Table of Contents IntroductionAddressing Industry ChallengesProvisions and GuidelinesKey ConsiderationsTypes of Rectification CasesConclusion Introduction The Goa Goods and Services Tax (GST) Department recently issued Trade Circular GVAT No. 6 of 2023-24 on February 29, 2024. This circular introduces a streamlined process for settling dues under the
Table of Contents Introduction:Clarification of Financial Assistance Reports:Misleading Reports:Response to Media Reports:Explanation of Allocations:Distribution of IGST Share:Dispute Over Borrowing Permissions:Conclusion: Introduction: Amidst swirling reports regarding financial assistance from the central government to Kerala, State Finance Minister K N Balagopal took to social media on Friday
Table of Contents Overview:Background:Key Points of the Verdict:Implications:Conclusion: Overview: The Supreme Court delivered a landmark ruling on Monday, stating that Members of Parliament (MPs) and Members of Legislative Assemblies (MLAs) are not immune from prosecution for accepting bribes in exchange for making a speech or
Table of Contents Introduction:Arrest and Allegations:Political Implications:Legal Proceedings:Investigation Findings:Utilization of Shell Companies:Conclusion: Introduction: In a significant turn of events in Andhra Pradesh, the arrest of P Sarath, a former director of a private company, has brought to the forefront allegations of defrauding the state government
Table of Contents Overview:GST Revenue:Excise Revenue:Overall Tax Revenue Growth:Government Commitment:Technology-Driven Solutions:Conclusion: Overview: Punjab has recently achieved remarkable strides in revenue collection for Goods and Services Tax (GST) and excise by the end of February. This achievement underscores the state’s commitment to fostering a robust economic
Table of Contents Finance Ministry Considers Deferment of Rule 43B (h) EnforcementIntroduction of Rule 43B (h)Industry Feedback and ConcernsConsultation with MSME GroupsConclusion Finance Ministry Considers Deferment of Rule 43B (h) Enforcement In a recent development, sources have revealed that the Finance Ministry is contemplating a
Section 43(b)(h) was introduced to help MSME. As per this provision the buyers were oblised to make payment to MSME’s in 45 days. In case of default they were supposed to pay more tax. As the amount not paid within 45 days will not be
Table of Contents Background:Court Proceedings:Instruction to Submit Documents:Allegations by Income Tax Department:Importance of Compliance:Financial Transparency:Conclusion:Significance of Court Decision: 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
Table of Contents India’s Economic Thrust Driven by Strong GST Revenue SurgeRecord GST Revenue of ₹1.68 Trillion in FebruaryPositive Trend in Monthly Average GST RevenueCumulative Gross GST Revenue Surges to ₹18.4 TrillionConclusion India’s Economic Thrust Driven by Strong GST Revenue Surge The Indian economy experienced
ICAI Releases Handbook on Voluntary Liquidation Process In February 2024, the Institute of Chartered Accountants of India (ICAI) introduced a handbook to provide guidance on the voluntary liquidation process under the Insolvency and Bankruptcy Code, 2016 (IBC). Evolution of the Insolvency and Bankruptcy Code The
