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Multipurpose Empanelment Form (MEF) of CAs for 2021-22

Multipurpose Empanelment Form (MEF) of CAs for 2021-22

For this year also the declaration for the MEF Application will be sought from the member/ partners/ proprietor through validation of One Time Password (OTP)

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

GSTN advisory on availability of Input Tax Credit (ITC) for FY 2020-21

Invoice or debit notes pertaining to FY 2020-21 reported in GSTR-1 after due date of GSTR-3B of September 2021 will not reflect as “ITC Available” in GSTR-2B of the recipients.

Over 2 crore Income Tax Returns filed on new e-Filing portal

Over 2 crore Income Tax Returns filed on new e-Filing portal

The e-filing portal of the Income Tax Department has marked receipt of more than 2 crore Income Tax returns as on 13th October 2021.

Aim for $450-$500 billion exports next year - Piyush Goyal

Aim for $450-$500 billion exports next year - Piyush Goyal

The Minister said Engineering Goods have much more potential and Textile exports should aim for $100 billion.

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax raid on 22 premises of real estate group; Unaccounted transactions of Rs 500 crore detected

Income Tax officials conducted raids in Ahmedabad in 22 premises of a real estate developer group and the associated brokers.

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

India needs 4 -5 more banks like SBI to meet changing requirements of the Indian Economy: FM

Union Finance and Corporate Affairs Minister Smt. Nirmala Sitharaman has said that India needs four or five more banks like SBI

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

SBI Cards & PhonePe notified to undertake Aadhaar authentication service of UIDAI

The Central Government notified the SBI Cards and PhonePe to undertake the Aadhaar authentication service of the Unique Identification Authority of India.

Patent fees for educational institutions reduced by 80%

Patent fees for educational institutions reduced by 80%

Official fees payable by educational institutions in respect of various acts under the Patents Rules, 2003, have been reduced by way of the Patents (Amendment) Rules, 2021

EPFO: 14.65 lakh net subscribers added in July 2021

EPFO: 14.65 lakh net subscribers added in July 2021

The provisional payroll data of EPFO published on 20th September, 2021 reveals that EPFO has added around 14.65 lakh net subscribers during July, 2021

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team unearths unaccounted funds of 350 cr after raid on leading textile manufacturer

IT team carried out a search operation on a leading business house of India involved in manufacture of textile and filament yarn having corporate offices in Delhi, Punjab

Self-service functionality made available on GST portal for searching BOE details

Self-service functionality made available on GST portal for searching BOE details

Bill of Entry details which did not auto-populate in GSTR-2A, a self-service functionality has been made available on the GST Portal to search such records

Main points of 45th GST Council Meeting

Main points of 45th GST Council Meeting

The GST Council’s 45th meeting was held today in Lucknow under the chairmanship of Smt. Nirmala Sitharaman. Key highlights of the meeting.

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

FAQs on Govt guarantee to back Security Receipts issued by NARCL for acquiring stressed loan assets

Frequently asked questions explaining the various aspects regarding Central Government guarantee to back Security Receipts issued by National Asset Reconstruction Company Limited

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

CA Election 2021: Constitution of Panel for enforcement of Election Code of Conduct

The Institute of Chartered Accountants of India (ICAI) announced the constitution of the Panel for enforcement of the Election Code of Conduct for the election of 2021.

Cabinet approves MOU between ICAI and CAAR

Cabinet approves MOU between ICAI and CAAR

The Union Cabinet has approved the for signing Memorandum of Understanding between ICAI & The Chamber of Auditors of the Republic of Azerbaijan (CAAR)

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Due dates for filing of Income Tax Returns and various audit reports for AY 2021-22 extended

Central Board of Direct Taxes (CBDT) has decided to further extend the due dates for filing of Income Tax Returns and various reports of audit for the Assessment Year 2021-22.

CBDT allows taxpayers an opportunity to file application for settlement

CBDT allows taxpayers an opportunity to file application for settlement

t has been decided that applications for settlement can be filed by the taxpayers by 30th September, 2021 before the Interim Board subject to certain conditions...

