India aspires to establish itself as the world's most efficient and trusted trade hub, focusing on enhanced trade facilitation, expanded adoption of the Authorised Economic Operator (AEO) programme, and the…
Policyholders May Benefit from GST Rate Cut on Insurance
Finance Minister Nirmala Sitharaman announced that policyholders could experience significant benefits from a reduction in GST rates on insurance premiums. Speaking in Parliament ahead of the GST Council meeting scheduled…
Chandigarh’s GST Collection Sees Significant Growth in November 2024
The Goods and Services Tax (GST) collection in Chandigarh grew by 20% in November 2024 compared to November 2023, according to the Union Ministry of Finance. The city collected ₹253…
Fashions Wins ₹65 Lakh ITAT Appeal on Disallowance Under Section 14A
In a notable decision, the Income Tax Appellate Tribunal (ITAT) ruled in favor of Vedant Fashions. The Tribunal overturned a disallowance of ₹65,15,719 under Section 14A of the Income Tax…
State-Wide Income Tax Searches Target Builder Group for Suspected Tax Evasion
In a significant move against alleged tax evasion, more than 170 Income Tax (I-T) officials carried out synchronized searches on Friday. These searches spanned 34 locations connected to a major…
Flair Writing Faces ₹2.86 Crore Tax Notice Over Input Tax Credit
Flair Writing, a prominent company in the stationery sector, has been issued a Show Cause Notice under Section 73 of the CGST Act, 2017, for alleged excess Input Tax Credit…
Income Tax Practitioners Jailed for TDS Refund Fraud
A Special CBI Court in Ahmedabad has sentenced two income tax practitioners, Suresh Prajapati and Shobhna Prajapati, to three years of imprisonment for fraudulently claiming TDS refunds using forged certificates.…
Auditing of Companies Shows Significant Improvement: NFRA Chief
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…