GSTR-3B is a monthly summary return filed by registered taxpayers under the Goods and Services Tax (GST) system in India. It provides a snapshot of the total tax liability and input tax credits (ITC) available for a particular month. While not as detailed as other returns, it is crucial for tax compliance. Components of GSTR-3B … Continue reading Understanding GSTR-3B
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Unraveling GST Mysteries—CBIC’s Game-Changing Clarification on Corporate Guarantees
Imagine you’re in the heart of a bustling financial district, where every decision is as intricate as a finely woven tapestry. In this dynamic landscape, the Central Board of Indirect Taxes & Customs (CBIC) emerges as the clarion call for clarity, set to unveil detailed insights on the GST applicability for corporate guarantees. This upcoming … Continue reading Unraveling GST Mysteries—CBIC’s Game-Changing Clarification on Corporate Guarantees
ACMA Propels Automotive Revolution with Bold Budget Recommendations!
The Automotive Component Manufacturers Association of India (ACMA) is stepping into the arena of policy influence with a bold submission for the upcoming Union Budget. This move, laden with strategic proposals, aims to ignite a transformative wave within the automotive sector, spurring growth, innovation, and sustainability. At the heart of ACMA’s recommendations lies a call … Continue reading ACMA Propels Automotive Revolution with Bold Budget Recommendations!
ICICI Lombard Faces ₹288 Crore GST Show-Cause Notice
ICICI Lombard General Insurance Company Ltd is currently addressing a significant fiscal challenge. The company has been issued a GST show-cause notice worth ₹288 crore for the fiscal year 2020, according to a recent update from CNBC-TV18 on X (formerly Twitter). Financial Performance Highlights Despite this regulatory hurdle, ICICI Lombard has demonstrated robust financial performance. … Continue reading ICICI Lombard Faces ₹288 Crore GST Show-Cause Notice
Achieving Rs 2 Lakh Crore Monthly GST Collections by FY 2025-26
The goal of reaching Rs 2 lakh crore in monthly GST collections by FY 2025-26 is ambitious yet attainable, according to tax expert Rajat Mohan, Executive Director at MOORE Singhi. This target, while seemingly high for FY 2024-25, could be realistic with strategic enhancements in the GST framework. Record-Breaking GST Collections India achieved its highest-ever … Continue reading Achieving Rs 2 Lakh Crore Monthly GST Collections by FY 2025-26
Noida Police Arrest Three More in ₹10,000 Crore GST Fraud Case
The Noida police have apprehended three additional members of a gang allegedly involved in a massive ₹10,000 crore Goods and Services Tax (GST) fraud, increasing the total number of arrests to 44. This arrest marks another significant step in the ongoing investigation that began in June 2023. On June 1, 2023, the Noida police announced … Continue reading Noida Police Arrest Three More in ₹10,000 Crore GST Fraud Case
Finance Minister Nirmala Sitharaman Highlights GST’s Role in Cooperative Federalism and State Empowerment
GST Collections Reach Pre-GST Levels as a Percentage of GDP Union Finance Minister Nirmala Sitharaman recently highlighted the significant progress and impact of the Goods and Services Tax (GST) regime in India. Addressing the media on Monday, Sitharaman noted that GST collections as a percentage of the Gross Domestic Product (GDP) have returned to pre-GST … Continue reading Finance Minister Nirmala Sitharaman Highlights GST’s Role in Cooperative Federalism and State Empowerment
Breaking News—CBIC Imposes Deadline and Streamlines GST Investigation Process with New Guidelines!
The Central Board of Indirect Taxes & Customs (CBIC) has rolled out fresh guidelines for GST investigations, marking a significant shift in approach towards tax compliance and enforcement. These guidelines, unveiled recently, carry pivotal directives aimed at enhancing efficiency, transparency, and accountability in the investigation process. Key Highlights: In Conclusion: The issuance of these guidelines … Continue reading Breaking News—CBIC Imposes Deadline and Streamlines GST Investigation Process with New Guidelines!