Latest News and Updates

Petrol price on Sunday was slashed by Rs 8.69 a litre and diesel by Rs 7.05 per litre following the government cutting excise duty on auto fuels to give relief to consumers

The Chartered Accounts Association has made representation to Prime Minister of India regarding Complaint against Commissioner CGST Sector-32 Gurugram for illegal detention of around 60-70 CAs

Smt Nirmala Sitharaman held a meeting with ICAI delegation, led by VP Shri Aniket Sunil Talati. The MoF had invited the ICAI on Saturday to discuss various issues

CBIC vide Notification No. 05/2022–Central Tax has extended the due date for filing Form GSTR-3B for the month of April 2022.

It has been noticed that in a few cases, certain records are not reflected in the GSTR-2B statement for the period of April 2022. The technical team is working to resolve this issue

Considering the difficulties faced by taxpayers in filing their GSTR-3B for the month of April 2022, a proposal to extend the due date of filing GSTR-3B for April 2022 is under active consideration

1% TDS will also apply on crypto transfers from July 1, 2022. The levy of 28% GST is another Shocker for the Crypto Currency coterie.

Gurugram, Haryana, State Vigilance Bureau has arrested two persons, including an inspector of the Excise and Taxation Department while accepting a bribe for issuing a GST number.

As a temporary measure, taxpayers may report the entries in the 5% heading and then manually increasing the system computed tax amount to 6%.

One incident has come into the picture where the GST Officer has asked for evidence in respect of ownership of the mobile number and email ID of the Applicant.

M K Stalin, the chief minister, said that he had written to the Centre requesting that the Goods and Services Tax gateway be made available in Tamil

GST officers from the South Zone searched a tax Auditor office and home in Bengaluru and Davanagere, busting a fake input tax scheme he was running.

ED has filed a Prosecution Complaint against Ahmed A. R. Buhari & 06 others in a money laundering case of overvaluation of coal prices whereby the PSUs paid higher prices for lower quality coal.

Offline Utilities for filing Statutory Income Tax Form 3CA-3CD & 3CB-3CD for FY 21-22 have been released on Income Tax Portal.

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

Punjab Excise and Taxes Commissioner Kamal Kishor Yadav has ordered all pending VAT and GST cases to be refunded by the end of June.

The Goods and Tax (GST) revenues exceed the Rs 1.5 lakh crore mark for the first time with the highest-ever gross collections in April at Rs 1,67,540 crore.

Goods and Services Tax Network (GSTN) issued the latest advisory to taxpayers registered under the GST composition scheme

Cabinet Committee on Economic Affairs has approved the highest bid of M/s Star9 Mobility Private Ltd for sale of the entire Government shareholding (51% of shareholding) of Pawan Hans Limited (PHL) and transfer of management control.

To give more time to CAs to correctly verify and upload UDIN, CBDT has extended the timeline from 30th April to 31st May 2022

Mumbai West GST Intelligence has arrested the owner of M/s Pacific Pharma for involvement in availment and passing of fake Input Tax Credit (ITC) of Rs 15.23 Crore

Directorate of Commercial Taxes (West Bengal) extended the last date of filing return by one month i.e from 30.04.2022 to 31.05.2022

The Institute of Chartered Accountant of India (ICAI) advised members to ensure strict compliance while incorporating a Company or an LLP to avoid penal actions.

The Council of the Institute has decided to extend 75% fee concession on registration fees to the wards of demised members of ICAI effective from 1st April, 2022

The Institute of Chartered Accountants of India (ICAI) Patna chapter has requested the Directorate General of Police (DGP) to issue a memorandum to arrest chartered accountants

The Competition Commission of India (CCI) has issued a final order against eleven companies/firms that were deemed to have violated the anti-competitive agreements

GST compensation of Rs 7.35 lakh crore has been released to States till now and currently, only for the year 2021-22, compensation of Rs 78,704 crore is pending due to inadequate funds.