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

CA Exams: Students converted from earlier scheme to revised scheme allowed to appear in Old/ New scheme in Nov 2021

On Wednesday, The Institute of Chartered Accountants of India (ICAI) announced that the students, who have converted from an earlier scheme to a revised scheme, are allowed to appear in the Old/New scheme in November 2021 exams

Finance Ministry issues stats of new Income Tax website

Finance Ministry issues stats of new Income Tax website

Over 8.83 crore unique taxpayers have logged in till 7th September, 2021 with a daily average of over 15.55 lakh in September, 2021. The Income Tax Return (ITR) filing has increased to 3.2 lakh

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

Shri G. S. Pannu appointed as President of ITAT in officiating capacity

G. S. Pannu, who is presently a Vice-President of ITAT, is appointed as President of ITAT in officiating capacity with effect from 6th September 2021 till the appointment of regular President

ICAI Election 2021: Panel for scrutiny of nominations notified

ICAI Election 2021: Panel for scrutiny of nominations notified

The Institute of Chartered Accountants of India (ICAI) has notified the Panel for the scrutiny of nominations for elections to be held in December 2021.

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

ICAI Disciplinary Committee removes Names of 6 CAs from Register of Members

The Institute of Chartered Accountants of India (ICAI) has removed the name of six Chartered Accountants (CAs) from the register of members on grounds of professional misconduct.

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

CBDT issues refunds of over Rs 67,401 crore between 1st April 2021 to 30th August 2021

Income Tax Refunds of Rs. 16,373 crore have been issued in 22,61,918 cases & corporate tax refunds of Rs. 51,029 crore have been issued in 1,37,327 cases

45th GST Council Meeting will be held on 17th Sep at Lucknow

45th GST Council Meeting will be held on 17th Sep at Lucknow

Finance Ministry has announced that FM Nirmala Sitharaman will chair the 45th meeting of the GST Council on 17th September at Lucknow.

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

Income Tax raid in Delhi & Gujarat, detected bogus Unsecured Loans of Rs 380 crore

The Income Tax Department carried out a search and seizure operation on 01.09.2021 on a manufacturer and distributor of synthetic yarns and polyester chips having corporate office in Delhi

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

Monthly Review of Accounts of Government of India for FY 2021-22 (up to July 2021)

The Monthly Account of the Union Government of India upto the month of July, 2021 has been consolidated and reports published. The highlights are given here

GST Update: Clarification on the extended timeline of revocation application

GST Update: Clarification on the extended timeline of revocation application

It is further clarified that the benefit of notification would be applicable in those cases also where the application for revocation of cancellation of registration is either pending with the proper officer or has already been rejected

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

Grant-in-aid amounting to Rs 13,385.70 crore released to Rural Local Bodies

The Department of Expenditure, Ministry of Finance has on Monday released an amount of Rs. 13,385.70 crore to 25 States for providing grants to the Rural Local Bodies

ICAI invites comments on Exposure Draft of Revised AS 36

ICAI invites comments on Exposure Draft of Revised AS 36

The Exposure Draft of revised AS 36, Impairment of Assets, has been issued by the ASB for comments with the last date being September 30, 2021

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Due date of payment without any additional amount under Vivad se Vishwas Act extended

Considering the difficulties being faced in issuing and amending Form no 3 under Vivad se Vishwas Act, CBDT decides to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

GST: Timelines for late fee amnesty scheme & filing of revocation application extended

The closing date of late fee amnesty scheme & time limit for filing of application for revocation of cancellation of registration has been extended.

IT Dept searches 40 premises of real estate builder in Rajkot

IT Dept searches 40 premises of real estate builder in Rajkot

The income tax department on Tuesday conducted raids at the 40 premises of a real estate builder based in Rajkot. Unaccounted cash of more than Rs. 6.40 crore and jewellery amounting to Rs. 1.70 crore has been seized

India is the preferred investment destination amongst global investors: Commerce Ministry

India is the preferred investment destination amongst global investors: Commerce Ministry

The Commerce Ministry issued a press release today stating that measures taken by the Government on the fronts of FDI policy reforms have resulted in increased FDI inflows into the country

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

Income Tax evasion of Rs 175 crore exposed after raids in Maharashtra & Goa

IT team conducted searches at the 44 premises of a steel group based in Maharashtra and Goa and a total of Rs 175.5 crore of unaccounted income has been exposed during the raid.

