29,273 bogus firms involved in suspected Input Tax Credit (ITC) evasion of Rs. 44,015 crore detected in a sustained drive against non-existent taxpayers by GST formations across the country since May 2023; 121 arrested Posted On: 07 JAN 2024 6:01PM by PIB Delhi To curb frauds in Goods and Services Tax (GST) and increase compliance,… Read More »
The Hon’ble Supreme Court of India heard the case of Pradeep Kanthed v. Union of India and Ors, [Writ Petition (Civil) No. 1006/2023] on January 2, 2023. The Notice was issued in the writ petition to seek response from the Finance Ministry pertaining to absence of option for revised returns on the GST Portal contending that, the… Read More »
National Informatics Centre E-Way Bill System – Advisory on HSN Code (Dated: 05-01-2023) As per the notification No. 78/2020 –Central Tax, dated 15th October, 2020, it is necessary to provide at least 6 digit HSN code for all the B2B and Export transactions by the taxpayers whose Annual Aggregate Turnover (AATO) is more than Rs.… Read More »
NFRA imposed Rs 50 Lakh Penalty on CA for issuing wrong Certificate of Income Tax NFRA in its Order No. 01/2024, dated 03.01.2024 has fined a CA ₹50 Lakhs for lapses in issuing certificate to a listed company in Form 10DA with regard to the correctness of deduction claimed by it under section 80JJAA of… Read More »
Sec 16(4) CGST Challanged in Supreme Court The Supreme Court (SC) has issued a notice in response to a Special Leave Petition (SLP) filed by an assessee challenging a Patna High Court judgment that upheld the constitutional validity of section 16(4) of the CGST/Bihar GST Act, 2017. Section 16(4) denies Input Tax Credit (ITC) for… Read More »
PFRDA now allows National Pension System (NPS) subscribers to deposit contributions through Unified Payments Interface (UPI) QR code for D-Remit Posted On: 20 DEC 2023 8:31PM by PIB Delhi In a significant enhancement to the D-Remit process, the Pension Fund Regulatory and Development Authority (PFRDA) has now allowed National Pension System (NPS) subscribers to deposit… Read More »
The Telecommunications Bill 2023 LOK SABHA ———— The following Bill was introduced in Lok Sabha on 18th December, 2023 :— BILL NO. 194 OF 2023 A Bill to amend and consolidate the law relating to development, expansion and operation of telecommunication services and telecommunication networks; assignment of spectrum; and for matters connected therewith or incidental… Read More »
YONO SBI App. 3 Steps to register on YONO app using your SBI Internet Banking credentials : Download YONO SBI app Login using INB User ID and Password Enter OTP, Set MPIN and You are done! YONO SBI offers : Instant loan disbursement without branch visit Cardless cash withdrawal through YONO Cash Instant payment through… Read More »
Red Flag Indicators, issued by FIU-IND w.r.t. Notification dated 3rd May 2023 under the Prevention of Money Laundering Act, 2002, hosted on ICAI website Dear Member, This is in continuation of the email dated 11th October 2023 and 16th October 2023 w.r.t. Notification under the Prevention of Money Laundering Act, 2002. In this regard, we… Read More »
Kind Attention : All Members of ICAI Dear Member, Greetings!! Subject: Gentle Reminder to comply with CPE hours requirements for the Current Calendar Year (1-1-2023 to 31-12-2023) As you are already aware that from current year i.e. 2023 onwards the CPE Hours requirements have been revised which are to be complied with by various categories of… Read More »