The CBIC issued Instructions stating that the benefit of the exemption from the whole of customs duty and health cess to the parts of specified medical oxygen related equipment may not be denied merely on the issue of non-observance of conditions

The Income Tax Department notifies on the E-filing portal that a few income tax forms are now available for filing on the portal. Read more

Know all the GSTR-1/IFF enhancements deployed today on GST Portal.

CBIC released amended recommendations for the National Risk Management Committee (NRMC) to ensure that the Risk Management System in Customs and GST is implemented effectively.

GST officials raided 43 firms in Delhi NCR for evading GST. During this, tax evasion of 128 crores was caught.

The functionality for updating UDIN against the Audit reports submitted by CA users has been enabled at the e-filing portal. Read more

The Uttar Pradesh GST Department vide Circular No. 2223004 has issued a clarification on various issues w.r.t. the availment of Input Tax Credit, e-invoice and refund under GST provisions.

During the Financial Year 2021-22, the Ministry of Corporate Affairs (MCA) registered more than 1.67 Lakh company incorporations as compared to 1.55 Lakh companies during FY 2020-21.

The Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri told FE that gross GST revenues in FY23 could be Rs 1.3-1.35 trillion per month on average.

The GST Council is expected to consider a proposal to do away with the 5% slab by moving some goods of mass consumption to 3% and the remaining to 8% categories.

The Sambalpur Cyber Police detained four people including two officers of the Urban Cooperative Bank in Rourkela on charges of Rs 124 crore GST evasion

The Government of Madhya Pradesh has identified over 3 lakh taxpayers who failed to pay taxes in the financial years 2017-18 and 2018-19.

National Informatics Centre (NIC) has enabled the two-factor authentication for logging in to the e-Way Bill/e-Invoice system.

DGGI Gurugram Zonal Unit (GU) has unearthed a case wherein a series of entities controlled by a person for availing and passing fraudulent Input Tax Credit (ITC).

Rajasthan GST Department has issued a circular on the correct submission of returns under Goods and Services Tax. Read circular.

The Bill amends the Chartered Accountants Act, 1949, the Cost and Works Accountants Act, 1959, and the Company Secretaries Act, 1980. Read bill.

ICAI President CA. (Dr.) Debashis Mitra addressed members on Friday over the issue of Parliamentary Committee report for setting up of IIA’s similar to IIT and IIM

The Institute of Chartered Accountants of India (ICAI) will reopen the application window for the CA Foundation, Final, and Intermediate May-June exams today

To comply with the notification issued, a new table 3.l(A) shall be added in Form GSTR-3B for reporting of supplies made under section 9(5) of CGST Act. Read more

The Standing Committee on Finance has proposed the Government to set up an Institute of Accounting (IIA) which is similar to the IITs and IIMs in India.

Under the Special Drives taken by Registrar of Companies, 3,82,875 number of companies ware struck off u/s 248 (1) of the Companies Act till the financial year 2020-21.

The Central Board recommended 8.10% annual rate of interest to be credited on EPF accumulations in members’ accounts for the financial year 2021-22.

The Government of Gujarat to promote the exhibition of the cinematographic film titled ‘The Kashmir Files’ within the State of Gujarat grants reimbursement of State GST.

The CA Foundation examination will now be conducted on the 24th, 26th, 28th, and 30th of June 2022. Read official announcement.

Delhi Government issued guidelines regarding unblocking of ITC on expiry of one year from the date of blocking.

The Department of Trade & Taxes, Government of N.C.T. of Delhi issued Standard Operating Procedure to ensure the compliance of Bank attachment letters.

The Union Cabinet had given approval for the PLI Scheme for White Goods for manufacture of components and sub-assemblies of Air Conditioners (ACs) and LED Lights.

The Central Board of Indirect Taxes and Customs ( CBIC ) has cautioned the public against sharing Aadhaar and PAN details without a valid reason or for monetary gains

The Central Bureau of Investigation ( CBI) Anti-Corruption Branch has arrested a Chartered Accountant and GST Joint Commissioner in a Bribery Case.