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

CBDT invites comments on framing rules for implementing the amendments made by The Taxation Laws (Amendment) Act, 2021

The Central Board of Direct Taxes (CBDT) has invited comments on framing rules for implementing the amendments made by the Taxation Laws (Amendment) Act, 2021.

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

Implementation of Rule 59(6) on GST Portal from 1st Sep 2021

On implementation of the Rule 59(6) on GST portal, the system will check that whether before the filing of GSTR-1/IFF of a tax-period, the following has been filed or not

Advisory on HSN and GSTR-1 Filing

Advisory on HSN and GSTR-1 Filing

It has been reported by few taxpayers that they are facing issues in adding the required HSN details in table -12 and filing of statement of outward supplies in form GSTR-1 of July 2021

IT Dept raids Visakhapatnam based group

IT Dept raids Visakhapatnam based group

IT Department has carried out searches at 17 different premises linked to a Visakhapatnam-based group and detected undisclosed transactions worth Rs 40 Crore.

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

FM chairs 2nd BRICS Finance Ministers and Central Bank Governors Meeting

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman virtually chaired the second meeting of BRICS Finance Ministers and Central Bank Governors (FMCBG) along with Governor Reserve Bank of India

DGGI Gurugram: 2 CA arrested for ITC fraud

DGGI Gurugram: 2 CA arrested for ITC fraud

Shri Manish Modi and Sh. Gaurav Agarwal were arrested for ITC fraud on 23.08.2021 and produced before, Duty MM Delhi, who ordered judicial custody for 14 days.

Cabinet approves Memorandum of Understanding between ICAI and IPAR

Cabinet approves Memorandum of Understanding between ICAI and IPAR

The Union Cabinet has approved the signing MOU between Institute of Chartered Accountants of India (ICAI) and Institute of Professional Accountants of Russia (IPAR)

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

Cabinet approves FDI proposal for an investment of up to Rs 15,000 crore in M/s Anchorage Infrastructure Investments Holding Ltd

The Cabinet Committee of Economic Affairs, chaired by the Prime Minister Shri Narendra Modi, has approved the FDI proposal for an investment of upto ₹15,000 crore in M/s Anchorage Infrastructure Investment Holding Ltd,

ICSI on Twitter: CS exams result date to be announced soon

ICSI on Twitter: CS exams result date to be announced soon

ICSI will announce the date of result of CS Executive & Professional Examinations held in August, 2021, the official Twitter handle of the ICSI tweeted today

Bank Employees Family Pension to be increased to 30% of last pay drawn

Bank Employees Family Pension to be increased to 30% of last pay drawn

The Government has approved the Indian Banks' Association’s (IBA) proposal to increase the family pension to 30% of last salary drawn.

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposes a penalty of Rs 1 lakh on Lunawada Nagrik Sahakari Bank

RBI imposed a penalty of Rs 1.00 lakh on The Lunawada Nagrik Sahakari Bank Ltd., Lunawada, Mahisagar District for non-compliance with RBI directions on loans/advances to related parties.

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

RBI imposes a penalty of Rs 27.50 lakh on Kerala Dhanlaxmi Bank

The Reserve Bank of India issue a press release on Monday stating that it has imposed a fine of Rs 27.50 lakh on Dhanlaxmi Bank for violating norms related to the Depositors Education and Awareness Fund

348 Nidhi companies fail to comply with declaration criteria - MCA

348 Nidhi companies fail to comply with declaration criteria - MCA

Stakeholders are advised to verify the antecedents of the company functioning as a Nidhi company and ensure that the company has been declared as a Nidhi Company by the Central Government

ICSI representation to MCA for extension of timelines for holding AGM

ICSI representation to MCA for extension of timelines for holding AGM

Considering the crisis due to the Covid-19 pandemic, ICSI requests MCA to grant an extension of time to the companies for holding AGM for the year ended 31st March 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

FM to Infosys: Issues on the Income Tax website should be resolved by 15th September 2021

