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Harnessing Information Technology: CBDT’s e-Verification Scheme for Voluntary Compliance

13 Mar, 2023

The Income Tax Department has taken a significant stride in promoting voluntary tax compliance and facilitating a transparent and non-intrusive tax administration through its e-Verification Scheme, 2021. The Scheme utilizes information technology to share and verify financial transaction information with taxpayers that may have been unreported or under-reported in their Income Tax Returns (ITRs). Collecting […]

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Why India’s Online Gaming Industry is in Jeopardy Due to the GST Conundrum

10 Mar, 2023

The online gaming industry in India is facing an uncertain future due to the recent decision of the Goods and Services Tax (GST) Council to increase the tax rate on gaming companies to a uniform rate of 28%. This move could have devastating consequences on the industry’s growth, technological capabilities, user experience, consumer welfare, employment […]

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How technology could impact GST space in 2023?

08 Mar, 2023

The evolution of the GST system has been shaped by several changes and advancements in technology, but the extent to which technology has contributed to compliance improvement is uncertain. In 2023, the impact of technology on GST trends will be more evident, particularly in the ITC Claim process, which is set to become even more […]

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To Pay or Not to Pay: High Court Rules Vouchers Exempted from GST Levy

08 Mar, 2023

In the midst of the Digital India revolution, the gifting industry has undergone a significant transformation. With the rise in popularity of gift cards, E-vouchers, cash-back vouchers, and other forms of vouchers, buyers and receivers are presented with greater flexibility and convenience in their purchasing and usage. From weddings to corporate rewards to promotional schemes, […]

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GSTN Launches E-Invoice Registration Services with Private IRPs

08 Mar, 2023

The GST Network (GSTN) has taken another step towards digitizing the business process flow by launching e-invoice registration services through multiple private IRPs (Invoice Registration Portals) on the recommendation of the GST Council. Four private companies, namely ClearTax, Cygnet, E&Y, and IRIS Business Ltd., have been empanelled by GSTN to provide e-invoice registration services to […]

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Crypto Transactions to be Regulated Under the Money Laundering Act

08 Mar, 2023

The Indian government has made a significant move to tighten its regulation of cryptocurrencies by bringing crypto transactions under the ambit of the Prevention of Money Laundering Act (PMLA). The move will have implications for investors and businesses dealing in virtual digital assets. Here’s what you need to know about the latest regulatory changes: What […]

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GSTN Introduces Geocoding for Improved Address Accuracy in the GST System

08 Mar, 2023

In an effort to streamline the address verification process and ensure the accuracy of address details, the Goods and Services Tax Network (GSTN) in India has recently launched a new feature on the GST Portal. This feature allows taxpayers to geocode their principal place of business address, which essentially means converting the address into geographic […]

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The Top 10 Richest People in the World in 2023

08 Mar, 2023

The world’s richest individuals are constantly changing positions and swapping places, making it essential to stay updated on the latest figures. Here, we present the top 10 wealthiest people globally, according to recent data, along with their net worth in INR: The ranking of these individuals is based on their total net worth, which includes […]

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