The ICAI issued a clarification with regard to chartered accountants in Practice/Firms of chartered accountants registering themselves on GeM Portal.

Maharashtra Govt issued guidelines for issuance of FORM GST DRC-07 in case of detention of vehicles under e-way bill provisions.

The Income Tax Department says that the website will not be accessible due to a scheduled maintenance activity. Read more

The Goods and Services Tax Network (“GSTN”) has issued an advisory regarding auto-population of e-invoice details into GSTR-1. Read more

India’s export of electronic goods rose by almost 88% from USD 6600 Million in 2013-14 to USD 12,400 Million in 2021-22. Read more

In MP, the commercial tax department took a big action and caught a big scam. Action has been taken against bogus institutions passing on ITC to other firms by issuing fake bills

ICAI announced on Thursday that results of the CA inter exam held in December 2021 are likely to be declared on the 26th or 27th of February 2022.

We should be in a position to breach $20 billion apparel exports by next fiscal or the year after that, Upendra Prasad Singh said.

The Finance Minister said that given the importance of a sustained recovery, the Budget lays priority on a revival of the economy. Read more

Shri Piyush Goyal said the Gems & Jewellery sector is expected to achieve an export target of $40 billion this year.

The Karnataka Government has blacklisted 60 CAs for committing irregularities.

CGST Commissionerate, Raigad of CGST Mumbai Zone has busted a fake ITC racket and arrested the proprietor of a Kalamboli based firm M/s Ashok Metal Scrap.

Enforcement Directorate has provisionally attached properties of Rs 56.81 Crore belonging to fraudster Bharat Bomb, Shankar Lal Khandelwal and their other associates in syndicate bank fraud case.

The office of Pr. CCA, CBIC has set up a GST Refund Help Desk for addressing payment-related problems faced by the taxpayers.

The Goods and Services Tax Network (GSTN) has enabled the feature to withdraw application for cancellation of registration on the GST portal.

The Department of Excise and Taxation (GST), Haryana, considered it expedient to put in place an internal control mechanism for processing refund applications under GST.

Anti-Evasion wing of CGST Mumbai South arrested Partner of Rushabh Bullion, trader of gold and silver articles for availing fake GST Input Tax Credit (ITC)

ICAI has extended the last date for submission of online application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23. Read more

ICAI has extended the last date for submission of online application for empanelment of CAs firms/LLPs with O/o C&AG for FY 2022-23. Read more

The Excise and Taxation Department, Government of Haryana launched the ”The Haryana GST Kosh” an E-repository of updated GST Acts and rules.

The firm was engaged in availing, utilizing and passing on a fraudulent Input Tax Credit (ITC) on the strength of bogus invoices of more than Rs 60 Crores.

Statement by RBI Governor on Indian economy and proposed measures to battle Omicron

The Institute of Chartered Accountants of India issued Guidelines for conducting distance/remote/ online peer review.

Information of various steps taken by the government under Minimum Government – Maximum Governance was given by the Minister of State in the Ministry of Commerce and Industry in the Lok Sabha.

The Minister stated that a record GST collection of Rs.1,40,986 crore is reported in the month of January 2022 and this collection has been the highest since the implementation of the GST.

The Delhi high court has given an interim relief to a Singapore-based subsidiary of Google in its tax dispute with tax authorities in India.

Around 6.17 crore ITRs and about 19 lakh major TARs filed on new e-Filing portal

The DGFT, vide Notification No. 53/2015-2020 has amended Para 3.13A of the FTP in order to extend the last date of submitting applications for script-based schemes under MEIS, SEIS, ROSCTL, ROSL

Summary of major GST changes proposed under Budget 2022

The MCA issued an update dated February 01, 2022 w.r.t. launching a new way of e-filing for Limited Liability Partnership on MCA21 portal.