Smt. Nirmala Sitharaman took a meeting with Mr. Salil Parekh, MD & CEO, Infosys here today afternoon to convey the disappointment and concerns of the Government and the taxpayers about the continuing glitches in the e-filing portal

Income Tax Portal Glitches: Finance Ministry summons Infosys

Income Tax Portal Glitches: Finance Ministry summons Infosys

Between the controversies relating to the technical issues in the new income tax portal, the Finance Ministry has summoned Infosys CEO Salil Parekh

ICAI extended the last attempt to appear in CA Inter and Final old course exams

ICAI extended the last attempt to appear in CA Inter and Final old course exams

In order to remove hardship caused to the students due to Covid-19 spread, the Competent Authority has decided to extend the last attempt to appear in Final and Intermediate (IPC)

DGGI Meerut busted fake billing racket, 2 arrested

DGGI Meerut busted fake billing racket, 2 arrested

Acting upon a specific intelligence, the Officers of Directorate General of GST Intelligence (DGGI), Meerut Zonal Unit have busted a fake billing racket involved in creating numerous fictitious firms

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

Revised MEF Form for 2021-22 is expected to be made live in October 2021: ICAI

The Professional Development Committee of the ICAI hosts the Multipurpose Empanelment Form every year to be filled by the CA Firms and Members applying for the Bank Audits

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

GST Mumbai: DGGI exposes ITC fraud case of Rs 180 crore

The Mumbai Zonal Unit of Directorate General of GST Intelligence, CBIC, (DGGI-MZU) has busted a major ITC refund fraud case and arrested Shri Santosh Doshi,

EPFO: 12.83 lakh net subscribers added in June 2021

EPFO: 12.83 lakh net subscribers added in June 2021

The provisional payroll data of EPFO(Employees’ Provident Funds Organization) released on 20th August, 2021, highlights a growing trend with 12.83 lakh net payroll additions during the month of June, 2021

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

GST Ludhiana: Checks conducted at four firms to uncover bogus billing nexus

On suspicion of bogus billing, the state GST department, Ludhiana, conducted inspections at four firms that are into edible oil business. The department seized more than Rs 41 lakh cash

E-way bill generation gears up in August

E-way bill generation gears up in August

Nearest to 3.07 crore e-way bills were generated between 1st and 15th August 2021. The daily average count in the second week increased to 5% in comparison to the first week

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021 - Customs (N.T.)

Exchange Rate Notification No.68/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies specified in column (2) of each of Schedule I and Schedule II annexed

Pilot Launch of International Bullion Exchange

Pilot Launch of International Bullion Exchange

The International Bullion Exchange shall be the “Gateway for Bullion Imports into India”, wherein all the bullion imports for domestic consumption shall be channelized through the exchange

Guidelines and Rates notified for RoDTEP Scheme

Guidelines and Rates notified for RoDTEP Scheme

Centre has today notified RoDTEP Scheme Guidelines and Rates (Remission of Duties and Taxes on Exported Products). The rates of RoDTEP will cover 8555 tariff lines.

De-notification of ICDs or CFSs or AFSs

De-notification of ICDs or CFSs or AFSs

Providing relief to custodians of Inland Container Depots (ICDs) and Container Freight Stations (CFSs), the CBIC streamlined the procedure of closure of these facilities

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

India records 572% growth in grant of Patents in last 7 years - Shri Piyush Goyal

While addressing the award function, Shri Goyal said the key achievements include Granting of 28,391 patents in 2020-21 as compared to 4,227 grants during 2013-14

IT Dept raids on a trading company in NCR

IT Dept raids on a trading company in NCR

The Income Tax Department conducted searches on a company engaged in trading of telecom equipment and installation and servicing of these items for various telecom players

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Technical glitches in Income Tax portal to be fixed very soon - FM Sitharaman

Finance Minister Nirmala Sitharaman said technical glitches in the new income tax e-filing portal will be largely fixed in the next couple of weeks

GSTN issue Module wise new functionalities deployed on GST Portal

GSTN issue Module wise new functionalities deployed on GST Portal

The Goods and Service Tax Network (GSTN) has released a compilation of various new functionalities implemented on the GST Portal

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED arrests CA Raman Bhuraria for Bank Fraud of Rs 3269 Crore

ED has arrested Raman Bhuraria, CA for his assistance and complicity in Rs.3269 Cr. bank fraud of M/s Shakti Bhog Foods Limited under the provisions of the PMLA

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.)

