and professionalism. Upcoming inspections of firms like Deloitte and E&am...
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NFRA |
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SC upholds validity of arrests under Customs, GST laws but provides checks and balances
Posted Date : 28-Feb-2025 , 08:15:31 am | Posted By CASANSAAR
The Supreme Court on Thursday upheld the Constitutional validity of arrest and prosecution provisions under Goods and Services Tax Act and the Customs Act but provided safeguards against coercive actions including arrest. Experts highlight that the ruling is a significant development in tax enforcem...
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Income Tax |
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Revenue Secretary Tuhin Kanta Pandey appointed as SEBI Chairman
Posted Date : 28-Feb-2025 , 08:07:31 am | Posted By CASANSAAR
The government on Thursday appointed Finance and Revenue Secretary Tuhin Kanta Pandey as the new chairman of the Securities and Exchange Board of India (SEBI).
Pandey would replace Madhabi Puri Buch, who completes her three-year tenure on Friday (February 28).
The Appointments Committee of the...
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SEBI |
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EOW Summons Six Audit Firms In Fraud Probe of New India Case
Posted Date : 26-Feb-2025 , 11:28:22 am | Posted By CASANSAAR
The Economic Offences Wing (EOW) has issued summons to six audit firms in connection with the Rs.122 crore fraud at New India Co-operative Bank. Investigators have discovered discrepancies in the bank's records, particularly regarding cash-in-hand figures.
According to sources, the vault capa...
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Auditing |
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RBI eases lending rules for small borrowers and NBFCs
Posted Date : 26-Feb-2025 , 11:18:44 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has eased the stricter loan rules for small borrowers and non-bank lenders at a time when the economy is showing signs of slowing down.
The RBI has also put on hold its earlier proposals to increase the capital that banks must set aside for new project loans and th...
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RBI |
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RBI relaxes certain norms for urban co-operative banks
Posted Date : 25-Feb-2025 , 07:25:45 am | Posted By CASANSAAR
India's central bank on Monday revised certain norms for urban co-operative banks (UCBs), with a view of providing them with greater operational flexibility, while meeting regulatory objectives.
UCBs are financial institutions operating in urban and semi-urban areas, offering banking services...
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RBI |
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Parliament Select Committee to discuss Income Tax Bill 2025
Posted Date : 24-Feb-2025 , 08:47:46 am | Posted By CASANSAAR
The first meeting of the Select Committee examining the Income Tax Bill 2025 will be held on Monday. At the meeting, officials of the Ministry of Finance will brief the panel members on the salient features of the proposed legislation.
The 31-member committee headed by senior BJP MP Baijayant P...
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Income Tax |
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SEBI revises investor charter for stock brokers
Posted Date : 22-Feb-2025 , 07:38:24 am | Posted By CASANSAAR
Sebi has revised the investor charter for stock brokers to strengthen financial consumer protection, aiming to improve financial inclusion and literacy.
This came after recent changes in the securities market, including the launch of the Online Dispute Resolution (ODR) platform and the updated SC...
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SEBI |
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GST Advisory for Biometric-Based Aadhaar Authentication & Document Verification
Posted Date : 18-Feb-2025 , 07:26:46 pm | Posted By CASANSAAR
GST Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Jharkhand and Andaman and Nicobar Islands
Feb 18th, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for ...
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GST |
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Enrolment of Unregistered Dealers/Persons in e-Way Bill Portal for generating e-way Bill
Posted Date : 17-Feb-2025 , 11:25:21 pm | Posted By CASANSAAR
A new feature has been introduced in the E-Way Bill (EWB) system to facilitate the enrolment of unregistered dealers supplying goods, with effect from 11.02.2025. In accordance with Notification No. 12/2024 dated 10th July 2024, Form ENR-03 has been introduced for the enrolment of unregistered deale...
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GST |
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NFRA moves Supreme Court against High Court decision to quash notices against Audit Firms
Posted Date : 18-Feb-2025 , 08:58:49 am | Posted By CASANSAAR
The National Financial Regulating Authority (NFRA) has approached the Supreme Court challenging the Delhi High Court's recent decision to quash show-cause notices issued by the auditing standards watchdog against leading audit firms, including Deloitte Haskins & Sells LLP, SRBC & Co LLP ...
