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CCI Amendment: Interlocutory Application Numbering & Fee Regulations
Introduction: The Competition Commission of India (CCI) is undergoing a significant regulatory change with the amendment of the CCI (General) Regulations in 2023. The focus is on the numbering of Inte...
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SEBI Fast Track Public Issuance of debt securities : NCS & LODR Regulations Review
The Securities and Exchange Board of India (SEBI) has released a Consultation paper on review of provisions of NCS Regulations and LODR Regulations for ease of doing business and introduction of fast...
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RIL’s Foreign Asset Acquisitions: Tax Liabilities and Details
Introduction: Rajya Sabha Unstarred Question No. 1100 raises inquiries regarding Reliance Industries Ltd.’s (RIL) acquisitions of foreign assets, including Britain’s Stoke Park, Hamley, and US-based M...
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GST Collection 2022-23: States’ Share and Future Prospects
Introduction: The Lok Sabha Starred Question No. 18* delves into the intricacies of GST collection and the devolution process for the financial year 2022-23. Detailed Analysis: 1. Devolution for FY 20...
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GST Rates For Stationery Items And Online Education
Introduction: The recent response by the Minister of Finance sheds light on the GST rates for stationery items, primarily used by students, and the taxation on online education services. This article...
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Ministry of Finance Crackdown: GST Evasion by Lottery Distributors Exposed
Introduction: The Ministry of Finance has intensified its efforts to combat tax evasion, particularly by lottery distributors. In a recent revelation, 12 cases of GST evasion amounting to Rs. 344.57 c...
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PAN-Aadhaar Linking Update: Stats, Consequences and Collection
Introduction: The Government of India, through the Ministry of Finance’s Department of Revenue, has provided essential updates on PAN-Aadhaar linking. Addressing specific queries from Rajya Sabha memb...
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India-Cyprus Double Tax Treaty: Benefits, Tax Recovery & Golden Passport
Introduction: Lok Sabha Unstarred Question No. 1330 seeks information about India’s Trade and Double Tax Treaty with Cyprus. This article provides comprehensive insights into the treaty, including its...
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IASB’s Exposure Draft: Amendments to Financial Instruments Standards
The global financial landscape is evolving, and the International Accounting Standards Board (IASB) is at the forefront of ensuring alignment through Exposure Drafts. The Institute of Chartered Accoun...
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Cabinet Approves Rs 2500 Cr for Interest Equalisation Scheme till June 2024
Cabinet Approves Additional Allocation of Rs 2500 Crore for Continuation of Interest Equalisation Scheme on Pre and Post Shipment Rupee Export Credit Till 30.06.2024In a significant move aimed at supp...
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Insolvency Professionals Appointment Guidelines 2023 by IBBI
Introduction: The Insolvency and Bankruptcy Board of India (IBBI) has recently released the “Insolvency Professionals to act as Interim Resolution Professionals, Liquidators, Resolution Professionals...
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SOP for verification of Inadmissible ITC of IGST reversal in GSTR 3B
The State Goods and Services Tax Department of Kerala has implemented Standard Operating Procedures (SOP-1/2023) to oversee the reversal of ineligible IGST input tax credits by taxpayers in Return For...
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Notification 102/2023: Godavari River Management Board Tax Exemption
Ministry of Finance, through Notification No. 102/2023- Income-Tax Dated: 5th December, 2023, has granted significant tax exemptions to the Godavari River Management Board, Hyderabad under section 10(...
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ICAI FAQs on Notification dated 3rd May, 2023 under PMLA, 2002
The Institute of Chartered Accountants of India Committee on Commercial Laws, Economic Advisory & NPO Cooperative Frequently Asked Questions (FAQs) on Notification dated 3rd May, 2023 under the Preven...
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CA Firms Engagement in PSBs: Recent Changes and Trends
Introduction: The Lok Sabha, on December 4, 2023, raised crucial questions regarding the engagement of Chartered Accountancy (CA) firms in Public Sector Banks (PSBs). This article delves into the gove...
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GST Appellate Tribunal Benches: Expansion, Criteria and Rising Appeals
The Ministry of Finance, under the Government of India, is addressing crucial concerns related to the Goods and Services Tax (GST) Appellate Tribunal. Lok Sabha, through Unstarred Question No. 15, see...
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Analysis of GST Collections: FY 2022-23 Insights and Reforms
Introduction: The Lok Sabha Unstarred Question No. 91 delves into the intricacies of India’s Goods and Services Tax (GST) collections for the Financial Year 2022-23. The query, posed by Shri D.M. Kath...
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Income Tax Insights 2022-23: Returns, Collections and Expenditure
Introduction: Lok Sabha Unstarred Question No. 87, presented by Shrimati Mala Roy, probes into crucial aspects of India’s Income Tax scenario for the Financial Year 2022-23. The question seeks informa...
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12 New Features on GST Portal: Registration, Aadhaar Authentication, Refunds & Payments
A. GST Registration 1. Functionality for validating bank account and to view the status of validation. A functionality was implemented on the portal for taxpayers to validate their bank account. Taxpa...
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GST Revenue Hits Record High: ₹1,67,929 lakh in November 2023
The Ministry of Finance has announced remarkable growth in Goods and Services Tax (GST) revenue for November 2023, reaching a record ₹1.67 trillion. This achievement marks the sixth instance in FY 202...