Tariff Notification No. 67/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

Advisory on GSTR-1 filing

Advisory on GSTR-1 filing

Currently, the taxpayers are seeing the below statuses for GSTR 1, after uploading of JSON file from the offline tool: 1. Processed with Error or 2. In Progress

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

GST Officials arrest 2 directors for fake ITC of Rs 10.33 crore

The CGST Commissionerate, Faridabad, Haryana has arrested two Directors of M/s. F2C Wellness Pvt. Ltd. for availing and passing fake input tax credit (ITC)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.)

Tariff Notification No. 66/2021-Customs (N.T.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

MCA amended Companies Act to disclose details of Cryptocurrency and CSR in Financial Statements

Ministry of Corporate Affairs (MCA) vide notification dated 24.03.2021 has amended the Schedule III to the Companies Act, 2013 effective from 01st April, 2021 to mandate various disclosures by companies in their financial statements.

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

Finance Ministry releases Revenue Deficit Grant of Rs 9,871 crore to 17 States

State-wise details of the grant released this month and total amount of PDRD Grant released to the States in 2021-22 is annexed.

Income Tax dept launches three emails for filing grievances under Faceless Scheme

Income Tax dept launches three emails for filing grievances under Faceless Scheme

the Income Tax Department creates dedicated e-mail ids for registering grievances in respect of pending cases under the Faceless Scheme.

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

Vivad Se Vishwas scheme: Government settled disputed tax of Rs 99,756 crore

The scheme Vivad Se Vishwas is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers no targets were fixed by the Government

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

Digital payments surge from 1459.02 crore to 4371.18 crore in 3 years

On digital payment ecosystem, the Minister stated that the total volumes of digital payments have also increased from 1459.02 crore in FY 2017-18 to 4371.18 crore in FY 2020-21

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

Javelin thrower Neeraj Chopra becomes first Indian to win Olympic Gold in Athletics

The 23-year-old Javelin thrower Neeraj Chopra created history by wining Gold medal in men's javelin throw at Tokyo Olympic today.

All you need to know about the Gold Boy Neeraj Chopra

All you need to know about the Gold Boy Neeraj Chopra

An overweight 12-year-old boy from Haryana’s Khandra village, who was persistently persuaded by his family members to take up sports

Everything about e-RUPI (new digital payment instrument)

Everything about e-RUPI (new digital payment instrument)

e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. it is a pre-paid voucher which can be redeemed at any centre

No Ban on Import of Toys - Commerce Ministry

No Ban on Import of Toys - Commerce Ministry

Minister of State in the Ministry of Commerce and Industry in a written reply in the Rajya Sabha stated that Government is not considering a ban on the import of toys

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

GST Advisory: Blocking of E-way bill generation will resume from 15-Aug-2021

The government has now decided to resume the blocking of e-way bill generation facility on the EWB portal from 15th August onwards.

List of measures taken by Government for attracting foreign investments

List of measures taken by Government for attracting foreign investments

This information was given by the Minister of State in the Ministry of Commerce and Industry, Smt. Anupriya Patel in a written reply in the Lok Sabha

Finance ministry released a grant of Rs 685.80 crore  to Urban Local Bodies

Finance ministry released a grant of Rs 685.80 crore to Urban Local Bodies

Grants for Urban Local Bodies have been released as per the recommendations of the 15th Finance Commission. The States are required to transfer the grants to the ULBs within 10 working days

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Exchange Rate Notification No.65/2021 - Customs (N.T.)

Notification No.59/2021-Customs (N.T.) - The rate of exchange of conversion of each of the foreign currencies effective from 6th August, 2021

12,889 shell companies struck off by ROC in FY 2020-21

12,889 shell companies struck off by ROC in FY 2020-21

Shell Company normally refers to a company without active business operation or significant assets, which in some cases are used for illegal purpose..

