The National Financial Reporting Authority (NFRA) Chairperson, Ajay Bhushan Prasad Pandey, has stated that auditing standards in India have seen notable progress over the past 3-4 years. This improvement is…
High Court Notice to Revenue on GST Transitional Credit Issue
Case: Anil Kumar Singh v. Union of IndiaWrit Tax No.: 1901 of 2024Date of Order: November 08, 2024Court: Hon’ble Allahabad High Court Background Petitioner: Mr. Anil Kumar Singh Issue: Claim…
Life Insurance Employees Demand GST Removal and Cap on FDI
Event: All India Life Insurance Employees' Federation (AINLIEF) Triennial General ConferenceDate: December 02, 2024 Key Demands by AINLIEF Withdrawal of GST on Insurance Premiums: Employees are seeking the elimination of…
L&T Faces ₹173.24 Crore GST Penalty, Plans Appeal
Infrastructure giant Larsen & Toubro (L&T) has been penalized ₹173.24 crore by the Joint Commissioner of CGST and Central Excise, Bhopal, for discrepancies in GST compliance over five assessment years,…
India’s GST System Needs Simplification: Arvind Subramanian
Former Chief Economic Adviser Arvind Subramanian has called for an overhaul of India’s Goods and Services Tax (GST) framework, citing its complexity and contribution to “tax terrorism.” Speaking at an…
CBDT Extends ITR Filing Deadline for AY 2024-25 Under Section 92E
The Central Board of Direct Taxes (CBDT), through Circular No. 18/2024 dated November 30, 2024, has announced an extension for the due date of filing Income Tax Returns (ITR) under…
Who Needs to File GST Annual Returns by December 31, 2024?
The deadline for filing GST annual returns for the financial year 2023-24 is fast approaching. Eligible taxpayers must file their returns through GSTR-9 or GSTR-9A forms by December 31, 2024.…
GST Compliance Calendar for December 2024
Here are the important GST compliance dates for December 2024: 1st to 7th December 2024 GSTR-1: For taxpayers with turnover greater than ₹5 crore, file GSTR-1 for the month of…
GST Exemption on Health and Life Insurance: Awaiting GoM Recommendations
The Central government is awaiting the Group of Ministers (GoM) recommendations, constituted by the GST Council, for a decision on exempting GST on health and life insurance policies, as stated…
Oral Statements Alone Cannot Sustain Tax Demand: CESTAT Ahmedabad Ruling
The CESTAT, Ahmedabad, in Krish Corporation v. Commissioner of C.E. and S.T.-Surat -I [Service Tax Appeal No. 10686 of 2014-DB], ruled that tax demands cannot be raised solely based on…