The Income Tax Department issued Guidance Document uploading of manually submitted Form 15CA and Form 15CB with authorized dealers. Read more

GST revenue of Rs 1,38,394 for the month of January 2022 are 15% higher than the GST collection in the same month last year.

The Goods and Services Tax Network has issued an update w.r.t. suspension of GST registration. Read more

The Government has appointed Dr. V. Anantha Nageswaran as the Chief Economic Advisor and on January 28, 2022, he has assumed charge.

Gurugram GST Intelligence has arrested one person for running multiple fake firms on the strength of fake documents and having passed on fraudulently ITC.

The Goods and Services Tax Network has issued an advisory regarding the new functionality of the interest calculator in GSTR-3B is now live on the GST. Portal.

CGST Palghar Commissionerate has arrested an accountant for issuing bogus bills of more than Rs. 1000 Crore and committing GST Input Tax Credit (ITC) fraud

The RTI Application has revealed that Govt. detects GST evasion of worth Rs 93,000 crore.

The Outbound Tour Operators Association of India (OTOAI) has written to the Union Finance Minister Nirmala Sitharaman, ahead of Budget 2022, requesting certain relief measures and concessions for the outbound tour operators.

Validation date of existing registered enterprises under MSME extended till 31st March 2022

The finance ministry has notified the e-advance rulings Scheme, enabling taxpayers to file their application for advance ruling through e-mail

The officers of Mumbai West CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket involving GST of Rs 10.10 Crores

CBDT issued a clarification on Form 10CCB to avoid errors in form filing and verification. Read more

ICAI campus placement is meant for the candidates who would be passing the CA Final examination held in Dec 2021

As a facilitation measure for taxpayers & for assisting the taxpayers in doing a correct self-assessment, a new functionality of interest calculator is being released in GSTR-3B.

The officers of Navi Mumbai CGST Commissionerate of Mumbai Zone have busted a fake GST Input Tax Credit racket of Rs 70 Crores

A revamped & enhanced version of Search HSN Functionality has been launched on the GST Portal. Read more

CBDT issued a clarification on forms 3CA-3CD, 3CB-3CD in order to avoid errors in form filing and verification.

The Union budget for FY 2022-23 seems to announce the procedure to reduce the tax litigation, increase compliance by keeping an eye on the transactions in a strict way

Various new functionalities pertaining to returns and appeal modules are implemented for Taxpayers on GST Portal in December 2021

The Department of Expenditure, Ministry of Finance, today released monthly Post Devolution Revenue Deficit (PDRD) Grant of Rs 9871 crore to 17 States

After an investigation by DRI, three show-cause notices have been issued to Xiaomi India for demand and recovery of duty amounting to Rs 653 crore

Accounting rule maker ICAI) has asked the government to bring back the audit provisions relating to GST annual returns

GSTN issues advisory on reporting of supplies by restaurant through E-commerce operators in GSTR-3B

CBIC has told field officers to be just and fair in enforcing the new goods and services tax (GST) compliance norms that came into force from January 01, 2022

The Goods and Services Tax Network has issued an advisory on Implementation of Rule-59(6) on GST Portal. Read more...

The officers of Thane CGST Commissionerate of Mumbai Zone have busted a fake Input Tax Credit racket involving GST of Rs 22 Crores.

the Government of India, in consultation with RBI, has decided to notify the amounts for the issuance of Treasury Bills for the quarter ending March 2022

The 46th GST Council has recommended deferring the earlier decision to change the rates in textiles recommended in the 45th GST Council meeting.

The Income Tax Department carried out search and seizure operations pan-India in the case of certain foreign controlled Mobile Communication & Mobile Hand-set Manufacturing Companies

As per the recent tweet of the Ministry of Finance, Hon’ble Finance Minister Smt, Nirmala Sitharaman will chair the 46th GST Council meeting at 11 AM

As per the recent tweet of ANI, There is no proposal to extend the date for income tax return filing:

These Rules shall apply to all goods and services bought or sold through direct selling, all models of direct selling, all direct selling entities

The due date for furnishing annual return in FORM GSTR-9 & self-certified reconciliation statement in FORM GSTR-9C for the financial year 2020-21 has been extended

Smt. Nirmala Sitharaman chaired the pre-budget consultations with the Finance Ministers of States and Union Territories (with Legislature) for Union Budget 2022-23

The search action covered more than 35 premises spread over Raipur, Korba, Bilaspur and Raigarh districts of Chhattisgarh.

