SC asks GST Department to Rectify issues over Fake Invoices
Posted Date : 17-Jan-2025 , 10:20:56 am | Posted By CASANSAAR
The Supreme Court flagged a recurring problem in GST matters whereby genuine purchasers who paid Goods and Services Tax (GST) face issues because their suppliers raised fictitious bills to evade crediting the GST to the department.The Court orally wondered how could the purchaser be held liable
T...
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GST |
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90k Salaried individuals withdraw Rs 1,070 Cr worth wrongful tax deduction claims
Posted Date : 17-Jan-2025 , 10:08:29 am | Posted By CASANSAAR
As many as 90,000 salaried individuals, both from PSUs and the private sector, have withdrawn wrongful tax deductions claims totalling Rs 1,070 crore as of December 31, 2024, government sources said on Thursday.
During various search & seizure and survey operations conducted by Income T...
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Income Tax |
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RBI Announces steps to encourage cross-border transactions in Indian rupee
Posted Date : 16-Jan-2025 , 06:57:40 am | Posted By CASANSAAR
RBI announces steps to encourage cross-border transactions in Indian rupee
MUMBAI: The Reserve Bank of India (RBI) on Thursday announced liberalised norms to encourage use of Indian Rupee and local/ national currencies to settle cross border transactions.
The decision comes at a time when the do...
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RBI |
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ICAI Past President
Posted Date : 16-Jan-2025 , 06:34:41 am | Posted By CASANSAAR
The market regulator has restrained Pacheli Industrial Finance (PIFL) and six other entities from accessing the securities market until further orders. PIFL, according to its annual report, provides consultancy services related to hotels, lodging houses and other multiple services; and the six ...
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ICAI |
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0 | Hits : 6963
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Country
Posted Date : 14-Jan-2025 , 07:51:38 am | Posted By CASANSAAR
Country’s net direct tax collection surges by nearly 16% to Rs. 16.9 lakh crore
The Country’s net direct tax collection has surged by nearly 16 per cent to around 16 lakh 90 thousand crore rupees in the current financial year so far. According to the Central Board of Direct Taxe...
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Income Tax |
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Tax-free gratuity limit for employees
Posted Date : 14-Jan-2025 , 07:02:59 pm | Posted By CASANSAAR
Government employees can get gratuity up to Rs 25 lakh
Tax-free gratuity limit for employees: The government has hiked the maximum amount of gratuity that a government employee can receive to Rs 25 lakh. The new limit is effective from January 1, 2024. However, not many are aware of the tax-exe...
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Income Tax |
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GST Advisory for Waiver Scheme under Section 128A
Posted Date : 14-Jan-2025 , 06:57:36 pm | Posted By CASANSAAR
GST Advisory for Waiver Scheme under Section 128A
Jan 14th, 2025
1. Taxpayer’s attention is invited to the advisory on the above subject issued by GSTN on 29.12.2024. The link for the said advisory is given here:
https://services.gst.gov.in/services...
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GST |
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Insurers are seeking tax benefits, incentives in Union Budget
Posted Date : 14-Jan-2025 , 06:54:52 pm | Posted By CASANSAAR
Insurers eye tax benefits, incentives in Union Budget
NEW DELHI: Insurers are seeking tax benefits for buyers and incentives for selling policies in their wishlist for the upcoming Union Budget as the country is projected to emerge as the G20's fastest-growing insurance market.
In 2023-24,...
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Budget |
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Rupee recovers from record low to settle 8 paise higher at 86.62 against US dollar
Posted Date : 14-Jan-2025 , 06:52:51 pm | Posted By CASANSAAR
Rupee recovers from record low to settle 8 paise higher at 86.62 against US dollar
MUMBAI: The rupee rebounded from its lowest-ever level and settled 8 paise higher at 86.62 (provisional) against the US dollar on Tuesday as the American currency retreated from record high.
Some recovery in dom...
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Finance |
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FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies: Budget 2025
Posted Date : 14-Jan-2025 , 04:57:16 pm | Posted By CASANSAAR
FM Sitharaman extending the additional Rs 50,000 tax exemption for life insurance companies
Insurers Also Want FM Sitharaman To Consider Extending the Additional Rs 50,000 Tax Exemption for NPS Contributions to Pension Plans from Life Insurance Companies Too
Top insurance company officials want ...
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Budget |
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Generation Date for Draft GSTR 2B for December 2024
Posted Date : 14-Jan-2025 , 04:28:06 pm | Posted By CASANSAAR
Generation Date for Draft GSTR 2B for December 2024
Jan 14th, 2025
This is to inform you that, in light of the extended due dates for filing GSTR-1 and GSTR-3B returns for the month of December 2024 (Quarter Oct-Dec 2024) as per Notifications No. 01/2025 and 02/2025 dated 10th January 2025, th...
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GST |
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GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26
Posted Date : 13-Jan-2025 , 06:51:12 pm | Posted By CASANSAAR
GDP growth, likely rate cuts in 2025 to support credit access of corporates in FY26
India's GDP growth, healthier banking sector, and potential interest-rate cuts in 2025 are set to enhance corporate credit access in FY26. While sectors like cement, electricity, and telecom expect robust sale...
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Budget |
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Union home ministry has cut the budget for Census Survey and Statistics
Posted Date : 13-Jan-2025 , 06:48:02 pm | Posted By CASANSAAR
Union home ministry has cut the budget for Census Survey and Statistics.
The Union home ministry has cut the budget for Census Survey and Statistics. The Registrar General of India will still proceed with the delayed census and update the National Population Register. Additional funds can be acce...
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Budget |
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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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Budget |
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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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RBI |
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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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Shares & Stock |
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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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GST |
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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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RBI |
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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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Budget |
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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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GST |
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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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GST |
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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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Budget |
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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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NFRA |
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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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General |
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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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NFRA |
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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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SEBI |
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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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GST |
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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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GST |
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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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GST |
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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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Income Tax |
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