GSTR-1 deadline: The last date to file GSTR-1 for March 2024 tax period was April 11, 2024, however GSTN has recommended to the Central Board of Indirect Taxes and Customs (CBIC) that the deadline to file GSTR-1 be extended by one day to April 12, 2024. However as of 1 pm on April 12, 2024 no circular or notification from CBIC has come in this regard.
In March 2024, Goods and Service Tax (GST) collection surged 11.5% year-on-year to Rs 1.78 lakh crore, marking the second-highest since GST's inception in July 2017. For FY24, GST collection soared by 11.7% to Rs 20.14 lakh crore, with average monthly collection rising to Rs 1.68 lakh crore from the previous year's Rs 1.5 lakh crore.
Lieutenant governor VK Saxena has asked Delhi govt to hold a detailed inquiry into goods and service tax (GST) evasions and tighten tax administration in the capital. Delhi govt, meanhwile, said it condemns any instances of tax evasion and is unwaveringly committed to enforcing strict compliance with tax laws. Strictest possible action will be initiated against the violators at once, it said.
SC issued notice to the Union government and the director general of the GST Intelligence, observing that the case required a consideration by the top court | Latest News India
Supreme Court State Amendments Made To VAT Acts After GST Came Into Effect Are Invalid : Supreme Court Case Title: The State of Telangana & Ors. V. M/S Tirumala Constructions., Civil Appeal...
The TDR mechanism allows transfer of unused development rights from one zone to another and these rights can be bought by developers at a certain price to increase their permissible development in a project depending on the location. In the prevailing market conditions, the TDR rates hover around 30-40% of the ready reckoner value of the receiving zone.
E-way bill generation in India reached a record high of over 10 crore in October, driven by robust festive demand and increased compliance. Both intra-state and inter-state bill generation recorded growth during the month, with inter-state trade growing at a faster pace.
India Business News: The Sikkim high court has granted a stay on a Rs 628 crore GST demand order against Delta Corp, a casino and online gaming company. The government has
The Sikkim High Court has temporarily halted a Rs 628 crore GST demand order against Delta Corp, a casino and online gaming company. The company is facing a total GST demand of approximately Rs 23,000 crore, including recovery of tax shortfalls for its casino and online gaming operations. Delta Corp and its subsidiaries have also received show cause notices for alleged short payment of GST totaling Rs 16,822.98 crore. Despite these challenges, the company reported a slight increase in net profit and income from operations for the second quarter of 2023.
Dabur, a leading FMCG and Ayurvedic products producer, has been issued a Goods and Service Tax (GST) demand notice of Rs 320.60 crore. The company plans to contest the notice and submit a response to the appropriate authorities. Dabur stated that this issue will have no impact on its financial or operational activities. The final tax liability, along with any interest and penalty, will determine the extent of the impact.