The Goods and Services Tax (GST) authorities have recovered Rs 177.45 crore from multiple locations in Kanpur allegedly linked to Piyush Jain

The Central Board of Indirect Taxes and Customs (CBIC) has notified various changes in Goods and Services Tax (GST) effective from 1st January 2022.

IFRS Foundation, before issuing the updated IFRS Taxonomy, issues Exposure Draft of the proposed amendments seeking public comments from across the globe

The Institute has notified the list of Elected Members of the 25th Council of CA Election 2021.

Direct Taxes Professionals Association (DTPA), Kolkata Representation Committee has sent a Memorandum to FM for Extension of Due Dates till 28TH Feb 2022 for filing of ITRs

The figures of Direct Tax collections for the Financial Year 2021-22, as on 16.12.2021 show that net collections are at Rs. 9,45,276.6 crore

The CAG has revealed 2805 cases of under assessment/ short levy/ loss of revenue amounting to Rs 1,422.55 crore pertaining to sales tax, Value Added Tax (VAT), excise duty

The government has presented a bill in Parliament aimed at strengthening the disciplinary mechanisms of CAs, CS and CWA.

The government has tabled the Chartered Accountants, the Cost and Works Accountants and the Company Secretaries (Amendment) Act, 2021 wherein the norms of the Disciplinary Mechanism has been tightened.

The officers of CGST, Thane Commissionerate have arrested a CA who had generated fake invoices involving fake invoices of more than Rs 500 crores...

A formal MOU was signed between the Ministry of Corporate Affairs (MCA) and Financial Intelligence Unit-India, Ministry of Finance for data exchange

The number of ITRs filed per day has crossed 6 lakh and increasing everyday as the extended due date of 31st December, 2021 is approaching.

The removal of name of companies from the Registrar of Companies is a continuous process. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh

ICAI issues schedule for most awaited Convocation 2021-22 for Members who are enrolled during the Nov 2019 to Aug 2021 and Rank holders of CA Final Exams held in July 2021

The Central Bureau of Investigation (CBI) has arrested a Superintendent of CGST while demanding & accepting bribe of Rs 8,000 from a complainant.

Finance Minister will start Pre-Budget consultations with different stakeholder Groups Dec 15, 2021 in New Delhi in connection with the forthcoming General Budget 2022-23

Volatility is likely to continue in the stock market this week amid Omicron uncertainty and the RBI monetary policy meeting will be a key driver for benchmark indices going ahead

The Enforcement Directorate (ED) has arrested the CA for issuing Form 15 CB to some entities allegedly involved in Money Laundering

The rupee depreciated 10 paise to 75.22 against the US dollar in opening trade on Monday, tracking the subdued domestic equities and a firm American dollar amid growing concerns

The Institute of Chartered Accountants of India (ICAI) asked the observations of candidates on the question papers for December 2021 CA Exam.

More than 3 crore Income Tax Returns have now been filed on the new e-Filing portal. The number of ITRs filed is 4 lakh per day and increasing every day as the extended due date of 31st December 2021

The Ministry of Commerce and Industries (SEZ Division) has notified the revised user charges for SEZ online services and would be effective from November 15, 2021.

The Punjab Cabinet on Wednesday decided to exempt about 1.50 lakh cases from assessment related to cases of C-form for the past years from 2014-15 to 2017-18

The Goods and Services Tax Network (GSTN) has issued module wise new functionalities deployed on the GST Portal for taxpayers.

GST revenue for the month of November 2021 is 25% higher than the collections in the same month last year and 27% over 2019-20.

