Indian Tax
Latest news, explainers and analysis on Indian Tax. Tracking 14 stories on Arth Vani.
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Latest on Indian Tax
ITAT Allows Additional Evidence in Unsecured Loan Case Due to Short Compliance Window
The Income Tax Appellate Tribunal (ITAT) recently permitted a taxpayer to submit additional evidence in a case involving unsecured loans. This decision was made because the taxpayer had a very limited time to comply with the tax authorities' requests, highlighting the importance of adequate time for taxpayers to present their case.
Government to Soon Seek Public Feedback on GST Return Processes
The Indian government plans to soon gather feedback on the Goods and Services Tax (GST) return processes. This initiative aims to streamline and simplify the tax compliance experience for businesses and taxpayers across the country. Specific details regarding how and when this feedback will be sought are yet to be officially announced.
GST Return Forms May Be Tweaked to Curb Data Mismatches
Indian Goods and Services Tax (GST) return forms are likely to undergo modifications aimed at addressing data mismatches, according to a report by The Economic Times. This potential move seeks to improve compliance and streamline the tax reporting process for businesses across the country.
BreakingGSTN Launches E-Invoicing for Reverse Charge Transactions (RCMDOM, RCMIMP)
The Goods and Services Tax Network (GSTN) has rolled out a new e-invoicing facility specifically for transactions falling under the Reverse Charge Mechanism (RCM). This update covers both domestic RCM (RCMDOM) and import RCM (RCMIMP), aiming to simplify compliance and enhance data accuracy for businesses.
BreakingGST Council Reforms Address Industry Concerns; Dept of Revenue Focuses on Implementation
A Department of Revenue official has confirmed that recent GST Council reforms have successfully addressed key concerns raised by various industries. The government's immediate priority has now shifted towards ensuring the effective implementation of these updated regulations across India. This move aims to streamline the Goods and Services Tax framework for businesses.
GST Reforms Aim to Boost Compliance and Broaden India's Tax Base
According to The Economic Times, Goods and Services Tax (GST) reforms are being actively pursued with a dual objective: to significantly improve tax compliance and to expand the overall tax base across India. The initiatives aim to reduce taxpayer apprehension and bring more economic activities under the GST ambit.
GST Council Reportedly Scraps Officers' Power to Make Arrests
The GST Council has reportedly decided to remove the power of its officers to make arrests, a move reported by The Tribune. This potential change could significantly alter the enforcement landscape for Goods and Services Tax (GST) in India. Further official details are awaited to understand the full scope and implications of this decision for taxpayers and businesses.
GST Composition Scheme: When 6% Tax Can Cost More Than Regular Filing
The Goods and Services Tax (GST) composition scheme, designed to simplify compliance for small businesses, might not always be the most cost-effective option. Businesses opting for the 6% composition rate could end up paying more tax than under the regular GST scheme, especially if their input tax credit is substantial.
BreakingStar Health's Retail Policy Base Jumps 11% After GST Exemption
Star Health and Allied Insurance Company Limited saw its retail policy base grow by 11% following a recent Goods and Services Tax (GST) exemption. This increase highlights the positive impact such tax relief measures can have on insurance penetration and affordability for individual customers.
BreakingTax Audit Deadline: Professionals Seek Extension to October 31 via Social Media
Indian tax professionals are urging authorities to extend the deadline for tax audits from the current September 30 to October 31. The request has gained traction on social media platforms as the deadline approaches.
BreakingPharma MD Arrested Over Alleged ₹5.55 Crore Fake GST Refund Fraud
A Managing Director of a pharmaceutical company has been arrested in connection with an alleged fake Input Tax Credit (ITC) and Goods and Services Tax (GST) refund fraud amounting to ₹5.55 crore. This action highlights the ongoing efforts by tax authorities to curb GST evasion across various sectors.
ITAT Deletes ₹1.13 Crore Tax Adjustment Citing Inconsistent Depreciation Treatment
The Income Tax Appellate Tribunal (ITAT) has cancelled a significant ₹1.13 crore transfer pricing adjustment against a taxpayer. The tribunal's decision highlighted an inconsistent approach by tax authorities regarding depreciation treatment, which led to the deletion of the demand.
Tax Preparers Using AI: Is Disclosure to Indian Clients Mandatory?
A global debate is emerging among tax professionals about whether they should disclose the use of Artificial Intelligence (AI) in preparing tax returns to their clients. This discussion highlights a potential gap in current regulations, including those in India, regarding the ethical implications of AI in financial services.
CBDT Issues Revised Guidance for Indian Financial Institutions on Global Tax Reporting
The Central Board of Direct Taxes (CBDT) has released updated guidelines for Indian financial institutions, including banks, mutual funds, and insurers. These revisions strengthen the compliance framework for reporting customer financial information under global Automatic Exchange of Information (AEOI) agreements, aimed at combating tax evasion.
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