Bengaluru Audit Session Stresses Transparency and Fairness in Tax Compliance The article reports on an audit session held in Bengaluru that focused on stressing the importance of transparency and fairness in tax compliance procedures for both taxpayers and tax officials. Key Themes of the Session Transparency as a Cornerstone: The session emphasized that a transparent… Read More »
Reimagining GST Registration Through Agentic AI Framework The article discusses a conceptual future where the Goods and Services Tax Network (GSTN) leverages Agentic AI—a sophisticated form of artificial intelligence—to revolutionize and streamline the entire process of GST registration. Key Features of an Agentic AI GST System Autonomous Vetting and Verification: The AI system would move… Read More »
FAQs based on Auditor’s Opinion on financial statements Q1. Is Auditor’s Opinion on financial statements a compulsory field? Ans. Yes, Auditor’s Opinion on financial statements is a compulsory field for two categories only – ‘GST & Tax Audit’ and ‘Audit & Assurance Functions’. Q2. What details need to be entered in Auditor’s Opinion on… Read More »
Kerala Faces Annual Revenue Loss of ₹8,000-10,000 Crore from GST Reforms Kerala Finance Minister K.N. Balagopal stated that the recent Goods and Services Tax (GST) rate rationalization and reforms implemented by the Central Government are expected to cause a significant annual revenue loss to the state, estimated to be between ₹8,000 crore and ₹10,000 crore.… Read More »
FMCG Faces “Soft Patch” from GST Cuts and Weather Disruption The Fast-Moving Consumer Goods (FMCG) sector experienced a temporary period of slower growth, described as a “soft patch,” caused by a combination of pre-festive weather disruptions and the implementation of recent GST rate rationalization. Dual Factors Causing Slowdown Supply Chain Disruption from Weather: Adverse weather… Read More »
GST on Delivery Charges Impacted Zomato’s Growth: Eternal CFO The former Chief Financial Officer (CFO) of Zomato’s logistics arm, Eternal, stated that the imposition of Goods and Services Tax (GST) on delivery charges was a significant factor that negatively impacted the growth and business of food delivery platforms like Zomato. Key Impact on the Business… Read More »
Only 16% of Consumers See Full Benefit of GST Rate Cut on Mid-Scale Hotels A survey indicates that despite the government’s reduction of the Goods and Services Tax (GST) rate on mid-scale hotel accommodation, only a small fraction of consumers have experienced the full price benefit. Key Finding on Benefit Transmission Low Consumer Benefit: The… Read More »
Enhanced Transparency in Faceless Income Tax Proceedings The Income Tax Department has rolled out a significant update to its e-filing portal, which is designed to increase transparency and accountability in the faceless assessment and appeal proceedings. Key Feature of the New Update View Officer Activity: The portal now displays the specific date and time when… Read More »
Delhi High Court Questions Centre Over Scrapping GST Subsidy on Cars for Differently Abled The Delhi High Court has formally questioned the Central Government regarding its decision to discontinue the Goods and Services Tax (GST) subsidy/concession previously available to differently-abled persons for the purchase of motor vehicles. Key Issues of the Judicial Inquiry Discontinuation of… Read More »
CBDT Grants Income Tax Exemption to Key Public Bodies The Central Board of Direct Taxes (CBDT) has issued notifications to grant income tax exemptions to several key public and governmental bodies, recognizing their objectives as non-profit and aligned with public welfare. Purpose of the Exemption Non-Taxable Income: The notifications formally declare that the income of… Read More »