Income Tax search action covered more than 50 premises at different locations in and around Jaipur.

The election Code of Conduct is in force and shall remain so till the declaration of CA election results and is deemed to be guidelines of the Council under the CA Act

The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend.

The CBDT has extended the last date for updating UDINs for all the IT forms at the e-filing portal to 31st January 2022

The Central Board of Indirect Taxes and Customs has appointed Senior Bureaucrat Vivek Johri as the Chairman of CBIC.

Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh stated that till 31.10.2021, total 17,130 Implementing Agencies are registered with MCA21 registry.

Investigations have also revealed that unaccounted cash expenditure has been incurred on construction of residential house of one of the key persons.

CA Election 2021 for the Council and the Regional Councils are scheduled to be held on 3rd December 2021. Overview of the ICAI election process.

India, UK, Germany, Italy, and Israel have issued a ban on travel from Southern African countries after a new variant B.1.1.529 started spreading in South Africa.

A revamped & enhanced version of GSTR-1/IFF is being made available on the GST Portal to improve the taxpayer experience

Dr. Karad informed that merchandise exports in the first 8 months of 2021-22 have touched US$ 233 billion registering 54% growth over the previous year.

The Income Tax Department new Office at Lucknow was inaugurated by Chief Minister of Uttar Pradesh Shri Yogi Aditya Nath and Union Finance& Corporate Affairs Minister Smt Nirmala Sitharaman

DRI officers intercepted these two passengers at the Chhatrapati Shivaji Maharaj International Airport, Mumbai, in the early hours of 26th November, 2021

FM participated as the Chief Guest of the Investiture Ceremony for conferment of Presidential Award of Appreciation Certificates for Specially Distinguished Record of Service to the officers

The search action covered more than 20 premises spread over Vapi and Sarigam in Gujarat, Silvassa and also in Mumbai.

In surprising and bizarre news from Punjab, nine GPS trackers were found fitted in four cars of the mobile wing of the state Goods and Services Tax (SGST) department

The date for online submission of MEF 2021-22 is further extended from 20th November 2021 to 25th November 2021

Shri Narayan Rane today launched the Special Credit Linked Capital Subsidy Scheme (SCLCSS) for services sector in the presence of senior officers of the Ministry of MSME

In an intelligence operation by DRI, several Indian and foreign (Chinese, Taiwanese, and South-Korean) nationals suspected to be indulging in smuggling gold

The search action has led to the detection of estimated unaccounted income to the tune of Rs 600 crore. Total cash amounting to Rs 3.54 crore have been seized.

The officers of the Anti Evasion branch of CGST Commissionerate Delhi have unearthed a case of availment and passing on of inadmissible ITC through bogus GST invoices

A Taxpayers Lounge has been set up by the Income Tax Department in India International Trade Fair at Pragati Maidan, New Delhi from 14th – 27th November 2021

The Department of Expenditure, Ministry of Finance has released an amount of Rs.8,453.92 crore as health sector grant for rural and urban local bodies of 19 States

Government of India has taken a significant decision of reducing Central Excise Duty on Petrol & Diesel by Rs 5 and Rs 10 respectively

The raid has led to detection of unaccounted income of more than Rs 70 crore which has been admitted as undisclosed income by the assessee

The Central Government has released GST Compensation of Rs. 17,000 crore to States today. Details of GST compensation released State-wise.

Directorate of Revenue Intelligence (DRI) in two different cases in October, 2021 have seized 155 kg of Hashish which had been smuggled into India from Nepal

The search action has resulted in seizure of unaccounted cash of Rs. 3.3 crore and detection of unaccounted income exceeding Rs. 300 crore.