CBIC launches Compliance Information Portal (CIP)

CBIC launches Compliance Information Portal (CIP)

The CBIC here today launched the Indian Customs Compliance Information Portal (CIP) for providing free access to information on all Customs procedures

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

Government recovers more than Rs 1900 crore in tax evasion in FY 2021-22 (till June 2021)

GST evasion may be committed intentionally and at times non-payment of tax may happen due to human error. Total tax evasion detected in GST in last three years

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das appointed as new Controller General of Accounts (CGA)

Shri Deepak Das is the 25th officer to hold the position of Controller General of Accounts (CGA). He is appointed by the Government of India with effect from August 1, 2021

GST collection for July 2021

GST collection for July 2021

The gross GST revenue collected in the month of July 2021 is ₹ 1,16,393 crore of which CGST is ₹ 22,197 crore, SGST is ₹ 28,541 crore, IGST is ₹ 57,864 crore

IT dept raids on a real estate group in Jharkhand

IT dept raids on a real estate group in Jharkhand

Income Tax Department carried out a search operation on 28.07.2021 on a prominent group in Jharkhand dealing in building construction and real estate

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

New functionalities deployed on GST portal w.r.t Annual Aggregate Turnover

GSTN has implemented a new functionality on taxpayers' dashboards with respect to Annual Aggregate Turnover. Read complete update..

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

IT dept. detects Rs 2200 cr fictitious transactions in raids on a prominent group

During the search, cyclical trading and transfer of funds among group companies engaged in unrelated businesses to the tune of Rs 2,200 crore has been found.

IBBI amends Insolvency Resolution Process for Corporate Persons

IBBI amends Insolvency Resolution Process for Corporate Persons

The Insolvency and Bankruptcy Board of India (IBBI) notified the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) (Second Amendment) Regulations, 2016

DA for Central Govt employees increased to 28% wef 1 July 2021

DA for Central Govt employees increased to 28% wef 1 July 2021

The Government has decided to increase the Dearness Allowance to Central Government employees and Dearness Relief to pensioners with effect from 01.07.2021 to 28%

Finance Ministry released 75K crore to States as GST Compensation shortfall

Finance Ministry released 75K crore to States as GST Compensation shortfall

Ministry of Finance has released today ₹75,000 crore to the States and UTs with Legislature under the back-to-back loan facility in lieu of GST Compensation

Bengaluru IT Dept detected concealment of income of 880 crores

Bengaluru IT Dept detected concealment of income of 880 crores

Income Tax Department carried out a survey operation on two business premises in Bengaluru on one of India leading manpower services provider..

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

CGST Zone & DGGI booked fake ITC of over 35000 crores in FY 2020-21

During the FY 2020-21 CGST zone and DGGI have booked about 8000 cases involving fake input tax credit of over Rs 35000 crore. Total 426 persons were arrested..

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

CGST Delhi Zone unearths network of 23 firms claiming fake GST credit

The firms involved in network are M/s Girdhar Enterprises, M/s Arun Sales, M/s Akshay Traders, M/s Shree Padmavati and 19 others. Get more updates on GST fake credit.

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

IT Dept unearths tax evasion of Rs 300 crore after raids at Hyderabad based firm

Income Tax Department carried out a search and seizure operation on 06.07.2021 on a group based in Hyderabad. The group is engaged in real estate..

Online filing of application launched for Authorised Economic Operators

Online filing of application launched for Authorised Economic Operators

Central Board of Indirect Taxes & Customs (CBIC) Chairman Shri M. Ajit Kumar here today inaugurated the online filing of Authorised Economic Operators (AEO) T2 and T3 applications.

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Bhagwat Kishanrao Karad takes charge as Minister of State in the Ministry of Finance

Dr Karad is a first time member of the Rajya Sabha. Active in public service, he has served as Mayor of Aurangabad Municipal Corporation

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

CBDT released refund of Rs 37,050 crore between April 2021 to July 2021

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

GST collection dropped below Rs 1 lakh crore in June 2021

Major changes related to QRMP scheme on GST Portal

Major changes related to QRMP scheme on GST Portal

Few important changes related to QRMP Scheme implemented on the GST Portal

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI

CA July 2021 exams at all examination centres in Kathmandu (Nepal) cancelled by ICAI.

