19 Dec, 2024
UK Inflation Rises to 2.6% in November 2024: Monetary Policy Implications The UK’s inflation rate climbed to 2.6% in November 2024, up from 2.3% in October. This rise in the Consumer Prices Index (CPI) meets economists’ expectations and surpasses the Bank of England’s (BoE) 2% target. As price pressures persist, the BoE faces a complex […]
Read More19 Dec, 2024
5% GST on Food Delivery Charges: Retrospective Impact on Apps The GST Council is considering imposing a 5% GST on food delivery charges by apps like Zomato and Swiggy, effective retrospectively from 2022. This proposal, if approved, could significantly impact food delivery platforms due to liabilities on past transactions. 🌍 Why the 5% GST Proposal? […]
Read More19 Dec, 2024
How Invoice Management System Enhances GST Compliance and ITC Claims The Invoice Management System (IMS) is revolutionising how businesses manage GST compliance and Input Tax Credit (ITC) claims. Introduced by the GST Network, IMS allows businesses to address invoice discrepancies in real-time directly on the GST portal, replacing cumbersome manual processes. With IMS, businesses can […]
Read More18 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 […]
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