Income Tax Department has rolled out the new Annual Information Statement (AIS) on the Compliance Portal which provides a comprehensive view of information to a taxpayer

The gross GST revenue collected in the month of October 2021 is Rs 1,30,127 crore of which CGST is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore

The searches revealed that the group has been suppressing its profits by inflating expenses on purchase of materials. Such excess material is sold in the market in cash

The Gurugram Zonal Unit of DGGI has arrested three persons under the provisions of the GST Act on charges of running multiple fake firms

During the search, substantial amount of unaccounted cash was found stored in several private vaults and unaccounted cash of Rs 23.45 crore has been seized

The Finance Minister exhorted officials to monitor implementation of projects besides monitoring release of funds. Smt. Sitharaman reiterated that infrastructure projects are priority for the Government

The Insolvency and Bankruptcy Board of India (IBBI), in association with the Foreign Commonwealth and Development Office, UK (FCDO), organised a two day \'\'Train the Trainer\'\' event

The Union Cabinet today has approved to release an additional installment of Dearness Allowance to Central Government employees & Dearness Relief (DR)

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)

Form GSTR-2B is an auto-drafted ITC statement which is generated for every normal taxpayer on the basis of the information furnished by their suppliers

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.

Union Minister for Textiles, Commerce and Industries and Consumer Affairs, Food and Public Distribution, Shri Piyush Goyal visited Pahalgam today.

Incriminating evidence found reveals that the group has been engaged in obtaining accommodation entries using an entry operator. The entry operator has admitted to have facilitated transfer of cash

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman participated in the 4th G20 Finance Ministers and Central Bank Governors (FMCBG)

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.

The network of fictitious exporters was being operated by a person named Mr Chirag Goel, who is an MBA from University of Sunderland

The GSTN has recently tweeted that the Input Tax Credit (ITC) worth Rs. 6.14 Lakh Crore blocked in GST showed while replying to RTI is incorrect.

During income tax department searches, issues relating to discrepancies in purchases made from bogus and non-existent entities were detected.

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

The Institute of Chartered Accountants of India (ICAI) has notified the lists of valid nominations for election to the 25th Council and 24th Regional Councils

The entire disinvestment process has been carried out in a transparent manner, with due regard to confidentiality of the bidders through multi-layered decision

GSTN has issued advisory stating that the Blocking of E-Way Bill (EWB) generation facility’ has been resumed on the E Way Bill Portal

The raids resulted in the detection of Rs 750 crore parked in foreign bank accounts in the name of dubious foreign companies/ trusts

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

NFRA has issued Consultation Paper to review the requirement of compulsory statutory audit and compliance with auditing standards for all companies.

Ministry of Finance has released the statistics of Goods and Services Tax (GST) revenue collection for the month of September 2021.

Request for extension of time limit for preparing the Statement of Account and Solvency and for getting the accounts audited in LLPs and subsequent filing

Govt has decided to extend the timeline of Emergency Credit Line Guarantee Scheme (ECLGS) till 31/03/2022 or till guarantees for an amount of Rs 4.5 lakh crore are issued

The Institute of Chartered Accountants of India (ICAI) has announced to extend the last date for payment of Membership/ COP fee (FY 2021-22) from 30/09/2021 to 31/12/2021.

The Institute of Chartered Accountants of India (ICAI) has published the President’s Message for the month of October 2021

The government of India has taken various export schemes and initiatives in the last few years which are summarised

The anti-evasion team of CGST & Central Excise, Mumbai conducts searches on 24.09.2021 at the office and godown of M/s SR Enterprises

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

Income Tax Department conducts search and seizure operations on 35 premises of two private Syndicate Financing groups based in Chennai

CBDT issues a press release today stating that Direct Tax collections for the current fiscal (FY 2021-22) have registered a growth trend.

Competition Commission of India (CCI) has imposed a penalty of Rs. 870 crores on 3 Beer companies for indulging into Cartelisation in the sale and supply of beer.

Haryana GST Intelligence has arrested Vijay Garg from Delhi for alleged involvement in claiming and passing of fake GST input tax credit (ITC)

The Central Board Direct Taxes (CBDT) issued e-Filing ITR 6 Schema Changes for Assessment Year 2021-22.

