18 Dec, 2024
Introduction The Enforcement Directorate (ED) recently intensified its crackdown on financial crimes linked to illegal online betting. In its latest operation against Magicwin, an online platform allegedly involved in illegal betting on cricket matches, ED froze bank funds worth ₹30 lakh and seized various incriminating documents. The searches, conducted under the Prevention of Money Laundering […]
Read More18 Dec, 2024
UPI: The Digital Catalyst for Financial Inclusion in Rural India Unified Payments Interface (UPI) has rapidly transformed financial transactions, particularly in rural and semi-urban India. According to a recent EY-CII report, UPI adoption has surged, with 38% of rural and semi-urban respondents choosing UPI as their primary payment method. This reflects a significant shift in […]
Read More18 Dec, 2024
Delhi HC Restrains DGGI on Coercive Steps for SCN The Delhi High Court has taken a significant step in protecting taxpayer rights by restraining the Director General of GST Intelligence (DGGI) from taking coercive action pursuant to a Show Cause Notice (SCN). This decision highlights critical procedural issues in GST enforcement and ensures transparency by […]
Read More18 Dec, 2024
Advance Ruling Pending Cases and Section 98(2) of the CGST Act What Does Section 98(2) Say? The proviso to Section 98(2) of the Central Goods and Services Tax (CGST) Act, 2017, clearly states that an advance ruling application cannot be admitted if the question is “already pending or decided” in any proceedings related to the […]
Read More18 Dec, 2024
India’s Public Sector Banks Posted Record Net Profit of ₹85,520 Crore In First Half FY25 Indian public sector banks (PSBs) have collectively posted a record net profit of ₹85,520 crore in the first half of FY25. This significant surge reflects strong economic growth, improved credit quality, and higher interest income. However, there’s growing scrutiny over […]
Read More18 Dec, 2024
CBDT’s e-Campaign: Fix Your AIS Mismatches The Central Board of Direct Taxes (CBDT) has rolled out a new e-campaign to resolve AIS mismatches in Income Tax Returns (ITRs) for FY 2023-24 and FY 2021-22. This initiative aims to help taxpayers address discrepancies between the Annual Information Statement (AIS) and their filed ITRs. It also targets […]
Read More18 Dec, 2024
MP High Court Upholds Fair ITC Rules for Taxpayers In a significant ruling, the Hon’ble Madhya Pradesh High Court in Anand Steel (2024) reaffirmed the principles of fair treatment for taxpayers under GST law. The Court held that Input Tax Credit (ITC) cannot be denied after the payment of late fees and interest, as this […]
Read More18 Dec, 2024
Latest E-Way Bill and E-Invoice Updates for 2025 The GST Network (GSTN) has announced significant E-Way Bill updates and E-Invoice changes, effective from 1st January 2025. These changes aim to enhance security and streamline compliance processes. Let’s break down these key updates and how they impact taxpayers. 1. Multi-Factor Authentication (MFA) Becomes Mandatory E-Way Bill […]
Read More17 Dec, 2024
Rationalised GST Rates: Key to India’s Growth and Jobs India’s introduction of the Goods and Services Tax (GST) in 2017 marked a significant shift towards a unified tax system. Since then, the government has focused on simplifying GST to fuel economic growth and job creation. Recent discussions on GST rate rationalisation highlight the importance of […]
Read More17 Dec, 2024
The GST clarification on ITC for Electronic Commerce Operators (ECOs) like Swiggy and Zomato is expected soon, addressing long-standing ambiguity under Section 9(5) of the CGST Act. The Law Committee, comprising senior officials from the Ministry of Finance and CBIC, recently convened to resolve these queries. 🔍 Background on Section 9(5) and ITC Section 9(5) […]
Read More