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Income Tax: Further relaxation in electronic filing of form 15CA/15CB

Taxpayers can now submit the form 15CA or 15CB in manual format to the authorized dealers till 15th July, 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

Mock test for CSEET will be conducted on 6th July 2021

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

How to appear for CSEET exam through Remote Proctored mode

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on account of Covid-19

Relaxations in the Cost and Works Accountants Regulations, 1959 on matters relating to Regional Councils of the Institute for the year 2021

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Enhanced revenue collection in recent months should be new normal: FM Nirmala Sitharaman

Retail and wholesale trades allowed to register as MSME

Retail and wholesale trades allowed to register as MSME

Minister of MSME and Road Transport and Highways Shri Nitin Gadkari today announced revised guidelines for MSMEs with inclusion of Retail and Wholesale trades as MSMEs

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Admit card released for CSEET being held on 10th July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021

Supreme Court Judgement on CA Exam July 2021 - Order Copy

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

Exchange Rate Notification 57/2021 - Customs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

FM asks Ministries to front-load capital expenditure & ensure clearance of SMEs dues at earliest

6th review meeting by the Finance Minister - Smt. Nirmala Sitharaman here today held a virtual meeting with senior government officials to discuss the infrastructure roadmap

Hawala racket exposed after Income Tax Raid in Raipur

Hawala racket exposed after Income Tax Raid in Raipur

IT Department carried out search and seizure action on 21.06.2021 on a Raipur based hawala operators. Unaccounted cash amounting to approximately Rs. 6 crore has been seized

Clarification on section 206AB and 206CCA

Clarification on section 206AB and 206CCA

Finance Act, 2021 inserted two new sections 206AB and 206CCA in the Income-tax Act 1961 which takes effect from the 1st day of July 2021

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

Highlights of FM meeting with Infosys on glitches in new Income Tax Portal

A meeting was held between senior officials of the Finance Ministry and Infosys on 22.06.2021 on issues in the new Income Tax Portal.

NTPC group recorded the highest ever PAT in FY 2021

NTPC group recorded the highest ever PAT in FY 2021

In FY21, NTPC group has recorded the highest ever gross generation of 314.07 Billion units as against 290.19 Billion units during the previous year

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

New Income Tax portal issues: FM officials to hold meeting with Infosys on 22nd June

The new income tax website has upset taxpayers with several technical glitches. Finance Ministry will hold an interactive meeting with Infosys on 22nd June 2021

Relaxation in electronic filing of 15CA/15CB

Relaxation in electronic filing of 15CA/15CB

Due to difficulties reported by taxpayers in electronic filing of Income Tax Forms 15CA/15CB on the portal, Authorized dealers are advised to accept such Forms till June 30th, 2021

CBIC guidelines: GST cancellation order must be  passed within 30 days

CBIC guidelines: GST cancellation order must be passed within 30 days

Where a person who has submitted an application for cancellation of his registration is no longer liable to be registered or his registration is liable to be canceled, the proper officer shall issue an order in FORM GST REG-19, within a period of thirty days

Notified rate of foreign exchange with effect from 21st May 2021

Notified rate of foreign exchange with effect from 21st May 2021

CBIC Notification No.46/2021-Customs determines the rate of exchange of conversion of each of the foreign currencies into Indian currency or vice versa with effect from 21st May.

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

Copy of SOP issued by Centre on amended provisions of revocation of cancellation of GST

CBIC released standard operating procedure (SOP) for implementation of the provision of extension of time limit to apply for revocation of cancellation of registration

Summary of GST relief measures in the second wave of coronavirus

Summary of GST relief measures in the second wave of coronavirus

Interest rate reduced for late payment of GST in view of the Covid-19 pandemic. Late fee waived for filing GSTR-3B for the month of March’2021

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on treatment of Securities Premium Account under Ind AS

FAQ on the treatment of Securities Premium Account under Ind AS on the date of transition has been issued by the ICAI.

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