India-EFTA TEPA: A Landmark in Global Trade India has taken a momentous stride in its global trade relations with the signing of a groundbreaking Trade and Economic Partnership Agreement (TEPA) with the European Free Trade Association (EFTA) on March 10, 2024. This landmark agreement signifies
Scam Uncovered in Mumbai: Fictitious Firms in GST Fraud In a startling revelation, authorities in Mumbai have unearthed a sophisticated scam revolving around counterfeit Goods and Services Tax (GST) invoices. This elaborate scheme aimed to falsely claim an astronomical Rs 25.73 crore in GST input
Government Clarification Sparks Debate in Food Industry Recent government clarification has sparked a debate within the food industry, particularly regarding the classification of snacks into extruded and non-extruded categories. According to industry sources consulted by FE, this distinction has significant implications for the Goods and
ICAI’s New Exam Schedule: Tri-Annual Exams The Institute of Chartered Accountants of India (ICAI), the world’s largest accounting body, has made a significant change to its exam schedule. Instead of the previous bi-annual exams in May and November, ICAI will now hold exams three times
Navigating Taxation Amidst Governmental Transitions The gaming sector finds itself in a state of anticipation as it awaits a review of the 28% goods and services tax (GST) imposed last October. However, the path to this review is riddled with complexities, especially considering the ongoing
Proactive Measures to Enhance Tax Compliance The Income Tax Department is taking proactive steps to enhance tax compliance among taxpayers by addressing potential discrepancies between reported Income Tax Returns (ITRs) and the Department’s records of specific financial transactions for the
Introduction In an effort to promote fair and accurate tax compliance, the Income Tax Department has launched a pioneering e-campaign targeting individuals and entities whose tax payments for the Financial Year 2023-24 do not align with their financial transactions during the same period. Campaign Overview
Comment This case involves a writ petition filed by NRB Bearings Ltd. against various respondents, including the Commissioner of State Tax, Deputy Commissioner of SGST, State of Maharashtra, and Bajaj Auto Ltd., regarding rectification of errors in their Goods and Services Tax Return (GSTR-1) for
Comment The court is considering a civil writ jurisdiction case filed by Saurav Kumar against the Union of India and others regarding the cancellation of his registration under the Bihar Goods and Services Tax Act, 2017. Pleading Saurav Kumar, a resident of Fultakiya Kesariya, East
Comment The Court observed that the petitioner had fulfilled their obligations under the GST Act by generating digital documents and providing physical copies during inspection. The imposition of penalty was deemed unjustified, and the orders imposing the penalty were quashed. The Court also urged revenue