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NFRA |
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Select Committee to examine new Income Tax Bill, Report in Monsoon Session
Posted Date : 14-Feb-2025 , 09:21:17 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman on Thursday asserted that the new Income Tax Bill does not have merely mechanical but structural changes.
She introduced the Bill in the Lok Sabha. She requested the Speaker Om Birla to constitute a Select Committee for examining the Bill. “The committee ...
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Income Tax |
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CBIC operations crippled for four days due to network failure
Posted Date : 14-Feb-2025 , 08:10:11 am | Posted By CASANSAAR
The Central Board of Indirect Taxes and Customs (CBIC)‘s operations have remained halted throughout the country for the last four days due to a “network failure” of its ‘eOffice’ application.
This has sparked fears within the Customs department of a possible co...
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Custom |
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Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961
Posted Date : 13-Feb-2025 , 08:24:21 pm | Posted By CASANSAAR
The Income-tax Bill, 2025 was tabled in Parliament today, marking a significant step toward simplifying the language and structure of the Income-tax Act, 1961.
The simplification exercise was guided by three core principles:
Textual and structural simplification for ...
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Income Tax |
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GST Registration Process (Rule 8 of CGST Rules, 2017)
Posted Date : 13-Feb-2025 , 07:20:28 pm | Posted By CASANSAAR
Feb 12th, 2025
Dear Taxpayer,
In line with recent developments in the GST registration process, applicants must adhere to the following steps as per Rule 8 of the CGST Rules, 2017:
1. Applicants Not Opting for Aadhaar Authentication:
• If you choose not...
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GST |
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FM Nirmala Sitharaman likely to table New Income Tax Bill in Parliament today
Posted Date : 13-Feb-2025 , 10:38:47 am | Posted By CASANSAAR
Finance Minister Nirmala Sitharaman will introduce the new Income-Tax Bill 2025 in the Lok Sabha on February 13. The Bill aims to consolidate and amend the taxation laws of the country.
“Smt. Nirmala Sitharaman to move for leave to introduce a bill to consolidate and amend the law relating ...
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Income Tax |
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ICAI Elects President and Vice President for the year 2025-26
Posted Date : 13-Feb-2025 , 10:25:48 am | Posted By CASANSAAR
ICAI elects New Torchbearers for the year 2025-26
CA. Charanjot Singh Nanda, President-ICAI shares his Agenda for the Council Year 2025-26.
CA. Prasanna Kumar D has been elected as the Vice-President of The Institute of Chartered Accountants of India for the Council Year 2025-26.
...
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ICAI |
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Centre Govt cannot Impose Service Tax on Sale of Lotteries
Posted Date : 12-Feb-2025 , 09:11:46 am | Posted By CASANSAAR
Lottery distributors are not liable to pay service tax to the Union government, the Supreme Court held on Tuesday while dismissing an appeal of the Centre on the issue.
A bench comprising Justices BV Nagarathna and NK Singh did not agree to the appeal of the Centre against the Sikkim High Court j...
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General |
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GST evasion of Rs.1.88 lakh Cr detected by CGST officers during April-Dec 2024
Posted Date : 11-Feb-2025 , 08:49:57 am | Posted By CASANSAAR
Central GST officers detected tax evasion of over ?1.88 lakh crore between April and December 2024, Minister of State for Finance Pankaj Chaudhary informed the Lok Sabha on Monday (February 10).
The evasion, including cases of fraudulent Input Tax Credit (ITC), was identified across 72,393 instan...
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GST |
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SEBI mulls changes in Secretarial compliance report format, Auditors' appointment norms
Posted Date : 10-Feb-2025 , 08:30:54 am | Posted By CASANSAAR
To strengthen corporate governance at listed firms, Sebi has proposed a revised format for annual secretarial compliance report, eligibility criteria for the appointment of auditors and inclusion of monetary thresholds for Related Party Transactions ...
These proposals are aimed at ensuring that ...
