Businesses will have to more careful while filing returns as the automated scrutiny system for the goods and services tax (GST) is about to use advanced artificial intelligence and data analytics to monitor mismatches....
Finance Ministry has reportedly refused to act on insurers plea seeking for relief in the penal action the industry is facing penal action for violation from tax authorities for Goods and Services Tax (GST) input tax credit violations, The Economic Times reported an official. The Finance...
The much-awaited clarity on online gaming tax rates is expected at the next meeting of the GST Council, which is likely next month. The council is also set to decide on revising the rates for millets and cement at the meeting. A council meeting in June is...
Under the Income Tax Act, penalties are levied for various defaults committed by a taxpayer. Apart from penalty on defaults like not making payment of Self Assessment Tax, default in payment of taxes, default on furnishing return of income and others, Income Tax department also...
The GSTN issued an Advisory on May 06, 2023, announcing the deferment of the implementation of the time limit for reporting old e-invoices. The competent authority has made the decision to postpone the imposition of a 7-day time limit on reporting old e-invoices on the...
The Model All India GST Audit Manual 2023 has been finalized for use by both the Centre and state tax officials. It aims...
The Government has issued a notification to amend the definition of a 'person carrying on designated...
Recently, the Supreme Court overturned a judgement by the Punjab and Haryana High Court which allowed an educational institution, Baba Banda Singh Bahadur Education Trust, to receive tax exemption despite earning a profit from educational activities. The Supreme Court held that an institution must exist...
Starting May 1, 2023, businesses with an annual turnover of 100 crore and above will have to upload their electronic invoices on the Invoice Registration Portal (IRP) within 7 days of issuing the invoice, according to an advisory by GST Network (GSTN). Currently, businesses upload...
In India, subsidies are a form of financial assistance provided by the government to certain sectors or groups of people in order to alleviate the burden of certain costs or to encourage the growth of certain industries or activities. Subsidies may take the form of...
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