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Kerala High Court Directs Binoy Kodiyeri to File Income Tax Returns
Background: In a recent development, the Kerala High Court has issued a directive to Binoy Kodiyeri, the elder son of the late Kodiyeri Balakrishnan, former State secretary of the CPI(M), to file income tax returns for the assessment years 2015-16 to 2021-22. Court Proceedings: This
Finance Ministry Mulls Delay on MSME Payment Rule
Finance Ministry Considers Deferment of Rule 43B (h) Enforcement In a recent development, sources have revealed that the Finance Ministry is contemplating a deferment of the enforcement of Rule 43B (h) under the Income Tax Act, particularly concerning payments to micro, small, and medium enterprises
“Fueling Growth: India’s Strong GST Revenue Momentum”
India’s Economic Thrust Driven by Strong GST Revenue Surge The Indian economy experienced a notable upswing in the December quarter, driven by robust tax collections and thriving manufacturing sectors. Record GST Revenue of ₹1.68 Trillion in February Central and state governments jointly amassed an impressive
“Bihar’s Tax Relief: ‘One-Time Settlement’ for Traders”
Bihar Introduces ‘One-Time Settlement’ Initiative for Traders The NDA government in Bihar unveiled a ‘one-time settlement’ initiative on Thursday aimed at providing relief to traders with tax liabilities dating back to the pre-GST era. Introduction of Bihar Tax Disputes Settlement Bill, 2024 Deputy Chief Minister
“Fortifying GST Enforcement: National Conference Highlights”
Strengthening GST Enforcement: A National Conference Inaugurated by Union Minister for Finance Nirmala Sitharaman, a pivotal event is set to unfold in New Delhi on March 4, 2024. The Department of Revenue is organizing the National Conference of Enforcement Chiefs from all State and Central
Goa Government Announces Waiver Scheme to Ease Traders’ Burden
Introduction: In a notable move aimed at easing the financial strain on traders, Chief Minister Pramod Sawant of Goa announced a significant initiative today. The state government has decided to waive off pre-GST arrears amounting to a substantial sum of Rs 49.5 crore for approximately
Delhi High Court Rules Against Seizure of Cash under CGST Act
Background: The case originated from a search conducted by the Directorate General of Goods and Service Tax Intelligence (DGGI) at the business premises of M/s. K.M. Food Infrastructure Pvt. Ltd. and M/s. Apparent Marketing Pvt. Ltd. During this search, various documents and records were seized,
Income Tax Consultancy“Government’s Review of 43(b)(h): Easing MSME Payment Concerns”
Introduction: The Finance Act of 2023 introduced Clause (h) under Section 43B of the Income Tax Act, aimed at addressing the issue of delayed payments encountered by Micro, Small, and Medium Enterprises (MSMEs) from their buyers. This clause, scheduled to take effect from April 1,
Exploring Mineral Land Taxation: Supreme Court’s 9-Judge Bench
Inauguration of Hearings The Supreme Court’s 9-judge Constitution Bench commenced hearings on February 27, diving deep into the complexities surrounding the taxation of mineral-bearing lands. Focus on Royalty Characterization The focal point of the discussions revolves around the characterization of royalty under Section 9 of
Robust Growth in GST Revenue for February 2024
Overview of February 2024 GST Revenue: Total collection: ₹1,68,337 crore Growth rate: 12.5% increase compared to February 2023 Breakdown: Domestic transactions – 13.9% rise; Import of goods – 8.5% increase Net of refunds: ₹1.51 lakh crore, marking a 13.6% growth over the same period last
Delhi Sales tax bar demonstration against vague notices and orders of Deptt
In an important updated the Delhi sales tax bar association demonstrated against the department.The reason behind that was the vague notices and orders by the GST department. AI generated vague notices The department is sending notices based on the AI data. Now AI lists every
CA Shafaly Girdharwal“Deciphering GST on Corporate Guarantees: Navigating Uncertainties”
Introduction Indirect tax experts are seeking clarity on the levy of Goods and Services Tax (GST) on corporate guarantees provided by Indian companies on behalf of their subsidiaries. A notification issued by the finance ministry in October 2023 has sparked discussions and raised questions regarding