Gross Direct Tax Collections for FY 2023-24 up to 09.11.2023 Gross Direct Tax collections FY 2023-24 upto 9.11.2023 are Rs. 12.37 lakh crore; growth of 17.59% Y-o-Y Direct Tax collection, net of refunds, stands at Rs. 10.60 lakh crore; growth of 21.82% Y-o-Y Net growth … Continue Reading →

Hon’ble ITAT in case of Narendra Kumar Gupta Vs DCIT (ITAT Delhi) (ITA No. 1186/Del./2023) Date of Order: 11/10/2023 held that it is settled law that books of account & vouchers are NOT required in 44AD return. Hence, adverse inference cannot be taken that cash … Continue Reading →

Commercial Taxes Department, Government of Rajasthan GST Circular R-1/2023 Date: 01-11-2023 All Appellate Authorities, State Tax, Rajasthan, Jaipur Subject: Filing of manual appeal applications before Appellate Authority under Rajasthan Goods and Services Tax Rules, 2017. It has been brought into my notice that taxpayers … Continue Reading →

SBI authorised to issue and encash Electoral Bonds through its 29 Authorised Branches, in the 29th phase of sale, w.e.f. 06.11.2023 to 20.11.2023 Posted On: 04 NOV 2023 2:14PM by PIB Delhi The Government of India has authorised the State Bank of India (SBI), … Continue Reading →

CGST Circular No. 206/18/2023-GST Dated: 31st October, 2023 F. No. CBIC-190354/195/2023-TO (TRU-II)-CBEC To, The Principal Chief Commissioners/ Chief Commissioners/ Principal Commissioners/ Commissioner of Central Tax (All) / The Principal Director Generals/ Director Generals (All) Madam/Sir, Subject: Clarifications regarding applicability of GST on certain services – … Continue Reading →

CGST Circular No. 205/17/2023-GST Date: 31st October, 2023 To, Principal Chief Commissioners/ Principal Directors General, Chief Commissioners/ Directors General, Principal Commissioners/ Commissioners of Central Excise & Central Tax Madam/ Sir, Subject: Clarification regarding GST rate on imitation zari thread or yarn based on the … Continue Reading →

RBI Press Release: 2023-2024/1222 dated 01-11-2023 The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI. 2. … Continue Reading →

GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y Revenue from domestic transactions (including import of services) is also 13% higher Y-o-Y Average gross monthly GST collection in FY 2023-24 … Continue Reading →

Record 7.85 crore ITRs filed for all assessment years up to 31st October, 2023 Over 7.65 crore ITRs filed for AY 2023-24 till 31st October, 2023; 11.7% higher Y-o-Y More than 7.51 crore ITRs verified and almost 96% of the verified ITRs stand processed till … Continue Reading →

Hon’ble Allahabad High Court in case of M/s Ram Kamal Healthcare Pvt. Ltd Vs Union of India (Allahabad High Court) Appeal Number : Writ Tax No. 1435 of 2018 dated 05-10-2023 held that there is exemption from levy of GST on premium and lease rent … Continue Reading →