The Ministry of corporate Affairs (MCA) has decided to extend the due date of conducting AGM by companies by 2 months for the financial year 2020-21

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

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

Infosys issues a press release on income Tax Portal working claiming that the portal is facilitating over 2.5 lakh returns filing daily and ITRs are now available for filing

The Pension Fund Regulatory and Development Authority (PFRDA) will be observing 1st October 2021 as the National Pension System Diwas. Read more

The Ministry of corporate affairs (MCA) has notified the members of the Tribunal wef 17th September 2021 for the Settlement of dispute on the ICAI election 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

Following trends in India’s Foreign Direct Investment (FDI) are an endorsement of its status as a preferred investment destination amongst global investors

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

The CBIC directed the GSTN to waive off Late Fees and interest for one day due to technical glitches in the updating of Electronic Cash Ledger.

The Income Tax officials on 17.09.2021 carried out searches at more than 30 premises of a prominent public figure in Nagpur and his family members.

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Intermediate Examination (Old course & New Course) held in July 2021

The Govt notified that no deduction of tax shall be made on the following payment under section 194A of Income Tax namely payment in the nature of interest

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

The Institute of Chartered Accountants of India (ICAI) announced that the results of the CA Intermediate Examination held in July 2021 are likely to be declared on 19th September 2021

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

The Central Government decided to extend the time limit for intimation of Aadhaar number to the Income-tax Department and due date for completion of penalty proceedings

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

CBIC issues advisory for taxpayers regarding the generation of EWB where the principal supply is Supply of services. Read more..

The Directorate General of GST Intelligence (DGGI) Gurugram, Haryana has arrested 3 persons including a CA on charges of operating multiple fictitious firms

The Heads of Tax Authorities of the BRICS countries held a virtual meeting here today under the Chairship of India.Shri Tarun Bajaj, Secretary, Revenue, Government of India

The Institute of Chartered Accountants of India (ICAI) exempts CA course fees for students who lost their parents during the Covid-19 pandemic.

The Institute of Chartered Accountants of India (ICAI) released Frequently Asked Questions (FAQs) on CA course fees exemption

The Institute of Chartered Accountants of India ( ICAI ) has declared the results of the CA Final Examination, Foundation Examination held in July 2021.

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.

CBDT issues clarification regarding carry forward of losses in case of change in shareholding due to strategic disinvestment. Read more

The Income Tax Department conducted search and seizure operations on 08.09.2021 on three prominent Commission agent groups based in Punjab..

ICAI announced on Friday that results of the CA Final Examination, Foundation Examination held in July 2021 are likely to be declared on the 13th or 14th of September 2021.

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

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.

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...

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

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

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

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.

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.

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

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

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

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

The gross GST revenue collected in the month of August 2021 is ₹ 1,12,020 crore. The revenues for the month of August 2021 are 30% higher than the GST revenues in the same month last year.

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

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

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

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

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

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

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

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.

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.

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

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

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

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.

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

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

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

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.

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

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

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

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

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

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)

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

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

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,

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

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

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 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

Parliament winter session: Live updates from Finance Ministry

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

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.

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

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

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

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

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

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.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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

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.) in respect of Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 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

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

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

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

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.

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

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%

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

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

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..

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.

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..

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 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

GST collection dropped below Rs 1 lakh crore in June 2021

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.

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

How to appear for CSEET exam through Remote Proctored mode

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

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

Supreme Court Judgement on CA Exam July 2021 - Order Copy

Exchange Rate Notification 57/2021 - Customs

FM Nirmala Sitaraman introduced new credit guarantee scheme for MFIs

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

Centre announces COVID-19 relief package of Rs 6,28,993 crore

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

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

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.

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

Net Direct Tax collections for the Financial Year 2021-22 have grown at over 100%. Advance Tax collections for F.Y. 2021-22 stand at Rs. 28,780 crore

This notification shall come into force with effect from the 1st day of April 2022 and shall accordingly apply to the Assessment Year 2022-2023 and subsequent years

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

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

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

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.

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

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

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