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GTRI Suggests for simplified customs duty structure in Union Budget 2025
Posted Date : 13-Jan-2025 , 06:39:10 pm | Posted By CASANSAAR

GTRI Suggests for simplified customs duty structure in Union Budget 2025 The Global Trade Research Initiative suggests the government simplify the customs duty structure in the upcoming Budget. They recommend reducing slabs to five, taxing raw materials lower than finished goods, and aligning tar...

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Category : Budget | Comments : 0 | Hits : 941

RBI Said to ease rupee drought with FX swaps
Posted Date : 13-Jan-2025 , 06:35:36 pm | Posted By CASANSAAR

RBI Said to ease rupee drought with FX swaps The Reserve Bank of India used dollar-rupee swaps to inject $3 billion worth of rupee liquidity to ease a financial squeeze. This move was made to counteract a tightening of rupee liquidity due to tax settlements and stock purchases. However, this acti...

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Category : RBI | Comments : 0 | Hits : 326

India
Posted Date : 13-Jan-2025 , 06:31:21 pm | Posted By CASANSAAR

India’s rupee fell to a record low past 86.5 per dollar US bond yields climb as strong economy fuels Fed rate risk; hit Indian rupee, share market US bond yields near 5 percent as strong economic data fuels Fed rate concerns, pressuring global markets. India’s rupee fell to a record l...

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Category : Shares & Stock | Comments : 0 | Hits : 325

GST officers must explain 'grounds of arrest' to offenders, obtain acknowledgement: CBIC
Posted Date : 13-Jan-2025 , 06:27:01 pm | Posted By CASANSAAR

GST officers must explain 'grounds of arrest' to offenders, obtain acknowledgement: CBIC NEW DELHI: GST officers will now have to explain to offenders about the "grounds of arrest" and obtain a written acknowledgement from them, the CBIC said on Monday. Modifying the guidelines...

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Category : GST | Comments : 0 | Hits : 326

Business correspondents Requested RBI to ease domestic transfer limits and rules
Posted Date : 13-Jan-2025 , 04:48:11 pm | Posted By CASANSAAR

Business correspondents Requested RBI to ease domestic transfer limits and rules Business correspondents have requested the RBI to double the monthly transfer limit to ?50,000 and reduce two-factor authentication to once a month. They have also flagged misuse of the system by some entities to byp...

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Category : RBI | Comments : 0 | Hits : 320

FM Announces Amnesty Scheme for customs in Upcoming Budget
Posted Date : 13-Jan-2025 , 04:43:21 pm | Posted By CASANSAAR

FM Announces Amnesty Scheme for customs in Upcoming Budget Finance Minister Nirmala Sitharaman may announce an Amnesty Scheme for customs in the upcoming Budget to reduce litigation and foster ease of doing business. This potential scheme aligns with the government's objective to lessen court...

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Category : Budget | Comments : 0 | Hits : 267

New changes made in GSTR-1 from January 2025
Posted Date : 13-Jan-2025 , 04:32:49 pm | Posted By CASANSAAR

New changes made in GSTR-1 from January 2025 When you file GSTR-1 on or before February 11, 2025, the specified new rules will have to be followed otherwise the return will be considered faulty. If the supplier's GSTR-1 is faulty then the buyer's GSTR-2B will get populated with wrong deta...

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Category : GST | Comments : 0 | Hits : 802

Garment Trade Associations urge GoM to abandon GST rate modification proposal
Posted Date : 11-Jan-2025 , 07:00:46 pm | Posted By CASANSAAR

Garment Trade Associations urge GoM to abandon GST rate modification proposal In a landmark meeting, they passed a unanimous resolution urging the Group of Ministers (GoM) to abandon its proposal to modify Goods and Services Tax (GST) rates in the garment sector and retain the existing structure ...

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Category : GST | Comments : 0 | Hits : 563

Union Budget 2025-26 expectations arise for possible simplification of Customs duty rates
Posted Date : 11-Jan-2025 , 06:55:51 pm | Posted By CASANSAAR

Union Budget 2025-26 expectations arise for possible simplification of Customs duty rates With the Union Budget 2025-26 approaching, expectations arise for a review and possible simplification of Customs duty rates. The aim is to reduce tax rate multiplicity, fix duty inversions, resolve classifi...

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Category : Budget | Comments : 0 | Hits : 474

NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Questions
Posted Date : 11-Jan-2025 , 06:51:07 pm | Posted By CASANSAAR

  NFRA Called on Audit Committees of mainly listed companies to ask their Auditors tough Question The NFRA has called on audit committees to ask auditors tough questions about credit risks and related party transactions. These questions are aimed at ensuring transparency and trust in financ...

