In a major move to provide retrospective relief to taxpayers, the Goods and Services Tax (GST) Council has introduced crucial amendments to Section 16 of the CGST Act, 2017. These amendments, which were recommended during the 54th GST Council Meeting in September 2024, address issues related to the wrong availment …
The introduction of Rule 164 in the CGST Rules, 2017 is a crucial step forward in resolving past tax liabilities for businesses. Following the 54th GST Council meeting on September 9, 2024, the government has offered a significant relief to taxpayers by waiving the interest and penalty on tax demands …
In a significant move to support government schools and ease their financial burden, the Central Board of Indirect Taxes and Customs (CBIC) has issued Notification No. 08/2024. This notification exempts GST on affiliation services provided by educational boards and councils to government-controlled schools, starting from October 10, 2024. Here’s a …
In a move to curb revenue leakage and ensure better tax compliance, the Central Board of Indirect Taxes and Customs (CBIC) has introduced a significant change under Notification No. 09/2024. Starting from October 10, 2024, renting commercial property from an unregistered person to a registered person will fall under the …
What is the Invoice Management System (IMS)? The Invoice Management System (IMS) is a new feature on the GST portal designed to help businesses manage their invoices more efficiently. Launching on October 1, 2024, it will allow recipients of goods and services to accept, reject, or hold invoices from their …
PRESS RELEASE POSTING A GROWTH RATE OF 12 PERCENT Y-O-Y, Rs. 14.97 LAKH CRORE GROSS GST COLLECTION DURING APRIL – DECEMBER 2023 PERIOD – GROSS GST COLLECTION AVERAGES Rs. 1.66 LAKH CRORE IN FIRST 9 MONTHS OF FY24 – Rs. 1,64,882 CRORE GROSS GST REVENUE COLLECTION FOR DECEMBER, 2023 …
PRESS RELEASE 29, 273 BOGUS FIRMS INVOLVED IN SUSPECTED INPUT TAX CREDIT (ITC) EVASION OF RS. 44,015 CRORE DETECTED IN A SUSTAINED DRIVE AGAINST NON-EXISTENT TAXPAYERS BY GST FORMATIONS ACROSS COUNTRY SINCE MAY 2023; 121 ARRESTED PRESS RELEASE, DATED 7-1-2024 To curb frauds in Goods and Services Tax (GST) and increase …
PRESS RELEASE Rs. 1,72,129 CRORE GROSS GST REVENUE COLLECTED DURING JANUARY 2024; RECORDS 10.4 PER CENT YEAR-ON-YEAR GROWTH – AT Rs. 1,72,129 CRORE, GST COLLECTIONS ARE 2ND HIGHEST EVER; CROSSES Rs. 1.70 LAKH CRORE MARK FOR THE THIRD TIME IN FY 2023-24 – WITH OVERALL COLLECTION REACHING Rs. 16.69 LAKH …
PRESS RELEASE CAUTION AGAINST FRAUDSTERS SENDING FAKE AND FRAUDULENT SUMMONS FOR GST VIOLATIONS – TAXPAYERS CAN CHECK VERACITY OF ANY COMMUNICATION FROM DGGI/CBIC BY USING THE ‘VERIFY CBIC-DIN’ WINDOW ON CBIC’S WEBSITE – TAXPAYERS CAN ALSO USE DIN UTILITY SEARCH ON ONLINE PORTAL OF DIRECTORATE OF DATA MANAGEMENT (DDM), CBIC …
PRESS RELEASE Rs. 1,68,337 CRORE GROSS GST REVENUE COLLECTED DURING FEBRUARY 2024; RECORDS YEAR-ON-YEAR (Y-O-Y) GROWTH OF 12.5 PER CENT – AVERAGE MONTHLY GROSS COLLECTION FOR FY 2023-24 IS Rs. 1.67 LAKH CRORE, EXCEEDING Rs. 1.5 LAKH CRORE FOR FY 2022-23 – NET REVENUE AT Rs. 1.51 LAKH CRORE IS …