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SEBI |
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HC rejects pleas by CAs, Audit firms against NFRA
Posted Date : 10-Feb-2025 , 08:20:25 am | Posted By CASANSAAR
The Delhi High Court has rejected a challenge to the provisions on the power of the National Financial Reporting Authority (NFRA) to investigate and penalise the misconduct of chartered accountants. A bench of Justices Yashwant Varma and Dharmesh Sharma dismissed petitions filed by individual charte...
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NFRA |
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Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Maharashtra & Lakshadweep
Posted Date : 08-Feb-2025 , 01:40:14 pm | Posted By CASANSAAR
Feb 8th, 2025
Dear Taxpayers,
This is to inform taxpayers about recent developments concerning the application process for GST registration. It is advised to keep the following key points in mind during the registration process.
1. Rule 8 of the CGST Rules, 2017 has b...
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GST |
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CBI Files Case Against 3 Tax Officials, 5 CAs for trying to Sabotaging Faceless Tax Scheme
Posted Date : 07-Feb-2025 , 11:46:09 am | Posted By CASANSAAR
CBI Files Case Against 3 Tax Officials, 5 CAs for trying to Sabotaging Faceless Tax Scheme
The Central Bureau of Investigation has booked nine persons, including an Income-Tax Deputy Commissioner and two Inspectors, apart from five chartered accountants (CAs), for allegedly attempting to sabotage...
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CA |
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RBI cut Repo Rate by 25 basis points to 6.25%
Posted Date : 07-Feb-2025 , 12:05:25 am | Posted By CASANSAAR
The Reserve Bank of India (RBI) has reduced its key repo rate for the first time in nearly five years to boost the economy. The RBI Monetary Policy Committee (MPC) has unanimously decided to cut the key rate by 25 bps from 6.5% to 6.25%, Sanjay Malhotra said this morning in his first key address aft...
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RBI |
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GST Advisory On E-Way Bill Generation for Goods Under Chapter 71
Posted Date : 07-Feb-2025 , 12:04:06 am | Posted By CASANSAAR
Rule 138(14) of the Central Goods and Services Tax (CGST) Rules, 2017, read with its Annexure S.Nos. 4 and 5, states that goods covered under Chapter 71 viz., Natural or cultured pearls and precious or semi-precious stones; precious metals and metals clad with precious metal, Jewellery, goldsmiths&r...
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GST |
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CPA Canada signs MOU with Institute of Chartered Accountants of Pakistan
Posted Date : 04-Feb-2025 , 08:54:33 am | Posted By CASANSAAR
Chartered Professional Accountants of Canada (CPA Canada) has cemented a partnership with the Institute of Chartered Accountants of Pakistan (ICAP) through a Memorandum of Understanding (MOU) on Reciprocal Membership Arrangement, facilitating a pathway for Pakistani accountants to gain Canadian CPA ...
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Chartered Accountant |
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NFRA penalises Auditor for lapses in Religare Finvest case
Posted Date : 04-Feb-2025 , 08:47:52 am | Posted By CASANSAAR
The National Financial Reporting Authority (NFRA) has imposed a fine of Rs 5 lakh on an auditor (Partner of S.S.Kothari Mehta & Co. LLP) for lapses in the auditing of Religare Finvest Ltd for 2017-18. The auditor (Neeraj Bansal) was also barred by NFRA from taking any audit work for five years, ...
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NFRA |
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SEBI proposes UPI IDs for market intermediaries
Posted Date : 04-Feb-2025 , 08:36:45 am | Posted By CASANSAAR
The market regulator is preparing to land another punch at unregistered entities/finfluencers' business. It has proposed a system through which investors can be sure that they are paying regulated or registered entities. It suggested the use of UPI IDs that will be generated by a particular soft...
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SEBI |
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Kerala Court Issues Non-Bailable Warrant Against Baba Ramdev
Posted Date : 03-Feb-2025 , 08:22:16 am | Posted By CASANSAAR
A Kerala Court on Saturday (February )issued non-bailable warrants against Baba Ramdev and Acharya Balakrishna following their non-appearance in the criminal case filed by Kerala Drugs Inspector against Divya Pharmacy over alleged misleading medical ads.
The warrants have been issued to secure th...
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General |
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