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Category : NFRA | Comments : 0 | Hits : 459

Indian economy likely to be 'a little weaker' in 2025
Posted Date : 11-Jan-2025 , 04:50:20 pm | Posted By CASANSAAR

Indian economy likely to be 'a little weaker' in 2025: IMF MD By Lalit K Jha WASHINGTON: The Indian economy is expected to be "a little weaker" in 2025 despite steady global growth, IMF Managing Director Kristalina Georgieva has said. Georgieva also said she expects qui...

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Category : General | Comments : 0 | Hits : 504

NFRA wants audit panels of companies to ask Auditors tough questions
Posted Date : 11-Jan-2025 , 11:51:24 am | Posted By CASANSAAR

To enhance communication between auditors and audit committees of companies and improve audit quality, the National Financial Reporting Authority (NFRA) on Friday released the first part of the Auditor-Audit Committee Interaction Series.   This is the first time that NFRA has released a set o...

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Category : NFRA | Comments : 0 | Hits : 3967

SEBI revises nomination rules for mutual funds and demat accounts
Posted Date : 11-Jan-2025 , 11:47:07 am | Posted By CASANSAAR

Markets regulator Sebi on Friday issued guidelines to revamp the nomination process for mutual fund folios and demat accounts to enhance transparency and minimise unclaimed assets in the securities market. The new norms will come into effect from March 1 and cover a range of measures for investor...

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Category : SEBI | Comments : 0 | Hits : 673

Extension of Due Date w.r.t GSTR 1 and GSTR 3B
Posted Date : 11-Jan-2025 , 10:57:00 am | Posted By CASANSAAR

Advisory on Extension of Due Date w.r.t GSTR 1 and GSTR 3B Jan 10th, 2025 Dear Taxpayer, Due Date for filling of GSTR-1 and GSTR-3B have been extended by two days. For details refer to Notification No. 01/2025 – (CT) dt. 10th January, 2025 and Notification N...

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Category : GST | Comments : 0 | Hits : 775

SC stays GST notices worth over Rs 1 lakh crore against Online Gaming firms for tax fraud
Posted Date : 10-Jan-2025 , 07:23:16 pm | Posted By CASANSAAR

SC stays GST notices worth over Rs 1 lakh crore against Online Gaming firms for tax fraud   NEW DELHI: The Supreme Court on Friday stayed showcause notices issued by GST authorities worth over Rs 1 lakh crore to online gaming companies and casinos over alleged tax evasion. A bench of Justi...

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Category : GST | Comments : 0 | Hits : 832

Govt extends monthly GST return, payment deadline
Posted Date : 10-Jan-2025 , 07:18:58 pm | Posted By CASANSAAR

Snag in system: Govt extends monthly GST return, payment deadline NEW DELHI: The government on Friday extended the deadline for filing monthly GST sales return form GSTR-1 and GST payment by 2 days after taxpayers reported technical glitches in the GSTN system. As per a notification by the Cen...

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Category : GST | Comments : 0 | Hits : 817

Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person
Posted Date : 10-Jan-2025 , 04:29:08 pm | Posted By CASANSAAR

Updated Return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person An Updated return can be furnished u/s 139(8A) of the Income Tax Act 1961 by any person, whether or not he has furnished a return under sub-section (1) or sub-section (4) or sub-section (5), for an assessment yea...

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Category : Income Tax | Comments : 0 | Hits : 597

Cash transactions may attract up to 100% penalty by Income Tax Department
Posted Date : 09-Jan-2025 , 05:02:56 pm | Posted By CASANSAAR

Cash transactions may attract up to 100% penalty by Income Tax Department Penalty on cash transactions: Recently in a brochure the Income Tax Department has said that taxpayers should avoid using cash for their daily transactions as in certain specified cases penalty for an amount equal to the ca...

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Category : Income Tax | Comments : 0 | Hits : 495

GST Registered Taxpayers can claim Pending Input Tax Credit
Posted Date : 09-Jan-2025 , 04:55:43 pm | Posted By CASANSAAR

GST Registered Taxpayers can claim Pending Input Tax Credit GSTR-3B: Now GST registered taxpayers can claim pending input tax credit relating to past years namely financial year 2017-18, 18-19, 19-20 and 20-21 by filing an online rectification application. GSTN said, "A functionality has now...

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Category : GST | Comments : 0 | Hits : 558

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A
Posted Date : 09-Jan-2025 , 04:37:04 pm | Posted By CASANSAAR

Implementation of mandatory mentioning of HSN codes in GSTR-1 & GSTR 1A Jan 9th, 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 January 2025. In this phase m...

