CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Tue, 23 Jul 2024 07:16:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 CBDT Revamps Income Tax Portal with Taxnet 2.0; Goa GST Amendment Bill: Key Changes and Implications https://www.nyca.in/cbdt-revamps-income-tax-portal-with-taxnet-2-0-goa-gst-amendment-bill-key-changes-and-implications/ https://www.nyca.in/cbdt-revamps-income-tax-portal-with-taxnet-2-0-goa-gst-amendment-bill-key-changes-and-implications/#respond Tue, 23 Jul 2024 07:16:33 +0000 https://www.nyca.in/?p=12673 The CBDT's Taxnet 2.0 overhaul aims to fix income tax portal issues and improve efficiency. Meanwhile, Goa's new GST Amendment Bill introduces mandatory ISD registration, revised tax procedures, and penalties for unregistered machines. Learn about these crucial updates and their implications.

The post CBDT Revamps Income Tax Portal with Taxnet 2.0; Goa GST Amendment Bill: Key Changes and Implications appeared first on CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases.

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In a bid to address persistent issues with the income tax portal, the Central Board of Direct Taxes (CBDT) has announced a major overhaul of its digital infrastructure through the launch of Taxnet 2.0. This update aims to significantly improve the taxpayer experience by addressing current glitches and enhancing system efficiency.

Goa GST Amendment Bill: Key Changes and Implications

The Goa state cabinet has approved a bill for introduction in the upcoming monsoon session of the Goa legislative assembly, seeking amendments to The Goa Goods and Services Tax Act, 2017. If passed, the bill will introduce penalties and provisions for the confiscation of unregistered machines used in manufacturing notified goods.

Key proposed amendments include:

  • Mandatory ISD Registration: The bill will amend the Goa GST Act to mandate the registration of Input Service Distributors (ISDs) for the distribution of input tax credit (ITC) related to common input services procured by Head Offices (HOs) and distributed to branch offices (BOs).
  • Revised Tax Procedures: The amendments, following recommendations from the 50th and 52nd GST Council meetings, will update sections 2(61) and 20 of the CGST Act, 2017. These changes aim to enforce a mandatory procedure for the distribution of ITC by ISDs and address ITC distribution for services.
  • Penalties for Non-Registration: The bill proposes the insertion of a new section, 122A, into the Goa GST Act. This section will provide for penalties and the confiscation of unregistered machines used in the production of notified goods if not registered as per the special procedure outlined under section 148 of the Act.

The proposed changes reflect a broader effort to streamline GST procedures and enhance compliance within the state.

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