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
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
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
Introduction: In recent months, India has experienced a notable acceleration in its economic growth, propelled by robust tax collections and a burgeoning momentum in manufacturing sectors. This article explores the significant role of tax revenue, particularly in goods and services tax (GST), alongside the
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
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,
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,
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
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
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