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Category : GST | Comments : 0 | Hits : 572

Centre notifies appointment of 24 Judicial and Technical NCLT members
Posted Date : 08-Jan-2025 , 10:53:46 am | Posted By CASANSAAR

As per the notification issued on January 7, the 24 appointees will serve a tenure of five years beginning from the date they assume the charge or until they attain the age of sixty-five years. Out of the 24 appointees, 11 are judicial members and 13 are technical members. The ne...

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Category : General | Comments : 0 | Hits : 3093

Indian Govt Plan to Simplify its Income Tax filling rules in Budget 2025
Posted Date : 08-Jan-2025 , 08:10:08 am | Posted By CASANSAAR

Indian Govt Plan to Simplify its Income Tax filling rules in Budget Budget 2025 Income Tax Filing: India plans to simplify income tax filing rules to make it less tedious for taxpayers and reduce disputes. The changes being discussed include using formulas and tables, and reducing additional form...

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Category : Income Tax | Comments : 0 | Hits : 385

Big relief for GST taxpayers with multiple GST shows cause notices running in Kerala
Posted Date : 08-Jan-2025 , 08:09:25 am | Posted By CASANSAAR

Big relief for GST taxpayers with multiple GST shows cause notices running in multiple districts Kerala Goods and services tax notice: Now taxpayers get relief from multiple GST notices pertaining to similar issue as these multiple notices will now be heard by a common adjudicating authority. Exp...

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Category : GST | Comments : 0 | Hits : 389

Paytm shares fall over 7% after NPCI data shows
Posted Date : 08-Jan-2025 , 07:34:46 pm | Posted By CASANSAAR

Paytm shares fall over 7% after NPCI data shows no UPI market share gains in December Despite receiving approval to add customers in October, Paytm's share of the UPI market has nearly halved, falling from 10 percent at the start of 2024 to just 5.5 percent by the end of the year, said analys...

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Category : Shares & Stock | Comments : 0 | Hits : 560

RBI guideline for banks & Fin institutions on customer credit information
Posted Date : 08-Jan-2025 , 06:16:42 pm | Posted By CASANSAAR

RBI guideline for banks & Fin institutions on customer credit information   The Reserve Bank of India (RBI) issued directions consolidating various guidelines for banks and financial institutions on reporting customer credit information. As per the directions, credit information companies...

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Category : RBI | Comments : 0 | Hits : 702

If Economic growth Slips then India's fiscal deficit seen rising to 4.98%
Posted Date : 08-Jan-2025 , 06:12:48 pm | Posted By CASANSAAR

If Economic growth Slips then India's fiscal deficit seen rising to 4.98% India’s fiscal deficit calculations for FY25 might be impacted by a lower-than-expected economic growth forecast of 9.6%. Lower nominal GDP could result in a slight increase in the fiscal deficit ratio to 4.98%. H...

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Category : Budget | Comments : 0 | Hits : 420

Budget 2025-26 should prioritise giving tax relief by raising income tax exemption to 5 lakh
Posted Date : 08-Jan-2025 , 06:21:25 am | Posted By CASANSAAR

Budget 2025-26 should prioritise giving tax relief by raising income tax exemption to Rs. 5 lakh   Union Budget: EY India proposes personal tax relief and the deferment of TDS on PF interest rate in the upcoming union budget 2025-26. They recommend simplifying the tax system, reducing litigat...

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Category : Budget | Comments : 0 | Hits : 315

Biometric-Based Aadhaar Authentication & Document Verification for GST Registration Applicants of Rajasthan
Posted Date : 08-Jan-2025 , 05:21:37 pm | Posted By CASANSAAR

Advisory for Biometric-Based Aadhaar Authentication and Document Verification for GST Registration Applicants of Rajasthan Jan 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 fol...

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Category : GST | Comments : 0 | Hits : 510

Enabling filing of Application for Rectification as per Notn. 22/2024-CT, dtd. 08/10/24, 2024
Posted Date : 08-Jan-2025 , 05:18:25 pm | Posted By CASANSAAR

Jan 7th, 2025 The Central Government, on the recommendations of the 54th GST Council, had issued Notification No. 22/2024 – CT dated 08.10.2024 and notified that any registered person against whom any order confirming demand for wrong availment of ITC, on account of contravention ...

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Category : GST | Comments : 0 | Hits : 381

Budget expected to focus on tax simplification, reduction in personal I-T: EY
Posted Date : 08-Jan-2025 , 05:14:47 pm | Posted By CASANSAAR

Budget should focus on tax simplification, reduction in personal I-T: EY NEW DELHI: The Budget is expected to focus on boosting private capex, tax simplification and reduction in personal income tax, particularly for the lower-income groups, to stimulate demand, EY India said. The Union Budget...

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Category : Budget | Comments : 0 | Hits : 472

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